JEJU, South Korea, May 18 (Korea Bizwire) – A South Korean startup company, Monolith, is establishing a 140,000-square-meter theme park on Jeju Island, mainly comprising of race tracks for gravity racing. Gravity racing, which has been around for over a century, is when the racers drive down a slope using nothing but gravitational momentum. Despite [...]
SEOUL, May 18 (Korea Bizwire) – On Wednesday, Philip Morris announced that it would begin selling its new e-cigarette iQOS in June, which is allegedly relatively harmless compared to typical cigarettes because it “heats” the tobacco leaves inserted into the device instead of “burning” them. The announcement immediately posed a new concern for South Korea’s [...]
POHANG, South Korea, May 18 (Korea Bizwire) – POSCO’s 1-trillion-won ($887 million) thermal power plant in Pohang is likely to be scrapped amid growing concerns over fine dust and stringent environmental policies on the part of the current administration. The world’s fourth-largest steelmaker has 13 generators of 20MW to 146MW-capacity at its Pohang steelworks, mainly [...]
SEJONG, May 18 (Korea Bizwire) – Hundreds of tons of South Korean rice will be shipped to Southeast Asian developing countries as part of an international food aid program for the first time in history, the agriculture ministry said Thursday. A container vessel carrying 250 tons of rice will depart for the Cambodian port of [...]
SEOUL, May 18 (Korea Bizwire) – Audi Volkswagen Korea is expected to restart sales of its Audi models soon after months of suspension following emissions and certification scandals, auto industry officials said Thursday. The local unit of the German carmaker has already begun sales of the top luxury Bentley line this month, including the newly [...]
SEOUL, May 18 (Korea Bizwire) – Chinese tech companies are gradually expanding sales in India, industry data showed Thursday, and starting to threaten Samsung Electronics Co., which is currently the leading player in the subcontinent. According to the industry tracker Strategy Analytics, China-based Vivo sold 1.9 million handsets in the first quarter in India, accounting [...]
SEOUL, May 18 (Korea Bizwire) – Middle-aged South Koreans who live with or support their parents financially feel the heaviest burden when bearing their medical bills, but some saw it as a duty that has to be fulfilled even if means getting loans or giving up on their own savings, a survey said Wednesday. In [...]
HANOI, May 18 (Korea Bizwire) – South Korea’s top conglomerate Samsung Group expects sales of Samsung Electronics Co. and three other units in Vietnam to spike more than 30 percent on-year in 2017 on its strong smartphone business, sources said Wednesday. Samsung Electronics, Samsung Display Co., Samsung Electro-Mechanics Co. and Samsung SDI Co. are targeting [...]
SEOUL, May 17 (Korea Bizwire) – The Korea Institute of Machinery & Materials announced Tuesday that it has developed a technology to reduce fine dust emissions at thermal power stations by roughly 90 percent. The institute recently installed catalytic denitrification equipment – typically employed at power plants to reduce pollutants by converting nitrogen oxide into [...]
SEOUL, May 17 (Korea Bizwire) – Demand is high for overseas luxury goods, particularly among younger consumers in their 20s and 30s, despite South Korea’s unrelenting economic slump. According to Lotte Department Store, sales of overseas fashion items, largely comprising of high-end brands, jumped by more than 30 percent in 2016 compared to 2015 for [...]