SEOUL, May 10 (Korea Bizwire) – The latest analysis from the Korea Institute for Industrial Economics & Trade has revealed that China will soon catch up with the quality and technology of South Korea’s core industries, further threatening Asia’s fourth-largest economy. In the report released Monday, the institute suggested that China would close the gap [...]
GANGNEUNG, South Korea, May 10 (Korea Bizwire) – A forest fire that broke out in Gangwon Province was finally contained Tuesday three days after it ignited and burned 320 hectares of vegetation, the size of 457 football fields. Among the emergency crews deployed to the combat the fire were some 20,000 soldiers, who instead of [...]
SEOUL, May 10 (Korea Bizwire) – South Korean minors who have yet to reach the legal voting age also chose Moon Jae-in as the new president in a mock election arranged by YMCA Korea. Of a total of 51,715 votes, President Moon received 39.14 percent of all ballots at 20,245, officials said Wednesday. Unlike the [...]
SEOUL, May 10 (Korea Bizwire) – Lotte Chemical Corp., a major chemicals firm here, said Wednesday that it plans to spend 370 billion won (US$326 million) in expanding facilities in the country, to better meet demand and strengthen its product portfolio. Lotte Chemical decided to expand the output at its domestic plant that produces meta [...]
SEJONG, May 10 (Korea Bizwire) – South Korea’s total supply of manufacturing goods both locally produced and imported gained ground to reach a record high in the first three months of the year on the back of brisk chips industry and a sharp rise in imports, government data showed Wednesday. The manufacturing domestic supply index [...]
SEOUL, May 10 (Korea Bizwire) – South Korea’s five major business organizations on Wednesday called on the new government to ease regulations and generate business-friendly environments to help with new jobs and investments. In separate statements, the country’s five representative economic entities — The Korea Employers Federation (KEF), the Federation of Korean Industries (FKI), the [...]
SEOUL, May 10 (Korea Bizwire) – Demand for imported Chinese vehicles in South Korea is on the rise due mainly to their price competitiveness, a local importer said Wednesday. “To meet growing local demand for Chinese vehicles, we are planning to import an additional 110 KENBO 600 sport-utility vehicles this month,” a spokesman for Zhonghan [...]
SEOUL, May 10 (Korea Bizwire) – Moon Jae-in’s term as South Korea’s new head of state was officially launched early Wednesday, only one day after the nation held a rare presidential by-election. Moon’s presidency began even before an inauguration ceremony as his election was a result of the rare by-election that sought to fill the [...]
SEOUL, May 10 (Korea Bizwire) – Transactions by South Korea’s private equity firms slipped 30.4 percent on year in 2016 amid a lack of mega buyout deals, government data showed Tuesday. Local private equity groups invested a total of 8.9 trillion won (US$7.8 billion) last year, compared with deals worth 12.8 trillion won in 2016, [...]
SEOUL, May 10 (Korea Bizwire) – Hotels in central and other main districts of Seoul have seen a sharp rise in bookings made by locals for the long holiday ending early next week, as many opt to avoid the hassle of traveling abroad and instead indulge in a brief city retreat, industry sources said Saturday. [...]