Articles by Jo He-rim
Jo He-rim
herim@heraldcorp.com-
CJ Logistics launches new headquarters for North America
CJ Logistics, a major South Korean logistics firm, said Tuesday it had launched CJ Logistics America -- a joint operating company of its subsidiaries in the United States and Canada -- and DSC Logistics, to expand the company’s presence in North America. Under the new corporate body, CJ Logistics will operate warehouses of a combined 280,000 square meters in size in the US and Canada, to extend its operating network across North America, the company said. CJ Logistics USA, a subsidiar
Mobility Feb. 4, 2020
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Coupang CEO freezes price of masks amid coronavirus outbreak
The outbreak of the Wuhan coronavirus has led to controversy about whether it is right for face mask manufacturers to raise the prices of their highly sought-after products. While overall prices of such masks appear to be on the rise, the CEO of Coupang said the South Korean e-commerce firm will freeze the prices of face masks being sold on its platform. “Although the market price of masks rose as demand increased, we have frozen our prices for retail masks,” Coupang CEO Kim Bom-
Consumer Feb. 3, 2020
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Daewoo E&C, financial firms to invest in new town project in Hanoi
Daewoo Engineering & Construction said Monday it has agreed with South Korean financial institutions to jointly invest in the construction of a new town project in the center of Hanoi, Vietnam. According to Daewoo E&C, it signed an investment development contract worth $388 million with the Korea Development Bank and other Korean financial institutions on Jan. 20, to construct buildings, including a hotel, and residential and commercial buildings, inside Starlake City in Hanoi. This i
Industry Feb. 3, 2020
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Amorepacific partners with top Indonesian retailer, expands presence in region
Korea’s top cosmetics maker Amorepacific Group said Monday it confirmed a business partnership with PT Mitra Adiperkasa (MAP), a leading retailer in Indonesia, strengthening its position as global beauty brand in the region. According to the company, Amorepacific President Bae Dong-hyun and MAP Group CEO Virendra Sharma inked the agreement at the MAP headquarters in Jakarta, Indonesia, on Wednesday. Under the partnership, Amorepacific will present its cosmetics brands, Sulwhasoo, Lanei
Consumer Feb. 3, 2020
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[Herald Interview] Homeplus eyes market expansion with private brand, global sourcing
Private brands -- exclusively manufactured for a retailer -- have for long been making strides, although they are still concentrated in the developed markets of Europe, North America and Australia. While still in a nascent stage in South Korea, the private brand market has shown exponential growth in recent years, with brand loyalty for large retailers reigning the landscape. How well a retailer builds trust with its consumers is the key to success, and a lot of that comes from the quality of
Consumer Feb. 3, 2020
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Hyosung Heavy Industries expands in Europe with deal in Sweden
Hyosung Heavy Industries said Friday it won a contract to supply high-voltage switchgears in Sweden, clenching a second deal in Europe to expand its presence there. According to the company, it recently landed a contract with Svenska Kraftnet, Sweden’s national power grid, to supply 420-kilovolt switchgears. The company said it will supply the high-voltage switchgears to electric stations in Stockholm by 2021. “Hyosung Heavy Industries plan to expand its power apparatus business
Industry Jan. 31, 2020
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Posco’s operating profit down 30% in 2019 amid industry downturn
South Korean steel giant Posco said Friday its operating profit dropped 30.2 percent in 2019 from the previous year, amid the overall industry downturn and protectionism by major trading partners. The steelmaker said its revenue stood at 64.3 trillion won ($53.9 billion), down 0.9 percent on-year. The operating profit posted at 3.86 trillion won, while net profit was 1.98 trillion won last year. The operating margin recorded 6 percent. Its sales volume increased by 400,000 tons on-year to re
Industry Jan. 31, 2020
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World’s largest halal exhibition to be held in Malaysia in April
Malaysia International Halal Showcase, the world’s largest halal trade fair, will be held in Kuala Lumpur from April 1 to 3, the event’s organizers said Thursday. According to Malaysia’s Ministry of International Trade and Industry, this year’s MIHAS, themed “Expand Your Halal Horizon,” will feature over 1,200 booths of companies from countries around the world, including halal-certified and trade-ready manufacturers, suppliers, buyers and distributors. T
Industry Jan. 31, 2020
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Bando E&C begins apartment project in central LA
Bando Engineering & Construction said Thursday that it had started the construction of a mixed-use apartment building in Los Angeles, the company’s first overseas project in nine years. According to the company the Bora 3170 will be an eight-floor building with one floor below ground, about 10 minutes from downtown LA in the Korea Town neighborhood. It is the second overseas project for Bando E&C, which built the Ubora Towers in Dubai, United Arab Emirates, in 2011. Led by C
Industry Jan. 30, 2020
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Lotte Chilsung rolls out eco-friendly water product with no plastic labels
Lotte Chilsung Beverage said Wednesday it has rolled out bottled mineral water without plastic labels. The new product, 1.5-liter Icis 8.0 Eco, has its brand name engraved on the plastic bottle, taking away the hassle of having to remove the label before recycling it. The exclusion of the label will save about 4.3 tons of packing materials, the company said. The product will be released on Lotte Chilsung’s official shopping site and other online channels, in two bundles, each consist
Consumer Jan. 29, 2020
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Rivals join hands for global heated tobacco market
In a rare move in the competitive tobacco industry, South Korea’s KT&G established a strategic alliance with Philip Morris International on Wednesday, to expand the market worldwide for its heat-not-burn cigarette brand lil. The unusual partnership secures a global distribution network for KT&G, which has been domestic-centric until recently, while it would help PMI enhance its campaign of “smoke-free” cigarette products with the added portfolio. During the commemora
Consumer Jan. 29, 2020
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Samyang sells more overseas than domestically on spicy noodle hit
Samyang Foods, the manufacturer of the globally popular Buldak Spicy Chicken noodles, saw its revenue from overseas surpass domestic sales last year, industry sources said Tuesday. Last year, Samyang Foods recorded total sales of 535 billion won ($455 million), and exports surpassed domestic sales by 5 billion won. It is the second time a South Korean food manufacturer has sold more of its products overseas than in the domestic market, the first being Choco Pie from Orion Corp. The food m
Consumer Jan. 28, 2020
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[Photo News] Final farewell for late Lotte founder
Relatives and associates gathered to bid a final farewell to Shin Kyuk-ho, the late founder and honorary chairman of Lotte Group, commemorating his legacy in a ceremony in Seoul on Wednesday.Shin was a self-made entrepreneur, who built his way up to establish Lotte Group, one of the five biggest conglomerates in South Korea – the others being Samsung, Hyundai, LG and SK. He passed away Sunday at the age of 97. More than 1,400 people participated in the ceremony held at Seoul’s Lotte
Industry Jan. 22, 2020
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Korean meat brand taps Pakistan market
Korean food service enterprise Didim said Wednesday its Korean barbecue brand Mapo Galmaegi signed a franchise contract with a Pakistani company to start business there. Didim said it signed the contract with M Anwar Bro, a Pakistani importer that exclusively supplies Korean and Japanese automobile parts to the market there on Tuesday. M Anwar Bro also owns construction- and computer-related subsidiaries. Recently, the Pakistani company sought to expand its businesses into food, and contac
Consumer Jan. 22, 2020
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Blue Bottle Coffee to open 5th store in Gwanghwamun
California-based coffee chain Blue Bottle Coffee will open its fifth store in South Korea near Gwanghwamun Square in central Seoul, according to industry on Wednesday. After making a hit in opening its first store in Seongsu, Seoul in May 2019, the coffee chain has since increased its outlets in three other spots in Seoul -- Samcheong, Apgujeong and Yeoksam. Blue Bottle Coffee reportedly will open its fifth shop in on the first floor of Cheonggye Hankook Building, located in Jongno, next t
Consumer Jan. 22, 2020
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