In a further sign of growing popularity of online services, South Koreans in their 50s and 60s are increasingly using streaming services and food delivery apps during this pandemic, a new report has revealed. The findings come after Hana Institute of Finance, a research institution under Hana Bank, analyzed online credit card payment data between 2019 and 2020 to study generational differences in online consumption behavior. Though the use of video streaming services such as Netflix used to

Online fashion retailer Musinsa said Tuesday it would invest a further 14 billion won in fashion startups through its venture capital Musinsa Partners to bring the total investment to 60 billion won within this year. Established in 2018, Musinsa Partners is a joint venture capital firm that has invested some 46 billion won in medium- and small-sized enterprises and startups in the fashion industry. The latest announcement is part of the company’s drive to boost the fashion industry, incl

Korean Air has operated 10,000 cargo-only passenger flights as of Sunday, the airline said on Monday, as it pivoted to the cargo business amid a decline in air travel demand during the pandemic. The airline first flew a passenger flight carrying only cargo on the Incheon-Ho Chi Minh route in March last year. Since then, it has operated such flights on 65 routes to North America, Europe, Southeast Asia, China and Japan, transporting 400,000 tons of cargo around the world. Some 40 tons of cargo

Department stores and big supermarkets will start requiring customers to scan QR codes or submit to written entry logs to shop starting from Friday in an effort to stop the spread of COVID-19. The measure was drawn up and confirmed by the Central Disaster and Safety Countermeasures Headquarters on Tuesday as a way to strengthen COVID-19 prevention efforts as cases continue to rise in South Korea. Stores that are bigger than 3,000 square meters are required to adopt a QR entry log system, while

US-based coffee roaster and retailer Blue Bottle Coffee opened a store on Jeju Island on Friday. The opening of the ninth location in South Korea also marks the first store to be located outside of Seoul. Dubbed Blue Bottle Jeju Cafe, the new outlet is located in Songdang-ri, Gujwa-eup of Jeju City, on the western side of the island. The newly opened store reflects the regional traits of the island both in the space and on the menu, opting for low walls and a minimalistic interior design with

South Korean food and beverage company Nongshim announced Thursday plans to increase the price of its flagship instant noodles including Shin Ramyun by an average of 6.8 percent starting mid next month. Nongshim last hiked ramen prices in 2016. The latest move comes after rival ramen maker Ottogi announced earlier this month its first price hike in more than 11 years. When broken down by brand, Nongshim’s flagship Shin Ramyun will see a 7.6 percent increase in price while the prices of

Orion, a South Korean confectionery company widely known for Choco Pie, said on Thursday its cumulative revenue had reached 1 trillion won ($873 million) in Russia. The trillion-won threshold was broken after the company racked up 50.6 billion won in sales for the first six months combined this year, following the precedents in China and Vietnam. Efforts to create localized new products, as well as a wide range of biscuits and its popular Choco Pie, tapped into Russia’s dessert culture a

Hankook Tire & Technology, the world‘s sixth-largest tiremaker by sales, is further expanding its portfolio of Original Equipment tires by working with global automakers and ramping up efforts to secure core technology in the field. It has so far struck a partnership with 46 car brands for some 320 models across the world, according to the company on Wednesday, including premium brands such as Mercedes-Benz, BMW and Audi. Hankook Technodome, its flagship research and development faci

South Korean tire maker Kumho Tire said on Tuesday it has renewed its sponsorship contract with English football club Tottenham Hotspur. The long-term extension to a deal that was first signed in 2016 marks the third time the company has continued its support for the team as their official tire partner. The move comes after South Korean player Son Heung-min recently signed a new four-year contract with the team until 2025. Son’s presence means his team also has many fans in his home cou

In a sign of growing popularity, revenue from South Korean instant noodle exports reached a record high of 368.7 billion won ($319 million) during the first half of this year, according to data from the Korea Customs Service. The figure broke the previous record of $302.8 million set the same time one year ago and was up 5.8 percent. When broken down by country, China was the largest importer of South Korean instant noodles where $68.13 million worth was sold. The US was the second-largest m

South Korea’s first travel bubble with Saipan kicked off quietly on Saturday morning with just a handful of passengers traveling under the scheme amid a fourth wave of COVID-19 infections. Two flights from Asiana Airlines and low-cost carrier Jeju Air departed from Incheon Airport for the main island in the Northern Mariana island chain. Though a total of 92 passengers were on board both flights, only six people on board the Asiana flight were traveling under the quarantine-free travel a

South Korea’s top automaker Hyundai Motor said Sunday it has signed a memorandum of understanding with safety standards company UL to strengthen the safety of its second life battery energy storage system, also known as SLBESS. The move will see both companies work together in adopting the UL Signature Solution to strengthen credibility, jointly developing exclusive UL evaluation standards, as well as collaborate in “multiple aspects” for demonstration projects in North Americ

Engineering and construction company Daewoo E&C is aiming at expanding its global footprint by taking part in more overseas projects, the company said, as it hopes to keep their momentum rolling from last year’s successful performance. Earlier this year, the company announced it had secured a contract for multiple projects worth 2.9 trillion won ($2.52 billion) to build the Grand Port of Al Faw in Iraq -- a major state initiative by the Iraqi government with plans to make it a global

South Korean businesses across all industries are undergoing an unprecedented double whammy of scorching temperatures and the toughest-ever social distancing rules under the COVID-19 pandemic. Companies in different sectors appear to be showing mixed reactions to what could be the most difficult season, as they are not only concerned about aggravating working conditions for employees, such as the latest government control on power consumption and more stringent virus prevention measures, but a

Korean Air said Tuesday it recently began a joint research project with Seoul National University, backed by the Republic of Korea Air Force, to explore the possibility of using large commercial aircraft for air launching. As part of the project, the South Korean national carrier will analyze the current technological capabilities, how to apply core technologies to the project, annual operating costs, and aircraft modification in order to develop an air-launch system with the Boeing 747-400.

E-Land Group said on Monday that it has appointed two new CEOs for its fashion and food affiliates E-Land Retail and E-Land Eats. An Young-hun, a 40-year-old who has led overseas business in China and Europe since joining the company in 2007, will lead the retail arm of E-Land Group. Having helped raise womenswear brand E-Land’s annual revenue to some 400 billion won ($348.8 million) in China, he was also promoted to become chief human resources officer earlier this year. Hwang Sung-yu

South Korean food manufacturing company Ottogi announced on Friday it will raise its instant ramen prices by an average of 11.9 percent from next month. The company cited rises in ingredient prices, including flour and palm oil, as well as the increasing labor costs as reasons behind the decision. The decision to hike the ramen prices comes more than 13 years after the company‘s last price rise back in April 2008. Jin Ramen, one of the Ottogi’s flagship instant noodle products, w

Asiana Airlines shares resumed trading on Friday, nearly two months after the airline and its affiliates’ shares were suspended following criminal charges surrounding former management in late May. The airline’s stock price briefly soared to 21,450 won during Friday trading before dropping to 18,600 won later in the day. The Korea Exchange’s decision to temporarily suspend the airline’s stocks came after the arrest of former Kumho Asiana Group Chairman Park Sam-koo on s

More than 1 in 3 of delivery workers of CJ Logistics, the industry’s largest, are in their 20s and 30s, the company’s data showed Thursday, contrary to the popular perception that couriers come from older generations. Some 8,100 delivery workers fall under the age groups, accounting for 37 percent of some 22,000 delivery workers. The findings are based on an analysis of its staff during the first half of this year. Once considered a “job for older men,” the company exp

More South Korean convenience stores are staying closed or going cashierless in the hours between midnight and early morning -- a trend industry insiders say is being pushed by a rise in labor costs. According to industry sources, the number of GS25 stores closed between midnight and 6 a.m. accounted for 16.4 percent in 2020, up 2.8 percentage points from 13.6 percent in 2018. Just over 1 in 5 7-Eleven stores are opting to remain closed in the early hours, an increase from 2018 when the figure