US-based eco-friendly startup Torus said Friday it has offered its food waste handling service to 38 households in West Windsor, New Jersey, to connect waste producers and composting companies through an artificial intelligence-based matching system. This project, supported by Green Matters, a civic organization dedicated to environmental justice including climate issues, officially ran through Sunday, but Torus plans to continue the project afterward. Founded in December 2023 by Zikang Jiang, a

Companies June 14, 2024

Nongshim, the top ramyeon manufacturer in South Korea, said Friday it plans to invest 229 billion won ($166 million) to build a new logistics center in Ulsan, South Gyeongsang Province, largely driven by increasing overseas sales in recent years. The new Ulsan logistics facility will enhance the company’s distribution network, facilitating connections between ingredient suppliers and its ramyeon production plants in Gumi and Busan. Nongshim said that the company is considering constructing

Companies June 14, 2024

Korea Ginseng Corp., the leading ginseng product manufacturer in the country, announced on Thursday its plans to introduce its flagship health functional food products to Guardian and Watsons, the top health and beauty stores in Malaysia, as part of efforts to expand its presence in Southeast Asia. This initiative follows a recent increase in health awareness in Malaysia, a significant economic player in the region, which has led to growth in the health-functional food market from 1.5 trillion w

Companies June 14, 2024

South Korean e-commerce giant Coupang is in trouble, as the nation’s antitrust watchdog has flagged the company for allegedly promoting its own private label products -- particularly those eligible for its signature Rocket Delivery service -- on its platform’s algorithm-driven ranking system. On Thursday, the Korea Fair Trade Commission issued a fine of 140 billion won ($102 million) along with prosecution against Coupang, arguing that the company engaged in "consumer deception&

Companies June 13, 2024

The Danish government has recalled three types of spicy ramyeon Buldak products made by the Korean manufacturer Samyang Roundsquare simply because they are too spicy. On Tuesday, the Danish Veterinary and Food Administration, under the Ministry of Food, Agriculture and Fisheries, ordered a recall of three types of Buldak Spicy Noodles, citing a risk of acute poisoning due to high levels of capsaicin in the products. The food safety agency stated, “The total levels of capsaicin in a single

Companies June 12, 2024

Hyosung Heavy Industries announced Wednesday its plans to expand its ultra-high voltage transformer factories in the US and Korea to meet increasing global demand for electricity infrastructure. The company will add a test line and expand the existing testing and production facilities at its ultra-high voltage transformer plant in Memphis, Tennessee. This expansion is expected to double the production capacity of the plant. Simultaneously, the Changwon plant in South Gyeongsang Province, which i

Companies June 12, 2024

South Korean energy and environmental solutions provider SK Ecoplant said Tuesday that it is ramping up efforts to seek a bigger footing in Vietnam’s solar panel market with a recent solar panel installation within an industrial complex. The company held a ceremony on Monday to celebrate the completion of a solar panel rooftop for a plant owned by Samil Vina, a Vietnam-based textile exporter located in Dong Nai province. All energy generated from the 1-megawatt solar power plant will be us

Companies June 11, 2024

Hyundai Mobis, the parts and service arm of Hyundai Motor Group, said Tuesday it has showcased M.VICS 5.0, the new addition to the company’s in-vehicle digital cockpit series, as part of its efforts to lead the global competition in electrified vehicle parts technology development. First launched in 2021, the M.VICS series is an infotainment system installed in front of the driver and passenger seats, providing various driving information and media content while enabling external communica

Companies June 11, 2024

Warehouse stores in Korea have seen a rise in sales, drawn by bulk sizes of fresh ingredients at lower prices as people opt for cooking at home rather than eating out, amid increasing prices. From January through April, sales of Traders Wholesale Club, the warehouse-type discount store owned by E-mart, increased by 8.6 percent, according to the company on Sunday. In contrast, both E-mart’s discount stores and its no-frills No Brand stores experienced a decline in sales, with decreases of

Industry June 9, 2024

Samyang Roundsquare, the South Korean food giant renowned for its spicy Buldak ramyeon series, acknowledged that it wasn't until 2014 that the company recognized the importance of social media marketing after a viral video by Joshua Daryl Carrott, creator of the YouTube channel Korean Englishman, showcasing Buldak products. “We cannot say that the very beginning of the Buldak series, which launched in 2012, was successful. However, as it gained more traction with the Buldak Challenge

weekender June 8, 2024

The price of dried seaweed in South Korea increased by 17.8 percent in May compared to the same period last year amid surging demand from overseas markets, according to Korea Statistics on Thursday. This rise surpasses both the average increase in seafood prices, which was 0.1 percent, and the overall consumer price increase of 2.7 percent during the same period. The rate of increase in seaweed prices has been steadily rising, from 1.2 percent in January to 3.1 percent in February, 6.6 percent i

Industry June 6, 2024

Kakao Mobility, the operator of Korea's leading taxi-hailing service Kakao T, said Tuesday that it has introduced a new application for foreign visitors called "K.ride" to make their mobility in Korea more convenient. Previously, only those with a Kakao Talk account, the most popular messaging app in Korea, could access Kakao T. However, now users can easily create an account using their Google or Apple accounts and phone numbers via K.ride. Payments can also be made with credit o

Companies June 4, 2024

LG Chem said on Friday that it has secured a 20-year deal to purchase clean electricity from two wind farms in South Korea, as part of its efforts to reduce carbon emissions and achieve net zero by 2050. Facilitated by the state-run utility Korea Electric Power Corporation, LG Chem formed a power purchase agreement with ST International, an energy trading company, and Shinhan Asset Management, the owners of the two wind farms, with a combined capacity of 241 megawatts, located in Yeongdeok and Y

Companies May 31, 2024

South Korean steel giant Posco Group said Friday that it held a ground-breaking ceremony for its new plants dedicated to nickel and precursor production, as part of efforts to secure a stable supply chain for secondary battery materials. For this project, Posco partnered with CNGR, a Chinese company renowned for its global leadership in precursor production. In January, Posco Holdings and CNGR established Posco CNGR Nickel Solution, their 60:40 joint venture specializing in nickel refining. Addi

Companies May 31, 2024

BAT Rothmans, the Korean unit of British American Tobacco, said Wednesday it will intensify efforts to ensure that no one underage uses nicotine products, as part of their campaign to mark the annual World No Tobacco Day on May 31. The company also expressed support for more government efforts to prevent minors' nicotine use. "Underage individuals should never use nicotine, and we believe the government plays a crucial role (through regulations) in ensuring this,” BAT Rothmans&rs

Companies May 29, 2024