Korean coffee franchises expand overseas amid K-food popularity

SEOUL, August 5 (AJU PRESS) - As "K-food" gains global traction, domestic coffee chains are accelerating their international expansion, leveraging diverse menus and localized offerings to capture new markets. In May, Hollys opened its first overseas store in Osaka, Japan, targeting the country's youth with Korean-style cafes and desserts. The shop features unique items like Yakgwa Cream Latte, which has become a bestseller. Ediya Coffee launched its first franchise

August 5, 2024

Seoul stocks plunge the most in 16 years amid US recession fears

SEOUL, August 5 (AJU PRESS) - Korea's benchmark KOSPI index plummeted 8.77 percent, marking the largest single-day drop in 16 years, on Monday amid growing fears of a U.S. economic recession. The KOSPI closed at 2,441.55, down 234.64 points from the previous trading day. It was the largest percentage drop since Oct. 24, 2008, when the index fell 10.57 percent amid the global financial crisis. The point drop was the biggest in history, surpassing the previous record of 133.

August 5, 2024

Koreans advised to evacuate Israel, Lebanon amid escalating tensions in Middle East

SEOUL, August 5 (AJU PRESS) - Amid escalating tensions in the Middle East, the Korean Ministry of Foreign Affairs urged Korean residents and visitors in Lebanon and Israel to leave the countries immediately on Sunday. The measure came after a meeting chaired by Second Vice Foreign Minister Kang In-sun on the same day. Amid heightened tensions in the region after the assassination of Ismail Haniyeh, a senior Hamas leader in Tehran last week, the region is bracing for a possible re

August 5, 2024

Korean kimchi exports hit record high in the first half

SEOUL, August 5 (AJU PRESS) - Korea's kimchi exports reached a record high in the first half of 2024, led by the United States and other Western markets, according to data from the Korea Agro-Fisheries & Food Trade Corp. (aT). Industry experts attribute the surge to the growing popularity of Korean pop culture and increased awareness of kimchi as a health food following the COVID-19 pandemic. Kimchi exports totaled 23,900 tons from January to June, marking a 4.8 percent i

August 5, 2024

SK C&C partners with Vietnamese firm to expand digital ESG business

SEOUL, August 5 (AJU PRESS) - SK C&C, a Korean IT services provider, has signed a memorandum of understanding (MOU) with FPT IS, a leading Vietnamese ICT company, to cooperate on global digital ESG (environmental, social and governance) business expansion, the company announced on Monday. The agreement, signed during the Vietnam-Korea Digital Forum 2024 in Seoul, aims to address growing ESG demands in Korea, Vietnam, and European markets. The partnership will focus on developing

August 5, 2024

ASEAN trade fair to kick off in Seoul this week

SEOUL, August 5 (AJU PRESS) - A trade fair hosted by the ASEAN-Korea Centre is set to be held in Seoul this week. The fair opens at COEX on Thursday, coinciding with the 57th anniversary of ASEAN Day, and runs until Sunday. The four-day fair, showcasing food and beverage products from the ASEAN's ten member countries, aims to facilitate business opportunities in the region. Over 40 companies from the ASEAN countries -- Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, t

August 5, 2024

Seoul shares plunge on US slowdown woes, triggering circuit breakers

SEOUL, August 5 (AJU PRESS) - Korean stock markets plummeted more than 8 percent on Monday, triggering circuit breakers for the first time in over four years. Market analysts attribute the drop to growing fears of a U.S. economic slowdown, exacerbated by weak manufacturing and employment data released last week. As of 3:02 p.m. the KOSPI was down 231.43 points, or 8.65 percent, to 2,444.76. The Korea Exchange activated a circuit breaker on the benchmark KOSPI market at 2:14:30

August 5, 2024

LS Cable starts construction on bus ducts, battery parts plants in Mexico

SEOUL, August 5 (AJU PRESS) - LS Cable & Systems, a Korean power cable maker, has commenced construction of factories in Mexico to produce bus ducts, a new type of electricity distribution system, and electric vehicle battery components. LS Cable said Sunday that it is building two plants in an industrial complex in Querétaro, Mexico. The facilities, covering 126,000 square meters, are scheduled to begin mass production in the second half of 2025. The cable maker aims to

August 5, 2024

Korea launches antidumping probe into Chinese, Taiwanese petroleum resin

SEOUL, August 5 (AJU PRESS) - Korea has recently initiated an anti-dumping investigation into petroleum resin imports from China and Taiwan, following a complaint from a domestic manufacturer, according to officials on Sunday. The probe targets four Chinese and three Taiwanese companies accused of selling the product at unfairly low prices in the Korean market. The Korea Trade Commission, under the Ministry of Trade, Industry and Energy, launched the investigation after Kolon Indust

August 5, 2024

Seoul shares plunge on US slowdown fears, triggering program trading curb

SEOUL, August 5 (AJU PRESS) - Korea's benchmark KOSPI index plummeted more than 5 percent below the 2,600 level on Monday morning, triggering a sidecar curb that temporarily halted program selling for the first time in more than four years. Market analysts attribute the drop to growing fears of a U.S. economic slowdown, exacerbated by weak manufacturing and employment data released last week. According to the Korea Exchange, the KOSPI was down 5.08 percent to 2,540.36 as o

August 5, 2024