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Popeyes' return to heat up competition among multinational franchises

Popeyes' new restaurant in Gangnam, Seoul / Courtesy of SillaBy Kim Jae-heunAmerican fried chicken franchise Popeyes is set to open a new store in southern Seoul next week, spicing up the competition between global chicken and burger restaurant chains here, according to industry officials, Friday.Silla, a deep-sea fishing company, said it signed a master franchise agreement with Restaurant Brands International to bring back the Louisiana-style chicken restaurant two years after the plug was pulled on its business here in December 2020. Popeyes Korea once operated nearly 200 restaurants in Korea, but after COVID-19 hit the country and competition in the local dining market intensified, the number of stores was reduced to 10 in the second half of 2020. Silla sees potential for Popeyes to regain its popularity, as fried chicken franchises are growing fast in the quick service restaurant sector. “Chicken is one of the largest and fastest-growing categories in the Korean quick service restaurant sector. We will provide the taste of memories and Louisiana's unique menu to customers w

Dec 10, 2022By Kim Jae-heun
Popeyes' return to heat up competition among multinational franchises
Companies

LS C&S wins $153 mil. contract to supply undersea cables to Taiwan

LS Cable & System (LS C&S) Senior Vice President Ko Eui-gon, right, poses with Felipe Montero, project director of Hai Long Offshore Wind Power, after signing a $153 million undersea cable supply contract at LS Yongsan Tower in Seoul. LS C&S will supply the cables to Hai Long Offshore Wind Farm in Taiwan. Courtesy of LS C&S

Dec 9, 2022By Kim Jae-heun
LS C&S wins $153 mil. contract to supply undersea cables to Taiwan
Companies

Hyundai's IONIQ 5 selected as Japan's Import Car of the Year

IONIQ 5 won the Import Car of the Year award in Japan, Friday. / Courtesy of Hyundai Motor By Kim Jae-heunHyundai Motor's all-electric IONIQ 5 car won the Import Car of the Year award in Japan, the carmaker said Friday. This is the first time for the Car of the Year Japan Executive Committee to award a Korean car.Since 1980, the Car of the Year Japan award has been given to the 10 best cars every year among vehicles newly launched in the country. The committee picks the car of the year by category following a test drive evaluation and a run-off vote. The IONIQ 5 was selected as the winner after beating the BMW iX, Land Rover Range Rover and Renault Arkana, which all ranked in the top 10. “In addition to its innovative interior and exterior design, long one-time charging mileage, its dynamic driving performance and various conveniences and safety specifications were highly evaluated,” the Car of the Year Japan Executive Committee said. “In particular, there were many

Dec 9, 2022By Kim Jae-heun
Hyundai's IONIQ 5 selected as Japan's Import Car of the Year
Companies

Kumho Petrochemical expands ESG management

Kumho Petrochemical's headquarters in Seoul / Courtesy of Kumho PetrochemicalBy Kim Jae-heunKumho Petrochemical is advancing its environmental, social and corporate governance (ESG) program to create a sustainable future. The company revealed its full-fledged start of ESG management in September 2021 by establishing a promotional strategy and sharing its vision “Let's Act, Advance and Accelerate for ESG!” The petrochemical firm selected key themes of its ESG vision in three areas; response to climate change, emphasis on social value management, and spreading sustainable management ― while it specified a total of nine major tasks.In addition, Kumho Petrochemical has joined the United Nations Global Compact, a global initiative under the United Nations, and is stepping up efforts to upgrade its ESG management. The UNGC is an international agreement that identifies the social responsibility of global companies based on the 10 principles centering on human rights, anti-corruption and the environment. Kumho plans to actively share its sustainable management performances extern

Dec 9, 2022By Kim Jae-heun
Kumho Petrochemical expands ESG management
Companies

Sales of sterilized milk soar amid price hikes

Consumers shop for milk products at a large supermarket in Seoul, Nov. 4. NewsisBy Kim Jae-heunA growing number of consumers are turning to imported sterilized milk products due to their lower prices amid soaring inflation, according to industry officials, Thursday. The steep price hikes of locally produced fresh milk in November have further encouraged more people to seek out alternatives.According to the Korea Customs Service, imports of sterilized milk reached 14,675 tons in the first half of this year, up 57 percent compared to last year. In the “Online mall dairy products purchase trend” study released by WiseApp in October, sterilized milk products swept all of the top 10 most popular items. WiseApp is a retail app analysis service firm. “Amid the rising cost of living here, sterilized milk products seem to be gaining popularity as they can be stored for a long time and they are comparatively cheaper than regular milk,” a WiseApp official said. Milk is sterilized via an ultra-high temperature treatment, which kills all microorganisms and allows the produ

Dec 8, 2022By Kim Jae-heun
Sales of sterilized milk soar amid price hikes
Companies

Coupang invests $4.69 bil. to expand logistics infrastructure

U.S. Ambassador to Korea Philip Goldberg, center, and Coupang CEO Kang Han-seung, second from right, pose for a picture at the firm's fulfillment center in Daegu, Wednesday. Courtesy of CoupangBy Kim Jae-heunCoupang has invested 6.2 trillion won ($4.69 billion) over the past 12 years in establishing a nationwide logistics network, the country's largest e-commerce firm said Wednesday.The company invited U.S. Ambassador to Korea Philip Goldberg, Daegu Metropolitan City Deputy Mayor Hong Ui-rak and officials from the Ministry of Science and ICT to its new fulfilment center in Daegu, Wednesday, where it gave a briefing on its contributions to the local community. Coupang's invitational program focused on the company's win-win model that supports the sustainable growth of customers, workers and small business owners under the theme of “Creating WOW: Coupang's Innovation and Investment Journey in 2022.”The company attracted nearly half of the $2.47 billion in U.S. foreign direct investments that flowed into Korea last year. Through the establishment of its independent “en

Dec 7, 2022By Kim Jae-heun
Coupang invests $4.69 bil. to expand logistics infrastructure
Companies

Gov't seeks to accelerate innovation in bio industry with AI, big data

Science and ICT Minister Lee Jong-ho gives a welcoming speech during the “Digital Bio Innovation Strategy” presentation held at Korea Bio Park in Seongnam, Gyeonggi Province, Wednesday. Courtesy of Ministry of Science and ICTBy Kim Jae-heunThe government has unveiled a plan to speed up innovation in the biopharmaceutical industry by introducing advanced digital technologies such as artificial intelligence and big data, according to the Ministry of Science and ICT, Wednesday.The strategy is mainly aimed at building Korea up as an advanced bio country by 2030, by developing new digital biotechnologies, securing digital bio generic technology, expanding data-based bio-research and creating an ecosystem to foster digital bio. “Our plan is to increase the productivity of bio-research and related industries through convergence between the bio sector and digital technology, which Korea has competency in,” Science and ICT Minister Lee Jong-ho said. “It aims to increase Korea's technological competitiveness and self-reliance against biotechnological innovation po

Dec 7, 2022By Kim Jae-heun
Gov't seeks to accelerate innovation in bio industry with AI, big data
Companies

Shin Hanul nuclear reactor to begin operation

Shin Hanul Nuclear Power Plant in Uljin, North Gyeongsang Province / Korea Times fileBy Kim Jae-heunShin Hanul reactor 1 in Uljin, North Gyeongsang Province, will go into full operation Tuesday to help the country deal with soaring electricity demand in the winter, according to the Ministry of Trade, Industry and Energy and the Korea Hydro & Nuclear Power Co, (KHNP) Monday. Hanbit 4, another nuclear reactor which has been shut down since 2017, has also resumed operation in South Jeolla Province. The two reactors are expected to give big help in the country's energy management in the winter season as they can produce electricity equivalent to six or seven liquefied natural gas (LNG) power plants. The construction of Shin Hanul reactor 1 began in 2012 and it was originally scheduled to begin commercial operation in April 2017. However, the plan was delayed after an earthquake struck in Gyeongju, North Gyeongsang Province, as the government had to evaluate site safety and strengthen the quality of equipment. “Shin Hanul reactor 1 will start its commercial operation on Dec. 6 a

Dec 6, 2022By Kim Jae-heun
Shin Hanul nuclear reactor to begin operation
Companies

CJ Foodville to expand bakery business in US

A Tous Les Jours shop in Haverford, Pennsylvania / Courtesy of CJ FoodvilleBy Kim Jae-heunCJ Foodville, which operates the local bakery chain Tous Les Jours, will establish a large-scale bread factory in the United States, the company said Monday. The food firm is currently looking for a suitable site and will begin construction next year at the earliest.CJ Foodville opened its very first Tous Les Jours store in the United States in 2004. Now it operates a total of 82 stores in 21 states. The total number of shops is not large, but because the products are sold for double the prices available in Korea, the company is showing a strong profit. Tour Les Jours' U.S. branch turned a profit for the first time among CJ Foodville's overseas operations in 2018 and it has been in the black for the last five consecutive years. “It is CJ Group's keynote to expand its global business and CJ Foodville is planning to do so by establishing a local bakery factory in the United States. Other than our plan to build a factory there, nothing specific has been decided about it,” a CJ Foodville

Dec 5, 2022By Kim Jae-heun
CJ Foodville to expand bakery business in US
Companies

Hyundai, Lotte expand secondhand items stores

Bungaejangter's sneakers reseller BGZT LAB at Starfield Coex Mall in Seoul / Courtesy of BungaejangerBy Kim Jae-heunDepartment stores are expanding their presence in the used goods market to attract increasingly frugal and price-conscious young consumers, according to retail industry officials Sunday.Hyundai Department Store's Sinchon branch in western Seoul has become the first retailer to open an entire floor with secondhand shops to change the view that department stores are for old people and can align with youth trends.“To raise young customers' loyalty, department stores have to offer a unique experience to them. Retailers have to adopt changes first and lead the trend, not chase it,” a local department store official said. The Hyundai Seoul in Yeouido successfully opened a sneakers-only resell store called “BGZT LAB” in February last year and a total of 40,000 people visited the shop as of August. Recently, the store became popular among teenagers as it sells limited edition shoes at discounted prices. “The price of limited edition sneakers is ver

Dec 5, 2022By Kim Jae-heun
Hyundai, Lotte expand secondhand items stores
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