SEOUL, July 15 (Korea Bizwire) — Mercedes-Benz Korea on Monday unveiled the world’s first standalone brand center dedicated exclusively to its ultra-luxury Maybach line, highlighting South Korea’s growing importance as a key market for the German automaker. Located in Apgujeong-dong, Gangnam District, the newly opened Maybach Brand Center Seoul serves as both a showroom and service [...]
SEOUL, July 15 (Korea Bizwire) — Samsung Electronics Co. maintained its lead in the global smartphone market in the second quarter, supported by sales of its competitively priced Galaxy A models, industry data showed Tuesday. According to the data from market tracker Canalys, Samsung accounted for 19 percent of the global smartphone market in terms [...]
SEOUL, July 15 (Korea Bizwire) — LG AI Research, the artificial intelligence (AI) lab under South Korea’s LG Group, on Tuesday unveiled EXAONE 4.0, the country’s first hybrid AI model. The hybrid AI model delivers world-class performance by combining the strengths of large language models (LLMs) and reasoning AI, the company said in a press [...]
SEOUL, July 15 (Korea Bizwire) — Google plans to launch a standalone premium subscription plan for YouTube video streaming without the music streaming component in South Korea, as part of a voluntary corrective measure to address its alleged anti-competitive practice, the country’s antitrust regulator said Tuesday. The standalone product, dubbed YouTube Premium Lite, will be [...]
SEOUL, July 15 (Korea Bizwire) — In a move aimed at easing daily financial burdens on low-credit individuals, South Korea’s financial authorities are considering allowing postpaid transit card functions for people undergoing debt workout programs. The initiative is part of President Lee Jae-myung’s broader policy agenda to support financially distressed small business owners and delinquent [...]
DAEJEON, July 15 (Korea Bizwire) — In response to the alarming decline in bee populations due to the climate crisis, residents near Lake Daecheong have joined forces with the Korea Water Resources Corporation and the Energy Transition Haeyou Cooperative to launch a community-driven ecological initiative known as the “Daecheongho Buzzing Bee Restaurant.” The project involves [...]
SEOUL, July 15 (Korea Bizwire) — Executives at South Korea’s major financial holding companies are reaping substantial gains from their personal stock purchases, as share prices of leading banks surge to record highs. According to financial industry data on Tuesday, three of the nation’s top four financial groups — Shinhan, Hana, and Woori — all [...]
SEOUL, July 15 (Korea Bizwire) — As scorching summer temperatures push past 35°C, a growing number of Koreans are escaping the heat not on long trips, but inside air-conditioned hotels and resorts — sparking a nationwide boom in “hotelcations” (hotel + vacation). According to the hospitality industry on July 14, early and intense heat has [...]
SEOUL, July 15 (Korea Bizwire) — Apartment sales in Seoul have surged to a record-high share of the housing market in 2024, as concerns over rental fraud and weakening demand for non-apartment housing deepen a long-standing shift toward high-rise units. According to data released July 14 by South Korea’s Ministry of Land, Infrastructure and Transport, [...]
SEOUL, July 15 (Korea Bizwire) — South Korea’s powerful business conglomerates, or chaebol, continued a controversial pattern in 2023: funneling excessive dividends to owner families through privately held affiliates, some of which posted losses, prompting renewed concerns over shareholder inequality and market distortion. According to audit reports filed with the Financial Supervisory Service and reviewed [...]