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Reporter : Lee Hyo-sik
Thu, June 8, 2023 | 11:55
'Innovation key to reviving Korea's dairy industry'
Korea should work harder to introduce innovative, value-added dairy products and deliver effective messages about the benefits of drinking milk if it wants to revive its struggling dairy industry, according to the founder of one of the largest dairy farms in the United States. Suzanne McCloskey, founder of Fair Oaks Farm and fairlife, said dairy farms here need to build stori...
Denso, Delphi fined for colluding bids
Denso and Delphi were fined for colluding on bids to supply auto parts at artificially high prices to Hyundai, Kia and other domestic automakers, the country’s antitrust agency said Tuesday. The Fair Trade Commission (FTC) said Denso Korea Automotive, a local unit of Japanese auto parts giant Denso, and Hyundam Industries, a local fuel pump maker, colluded from August 2007 to February 2009. Prior to every bid, the two firms met to decide which was going to win supply contracts. Through the collusion, they were able to keep the prices of fuel pumps high at the expense of carmakers, the FTC sa...
KT&G unveils heat-not-burn (HNB) e-cigarette
KT&G has unveiled its heat-not-burn (HNB) e-cigarette, lil, which it hopes will establish its leadership in the rapidly growing alternative cigarette market. The local cigarette maker is expected to be engaged in heated competition with Philip Morris International (PMI) and British American Tobacco (BAT), which have already introduced their own HNB e-cigarettes; IQOS and glow...
For needy households
S-Oil CEO Othman Al Ghamdi, left, and company employees deliver briquettes in Gaemi, Seoul, to low-income families and senior citizens living alone, Tuesday. The refiner donated 60,000 briquettes. Courtesy of S-Oil
KCCI's top pick
The Korea Chamber of Commerce and Industry (KCCI) selected a photo of construction workers on a suspension bridge as a grand prize for this year’s photo contest. The winner will receive 30 million won. The business association also picked two second-place winners who will get 5 million won each, five third-place winners and 30 fourth-place winners. / Courtesy of KCCI
Lotte crying foul at Incheon airport
Lotte Duty Free has filed a complaint against Incheon International Airport Corp. (IIAC), calling on the antitrust agency to correct what it calls “unfair business practices” by the airport operator. Korea’s largest duty free store chain said Monday it decided to ask the Fair Trade Commission (FTC) to look into a five-year lease contract it signed with the IIAC as to whether it violates the nation’s Fair Trade Act or not. The move comes amid the ongoing dispute over rent Lotte has to pay to the Incheon airport.
Kolmar exec heads global cosmetics body
A chief scientist at Kolmar Korea has been selected to head the international body of cosmetics experts, reflecting Korea’s growing clout in the global cosmetics industry. A major cosmetics original design manufacturer said its Chief Technology Officer (CTO) Kang was recently appointed as 59th chairman of the International Federation of Societies of Cosmetic Chemists (IFSCC)....
Korea to reflect public opinion on FTA renegotiation
Finance Minister Kim Dong-yeon said the government will draw up goals for the ongoing Korea-U.S. Free Trade Agreement (KORUS FTA) renegotiations by reflecting public opinion and consulting with the National Assembly. “The public has shown a great deal of interest in the ongoing renegotiation, so the government will hold public hearings, report to the Assembly and follow up other due processes,” Kim said Friday. On Nov. 10, the government plans to hold the first public hearing on the KORUS FTA renegotiation at COEX in southern Seoul.
'Tobacco regulations spread to other consumer goods'
Tighter regulations on cigarette products have spilled over to alcohol, soda and other consumer products, which has restricted consumer choices and made goods more expensive, Japan Tobacco International (JTI) said. At a recent conference on intellectual property rights, Michael Deignan, vice president of JTI Asia Pacific, also argued that plain cigarette packaging and other r...
[INTERVIEW] Korea diversifies agricultural export markets
Korea has been diversifying export markets for its agricultural goods this year to offset falling shipments to China, which has been escalating its economic retaliation against Seoul’s deployment of a U.S. missile defense system, the nation’s top agricultural policymaker said. Asia’s fourth-largest economy has been shipping more locally-grown agricultural products and process...
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