Shinsegae’s ambition to enter the soju business appears to have shifted to whiskey instead, as it reportedly submitted a trademark application last week, according to local reports Tuesday. Tentatively named Jeju Whiskey, the retailer is likely to introduce its new brand early next year, considering the application process that takes six to 12 months. According to Korea Customs Service, last year’s whiskey imports increased by 32.4 percent from 2020, on the back of rising demand fo

The South Korean regulator on network and IT services said Tuesday that it has reached the conclusion that Google’s new payment policy violates the Korean law that prohibits app store operators from forcing app developers to use in-app payment systems. Based on its conclusion, the Korea Communications Commission will make a final ruling on whether Google’s new billing system is against the law after reviewing related cases based on the levels of coercion and unfairness. The regulato

Share prices of Korean ramen companies like Nongshim, Samyang Foods, and Ottogi are on the rise, as exports of Korean instant noodles hit new highs last month. Notably, foreign and institutional investors are demonstrating strong interest, according to analysts. Nongshim shares closed at 306,000 won ($252) apiece on Monday, up 2.68 percent from the previous session. The figure indicates a 9.42 percent rise in only half a month since its price stood at 281,000 won on Mar. 15. Institutional inv

South Korean memory chip maker SK hynix and its US NAND flash memory solutions arm Solidigm have launched solid-state drives for data centers, the companies said Tuesday. The new product, called P5530, is their first collaborative effort since San Jose-based Solidigm‘s SSD business was acquired by the world’s second-largest memory chip manufacturer in December. P5530 will be a combination of SK hynix‘s 128-layer NAND flash technology with Solidigm’s SSD controller and

Samsung Electronics and its tech foundation said Tuesday they are spending a combined 48.65 billion won ($40 million) this year to fund 27 new research projects on futuristic technologies from anti-aging to new materials for chips. The tech giant has supported local researchers and their work through the Samsung Science & Technology Foundation since 2013. About 1.5 trillion won has been poured into supporting 735 projects involving 14,000 researchers at some 50 schools over the past decade

The annual International Electric Vehicle Expo -- the largest exhibition on electric vehicles in the world -- will kick off next month, bringing industry experts and visitors from around the world to South Korea’s resort island of Jeju. Some 200 companies in the e-mobility sector are to participate in the exhibition, which kicks off on May 3 for a four-day run, according to the organizer. The list of participants includes Tesla and Volvo as exhibitors for the first time. A virtual exhibi

Airline stocks rise on hope for outbound travel resumption, oil price downturn

South Korean convenience store GS25 said Monday it will launch its own series of sodas -- Batman Cola and Superman Cider -- in collaboration with entertainment giant Warner Bros. Both products will be priced at 1,700 won. “Our customer analysis shows that today’s younger generation no longer blindly goes for nationally recognized brand names but attaches greater value to product content,” the company noted as the reason behind launching a private brand product. According to

SSG.com, the digital shopping platform of retail giant Shinsegae Group, said Monday it will launch a cross-border shopping service for international shoppers. The company will sell over 9.6 million fashion and beauty items, as well as processed food on Gmarket Global’s English and Chinese online malls, as part of the first collaborative project following Shinsegae’s acquisition of eBay Korea, since renamed Gmarket Global, last year. International shoppers from over 80 countries in

SK Square is poised for two stock market flotations of its key affiliates -- a mobile app marketplace and a security service -- on the Korea Exchange in May, filings showed Monday. The initial public offerings of the subsidiaries will amount to up to 1.33 trillion won ($1.09 billion) if combined, in the first two attempts since SK Square was spun off from Korea’s largest telecom carrier SK Telecom. SK Shieldus, a security service subsidiary of SK Square formerly known as ADT Caps, aims

Each time a new presidential administration took office, promises surrounding information technology were repeatedly made in a bid to appeal to the public. The military regime and the Kim Young-sam administration’s pledges to foster an information and communications network were followed by the Kim Dae-jung administration’s policies to promote venture businesses. President Roh Moo-hyun envisioned the transition to an e-government, Lee Myung-bak outlined an IT convergence plan, Park

Ssangbangwool, best known as underwear maker, joins 1 trillion-won bidding war in pursuit of business expansion

Some 65 percent of South Korean millennials and Generation Z said they would buy products manufactured by ethical businesses even if they are more expensive than nonethical ones, a survey showed Sunday. In a survey conducted by the Korea Chamber of Commerce and Industry with 380 young people last month, 64.5 percent of respondents said they would choose products from businesses that uphold environmental, social and governance values over price. Some 4 percent said they are willing to pay ove

Experts say the new trend will last well beyond the pandemic amid pursuit of work-life balance

Korea’s food giant Pulmuone said Sunday it has completed the construction of its second tofu factory in China, as it looks to accelerate its expansion in the growing market there. Located in the eastern Beijing of Pinggu, the new factory can produce 1,800 kilograms of tofu annually, increasing the productivity by 400 percent compared to the old factory. The second factory will produce a variety of tofu for soup, salad and steamed dish, tofu noodle, and soybean milk, according to the com