KPMG Australia Appoints John Sams as CEO Following Audit Leak Scandal 
Oil Prices Extend Four-Day Rally as U.S.-Iran Conflict and Red Sea Threats Raise Supply Fears 
Super Micro Computer Stock Jumps 20% After Record AI Orders and Margin Surge 
Asian Markets Cautious as Oil Tops $90, AI Earnings and Fed Rate Fears Weigh on Sentiment 
Lockheed Martin Unveils Lower-Cost Patriot ACE Interceptor to Meet Rising Air Defense Demand 
Tesla Stock Outlook: Strong EV Sales Boost Earnings, but AI Projects Drive Long-Term Value 
Pakistan Seeks $10 Billion U.S. Exchange Stabilization Fund to Boost Forex Reserves 
US Stock Futures Hold Steady as Tesla, Alphabet Earnings and Iran Conflict Dominate Market Focus 
India FMCG Q1 Earnings Preview: Higher Input Costs Likely to Weigh on Profit Margins 
Asian Currencies Hold Steady as Fed Outlook Offsets Middle East Tensions 
US Stock Futures Steady Ahead of Tesla, Alphabet Earnings as Iran Conflict Keeps Markets on Edge 
US Stock Exchanges Face Earnings Test as Trading Boom Meets Crypto Competition 
Gold Price Jumps Near 2% Above $4,080 as Middle East Tensions Lift Safe-Haven Demand 
Saudi Oil Tankers Reverse Course as Houthi Threats Disrupt Red Sea Shipping 
Wistron Opens $700M Texas AI Factory to Build Nvidia Superchips in U.S. 
TSMC Sees Multi-Year AI Chip Demand as Arizona Expansion Reaches $265 Billion 
Gold Price Surges Above $4,100 as Middle East Tensions Boost Safe-Haven Demand 
Orion Corporation, a South Korean confectionery company headquartered in Munbae-dong, Yongsan District, Seoul, is set to hike up prices of its products on Thursday, Sept. 15. Around 16 items are affected by the price increase.
As per The Korea Times, this will be the first time in nine years that Orion Corporation is raising the prices of some of its items. The rates could go up by an average of 15.8% this week, and this was confirmed by the company on Tuesday, Sept. 13.
The first price increase to be implemented since 2013 will include the favorite snack - Choco Pie. This popular product's price is set to increase by 12.4%, and the next highest increase is for the Poca Chip, with 12.3%, while the Turtle Chip will be 11.7% more expensive starting tomorrow.
It was reported that this move was not Orion's original plan. Until early this year, rather than hiking up the prices of its products, the company was planning to raise its share in the market by capitalizing on its snack line's price competitiveness.
Orion shared that the costs of its sugar, potatoes, and cooking oil already went up more than 70% year-on-year as of the end of August. The company further noted the cost of energy for the production of its products soared by over 90% as well in the same period.
"We have been effectively freezing the prices of all our products by actively reducing manufacturing costs and pushing forward cost-effective management," an official at Orion said in a statement regarding the hike. "However, due to the soaring prices of raw materials and energy sources since last year, the company has been under pressure to raise prices."
He added, "We have defended well against our profit decline thanks to our increasing sales overseas until the first half of this year. However, our profitability has been falling significantly from July and so we decided on the price hike."
The official clarified that the company would only raise the prices of items with profit margins that have dived because of the rising costs of energy and raw materials. Lastly, he said that Orion would immediately lower the prices again once the cost of raw materials and energy becomes stable.
