Russia Stocks End Flat as Energy and Retail Shares Show Mixed Performance 
Oil Prices Rebound in Asia as Venezuela Sanctions Risks Offset Ukraine Peace Hopes 
Trello Outage Disrupts Users as Access Issues Hit Atlassian’s Work Management Platform 
Asian Currencies Hold Steady as Indian Rupee Slides to Record Low on Fed Outlook 
Modi and Trump Hold Phone Call as India Seeks Relief From U.S. Tariffs Over Russian Oil Trade 
Fortescue Expands Copper Portfolio With Full Takeover of Alta Copper 
Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026 
SK Hynix Considers U.S. ADR Listing to Boost Shareholder Value Amid Rising AI Chip Demand 
Woolworths Faces Fresh Class Action Over Alleged Underpayments, Shares Slide 
Indonesia–U.S. Tariff Talks Near Completion as Both Sides Push for Year-End Deal 
Korea Zinc Plans $6.78 Billion U.S. Smelter Investment With Government Partnership 
Evercore Reaffirms Alphabet’s Search Dominance as AI Competition Intensifies 
Strategy Retains Nasdaq 100 Spot Amid Growing Scrutiny of Bitcoin Treasury Model 
Nomura Expands Alternative Assets Strategy With Focus on Private Debt Acquisitions 
iRobot Files for Chapter 11 Bankruptcy Amid Rising Competition and Tariff Pressures 
Oil Prices Rebound as U.S.-Venezuela Tensions Offset Oversupply Concerns 
Asian Technology and Chipmaking Stocks Slide as AI Spending Concerns Shake Markets 
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.
