The Korea Times

Harim to import hatchery eggs to increase chicken supply

Harim's headquarters in Iksan, North Jeolla Province / Courtesy of HarimBy Kim Jae-heunHarim, the country's largest poultry firm, plans to import hatchery eggs from the United States and Europe to expand its poultry supply in response to a government request, the company said Tuesday. It will import a total of 2.4 million eggs from August to October. It takes at least 55 days to raise a chicken to full size, the company said.“We will bring in hatchery eggs from other countries to help relieve the unstable supply of chicken here,” Harim CEO Jung Ho-seok said. The Ministry of Agriculture, Food and Rural Affairs held a meeting with 10 chicken suppliers in the country, July 13, and requested an expanded meat supply to fight price hikes. The chicken shortage is attributed to the killing of 5.15 million chickens nationwide earlier this year due to an outbreak of highly pathogenic avian influenza. Abnormal temperatures brought on by the climate crisis also affected the decline of output at local farms. “If we start importing hatchery eggs in August, we will be able to supp

Jul 20, 2023By Kim Jae-heun

Harim to import hatchery eggs to increase chicken supply

Companies

HiteJinro, OB wage price war for market dominance

A shopper sizes up competing beer products at a large discount store in Seoul, May 9. YonhapBy Kim Jae-heunOriental Brewery (OB) and Hitejinro are engaged in a price war amid the summer heat wave, according to company officials, Sunday. OB started the competition last month by offering discounts over 40 percent to buyers of cases of 24 350-milliliter beer cans ― selling them for 19,900 won ($15.63) in large grocery stores. The sales event began on June 15, and sold out all stocks in just nine days. It resumed the offer again on July 5.“We have been running promotional events every year to satisfy consumers' various demands. Sometimes we bundle six beer cans and sometimes we bundle eight,” an OB official said. “This year, our marketing team has decided to make it 24, which is an unprecedentedly large number.”After seeing OB's marketing event go off successfully, Hitejinro also started a discount promotion for its Terra beer products ― also 24 cans with 350-milliliter volume ― starting on June 26. Terra was sold for 19,800 won, 100 won cheaper than OB's discount

Jul 19, 2023By Kim Jae-heun

HiteJinro, OB wage price war for market dominance

Companies

Korean food gains popularity among young Japanese

Japanese consumers wait in line for Korean street food at Shin-Okubo in Tokyo, June 3. Korea Times fileBy Kim Jae-heunTomoaki Jitsukawa living in Osaka has recently fallen in love with Korean-style fried chicken at local restaurant franchise Crispy Chicken n' Tomato.“I've been to Seoul recently and tried fried chicken with cheese power sprinkled on it. I realized we also have similar food in Japan and have been enjoying it almost weekly,” said Jitsukawa, 28. “Korean food is very popular among young Japanese, who watch Korean series on Netflix a lot. I like cheese balls and fried chicken that are not too spicy.”Another Japanese consumer Maisy Yokoyama said she often visits Shin-Okubo, the biggest Korean neighborhood in Tokyo, to eat “samgyeopsal,” or Korean grilled pork belly, with “makgeolli,” an alcoholic beverage made with fermented rice.“Many Japanese social media influencers share videos of samgyeopsal on Instagram or TikTok these days. After watching the food online, I actually went to Shin-Okubo to try it last week. My frien

Jul 19, 2023By Kim Jae-heun

Korean food gains popularity among young Japanese

Companies

LG unveils multimodal AI EXAONE 2.0

Chief of LG AI Research Bae Kyung-hoon introduces its EXAONE 2.0 super-large multimodal AI at LG Science Park in southwestern Seoul, Wednesday. YonhapBy Kim Jae-heunLG Group has introduced EXAONE 2.0, its super-large multimodal artificial intelligence (AI) that can be used to help develop new materials and medicines, company officials said Wednesday. The AI can think, learn and make decisions like a human based on its computing infrastructure capable of large-capacity calculations which enable it to learn large-scale data on its own, the officials said.“LG is the only company in Korea that has commercialized both bilingual and bidirectional multimodal AI and developed the top 1 percent expert AI that understands and discovers knowledge of the world,” said Bae Kyung-hoon, Chief of LG AI Research. It is an upgraded model of the previous multimodal AI EXAONE that LG first introduced in December 2021. The company has been improving it through continuous research and development. EXAONE 2.0 studied about 45 million specialized documents and 350 million images, including patent

Jul 19, 2023By Kim Jae-heun

Companies

BBQ, bhc, Kyochon face antitrust probes over excessive franchise fees

By Kim Jae-heunBhc Chairman Park Hyeon-jongBBQ, bhc, Kyochon and other fried chicken franchise operators are facing antitrust probes to determine if they are engaged in any unfair practices to collect higher fees from their franchisees, leading to steep price hikes, according to the Fair Trade Commission (FTC), Tuesday. As part of government efforts to curb rises in prices of various consumer goods, the antitrust agency started conducting inspections on trade practices of 200 franchise businesses including BBQ Genesis, bhc and Kyochon F&B as well as their 12,000 franchisees, July 7. The probe is expected to continue through Sept. 27.The FTC is targeting fried chicken franchise operators, which are said to be making big profits by collecting “excessive” fees when supplying raw chicken and other ingredients to their franchisees. It plans to ask the franchisees about the head companies' possible violation of the Franchise Act, their use of standard contracts implemented by the government and the status of essential orders restaurant owners have to make. BBQ Genesis Chair

Jul 18, 2023By Kim Jae-heun

BBQ, bhc, Kyochon face antitrust probes over excessive franchise fees

World

Ukraine says fighting in east has intensified

Russian rockets are launched against Ukraine from Russia's Belgorod region, seen from Kharkiv, Ukraine, Sunday. AP-YonhapFighting in eastern Ukraine has "somewhat intensified" as Ukrainian and Russian forces clash in at least three areas on the eastern front, a senior Ukrainian defense official said on Sunday.Kyiv launched a long-awaited counteroffensive to retake Russian-occupied territory last month and has made incremental gains in parts of the east and south.Deputy Defence Minister Hanna Maliar said on Telegram that Russian forces have been attacking in the direction of Kupyansk in the Kharkiv region for two successive days."We are on the defensive," Maliar wrote. "There are fierce battles, the positions of both sides change dynamically several times a day."Maliar also said the two armies were pummelling one another around the ruined city of Bakhmut but that Ukrainian forces were "gradually moving forward" along its southern flank.She added that Kyiv's troops were also fending off Russian attacks near Avdiivka and Maryinka.Russian President Vladimir Putin said in an interview wit

Jul 16, 2023By Kim Jae-heun

Ukraine says fighting in east has intensified

Companies

Food firms' concerns deepen over aspartame controversy

A consumer checks the ingredients labels on 'makgeolli' products at a large discount store in Seoul, July 4. NewsisBy Kim Jae-heunAmid the recent aspartame controversy, food firms are growing concerned over whether to continue using the possibly carcinogenic artificial sweetener as consumers may be uncomfortable ingesting even a small amount, industry officials said Sunday.Since the World Health Organization (WHO) classified aspartame in category Group 2B meaning limited evidence suggests it may cause cancer, local companies have taken a cautious stance over the issue. The two confectionery giants Orion and Crown have decided to find alternative sweeteners. Orion uses on average 0.01 percent of aspartame in its products, an amount which has little impact on consumers' health. According to the Ministry of Food and Drug Safety (MFDS), a person who weighs 70 kilograms must drink nine to 14 cans of beverages containing 200 milligrams to 300 milligrams of aspartame to exceed the standard of acceptable daily intake of aspartame set by WHO. “Although we use a very small amount of aspa

Jul 16, 2023By Kim Jae-heun

Food firms' concerns deepen over aspartame controversy

Companies

Rainy season wreaks havoc on food service industry

A delivery worker rides a scooter during heavy rain in Gangnam, Seoul, on July 4. NewsisBy Kim Jae-heunLocal restaurants are growing increasingly concerned as the entire country experiences the influence of summer monsoon rains, leading to a decline in the number of customers at restaurants and online food delivery orders.Restaurant sales are affected particularly by the intensity of rainfall, declining sharply during downpours. But in case of light rain, food delivery orders increase, compensating for in-store sales.The majority of restaurants in the country are currently on high alert due to the monsoon season, which is expected to continue until next week.“When there is torrential rainfall, we have zero customers. People either eat at their company cafeterias or buy food at nearby convenience stores. I am sure many restaurateurs will have a hard time even finding a delivery worker to bring food in the rain. They don't pick up calls for deliveries, because it is dangerous to drive a motorbike in the rain,” a restaurant manager surnamed Huh in Yongsan, Seoul, said.Most o

Jul 13, 2023By Kim Jae-heun

Rainy season wreaks havoc on food service industry

Companies

2023 Genesis Scottish Open begins

The Genesis GV70 electrified SUV, left, and GV60 are displayed at the 2023 Genesis Scottish Open at the Renaissance Club in North Berwick, Scotland, Wednesday. Courtesy of Hyundai MotorBy Kim Jae-heunOne of Europe's most prestigious golf tournaments, the Genesis Scottish Open 2023, sponsored by Hyundai Motor, kicked off at the Renaissance Club in North Berwick, Scotland on Thursday. A total of 156 players from the DP World Tour, the U.S. Professional Golf Association (PGA) and the Korea Professional Golf Association (KPGA) are participating in the four-day event from July 13 to 16, local time. The Genesis Scottish Open is part of the “Rolex Series,” which refers to the top five competitions on the DP World Tour. The tournament began as the Scottish Open in 1972 and changed its official name to the Genesis Scottish Open after Genesis became the official sponsor in 2022. Genesis is the luxury vehicle division of Hyundai Motor. A number of world-class golfers including Xander Schauffele, the winner of the 2022 Genesis Scottish Open, Scottie Scheffler, Rory McIlroy, Patrick C

Jul 13, 2023By Kim Jae-heun

Companies

Hanssem to appoint new CEO to overcome crisis

Hanssem's headquarters in Mapo, Seoul / Courtesy of HanssemBy Kim Jae-heunHanssem, the country's largest furniture and home furnishing company, appointed Eugene Kim as the new CEO to improve profitability and foster a rebound, an industry official said, Wednesday. It has only been a year and a half since former CEO Kim Jin-tae took over the office, brought in to rescue the faltering business. Hanssem's new CEO Eugene KimThe biggest reason for the CEO change can be attributed to the company losing money despite the former CEO's efforts to revive it. Hanssem posted its first annual operating loss since its listing on the local stock market, last year. It turned into a deficit with an operating loss of 21.7 billion won ($16.82 million) on a consolidated basis. During the same period, the furniture company's sales fell 10.4 percent, year-on-year, to show 2.1 trillion won. The company is continuing to show a deficit, this year. It marked an operating loss of 15.7 billion won in the first quarter and industry officials believe it will not be easy for Hanssem to improve its performance this

Jul 13, 2023By Kim Jae-heun

Kim Jae-heun

Read more

Harim to import hatchery eggs to increase chicken supply

HiteJinro, OB wage price war for market dominance

Korean food gains popularity among young Japanese

LG unveils multimodal AI EXAONE 2.0

BBQ, bhc, Kyochon face antitrust probes over excessive franchise fees

Ukraine says fighting in east has intensified

Food firms' concerns deepen over aspartame controversy

Rainy season wreaks havoc on food service industry

2023 Genesis Scottish Open begins

Hanssem to appoint new CEO to overcome crisis

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