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Korean red ginseng sales boom amid pandemic

Red ginseng extract product by Cheong Kwang Jang / Couresy of KGCBy Kim Jae-heunKorean red ginseng, which is known for boosting immunity, has become a popular product in the era of COVID-19 where people are vulnerable to the fast-spreading virus. Immunity refers to the ability to resist various pathogens, including foreign substances, germs and viruses. This power is not created by certain cells in the body, but maintained when the organs and cells responsible for the immune system stay healthy. A strong immune system keeps people healthy from any viral attack. But when it becomes weak, people can develop eye infections, blisters in the mouth, diarrhea and stomachaches. Middle-aged people are likely to see their immunity weaken as they grow old. In Korea, people have been consuming red ginseng to keep their immunity strong. The effects of the medicinal root have been proven through various scientific studies. The Ministry of Food and Drug Safety also certified the ability of red ginseng to help boost immunity.Red ginseng has other benefits too. According to the ministry, it helps peo

Jan 21, 2021By Kim Jae-heun
Korean red ginseng sales boom amid pandemic
Companies

Fastest EV charging station

Hyundai Motor opened the country's fastest electric vehicle charging station in Gangdong-gu, southeastern Seoul, Thursday, in collaboration with SK Networks. The move came after the so-called “battery meeting” between Hyundai Motor Group Chairman Chung Euisun and SK Group Chairman Chey Tae-won at SK Innovation's facility in Seosan, South Chungcheong Province, last July. / Courtesy of Hyundai Motor

Jan 21, 2021By Kim Jae-heun
Fastest EV charging station
Companies

Lotte hit for transferring workers to fill vacancy at logistics

A delivery driver loads packages at a distribution center in Seoul, Nov. 10, 2020. / Korea Times fileBy Kim Jae-heunLotte Group is embroiled in a controversy for requesting a temporary transfer of employees from its subsidiaries to its logistics firm, where it is falling short of workers ahead of the Lunar New Year next month.Lotte said it is a countermeasure to resolve the imbalance in job supply and demand between its subsidiaries caused by COVID-19. However, workers are suspicious of the intentions behind this plan, as the notice came just before the national holiday and they are being sent to Lotte Global Logistics. On Wednesday, Lotte Group notified its subsidiaries including Lotte Shopping, Lotte Rental, Lotte Chemical and Lotte World Mall that it is looking for applications from 100 people willing to work at Lotte Global Logistics for a while. The group came up with this idea to utilize the workforce that has been forced into taking unpaid leave due to the COVID-19 pandemic. Lotte said the applicants will be dispatched to workplaces nationwide and they will be riding along wit

Jan 21, 2021By Kim Jae-heun
Lotte hit for transferring workers to fill vacancy at logistics
Companies

Ebay to sell Korean online retail platforms

eBay Korea with its Korean online retailers' logos / Korea Times file By Kim Jae-heunAmerican multinational e-commerce corporation eBay is in the process of selling its Korean online retail platforms G-Market, Auction and G9 for an estimated 5 trillion won.According to reports, Wednesday, eBay said it has “initiated a process to explore, review, and evaluate a range of strategic alternatives for its Korean business. The company is considering options that would maximize value for its shareholders and create future growth opportunities for the business.” Ebay has 183 million active users and 11 percent of its annual sales comes from Korea. eBay has been reviewing the sale of its Korean e-commerce platforms over the past few years, but this is the first time that the company has officially confirmed it. An eBay Korea official also said that its headquarters in the U.S. is in the process of selling its Korean businesses. “From last week, we heard there is going to be a

Jan 20, 2021By Kim Jae-heun
Ebay to sell Korean online retail platforms
Companies

Delivery companies worry as workers threaten to strike

Members of the Taekbae Union hold press conference at the union's office in Seodaemun-gu, Seoul, on Jan. 15 threatening to launch a strike if parcel-delivery firms do not improve working conditions for delivery drivers. / YonhapBy Kim Jae-heunTaekbae Union, representing delivery drivers here, has announced that it will hold a strike next Wednesday if parcel-delivery firms fail to come with measures to improve working conditions. The threat triggered concerns of a serious backlog in deliveries during the busy Lunar New Year holiday from Feb. 11 to Feb. 14. The government has asked people to send gifts to their family and relatives instead of visiting them in different parts of the country during the holiday to prevent a further COVID-19 spike in the country. Parcel-delivery firms have promised to hire more workers to divide the work into classifying and loading packages onto vehicles, and delivering parcels to customers. Currently, delivery drivers are responsible for both, which has been cited as a major reason behind long work hours that have been blamed for the deaths of 16 parcel-

Jan 20, 2021By Kim Jae-heun
Delivery companies worry as workers threaten to strike
Companies

Coupang holds successful 'Global Shopping Day'

Coupang's “Global Shopping Day” banner / Courtesy of CoupangBy Kim Jae-heunOnline retail giant Coupang held a “Global Shopping Day,” Wednesday and Thursday, for customers stuck at home amid the prolonged COVID-19 pandemic, selling imported global brand products with a maximum 50 percent discount.A number of special promotions were offered during the event including, “Time-limit Deal,” “Special Price for Wellness Items,” “Discount Event for New Arrivals” and “Brand Discount Event.” The online retailer began the time-limited deal at 11 a.m., at which it sold Samsung 55-inch Class 8 Series LED Smart Tizen TVs, Fujifilm's instant camera Instax, Ivory Aloe Cosmetic Soap and four-in-one Badger Green Classic Lip Balm 4-Stick sets at special prices.In the wellness category, Coupang offered various items related to healthcare including food, cosmetics and wearable devices. Products from global brands including Xiaomi, Estee Lauder, Juver and Sierra De Utiel were available at reasonable prices.Customers were given up to a

Jan 20, 2021By Kim Jae-heun
Coupang holds successful 'Global Shopping Day'
Companies

Ottogi reviewing improvements to directorate governance

Ottogi Chairman Ham Young-joon / Courtesy of Ottogi By Kim Jae-heunFood company Ottogi is reviewing changes to the governance system for its board of directors after its total assets passed 2 trillion won ($1.81 billion) last September. Ottogi's current board consists of four members ― three directors and an auditor. According to the Commercial Law, a company with total assets over 2 trillion won must have at least four directors: three external and one from within the firm. Ottogi also does not operate an audit committee, which is mandatory for a company with its financial standing.“We acknowledge that our environment, social and corporate governance (ESG) evaluation is fairly low for our sales. A team is working on the issue currently and we will improve our governance system when they come up with a solution,” an Ottogi official said. Ottogi's total assets were around 1.5 trillion won three years ago, however, these grew considerably after it took over two subsi

Jan 19, 2021By Kim Jae-heun
Ottogi reviewing improvements to directorate governance
Companies

Shake Shack introduces Korean-inspired chicken sandwich in US

Shake Shack’s Culinary Director Mark Rosati holds Shroom Burger during a media presentation at a Shake Shack restaurant in Seoul on July 19, 2016. / Courtesy of SPCBy Kim Jae-heunMark Rosati, Shake Shack's culinary director, instantly “fell in love” with Korean fried chicken on his first trip here in 2015. He came with his team to explore the local culture and cuisine before entering the market.“It was a year before we opened our first Shake Shack in Seoul in 2016. I was told to check out the fried chicken scene by friends who have local Instagram food blogs and I immediately fell in love with all the different styles,” Rosati said in an interview with The Korea Times. “I enjoyed the experience of eating fried chicken in Korea because it's such a fun, sharing experience, especially with beer.”Inspired by the flavors, techniques and ingredients of Korean cuisine ― especially gochujang, a fermented red chili paste ― Rosati took it to use for Shake Shack's new chicken burger. “We wanted our U.S. guests to taste and try the sauce as we love

Jan 18, 2021By Kim Jae-heun
Shake Shack introduces Korean-inspired chicken sandwich in US
Companies

Nosediving movie theater business hampers CGV sale plan

A CGV movie theater is closed due to the COVID-19 pandemic. / Korea times fileBy Kim Jae-heunWith the movie theater industry facing unprecedented difficult times caused by the COVID-19 pandemic, CJ Group has shelved its plan to sell off its multiplex CGV cinema chain. According to the Korean Film Council, Tuesday, only 10,776 people visited movie theaters here Monday, the lowest number recorded in the history of the Korean cinema business, breaking the former record of 14,519 tallied just a week ago.Theaters also had the smallest number of visitors on the Jan. 8 to Jan. 10 weekend since the film council started to collect data in 2004. This is leaving CJ Group with a deep dilemma on how to improve its finances.CJ Group Chairman Lee Jay-hyun's vision of “World Best CJ” includes getting rid of non-mainstream firms and focusing on its food, logistics and entertainment business; and it has consistently been reported that CGV would be put up for sale. The group sold its 28.57 percent stake in the merged entity created by combining three overseas CGV corporations in China, Viet

Jan 18, 2021By Kim Jae-heun
Nosediving movie theater business hampers CGV sale plan
Companies

Uniqlo makes rebound after closing unprofitable stores

A college student holds a one-person protest against Japan, urging a boycott of Japanese products in front of Uniqlo's store in central Seoul on Oct. 24, 2019. / Yonhap By Kim Jae-heunJapanese casual wear brand Uniqlo, wholly owned by Fast Retailing, managed to make a rebound here, but only by shutting down unprofitable stores. Fast Retailing did not reveal the exact size of its operating profit in Korea. But it said improvements in sales management costs and gross profit margin helped Uniqlo Korea make a turnaround. “We saw a sharp decline in sales, but we were able to avoid losses by controlling our spending through the closures of loss-making stores,” a Fast Retailing official said. Uniqlo suffered an 88.4 billion won loss between September 2019 and August 2020 due to a consumer-led boycott on Japanese products sold here.The campaign followed the Japanese government's 2019 regulations on exports of materials needed by Korean firms making semiconductors and displa

Jan 16, 2021By Kim Jae-heun
Uniqlo makes rebound after closing unprofitable stores
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