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More foreign tourists turn backs on Myeong-dong due to pricey foods

Foreign tourists and shoppers walk pass street food vendors in Myeong-dong, downtown Seoul, June 6. Newsis Street vendors say no choice but to charge more By Kim Jae-heunThai tourist Kaewjai Kittatornnithi visited Myeong-dong, a popular tourist district in downtown Seoul, for the first time since before the COVID-19 pandemic and was surprised to find out how much street food prices have gone up.“I came to Myeong-dong four or five years ago and I remember the price of street foods cost, at most, 3,000 won ($2.31), back then. I had one stick of a grilled octopus skewer last night and the vendor charged me 5,000 won,” Kittatornnithi, 34, told The Korea Times, Wednesday. “With that money I can buy five pieces of grilled pork skewers, one sticky rice and a side dish of small vegetables in Bangkok. I wouldn't come to Myeong-dong just for street food anymore.”A Canadian traveler surnamed Farah also thinks street food in Myeong-dong is too pricey.“I would say street food pr

Jul 5, 2023By Kim Jae-heun
More foreign tourists turn backs on Myeong-dong due to pricey foods
Companies

NFFC chairman elected as director of ICA

By Kim Jae-heunNoh Dong-jin, chairman of the National Federation of Fisheries Cooperatives (NFFC), has been elected to the board of directors of the International Cooperative Alliance (ICA), becoming the first NFFC head to do so, the federation said Monday.NFFC Chairman Noh Dong-jinAt the ICA General Assembly held in Brussels, June 28, local time, Noh was newly elected as the director, at the same time, as a representative of the International Fish Cooperative Organisation (IFCO).Noh will serve as an ICA director for the next four years and he is expected to strengthen the NFFC's right to speak within the international body. Noh joined the board as the ICA articles were revised at the general assembly so as to appoint four new representatives of regional and sectorial organizations among eight, including the IFCO.Noh was given full support from the IFCO member countries to lead the sectorial organization, where he will serve his term until 2025. Since 2009, IFCO representatives have consecutively selected NFFC chairmen. Before Noh, former NFFC Chairman Im Joon-taek headed the IFCO. I

Jul 3, 2023By Kim Jae-heun
NFFC chairman elected as director of ICA
Companies

POSCO to invest $92 billion in steel, batteries and hydrogen

POSCO Group Chairman Choi Jeong-woo delivers a congratulatory speech at the 50th anniversary of the company's first steel plant held in Pohang, North Gyeongsang Province, Monday. YonhapBy Kim Jae-heunPOSCO Group will invest 121 trillion won ($92.44 billion) in steel, secondary batteries and hydrogen by 2030 to strengthen its competitiveness in future eco-friendly materials, the company said Monday. More than 60 percent of the investment, or 73 trillion won, will be spent domestically ― mainly in Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province, where the company runs its main steel mills. “With this investment, POSCO will dominate the future technology and growth market and solidify its leading position in core businesses to open a sustainable future with eco-friendly future materials,” POSCO Chairman Choi Jeong-woo said in a speech marking the 50th anniversary of its first steel plant in Pohang, Monday. “In particular, over 60 percent of our total investment will be spent in Korea to play a role in balanced national development and creating h

Jul 3, 2023By Kim Jae-heun
POSCO to invest $92 billion in steel, batteries and hydrogen
Companies

Lotteria hit for series of food hygiene problems

A complaint posted by a consumer on Lotteria's website, June 7 / YonhapBy Kim Jae-heunLotteria, a major fast food franchise operated by Lotte GRS, has been in the hot seat for a series of recent incidents in which its franchisees sold unhygienic hamburgers and other products, according to industry officials, Monday.The latest incident involved its franchised restaurant in Changwon, South Gyeongsang Province, where a customer saw a restaurant employee on June 7 making a hamburger with a bun that had been on the floor. The customer complained immediately, but the staffer said he had discarded the bun in a trash can. The customer then asked the worker to look for the bun in the trash and the worker later confessed he had lied. Considering that Lotteria operates over 1,000 restaurants across the country, the consumer saw the necessity to report the issue to the headquarters and left a complaint message on Lotteria's website. He also reported the case to the Ministry of Food and Drug Safety. “Not only that the Lotteria staffer used a tainted bun even after noticing that I was watchi

Jul 3, 2023By Kim Jae-heun
Lotteria hit for series of food hygiene problems
Companies

Kakao Mobility shares knowhow with startups in Vietnam

Kakao Mobility CEO Ryu Gung-seon, front row fifth from left, poses with Vietnamese startup representatives after a business discussion in Hanoi, Thursday. Courtesy of Kakao MobilityBy Kim Jae-heunKakao Mobility held a meeting with Vietnamese startups in the mobility and tourism sectors, discussing ways to establish a technology cooperation system in the nation's startup ecosystem, the company said Friday.Company CEO Ryu Gung-seon and top executives accompanied President Yoon Suk Yeol on his state visit to Vietnam as members of an economic mission. The company plans to share its mobility technology and platform construction experience with local startups and discover various cooperative models that can expand information technology exchanges between Korea and Vietnam. “Beyond Korea's cooperation with Vietnam in the manufacturing and real estate sectors over the past 30 years, Kakao Mobility expects to strengthen cooperation with Vietnam in the IT and service sectors,” Kakao Mobility CEO Ryu said. The company first met with representatives of Vietnam's leading mobility and

Jul 3, 2023By Kim Jae-heun
Kakao Mobility shares knowhow with startups in Vietnam
Companies

Korean retailers eye opportunities in Vietnam

Lotte Mall West Lake Hanoi in Hanoi / Courtesy of Lotte GroupBy Kim Jae-heunLocal retail firms are stepping up efforts to tap into the Vietnamese market, which has huge growth potential thanks to its rapid economic growth and a high proportion of working age population, the company officials said Sunday.Lotte Group, one of the top two retail giants in Korea along with Shinsegae, is the most active in the scene. The company currently has 20 affiliates operating in Vietnam, including Lotte GRS, Lotte Shopping and Lotte Culture Works. Lotte Shopping is set to open Lotte Mall West Lake Hanoi, in Hanoi, in August, in which the company invested a total of $250 million (329.7 billion won). It will be Vietnam's largest shopping mall complex also consisting of a hotel and offices. The retail giant is also investing about $900 million to establish Thu Thiem Eco Smart City, which is a complex that will consist of a shopping mall, hotel, offices, housing and a cinema. In August, Lotte World Aquarium is set to open in Hanoi as well. “Vietnamese retail market grew about 100 times in the past

Jul 3, 2023By Kim Jae-heun
Korean retailers eye opportunities in Vietnam
Companies

F&B firms, consumers concerned over aspartame revelations

Pepsi Zero Sugar soft drinks are displayed at a large discount store in Seoul, in this 2022 file photo. NewsisBy Kim Jae-heunFood and beverage (F&B) companies are growing concerned over the World Health Organization's (WHO) possible classification of artificial sweetener aspartame as a carcinogen, company officials said Sunday.Aspartame is one of the popular artificial sweeteners used to make zero-sugar beverages, chewing gum, yogurt drinks and makgeolli, or rice wine, here. According to Reuters, Thursday, the International Agency for Research on Cancer (IARC) under WHO is set to declare aspartame as “possibly carcinogenic to humans.”In the domestic market, “Pepsi Zero,” distributed by Lotte Chilsung Beverage, contains aspartame. Lotte imports the soft drink directly from PepsiCo's headquarters in New York and only bottles them. Its recipe is also a trade secret according to the American manufacturer.“Aspartame has been used by F&B companies around the world for a long time. It is not an issue of an individual company but rather that of the whole

Jul 2, 2023By Kim Jae-heun
F&B firms, consumers concerned over aspartame revelations
Companies

Fried chicken franchises open unconventional flagship stores to attract young consumers

The secret door to Kyochon F&B's newly opened flagship store, Kyochon Pilbang, in central Seoul's Yongsan District / Courtesy of Kyochon F&B By Kim Jae-heunLocal fried chicken franchises are opening unconventional flagship stores to attract young customers and foreign tourists amid falling demand for online food delivery services, company officials said Thursday.Kyochon F&B, operator of Kyochon Chicken, opened its flagship store, Kyochon Pilbang, in central Seoul's Yongsan District on June 8. It has a speakeasy bar concept with a traditional Korean interior design aesthetic that reflects current dining trends popular among young people. “We introduced Kyochon Pilbang to show a new side of our brand to millennials and Generation Z customers. Since we are a franchise operating company, we have always needed to promote our brand,” a Kyochon F&B official said. “We also want to make it into a new tourist attraction for foreigners, who love Korean-style fried chicken.”The

Jun 30, 2023By Kim Jae-heun
Fried chicken franchises open unconventional flagship stores to attract young consumers
Companies

Yuhan-Kimberly celebrates 20th anniversary of reforestation project in Mongolia

Yuhan-Kimberly CEO Chin Jea-seung, left, shakes hands with President of Mongolia Ukhnaagiin Khurelsukh at his presidential residence in Ulaanbaatar, June 23. Courtesy of Yuhan-KimberlyBy Kim Jae-heunPersonal care manufacturer Yuhan-Kimberly celebrated the 20th anniversary of its reforestation project in Tujiin Nars, Selenge Province, and held a ceremony there, the company said Thursday.Yuhan-Kimberly started the project in 2003 in cooperation with the Northeast Asian Forest Forum and the Mongolian government to restore the forests and prevent desertification in the Tujiin Nars region, which was severely damaged by large fires in 1988. The company's continuous efforts and mutual cooperation with its partners resulted in cultivating 3,250 hectares of Yuhan-Kimberly Forest in the region. It is 11 times bigger than Yeouido and is considered a successful example of desertification prevention and forest restoration. CEO of Yuhan-Kimberly Chin Jea-seung, Director of the Northeast Asian Forest Forum Park Jong-ho and Director General of the Department of Forest Policy and Coordination of Mong

Jun 29, 2023By Kim Jae-heun
Yuhan-Kimberly celebrates 20th anniversary of reforestation project in Mongolia
Companies

Hanwha Galleria's lack of franchise experience may hinder Five Guys expansion

Five Guys restaurant in Gangnam, southern Seoul / Courtesy of Hanwha GalleriaBy Kim Jae-heunHanwha Galleria's lack of experience in the franchise business may pose a barrier to the expansion of its newly launched Five Guys restaurant in Seoul, according to industry officials on Wednesday.The upmarket Korean department store franchise, owned by Hanwha Group, has no previous track record of successfully operating a restaurant or coffee shop franchise. Its only coffee house chain, Beans & Berries, transitioned into a social enterprise in 2013 due to stagnant business and growing protests aimed at protecting local businesses against large franchise firms.“Not having an experience of operating a successful franchise business for a long time and opening a new brand is really different from having experience and doing so,” a local retail firm official said. “Hanwha Galleria said the most important key in operating Five Guys is maintaining the quality and taste of its menu items. However, that requires long-time partnership experience and connection with local food supp

Jun 29, 2023By Kim Jae-heun
Hanwha Galleria's lack of franchise experience may hinder Five Guys expansion
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