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Is BBQ overcharging American consumers?

A receipt shows two orders of BBQ's fried chicken menu items cost over $80 (102,984 won) in the United States / Screenshot from an online communityBy Kim Jae-heunGenesis BBQ has been accused of overcharging U.S. consumers, who are mostly Korean Americans living in California and New York. The fried chicken franchise was found to have charged $80.72 (102,934 won) for two menu items, according to consumers and industry watchers, Wednesday. A consumer in the United States recently posted a receipt online, showing two fried chicken dishes costing $80.72, including tip, delivery fee and tax. Normally, BBQ's fried chicken menu costs around 20,000 won per dish. The posting has created a heated debate over whether the company is ripping off U.S. customers, as they appear to have paid more than double what consumers here pay.“Six pieces of KFC's fried chicken cost $6.99 in the United States. Who would pay such a high price to eat BBQ chicken?” one internet user wrote. Another netizen said BBQ is overcharging Koreans living in America taking advantage of their longing for Korean fr

May 11, 2022By Kim Jae-heun
Is BBQ overcharging American consumers?
Companies

Samsung, SK in race to gain lead in CDMO market

Samsung Biologics' third CDMO production facility in Songdo, Incheon / Courtesy of Samsung BiologicsBy Kim Jae-heunSamsung Biologics and SK Bioscience plan to invest heavily in the contract development and manufacturing organization (CDMO) market, which the two firms believe will be their next growth engine.CDMO, which combines a contract manufacturing organization (CMO) and contract development organization (CDO), refers to the development and production of medicine at the request of a client company that lacks any medical production facilities. Samsung and SK already demonstrated their global competitiveness last year by achieving record-high business performance after inking major COVID-19 vaccine production deals. This year, the two companies are planning even more aggressive investments in the CDMO field.Samsung Biologics is preparing to open its fourth factory in Songdo, Incheon, which will be the world's largest bio production facility. SK Bioscience will strengthen its competitiveness in the CDMO market by establishing a research and development center in Songdo in 2024. Bio

May 10, 2022By Kim Jae-heun
Samsung, SK in race to gain lead in CDMO market
Companies

Samsung C&T enters global SMR market in full swing

NuScale CEO John Hopkins, fourth from left, and Samsung C&T CEO Oh Se-chul, fifth from left, pose for a picture with other executives of both companies after discussing global SMR cooperation at NuScale Power headquarters in Oregon, May 9. Courtesy of Samsung C&TBy Kim Jae-heunSamsung C&T will forge a comprehensive partnership with NuScale, a leading small modular reactor (SMR) technology provider, to pursue its global SMR business at full force. The firm announced it reached an agreement with NuScale for a comprehensive partnership on joint market development and expansion, after the two entities' executives held a meeting at NuScale Power headquarters in Oregon, Monday.To advance in the global market for SMRs, a next-generation nuclear technology, Samsung C&T has solidified its strategic partnership with NuScale through a $20 million equity investment in the SMR provider in 2021 and an additional $50 million earlier this year. Now it plans to strengthen their collaboration further for global market expansion.The two companies first agreed to share accumulated techno

May 10, 2022By Kim Jae-heun
Samsung C&T enters global SMR market in full swing
Companies

Luxury shopping platforms lose money despite record sales

Must'it's mobile shopping platform shows “hot deal” online promotions for luxury goods on May 31, 2021. Courtesy of Must'itBy Kim Jae-heunThe top three luxury shopping platforms ― Must'it, Balaan and Trenbe ― showed record-high sales last year thanks to the COVID-19 pandemic, which has stimulated people to spend more on products of designer labels. However, their operating losses also increased by big portions due to hiring star models and advertising on their online platforms, an industry official said, Monday.According to the Financial Supervisory Service's (FSS) electric public disclosure system, DART, on April 6, Balaan's 2021 revenue reached 52.1 billion won ($40.97 million), up 114.5 percent from 24.3 billion won in revenue in 2020. However, its operating loss also soared by 192 percent to record 18.5 billion won from 6.35 billion won in the same period. Trenbe's sales last year also increased by 27.2 percent to show 21.7 billion won, up from 17.1 billion won year-on-year. Meanwhile, its operating loss skyrocketed to 33 billion won in 2021, up 224 percent from 10.1

May 9, 2022By Kim Jae-heun
Luxury shopping platforms lose money despite record sales
Companies

Herbalife Nutrition strengthens ESG practices to build brand trust

HNF Logo / Courtesy of Herbalife NutritionBy Kim Jae-heunWith the rise of conscious consumerism and investing, companies around the world are increasingly incorporating environmental, social and corporate governance (ESG) principles into their business operations. This trend is particularly true of Millennials and Generation Z, who are often characterized as expressing their values through their consumption choices and are actively demanding ESG practices, prompting many companies to start investing in sustainability regardless of the industry.Premier global nutrition company Herbalife Nutrition views ESG as essential to its business strategy and performance. Operating in 95 countries, the company combines high-quality, science-backed nutrition products, social support and the opportunity to build a business. Over the past few years, the company has made significant efforts to strengthen its ESG practices, and its Global Responsibility strategy is shaped by ESG drivers that are embedded in the overall long-term sustainability of the business strategy.Nourishing healthy communities th

May 9, 2022By Kim Jae-heun
Herbalife Nutrition strengthens ESG practices to build brand trust
Companies

Korean instant noodles enjoy soaring popularity abroad

Nongshim's Chapaguri / Courtesy of NongshimKorean instant noodles are enjoying their heyday abroad on the back of the explosive popularity of hallyu as a growing number of Korean wave fans around the world seek to try different types of food associated with the Asian country.According to the Korea Customs Service and the local food industry, Monday, exports of Korean-made instant noodles rose to an all-time high of $71.58 million (89.5 billion won) in March, up 20 percent from the same month last year. The figure increased 35.8 percent from a month ago.The increasing popularity of K-pop, Korean films and drama have contributed much to the record exports of hugely-popular instant noodles like Shin Ramyun, Neoguri (udon-style noodles), Chapagetti (black bean-sauce noodles) and Hot Chicken Flavor Ramen. In particular, Nongshim's signature noodle dish, Chapaguri, which mixes Chapaghetti and Neoguri, grabbed keen interest overseas after it appeared in the Oscar-winning film “Parasite” in 2019.“After Parasite won the Oscar in 2020, many YouTubers in the United States shar

May 9, 2022By Kim Jae-heun
Korean instant noodles enjoy soaring popularity abroad
Companies

Cooking oil most-sought-after item in online secondhand markets

Cooking oils are displayed on the shelf at a grocery store in Seoul, on May 2, 2021. Korea Times fileBy Kim Jae-heunCooking oil has become the most-sought-after item in online secondhand markets as concerns over its global supplies have prompted more consumers to stock up the staple item. Indonesia's export ban on its palm oil and the ongoing war between Russia and Ukraine have led cooking oil makers to hike their retail prices, making oil a hot item among thrifty consumers shopping on secondhand markets.According to Danggeun Market, three 500-milliliter bottles of unopened cooking oil were sold for 5,000 won ($3.94) on May 6, or about 1,660 won each. Given that people can buy the 500-milliliter bottle for as low as 2,200 won on e-commerce sites, 5,000 won for three is considered quite expensive, according to the country's largest online flea market platform.“After the prices of many raw materials and processed foods increased due to the war in Ukraine, I thought that it would be good to keep some in stock beforehand. You just don't know when the local manufacturers will increa

May 9, 2022By Kim Jae-heun
Cooking oil most-sought-after item in online secondhand markets
Companies

Convenience stores introduce unique products, services

Emart24's screen golf box “Swing Cube” / Courtesy of E-mart24By Kim Jae-heunConvenience stores are offering unique products and services in collaboration with sports, education and finance companies to attract more customers, according to industry officials, Sunday.Emart24 has started selling a shipping container equipped with a screen golf range, called “Swing Cube,” for 58 million won ($45,651) from April 27, which can be purchased at any of its convenience stores in the country. Customers can set up the screen golf container at any outdoor spot, such as a garden or a vacation home. “Of course, we are not getting a lot of orders for Swing Cube yet because it is so expensive, but many operators of hotels and other lodging services are enquiring about the product. It is definitely drawing the interest of people,” an Emart24 official said. Emart24 is also offering box lunches jointly produced with Shinhan Investment, which randomly offers a share of one of the 12 most-popular American stocks. The American firms include Tesla, Apple, Nike Coca Cola a

May 8, 2022By Kim Jae-heun
Convenience stores introduce unique products, services
Companies

Gmarket Global to expand fresh food business in collaboration with SSG.com

SSG.com's logistics center in Gimpo, Gyeonggi Province / Courtesy of SSG.comBy Kim Jae-heunGmarket Global is strengthening its fresh food business overnight delivery service to create synergy with SSG.com within Shinsegae Group, company officials said on Thursday. Gmarket Global, which runs two open-market platforms Gmarket and Auction, is preparing to launch “Smile Fresh,” a fresh food delivery service that sends customers' online purchases overnight.After Shinsegae acquired Gmarket Global, formerly known as eBay Korea, last year, the retail giant has been searching for ways to strengthen its retail business by creating synergy between its online shopping mall SSG.com and Gmarket Global. Of SSG.com's overall sales, 40 percent to 45 percent are generated from its fresh food business. For Gmarket Global, 70 percent to 80 percent of its sales are estimated to come from the non-food sector. Combining logistics centers the two e-commerce affiliates are expected to remedy each other's shortcomings.“Shinsegae is reviewing ways to integrate our logistics centers of Gmarket

May 6, 2022By Kim Jae-heun
Gmarket Global to expand fresh food business in collaboration with SSG.com
Companies

GSK Consumer Healthcare Korea appoints Shin as new CEO

By Kim Jae-heunGSK Consumer Healthcare Korea CEO Shin Dong-woo / Courtesy of GSK Consumer Healthcare KoreaGSK Consumer Healthcare Korea has tapped former Hong Kong branch CEO Shin Dong-woo as its new head, the company said, Monday. Shin has successfully led various global companies' businesses, from consumer healthcare to general consumer goods, over the last 28 years. He also led the consumer healthcare businesses at Pfizer and Sanofi in the early stages.For the last two years, Shin headed GSK Consumer Healthcare's Hong Kong branch and achieved a business turnaround through organizational stability. He also completed the company's integration with Pfizer Consumer Healthcare, where he had been CEO of the Korean branch and the Asia-Pacific region between 2015 and 2020. Shin also became the very first president of Sanofi Korea and introduced major products that are selling well now. Additionally, he was in charge of marketing and sales for 14 years at Coca-Cola, 20th Century Fox Home Entertainment and L'Oreal. As the new head of GSK Consumer Healthcare Korea, Shin will continue guiding

May 5, 2022By Kim Jae-heun
GSK Consumer Healthcare Korea appoints Shin as new CEO
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