Going green is not just about having more electric vehicles or shutting down old factories powered by fossil fuels, says the head of South Korea’s food distribution and export promotion agency, but also extending that eco-friendly thinking to the table. Not just reducing food waste but also choosing to eat more local production would make a greater impact on the Earth, said Kim Choon-jin, president of Korea Agro-Fisheries & Food Trade Corp. Kim and his agency have been taking an ini

Shinsegae Property, the property development arm of Korea’s retail giant Shinsegae, said Wednesday it has acquired US winery Shafer Vineyards for 299.6 billion won ($250.3 million) to boost the group’s wine business. “With the acquisition, we plan to further expand the group’s wine business by creating synergy with its Shinsegae L&B that is in charge of the wholesale distribution of wine and liquor,” a Shinsegae Property official said. Industry sources say si

Korea’s largest internet-only lender KakaoBank will launch a mobile mortgage loan service powered by an artificial intelligence-based chatbot this month, allowing for a user-friendly and convenient loan application process, the firm said Tuesday. “Most of the mobile mortgage loans in the country require customers to swipe left and right on a phone screen to go through a complicated process of loan application. But KakaoBank’s mortgage loan service provides much more seamless

Cleanliness has risen as a key factor in choosing where to eat out since the pandemic started, a survey showed Sunday. According to data from Korea Agro-Fisheries and Food Trade Corp, 92.1 percent of 1,341 respondents aged between 20 and 69 said they thought restaurants cleanliness was important when choosing where to eat, compared to just 22.7 percent in 2019. The figure was the second most-important factor, behind taste and food quality on 94.3 percent. In 2019, cleanliness ranked fourth, wh

Korea’s pharmaceutical giant Celltrion’s Remsima, a biosimilar of autoimmune treatment drug Remicade, has set an all-time high record in sales revenue in the US market, taking a half of the original drug’s share, market insiders said Sunday. Remsima’s sales revenue in the US surged on-year by 13 percent to $385 million as of last year, according to industry sources. Samsung Securities said Remsima’s market shares have increased from 15 percent to 33.7 percent, whi

Retail companies in South Korea are taking the plunge into last-mile mobility technology by launching service robots and drones to provide contactless services sparked by the coronavirus pandemic. To meet the high demand for delivery and dining services, Mesh Korea, the operator of tech-based logistics startup Vroong, said Wednesday it has partnered up with Bear Robotics Korea, the Korean branch of a US-based robot manufacturing company, to introduce unmanned automated transport service to the

Gaming giant Krafton said Tuesday it has released artificial intelligence-based virtual human characters, who will appear as hyperreal game show hosts and virtual friends on the metaverse platform. The virtual human characters show human-like skin and hair, facial expressions and eye movements, according to the company. In Krafton’s virtual human demo video, a female character shows realistic wrinkles on her nose, forehead and around her eyes as she squints. “Unlike other local ga

The nation’s top chaebol leaders saw their stock assets fall sharply in January, as the nation’s benchmark Kospi entered a bear market, while some firms grappling with controversies also took a beating. The total value of stocks owned by the nation’s top 33 chaebol owners was estimated at 55.43 trillion won ($46.19 billion) in January, down 13.8 percent from a month ago, according to data from market tracker Korea CXO Institute Monday. Hyundai Development Co. Chairman Chung

Virtual staff members powered by artificial intelligence have increasingly become a fixture at South Korea’s retail banks. NH NongHyup Bank, one of Korea’s top five commercial banks, has added human elements to its so-called “AI bankers” to connect with Korean customers. According to NH NongHyup Bank, names of the two virtual staff members -- male staff Jeong Eden and female staff Lee RohWoon -- were given by staff and executives of the banks through open discussion.

SK Bioscience, the vaccine unit of Korea’s SK Group, said Friday the Turkish health authority has renewed a certification for making and exporting vaccines for flu, chickenpox and shingles, paving the way for the company to participate in a vaccine deal bid in Turkey. The Good Manufacturing Practice certification was renewed for the firm’s vaccine manufacturing factory L House located in Andong, North Gyeongsang Province, since it was first granted the certification in 2019. In the

More than two out of three Koreans in their 20s and 30s feel positive about plant-based meat alternatives and believe that they are better for the environment than animal meat, a survey showed Thursday. According to a survey conducted by Shinsaege Food, 67.6 percent of 1,000 respondents aged between 20 and 39 said they feel good about consuming meat replacements. Some 71 percent said meat alternatives are necessary because they take up less land and water, and produce less greenhouse gas than

Korea’s convenience stores’ combined market share outgrew that of local supermarkets for the first time, amid the fast-growing trend to shop in less crowded places due to the coronavirus pandemic, data showed Wednesday. According to data from the Ministry of Trade, Industry and Energy, sales revenue of three convenience stores -- GS25, CU and 7-Eleven -- came to 30.7 percent last year, following three department stores -- Lotte, Shinsegae and Hyundai. The figure surpassed that of t

South Korean game giant Netmarble said Thursday it will launch metaverse games that allow hyperconnection between the real world and virtual reality, expanding its footing in the fast-growing blockchain industry. “We plan to develop metaverse games that allow users, either individuals or companies, to gain virtual assets that can be exchanged for real assets such as currency through blockchain technology,” said Netmarble Chairman Bang Jun-hyuck. The metaverse concept has been used

Korea’s largest meal kit provider Fresheasy said Wednesday it acquired its smaller rival Tasty9, the No. 2 player, for 100 billion won ($83.5 million) in a move to further strengthen its leadership in the burgeoning ready meal market here. The latest deal is the fourth in a series of acquisitions it has carried out under new ownership. In October last year, Hong Kong-based Anchor Equity Partners acquired a controlling stake in Fresheasy for an estimated 300 billion won. Over the three

Nonfungible tokens, once monopolized by cryptocurrency exchanges and auction houses, are creeping into the retail industry, where top players are desperate to seek a new growth engine in a quickly saturating market. NFTs are digital tokens of physical or digital assets, mostly of music or art, that guarantee ownership through blockchain technology. Korean retail channels are also set to expand their footing into the burgeoning NFT business by selling art and fashion items. CJ Olive Networks

South Korea’s imports of beer recorded an all-time low last year, amid a nationwide boycott of Japanese beer and other products, data showed Monday. According to the Korea Customs Service, imports of beer decreased by 1.7 percent on-year to $223.1 million last year. The figure surpassed the record-low imports of $181.5 million in 2016. The list of major beer import countries last year includes the Netherlands, followed by China, Belgium, Poland, Ireland, Germany and the Czech Republic.

The convenience store chain 7-Eleven of Korea’s retail giant Lotte Group said Friday it joined hands with Oasis Business, startup solution platform, to develop an Artificial Intelligence solution to support those who wish to start the franchise business. Based on the partnership, the store chain plans to provide more objective data of the commercial area around the new franchise and accurate sales projections. The AI-analyzed data includes the number of the floating population, sales fig

Korea’s retail giant Lotte Group is highly likely to be picked as a preferred bidder to acquire the nation’s fifth-largest convenience store chain Ministop Korea, according to industry sources Wednesday. Lotte reportedly offered the highest bidding price -- 300 billion won ($251.5 million) -- possibly leaving out its crosstown rival Shinsegae Group in the heated race. “Since Lotte has outbid other contenders, there’s a 99.9 percent chance of Lotte becoming the prefer

South Korea’s exports of kimchi recorded an all-time high last year, reaching a trade surplus for the first time in 12 years, data showed Monday. Kimchi is a traditional Korean side dish made of spicy sauce and fermented cabbage. According to the Korea Customs Service, exports of kimchi surged by 10.7 percent on-year to $159.9 million last year. The figure surpassed the record-high exports of $144.5 million in 2020. More than half of last year’s exports went to Japan, followed by

Lotte Hotel, the hotel chain owned by Korea’s retail giant Lotte Group, said Monday that it will open a new hotel in Chicago next year, the first overseas launch under its lifestyle boutique hotel brand L7. Lotte said it completed an acquisition of Kimpton Hotel Monaco Chicago for 42.8 billion won ($35.9 million) on Friday (US time) in a joint investment with the state-run Korea Overseas Infrastructure Development Corp. The 13-story hotel with 191 rooms is expected to be refurbished int