Economy
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Half-price small parcel service gains popularity among secondhand item traders: market data
SEOUL -- Half-price small parcel delivery services operated by convenience store franchises are gaining popularity among secondhand item traders, market data showed. South Korea has various logistics services mainly operated by major conglomerates such as CJ Group and Hanjin. Such services offer small parcel delivery services for about 5,000 won ($3.7) per box. Packages normally arrive at their destinations in two days. Larger parcels are more expensive but they also arrive at custom
12 October 2023
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LG Energy Solution records operating profit of $545.7 mln, up 40.1% year-on-year
SEOUL -- LG Energy Solution, the battery-making wing of South Korea's LG Group, estimated that its operating profit in the third quarter of 2023 was 731.2 billion won ($545.7 million), up 40.1 percent from a year ago. This is the highest record in the third quarter for the battery maker, which has strived to build supply chains in North America. LG Energy Solution (LGES) said on October 11 that its operating profit reached 731.2 billion won and sales increased to some 8.2 trillion
12 October 2023
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Prices of sugar and salt skyrocket by about 17% on-year in September 2023
SEOUL -- Prices of sugar and salt, the essential ingredients of food, have increased by about 17 percent on-year in September, showing the sharpest increase rate in 2023. The increase in the prices of sugar and salt could lead to increased prices of other products such as processed foods, drinks, and restaurant food menus. The price hike was caused by the increased import prices of raw sugar from countries such as Brazil, and Colombia and sudden. South Korea produces white and brown
11 October 2023
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Imports of alcoholic drinks increase by 54% in 4 yrs while exports increase by 2%: data
SEOUL -- Backed by the skyrocketing popularity of foreign alcoholic drinks among young consumers in their 20s and 30s, imports of liquors and alcoholic beverages have increased by 54 percent since 2018. Meanwhile, exports of South Korean products only increased by two percent in the same period. The consumption of whisky and other foreign-made alcoholic drinks has gained popularity among young consumers since the beginning of the COVID-19 pandemic in early 2019. The culture of "so
10 October 2023
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CJ Freshway to showcase smart restaurant with robot chef at food solution fair
SEOUL -- At a food solution fair in Seoul, the food material distribution wing of South Korea's conglomerate CJ Group will showcase a smart restaurant where visitors can enjoy fried chicken cooked by a robot chef. After the robot completes cooking, its human coworker will arrange and decorate the dish. A serving robot will deliver the completed dish to customers. The adoption of robot chefs is gradually gaining momentum in South Korea. In August 2021, domestic chicken franchise Ky
10 October 2023
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Hyundai and Kia to adopt Tesla's EV-charging standard in US starting 4Q 2024
SEOUL -- Starting in the fourth quarter of 2024, all Hyundai and Kia electric vehicles released in the United States will be equipped with charger ports that match the North American Charging Standard, also known as the Tesla Charging standard. EVs made by Hyundai Motor Group companies -- Hyundai Motor and Kia -- use Combined Charger System (CCS) charger ports and they are not compatible with Superchargers, EV chargers operated by American EV maker Tesla. Tesla is America's favor
6 October 2023
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S. Korea's inflation rate reaches 3.7% in September 2023
SEOUL -- South Korea's inflation rate increased to the upper three percent range to reach the highest level in five months. The increased rate was affected by bad weather conditions such as heavy rainfall and extreme heat, which caused agricultural prices to rise. The impact of rising international oil prices also slowed the decline in petroleum product prices. Along with increased consumer prices, the level of the core price index (CPI), which excludes fuel and agricultural prices
6 October 2023
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POSCO partners with oil refiner GS Caltex to demonstrate bio fuel-based bulk carrier
SEOUL -- South Korea's leading steel group POSCO will work with GS Caltex, a major domestic oil refiner, to demonstrate a biofuel-based bulk carrier. In early October, the steelmaker's products will be transported using a ship made by H-Line Shipping, a South Korean marine carrier company. Biofuel is produced using plant-based or animal-based oil such as cooking oil from fast food restaurants or palm oil. Biodiesel, one of the most widely recognized biofuels, is normally ma
6 October 2023
