Articles by Jo He-rim
Jo He-rim
herim@heraldcorp.com-
HAAH Automotive preparing to bid for SsangYong Motor: reports
US automotive distributor HAAH Automotive Holdings is preparing to submit a binding offer to invest in SsangYong Motor, according to media reports here Thursday. Experiencing a liquidity crisis, SsangYong Motor’s major stakeholder, India’s Mahindra Group, announced it will lower its stake from the current 75 percent to less than 50 percent, and that it is willing to give up its top shareholder position if it finds a new investor. A bidder makes a binding offer to acquire a compa
Mobility Aug. 20, 2020
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Instant noodle market marks record-high sales of W1.13tr in H1
The instant noodle market recorded all-time high sales of 1.13 trillion won ($952.2 million) in the first half of this year, largely affected by the COVID-19 pandemic, data showed Thursday. Releasing the data from Nielsen Korea, Nongshim, a South Korean food company, said the industry grew 7.2 percent from the same period last year, with its highest-ever semiannual sales. According to the data, sales of instant noodles in the first half of 2019 amounted to 1.05 trillion won, and annual sales
Consumer Aug. 20, 2020
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Food companies see massive growth in wake of COVID-19
South Korean food companies scored massive sales growth in the wake of the COVID-19 pandemic, as the demands increased for products that can be consumed at homes, in both domestic and overseas markets. In the second quarter this year, CJ CheilJedang recorded an operating profit of 384.9 billion won, up 119.5 percent from the same time last year. The figure is the biggest quarterly figure recorded for the company. Its sales stood at 6.92 trillion won, increasing by 7.4 percent on-year, with th
Consumer Aug. 19, 2020
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Hyundai Department Store acquires SK Bioland for beauty biz
Hyundai Department Store Group decided Tuesday to acquire SK Bioland, a cosmetics firm under SK Group, expanding its beauty and health care business. According to the group, its affiliate Hyundai HCN, a cable channel provider, held a board meeting to decide on purchasing 29.7 percent of SK Bioland’s share with 120.5 billion won ($101.7 million). “We made the final decision for acquisition, finding that SK Bioland’s major businesses have a high potential for growth and has
Consumer Aug. 18, 2020
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Baemin introduces first outdoor delivery robot in apartment complex
Baemin, or Baedal Minjok, the country’s No. 1 delivery app by market share, said Tuesday that it has started operating the country’s first outdoor delivery robot, which delivers food from a restaurant to an apartment building. According to Woowa Brothers, the delivery app operator, it is now using five Dilly Drives, its outdoor autonomous delivery robot, at Alleyway Gwanggyo, a residential and commercial complex located in Gwanggyo, Gyeonggi Province. Residents of the 1,100 hous
Consumer Aug. 18, 2020
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KT&G launches HNB e-cigarette in Russia with PMI
South Korean tobacco maker KT&G said Tuesday it has launched lil Solid, its heat-not-burn e-cigarette, and three Fiit tobacco sticks, in Russia together with Philip Morris International. It is the first time for the Korean company to enter an overseas market with its e-cigarette product. KT&G and PMI established a strategic alliance in January, in which KT&G distributes its HNB e-cigarettes to overseas markets using PMI’s distribution networks for the first three years. The
Industry Aug. 18, 2020
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[67th Anniversary Special] Keeping up with new eating habits brought on by the pandemic
With the COVID-19 pandemic, some priorities have become universal -- hygiene, personal safety and social distancing. With the pandemic showing no signs of abating, experts say these factors will ultimately change the way people consume food. In turn, related industries should gear up for the “new normal.” “The increased awareness of food safety, and demands for healthy food and preference for noncontact transactions … such consumption patterns will continue for a lon
Industry Aug. 15, 2020
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Kim Jae-shin appointed as FTC vice chairman
Kim Jae-shin, secretary-general of Fair Trade Commission, has been appointed by Cheong Wa Dae as the vice chairman of the antitrust government agency on Friday. It was part of the presidential office’s reshuffle of vice minister-level officials. Kim, who started his career at FTC after passing the civil service exam in 1990, is said to be an expert on policymaking regarding business practices. He served at various bureaus, including planning and coordination, business trade policy, c
Industry Aug. 14, 2020
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Delivery workers on ‘refresh holiday’ for first time in 28 years
Delivery workers at major logistics firms took a day off Friday, for the first time in 28 years since the introduction of a delivery system in the country. The companies have designated Aug. 14 as “Delivery worker’s refresh day,” amid surging workload in the wake of COVID-19 pandemic. CJ Logistics, Hanjin, Lotte and Logen -- four major logistics companies here -- decided last month to give their delivery staff a day off, after they accepted the demand of two labor unions of
Consumer Aug. 14, 2020
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Hyundai Kona Electric sets new travel range of over 1,000 km
Hyundai Motor said Friday its electric compact sports utility vehicle Kona Electric succeeded in driving over 1,000 kilometers on a single battery charge, setting a new range record for electric vehicles. The auto maker said it had conducted a test run of three Kona Electric vehicles, the company‘s pure electric car brand, at EuroSpeedway Lausitzring, a racing circuit located in northeast Germany from July 22 to 24. Each of the three vehicles went 1,026 kilometers, 1,024.1 km and 1,01
Mobility Aug. 14, 2020
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Starbucks Korea donates W200m to commemorate independence patriots
Starbucks Korea said Thursday it has donated 200 million won ($168,900) to support preservation of independence cultural heritage and provide scholarships to the descendants of independence patriots. As Saturday marks the country’s National Liberation Day, the coffee chain said it held a ceremony Thursday to deliver 100 million won to Cultural Heritage Administration and the National Trust for Cultural Heritage. The funds will be used to purchase and preserve cultural heritage artifact
Consumer Aug. 13, 2020
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Posco set to mass produce world's first graphite free cutting steel
Posco, South Korea’s largest steelmaker, said Thursday it succeeded in developing the world’s first free cutting steel using graphite, and is set for mass production of the eco-friendly steel named PosGRAM. With its new development, Posco said it will be able to raise the country’s industrial competitiveness, as PosGRAM would replace lead free cutting steel, of which its entire supply has been imported. Free cutting steel refers to the steel that is high in strength, easy t
Industry Aug. 13, 2020
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McDonald’s Korea, Uniqlo support flood recovery efforts
Foreign brands operating in South Korea are lending a helping hand to recovery efforts during the record-breaking monsoon season. McDonald’s Korea said Wednesday it will donate burgers and drinks for 5,000 volunteers and soldiers who are working to combat the flood damage in provinces hit hardest by the heavy downpours. The burger chain will distribute Big Mac burgers and drinks for those helping recovery efforts in seven regions including Cheorwon and Chuncheon in Gangwon Province, Ch
Consumer Aug. 12, 2020
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Hyundai, Aptive unveil name of autonomous driving venture
Hyundai Motor Group announced Wednesday that its autonomous driving joint venture with Aptive has been named Motional. The automaker had announced a joint venture in March with Aptive -- a self-driving technology company -- as it seeks to develop and commercialize its autonomous technology for vehicles. According to Hyundai, Motional is a combination of words “motion” and “emotional,” to indicate mobility centered on safety and human values. Motional is currently de
Mobility Aug. 12, 2020
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FCA Korea appoints Jake Aumann as new president
Fiat Chrysler Korea announced Wednesday that it has appointed Jake Aumann as its new president and managing director. Aumann served as managing director of the automaker’s China branch for the past two years, successfully leading Alfa Romeo, a subsidiary auto brand, the company said. The new president will start his duties Monday. Since joining FCA Group in 1999, Aumann gained work experience in various sectors in the company, including administration, change management, marketing, sal
Mobility Aug. 12, 2020
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