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Imported fruit prices skyrocket as US dollar soars

A customer looks at the price of a box of peaches at a large grocery store in Seoul, Sept. 23. YonhapBy Kim Jae-heunA 34-year-old office worker surnamed Kim was surprised to see how expensive bananas have become amid a series of news stories that the soaring U.S. dollar has sharply raised the prices of imported fruit.“I have been purchasing bananas once a week for many years, but I have never seen their price go so high as it is now. It makes me hesitate to grab one when I see how much it costs,” Kim said. The Korean currency ended at 1,441 won per dollar on Oct. 1, hitting a 13-year low against the dollar. This caused the price for a bunch of bananas to increase from the 3,000 won range to 5,480 won at large supermarkets in Seoul last week. According to the Korea Agro-Fisheries & Food Trade Corporation, the wholesale price of imported bananas the day before stood at 31,100 won ($2.08) per 13 kilograms, up 10.2 percent from 28,232 won a month ago. Compared to last year's wholesale price, the price of the fruit jumped 23.3 percent in the same period. In addition to ris

Oct 4, 2022By Kim Jae-heun
Imported fruit prices skyrocket as US dollar soars
Companies

Former LG Electronics vice president to lead LocknLock

By Kim Jae-heunGlobal food container maker LocknLock has nominated former LG Electronics Vice President Lee Jae-ho as its new CEO, the company said last week. Lee will be officially appointed during the company's extraordinary meeting of shareholders on Oct. 17 along with his appointment as an executive director on the same day. LocknLock CEO Lee Jae-ho / Courtesy of LocknLockLee majored in business administration at Seoul National University and earned his master's degree from Seoul National University's Graduate School of Business Administration. He led LG Electronics' home appliance rental service until the second quarter of this year before moving to LocknLock. Lee also served previously as CFO at NCSOFT, Coway and SSG.com before working for LG, building his career mainly in the business-to-consumer sector. Lee's notable accomplishments at LG Electronics include growth of the rental care business center for the rental, maintenance and management of home appliances, which was newly established at the time of his appointment as head there. He successfully expand the company's renta

Oct 3, 2022By Kim Jae-heun
Former LG Electronics vice president to lead LocknLock
Companies

LG chief stresses need to 'think from perspective of future customers'

LG Group Chairman Koo Kwang-mo, center, walks with top executives of the company's affiliates at a workshop held at Konjiam Resort in Gwangju, Gyeonggi Province, Thursday. Courtesy of LG GroupBy Kim Jae-heunLG Group Chairman Koo Kwang-mo and top executives of group affiliates discussed strategies for future businesses as companies are grappling with the increasingly unfavorable economic conditions, Korea's fourth-largest conglomerate said, Friday. Koo and the heads of LG's units attended a CEO workshop at Konjiam Resort in Gwangju, Gyeonggi Province, Thursday, the first of its kind since December 2019.About 30 top executives attended the workshop and reviewed the direction of the future portfolio for the next five to 10 years. In particular, they discussed how to formulate specific implementation strategies, especially from the perspective of future customers. “When business is facing a difficult situation, we should not get carried away by it. We have to take initiative and action to make our own decisions on what is approaching,” Koo said. “We have to think from t

Sep 30, 2022By Kim Jae-heun
LG chief stresses need to 'think from perspective of future customers'
Companies

Department stores eye secondhand products to draw young customers

Bungaejangter's offline secondhand special store BGZT Lab at The Hyundai Seoul on Yeouido / Courtesy of Bungaejanter By Kim Jae-heunLotte, Shinsegae, Hyundai and other department stores are opening special stores for used items and investing in online secondhand marketplace apps to attract younger customers, according to industry officials, Friday. Department stores used to deal mostly with brand-new, up-to-date and pricey merchandise to differentiate themselves from other retailers, but due to young customers' increasing demand for used items, they have started selling secondhand fashion items and luxury goods.Hyundai Department Store in Sinchon, western Seoul, has turned its whole fourth floor into a secondhand marketplace, opening various stores selling used clothes and luxury watch and handbags. “Many secondhand items on sale at Hyundai Department Store are neither new nor best-selling products, but it doesn't matter because luxury goods are mostly timeless piec

Sep 30, 2022By Kim Jae-heun
Department stores eye secondhand products to draw young customers
Companies

Hyundai E&C starts sales of Hillstate studio apartments in Daejeon

Hyundai E&C's Hillstate Yuseong apartment complex in Daejeon / Courtesy of Hyundai E&CBy Kim Jae-heunHyundai Engineering & Construction (Hyundai E&C) put a total of 473 studio apartments up for sale at the Hillstate apartment complex in Daejeon's Yuseong District, the company said Thursday. It is the first studio apartment complex built near the popular tourist site of Yuseong Hot Springs in the metropolitan city. The Hillstate Yuseong complex will house four 26-story buildings with three underground parking facilities. Most of the rooms are built facing south and they come in the largely preferred 84-square-meters size.For the view and convenience of resident, the company built leisure facilities on the first floor and a parking garage from the third subbasement to the third floor. Residential units are located on the fourth floor and higher. There will also be indoor sporting facilities in the building, such as an indoor golf practice range and fitness center as well as a clubhouse and a reading room. In addition, Hyundai E&C will provide various services for re

Sep 30, 2022By Kim Jae-heun
Hyundai E&C starts sales of Hillstate studio apartments in Daejeon
Companies

Rubber Duck returns to Seoul after eight years

Rubber Duck floats on Seokchon Lake in front of Lotte World Tower in eastern Seoul, Thursday. Courtesy of Lotte P&DBy Kim Jae-heunThe giant yellow Rubber Duck, which attracted 5 million visitors in 2014, returns to Seoul after eight years. This time, it came with its friends ―Rainbow Duck, Skull Duck, Dracula Duck and Ghost Duck to celebrate Halloween next month. Lotte Property & Development (Lotte P&D), the operator of Lotte World Tower and the company that brought the 3D artwork to Korea, said the 18-meter-tall Rubber Duck will float in Seokchon Lake once again from Sept. 30 to Oct. 31, as part of its Rubber Duck Project Seoul 2022.At the opening ceremony on Thursday, VIP guests including Lotte P&D CEO Ryu Je-don, Songpa District head Seo Gang-seok and Rubber Duck designer Florentijn Hofman joined the event to watch the introduction of the world's very first Halloween Rubber Duck. “It is my job to provide a unique entertaining experience utilizing a material in daily life to its fullest. I want to convey joy and hope to Korean people through Rubber Duck that r

Sep 29, 2022By Kim Jae-heun
Rubber Duck returns to Seoul after eight years
Companies

Food firms complain about gov't warnings against price hikes

Ottogi mayonnaise is displayed at a large retail store in Seoul, June 28. NewsisBy Kim Jae-heunFood companies here are expressing frustrations over the government's growing pressure on them to refrain from raising prices on their products amid soaring inflation, according to company officials Tuesday.CJ CheilJedang, Ottogi, Samyang Foods, Lotte Chilsung Beverage, Crown Confectionery and other food firms say that they can hold off on hiking prices for a short period of time, but they will eventually have to charge consumers more at some point in the future.“The government is trying to implement a policy that ignores the principles of the market economy. We don't know if it is the right decision to prevent only food firms from raising prices when all the businesses here are equally affected by increased interest loans, logistics and raw material costs,” a food firm official said.The Ministry of Agriculture, Food and Rural Affairs held a meeting on Monday with major companies here to request their cooperation concerning the country's food price stabilization. “Despite

Sep 28, 2022By Kim Jae-heun
Food firms complain about gov't warnings against price hikes
Companies

LG Electronics CEO meets with African envoys for Busan's expo bid

LG Electronics CEO Cho Joo-wan, first from right, poses with six African ambassadors to Korea at LG Sciencepark in Magok, Seoul, Monday. Courtesy of LG ElectronicsBy Kim Jae-heunLG Electronics CEO Cho Joo-wan met with six African ambassadors to Korea ― from Ethiopia, Tanzania, Sudan, Kenya, Rwanda and Angola ― Monday, to request their support for Busan's World Expo 2030 bid. Top diplomats from the African nations and executives from the electronics company as well as government officials participated in the event held at LG Sciencepark in Magok, southwestern Seoul.“Busan is turning into a future-oriented, eco-friendly smart city based on digital technology. We ask ambassadors here for their interest and support for Busan's bid to host the 2030 World Expo, as the city is an optimal place to design mankind's new future to be realized through the event,” Cho said. LG Electronics is carrying out various social contribution activities in a number of African countries, such as operating vocational training schools, aiding in administering vaccinations against cholera and helpin

Sep 26, 2022By Kim Jae-heun
LG Electronics CEO meets with African envoys for Busan's expo bid
Companies

Food delivery market competition heats up as Shinhan Bank, Naver enter fray

Food delivery scooters are parked in front of the Delivery N building in Gangnam District, Seoul on June 30. NewsisBy Kim Jae-heunCompetition has been heating up in the food delivery market with Shinhan Bank's new “Ttaenggyeoyo” service rapidly attracting customers and Naver launching a new delivery platform called “N Delivery” in November, according to industry officials, Sunday.One of the country's largest lenders, Shinhan Bank has already registered over 1 million customers for its service in the eight months since its launch in January. The company successfully increased its market share in such a short period of time by giving more benefits to both restaurant owners and customers than other players in the scene.IT giant Naver is utilizing its map, reservation and online payment system to make the best of its food delivery service. For example, a customer can order food with restaurants searched on the Naver Map app and the portal site will place the order. “We are a newcomer in the market so it is hard to say if our new service will be a threat to B

Sep 26, 2022By Kim Jae-heun
Food delivery market competition heats up as Shinhan Bank, Naver enter fray
Companies

POSCO International to triple natural gas production in Australia by 2025

Employees stand next to a land gas field production facility operated by Senex Energy in Australia. Courtesy of POSCO InternationalBy Kim Jae-heunPOSCO International will invest 300 million Australian dollars in its subsidiary, Senex Energy, together with Australian energy firm Hancock Energy, to increase its natural gas production by three times over the next three years, the company said Sunday. POSCO aims to expand the annual gas production of Senex Energy from 20 petajoules to 60 petajoules by the fourth quarter of 2025. Sixty petajoules of natural gas can produce about 1.2 million tons of liquefied natural gas (LNG).It also plans to increase drilling production volume by expanding gas facilities in the Atlas and Romanos gas fields by 2024 through Senex Energy. POSCO International said it is the right timing to develop additional gas fields as natural gas prices are expected to remain high for a long time, due to severe competition to secure the energy resource and conversion of coal power generation as well as seasonal factors. The company will pursue the follow-up development o

Sep 25, 2022By Kim Jae-heun
POSCO International to triple natural gas production in Australia by 2025
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