Korean food manufacturer Samyang Foods on Wednesday held a groundbreaking ceremony for its new plant in Milyang, South Gyeongsang Province, as the company aims to capitalize on the growing global popularity of its spicy ramyeon brand, the Buldak series, especially in the US market. The new plant, set to be completed by 2025, will have an annual production capacity of 560 million units. With the addition of the new plant, the company's combined production capacity will surge to 2.36 billion

Woori Bank said Tuesday that it has recently opened a new branch office in the My Dinh district of Vietnam's capital Hanoi, as part of service expansion for Korean customers living abroad. Located in the residential district that is home to many Koreans, the new office will also provide digital banking services for small business owners, such as a real-time alert system for point-of-sale transactions. (Woori Bank)

Hankook Tire & Technology on Tuesday unveiled its iON tire brand specifically designed for electric vehicles. The tire utilizes recycled PET (plastic polyethylene terephthalate) in partnership with local materials firms Hyosung Advanced Materials and SK Chemical. This is the first time in Korea that chemically-recycled PET has been used in tires for the mass market. (Hankook Tire & Technology)

Hanwha Foodtech has acquired the US-based robot pizza brand, Stellar Pizza, as part of its efforts to drive technological innovation in the food service industry. In January, Hanwha Foodtech signed a memorandum of understanding with Serve Automation, the parent company of Stellar Pizza, for a transfer of assets. Contractual documents for the acquisition were finalized Thursday. The acquisition was facilitated by Hanwha Foodtech Global, the US subsidiary of Hanwha Foodtech, the company said Monda

French luxury fashion house Chanel has closed its boutique within a Seoul department store, citing operational disruptions caused by Italian rival Gucci. "Chanel has decided to close its boutique in the Galleria Department Store Luxury Hall starting Wednesday due to the department store's plan to set up a pop-up store, which adversely affects our store's visibility and operational environment," said Chanel in a statement released Thursday. According to industry sources, the s

SK hynix CEO Kwak Noh-jung outlined the company's ambitious goal of reaching a stock price of 280,000 won (about $210) within the next three years during a recent in-house meeting. The projected value represents nearly a twofold increase from the current stock price and is seen as a strong statement of confidence in the future prospects of the semiconductor market. This announcement was delivered directly by CEO Kwak to executives and staff members at the communication event conducted on Tu

S-Oil, one of major refineries in South Korea, has once again secured the top position in the highly esteemed "2024 Korea's Most Admired Companies" survey, marking the sixth consecutive year for its inclusion among the top 30 business groups. S-Oil was also named as the top company in the oil refining industry for eight consecutive years, company officials said Wednesday. This recognition, bestowed by KMAC, a leading industrial consulting group in Korea, in its annual evaluation,

South Korea’s major banking holding firm Woori Financial Group and Abu Dhabi sovereign wealth fund Mubadala Investment Company took the first step toward partnership as their subsidiaries signed a deal for joint efforts in discovering global investment opportunities. Woori Venture Partners, the venture capital unit of the Korean conglomerate, and Mubadala Capital, the asset management subsidiary of Mubadala, signed a memorandum of understanding for their strategic cooperation in Abu Dh

CJ Foodville, the operator of the bakery chain Tous Les Jours and a subsidiary of South Korean conglomerate CJ Group, said Wednesday its bakery stores in Indonesia have surpassed 60 in number, with a recent addition in Bandung, located southeast of the capital Jakarta. Having entered the Indonesian market in 2011, CJ Foodville initially focused on opening branches around the capital city. However, the company has been recently diversifying its focus to include major cities, including Tangerang,

CNBC focuses on Chairman Chung’s spirit of challenge and Hyundai’s trailblazing EVs

NH Securities Vietnam, the Vietnamese unit of NH Investment & Securities, said Tuesday it has launched a mobile trading service called NHSV Pro. The launch of the mobile trading service reflects the Korean brokerage firm's strategy to expand sales and enhance financial IT systems by bolstering the Vietnamese unit's presence in Southeast Asia. Designed to cater specifically to the needs of novice stock investors in Vietnam, the service offers a suite of additional services, includin

Prosecutors on Tuesday requested an arrest warrant for SPC Group CEO Hwang Jae-bok over allegations of pressuring employees to cancel their labor union membership. The Seoul Central District Prosecutors' Office said that it has sought an arrest warrant for Hwang, who has allegedly violated Korean labor law and engaged in bribery of an investigator. Hwang is accused of trying to force some of PB Partners' employees who joined the umbrella Korean Confederation of Trade Unions to quit the

Samyang Round Square said Tuesday it sponsored the opening match of the 2024 Major League Soccer season for the LA Galaxy soccer club, which faced off against Inter Miami CF on Sunday, as part of its efforts to expand into the US market. During the game held at Dignity Health Sports Park, LA Galaxy's home stadium in Carson, California, the food company showcased product advertisements featuring its flagship Buldak products on the scoreboard, while also offering its spicy ramyeon products

South Korea's SPC Group said Monday its bakery chain Paris Baguette launched its first store in Hawaii in a bid to boost global brand awareness. With the addition of the new outlet, Paris Baguette now runs 160 stores in the United States. Strategically situated on Bishop Street, a prime location within Honolulu's bustling business district, the opening is a part of the company's international expansion strategy. "Hawaii is a world famous tourist destination that can play a st

South Korean food giant CJ CheilJedang's cooked rice product line, Hetbahn, achieved record-breaking annual sales of 850.3 billion won ($639 million) in 2023, significantly contributing to the growth in global sales, the firm announced Monday. Based on the firm's report, Hetbahn’s overseas sales last year surged by 21 percent and domestic sales grew by 1.4 percent compared to 2022. In the fourth quarter of 2023 alone, total sales increased by 9 percent on-year. Last year, Hetbahn