SEOUL, Aug. 14 (Korea Bizwire) – Hyundai Motor Co., South Korea’s top automaker, is facing a double whammy of sluggish earnings and a looming labor dispute, which have been sending its stocks lower for couple of weeks, watchers said Saturday. Hyundai Motor closed 2.07 percent lower at 142,000 won (US$123) on the Seoul bourse on Friday, a sharp fall from its 52-week high of 173,000 won on May 23. Hyundai, [...]
SEOUL, Aug. 14 (Korea Bizwire) – Sales of gold bars, regarded as a safe haven for investors, are increasing in South Korea amid escalating tensionwith North Korea, industry sources said Saturday. The Korea Gold Exchange, a local trader, said the average daily sales of100-gram gold bars reached 250 units since Wednesday, rising sharply from 50 units on average. Industry watchers said the demand for smaller gold bars is increasing as they are easier to carry compared [...]
SEOUL, Aug. 12 (Korea Bizwire) — A new economic report has argued that a score of South Korean conglomerates fighting legal battles with labor unions over so-called ‘ordinary wages’ could be forced to pay out as much as 8 trillion won under the worst-case scenario. There are currently 35 companies involved in over 103 disputes over [...]
SEOUL, Aug. 11 (Korea Bizwire) — Incheon Port is set to adopt one of the largest geothermal heating systems in South Korea at new international passenger and cruise terminals currently under construction, a move that is expected to result in energy savings of nearly 70 percent every year. The Incheon Port Authority (IPA) announced on [...]
SEOUL, Aug. 11 (Korea Bizwire) – South Korean stocks ended lower Friday as foreign investors sold local stocks amid escalating tensions between North Korea and the United States. The Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index lost 39.76 points, or 1.69 percent, to 2,319.71. Foreign investors offloaded shares [...]
GWANGJU, Aug. 11 (Korea Bizwire) – A South Korean court on Friday ordered Japan’s Mitsubishi Heavy Industries to pay four Korean victims of wartime forced labor between 100 million won (US$87,413) to 150 million won each in compensation. It is the second time this week that the Gwangju District Court has ruled in favor of [...]
SEOUL, Aug. 11 (Korea Bizwire) – Hyundai Merchant Marine Co., South Korea’s top shipping firm, said Friday that it continued to suffer an operating loss in the second quarter of the year due to still lower freight rates. Its operating loss reached 128 billion won (US$112 million) in the April-June period, the company said in a [...]
SEOUL, Aug. 11 (Korea Bizwire) — With the sweltering summer heat showing no signs of relenting, an increasing number of South Korean farmers in inland areas such as Chungju are taking advantage of the extreme weather and turning their attention to growing tropical fruits. In the past, tropical fruits such as passion fruit, which originates in [...]
SEOUL, Aug. 11 (Korea Bizwire) — A new report from the Bank of Korea claims South Korea will begin facing labor force shortages in 10 years in the face of an aging population, with the economically active population expected to plunge 13 percent by 2050. According to the report released by Lee Cheol-hee, an economics professor [...]
SEOUL, Aug. 11 (Korea Bizwire) — Data from a hospital in South Jeolla Province has revealed the number of patients who suffer from postpartum bleeding, a possible cause of maternal mortality, has more than doubled over the last decade amid growing instances of late marriage and childbearing in South Korea. According to data published by Chonnam [...]