The Korea Times

People hesitant to dine out as food prices soar

People eat in a food court of a department store in Seoul on May 2. Korea Times fileBy Kim Jae-heunA 32-year-old office worker surnamed Kim said he has been bringing homemade lunches to work for about a month because nearly all the restaurants near his office have increased prices sharply. “I don't eat expensive food or go to fancy restaurants, but because everything on the menu costs over 10,000 won ($7.90) these days, I decided to bring my own lunch to work. It's the only way to live with my current salary, which didn't rise in tandem,” Kim said.It has been a while since a 43-year-old breadwinner surnamed Kang dined out with his family due to the surging restaurant prices over the past few months. “I have two children and a wife and if we go out for dinner, I have to spend at least 150,000 won these days. Let's say if we eat out once a week, it would cost 600,000 won per month and this is only what I have to pay for dining out. There is no way I can afford it when I have to pay rent, my children's private education fees and other living costs,” he said. With

May 5, 2022By Kim Jae-heun

People hesitant to dine out as food prices soar

Companies

Nongshim, Ottogi hit hard by soaring palm oil prices

A customer grabs a pack of instant noodles at a supermarket in Seoul on Aug. 1, 2021. Newsis By Kim Jae-heunNongshim and Ottogi, the country's top two instant noodle makers, have been hit hard by surging international prices of palm oil and wheat. However, the two firms are cautious about increasing the prices of their processed foods because they already did that last year causing consumers to bristle, a company official said.“The prices of palm oil and wheat have continued to increase for several months now and it is right for Nongshim and Ottogi to raise the prices of their instant noodles. However, it's hard to do that. “Koreans are particularly sensitive about the price hikes of instant noodles as they are popular here due to their affordability,” a source at a food manufacturer said, declining to be named. “There won't be any price hikes of instant noodles by local firms anytime soon, but it would result in a decrease in their operating profits, so their woes

May 5, 2022By Kim Jae-heun

Nongshim, Ottogi hit hard by soaring palm oil prices

Companies

Nongshim seeks to become world's No.1 instant noodle maker

Nongshim Chairman Shin Dong-won looks around the company's second production facility in California, April 29. Courtesy of NongshimBy Kim Jae-heunNongshim is aiming to surpass its larger Japanese rival Toyo Suisan in the North American market and become the world's largest instant noodle maker, company Chairman Shin Dong-won said Monday.Shin visited the company's newly opened second production line in California on April 29, where 350 million packs of instant noodles will be produced annually. Together with Nongshim's first plant in the same state, the company will be able to produce 850 million packs of instant noodles annually. “Nongshim started exporting its products in 1971 and opened its first U.S. factory in 2005. It is the company's goal to overtake the Japanese noodle maker in America and become the No.1 in the world based on its second production facility in the United States,” Shin said.According to Euromonitor, Toyo Suisan led the instant noodle market in the U.S. with a 49 percent market share in 2020, followed by Nongshim with 23.3 percent and Nissin with 17.

May 2, 2022By Kim Jae-heun

Nongshim seeks to become world's No.1 instant noodle maker

Companies

GS to push for SMR plant development with Doosan, Samsung, NuScale Power

NuScale Power President and CEO John L. Hopkins, second from left, and GS Energy CEO Huh Yong-soo, third from left, pose for a photo after signing an MOU at GS headquarters in Seoul, April 26. Courtesy of GS Energy By Kim Jae-heunGS Energy is joining hands with Doosan Enerbility, Samsung C&T and NuScale Power to develop small modular reactors (SMRs), a nuclear energy technology which some consider a more realistic means to achieve carbon neutrality. NuScale Power is one of the world's leading SMR technology companies. The three local firms and the U.S. company signed a memorandum of understanding (MOU) at GS Energy's headquarters in Gangnam District, Seoul, April 26, to cooperate in jointly building and operating SMRs around the world. NuScale Power is the only company in the world that is certified by the U.S. Nuclear Regulatory Commission to design SMRs. Not only do the firm's SMRs produce electricity, but they also produce hydrogen using high-temperature steam, a

Apr 29, 2022By Kim Jae-heun

GS to push for SMR plant development with Doosan, Samsung, NuScale Power

Companies

BBQ franchisees protest decision to hike prices of supplies

Genesis BBQ Chairman Yoon Hong-geun gives a speech during the company's 25th anniversary, at one of the company's buildings in Seoul, Sept. 1, 2020. Courtesy of Genesis BBQ By Kim Jae-heunGenesis BBQ franchisees are protesting the company's decision to raise the prices of ingredients and other supplies, arguing that the fried chicken firm is trying to maximize profits at the expense of franchisees and consumers, they said Friday.On Thursday, Korea's third-largest fried chicken franchise said it will raise the prices of fresh chicken, pickled radish, cooking oil and other items supplied to its franchisees on May 2 by an average of 19.8 percent. It said franchisee representatives agreed to the planned hikes during a meeting with the company's management on April 12.A week ago, BBQ also announced its plan to increase the prices of its fried chicken by 2,000 won ($1.50). At the time, it said it decided to charge consumers more to financially help its franchise operators

Apr 29, 2022By Kim Jae-heun

BBQ franchisees protest decision to hike prices of supplies

Companies

Hanwha chairman meets with Heritage founder Feulner

From left, Hanwha Group Chairman Kim Seung-youn, Founder of Heritage Foundation Edwin John Feulner Jr. and Hanwha Hotels & Resorts Managing Director Kim Dong-seon pose after dinner at a restaurant in Seoul, April 27. Courtesy of Hanwha GroupBy Kim Jae-heunHanwha Group Chairman Kim Seung-youn met with Edwin John Feulner Jr., the founder of the Heritage Foundation, late Wednesday, to discuss a range of issues concerning Korea and U.S. ties, the company said Thursday. The Heritage Foundation is a conservative U.S. policy think tank that was established in 1973. The meeting took place on the occasion of Feulner's visit to Korea to participate in an international conference. During the two-hour dinner, Kim and Feulner shared their opinions on global economic issues including the ongoing price increases of raw materials triggered by the Ukraine-Russia war and energy security. They also talked about ways to promote friendly relations between Korea and the United States. Chairman Kim's youngest son Kim Dong-seon, managing director of Hanwha Hotels & Resorts, also joined the meeting.

Apr 28, 2022By Kim Jae-heun

Hanwha chairman meets with Heritage founder Feulner

Companies

Hyundai Motor salesman attains coveted title by selling 2,500 vehicles

Hyundai Motor's sales manager, Kang Byong-chol, talks with a customer at his office in Seoul, on April 26. Courtesy of Hyundai MotorBy Kim Jae-heunKang Byong-chol, a general manager of sales at Hyundai Motor's Seobu Truck Branch, has been chosen as a “sales master” after selling over 2,500 commercial vehicles, the company said on Thursday. The title of sales master is the highest honor given to outstanding salespeople who have sold over 2,500 vehicles. Only three others have been chosen as sales masters at the automaker before Kang. The 51-year-old salesman has been selling cars for Hyundai Motor since 1997.“I would like to thank my customers, my family and my colleagues for always supporting me. I am proud that my efforts to achieve value for my customers during the last 26 years gave me his incredible honor,” Kang said.Kang picked his consistent commitment to establish good relationships with his customers as the secret to his success. “I will take full responsibility to continue my good work in achieving value for my customers in the future too,&rdquo

Apr 28, 2022By Kim Jae-heun

Hyundai Motor salesman attains coveted title by selling 2,500 vehicles

Companies

E-Land affected by China's COVID-19 lockdown

E-Land's Scofield clothing store in Shanghai / Korea Times fileBy Kim Jae-heunConcerns are growing over E-Land's business in China as more stores run by the fashion company are being forced to shut down by Chinese authorities amid the rapid spread of COVID-19 infections there, according to industry officials, Wednesday.On April 26, the Chinese government revealed that Shanghai had seen 16,980 daily new infections and 52 more deaths. COVID-19 has since gone on to spread in Beijing where 29 people were confirmed as infected as of April 25. This has led China to shut down Beijing's Chaoyang District. E-Land operates some 10 stores in Chaoyang and they are temporarily closed under the current regulation. Chaoyang is home to 3.5 million people, which is only 16 percent of Beijing's 22 million population. However, it has the largest population among the 16 districts of the capital city. E-Land said it does not operate a big number of stores in Chaoyang, so the shutdown of the district won't affect the fashion company's business too harshly. “We don't have big problems with the shutdo

Apr 27, 2022By Kim Jae-heun

E-Land affected by China's COVID-19 lockdown

Companies

Starbucks commemorates independence fighter Yun Bong-gil

Starbucks Korea CEO Song Ho-seop, third from right, poses for a picture with officials from The Patriot Maeheon Yun Bong-Gil Memorial Association and Woljin Association for Yun Bong-Gil, after donating 20 million won to charity, at the Patriot Yun Bong-Gil Memorial in Seoul, on April 26. Courtesy of Starbucks KoreaBy Kim Jae-heunStarbucks Korea has donated 20 million won ($15,834) and 1,932 tumblers to The Patriot Maeheon Yun Bong-Gil Memorial Association and Woljin Association for Yun Bong-Gil to commemorate the 90th anniversary of Yun Bong-gil's struggle for independence from Japanese colonialism, which culminated in him throwing a bomb that killed and injured several Japanese officials in Shanghai, the company said Wednesday.Yun was a Korean independence activist who threw a bomb that killed several Japanese colonial officials at an event organized by the Imperial Japanese Army in Shanghai's Hongkew Park in 1932. Yun was posthumously awarded the Republic of Korea Cordon of the Order of Merit for National Foundation in 1962.Yun died in 1932 so Starbucks Korea made 1,932 tumblers to

Apr 27, 2022By Kim Jae-heun

Starbucks commemorates independence fighter Yun Bong-gil

Companies

BTS proves effective in product marketing

K-pop group BTS in Coway's ad / Courtesy of CowayBy Kim Jae-heunK-pop idol group BTS is proving to be an effective marketing tool across industries, as a series of companies that hired the boy group as brand ambassadors saw their sales increase sharply, according to company officials Tuesday.McDonald's Korea, which introduced the BTS Set in collaboration with BTS last year, saw its sales jump 9.7 percent to 867.9 billion won ($693.4 million) from 2020.“If we combine the revenue created both by restaurants directly managed by the company and our franchisees, the figure reaches 1 trillion won. It is the all-time record since McDonald's entered the Korean market. The BTS Set sold nearly 1.45 million here and it contributed much in achieving our largest sales in history,” a McDonald's Korea official said. Home appliance maker Coway also benefited much from having BTS appear in its commercial. Last year, its revenue soared by 13.2 percent year-on-year to reach 3.6 trillion won. Its overseas sales surpassed 1 trillion won for the first time too, thanks to BTS' high profile abro

Apr 27, 2022By Kim Jae-heun

Kim Jae-heun

Read more

People hesitant to dine out as food prices soar

Nongshim, Ottogi hit hard by soaring palm oil prices

Nongshim seeks to become world's No.1 instant noodle maker

GS to push for SMR plant development with Doosan, Samsung, NuScale Power

BBQ franchisees protest decision to hike prices of supplies

Hanwha chairman meets with Heritage founder Feulner

Hyundai Motor salesman attains coveted title by selling 2,500 vehicles

E-Land affected by China's COVID-19 lockdown

Starbucks commemorates independence fighter Yun Bong-gil

BTS proves effective in product marketing

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