SoftBank Shares Slide as Oracle’s AI Spending Plans Fuel Market Jitters 
Asian Currencies Steady as Fed Delivers Hawkish Rate Cut; Aussie and Rupee Under Pressure 
Wall Street Futures Dip as Broadcom Slides, Tech Weighed Down Despite Dovish Fed Signals 
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
ANZ Faces Legal Battle as Former CEO Shayne Elliott Sues Over A$13.5 Million Bonus Dispute 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
SK Hynix Considers U.S. ADR Listing to Boost Shareholder Value Amid Rising AI Chip Demand 
Nomura Expands Alternative Assets Strategy With Focus on Private Debt Acquisitions 
ADB Approves $400 Million Loan to Boost Ease of Doing Business in the Philippines 
EU Court Cuts Intel Antitrust Fine to €237 Million Amid Long-Running AMD Dispute 
Mexico Moves to Increase Tariffs on Asian Imports to Protect Domestic Industries 
Gulf Sovereign Funds Unite in Paramount–Skydance Bid for Warner Bros Discovery 
Modi and Trump Hold Phone Call as India Seeks Relief From U.S. Tariffs Over Russian Oil Trade 
Intel’s Testing of China-Linked Chipmaking Tools Raises U.S. National Security Concerns 
Westpac Director Peter Nash Avoids Major Investor Backlash Amid ASX Scrutiny 
Air Force One Delivery Delayed to 2028 as Boeing Faces Rising Costs 
Gold Prices Dip as Markets Absorb Dovish Fed Outlook; Silver Eases After Record High 
Daesang, a food production company, revealed on Monday, Nov. 7, that it has established a joint venture with a Polish company, Charsznickie Pola Natury, to manufacture and sell kimchi in Europe.
Daesang is a leading kimchi producer in South Korea, and its JV with Charsznickie Pola Natury has been named Daesang ChPN Europe. The joint venture is 76% owned by the former, and the Polish food distributor owns the remaining 26%. They will be officially launching the new business in January 2023.
Through Daesang ChPN Europe, Daesang and Charsznickie Pola Natury will distribute the Jongga kimchi brand in Poland. For this business, they will be using the latter’s wide distribution network and production facilities in the country.
The companies are also planning to build the first Daesang kimchi plant in Poland, and it will be constructed in Krakow. They will be investing KRW15 billion or about $11 million for the new plant’s construction.
The facility will measure 6,613 square meters, and it is expected to be completed some time in the second half of 2024. This will be Daesang’s 11th manufacturing base outside of Asia and its third kimchi plant. Charsznickie Pola Natury and Daesang are hoping to boost the production of the popular Korean side dish to 3,000 tons per year by 2030.
The Daesang ChPN Europe will also bring its products to other parts of Europe with the goal of raising its sales there. It is looking to earn KRW100 billion per year for the sales of its food products by 2025.
"The establishment of a Polish joint venture is meaningful in that it is yet another adventure for our attempts to globalize kimchi," Daesang’s chief executive officer, Lim Jung Bae, said in a statement. "We will do our best to promote the excellence and legitimacy of kimchi in Europe, following our efforts in the US."
Finally, according to Yonhap News Agency, Daesang and Charsznickie Pola Natury will be distributing the Jongga kimchi products to popular discount outlets in Europe. Some of the stores include Carrefour, Germany’s Lidl, and Auchan.
