SEOUL, April 2 (Korea Bizwire) — The first-quarter earnings outlook for South Korea’s major companies, including the world’s leading chipmakers Samsung Electronics Co. and SK hynix Inc., remains grim due mainly to sluggish global demand, an analysis of industry data showed Sunday. According to securities firms’ forecasts compiled by Yonhap Infomax, Samsung Electronics is projected [...]
SEOUL, April 1 (Korea Bizwire) — Lotte Duty Free said Friday its operating loss widened last year due to the prolonged COVID-19 lockdown in China and the dollar’s weakness. The duty-free operator posted an operating loss of 139.5 billion won (US$106.8 million) for the entire year of 2022, up from 28.8 billion won in 2021, [...]
SEOUL, March 31 (Korea Bizwire) – Woowa Brothers Corp., operator of the popular food delivery app Baedal Minjok, said Friday it shifted to a net profit in 2022 from a year earlier on increased demand for food delivery services during the pandemic. The delivery app operator swung to a net profit of 275.8 billion won [...]
SEOUL, March 31 (Korea Bizwire) — A majority of foreign-invested companies with a presence in South Korea are considering expanding their investment in this country, the business lobby group said Thursday. The Korea Chamber of Commerce and Industry (KCCI) conducted a survey of 95 foreign-invested businesses and found that 64.2 percent of the respondents said [...]
SEOUL, March 30 (Korea Bizwire) — Rice production costs in South Korea rose 9.3 percent on-year in 2022 due mainly to soaring prices of fertilizers, causing net profit from rice farming to sink nearly 40 percent, data showed Thursday. Farmers spent 31,631 won (US$24.24) to produce 20 kilograms of rice last year, up 2,689 won [...]
SEOUL, March 30 (Korea Bizwire) — South Korea’s exports of instant noodles reached an all-time high in 2022, boosted by the global popularity of Korean food and culture, data showed Thursday. The country exported US$862 million worth of noodles, including instant noodles, or “ramyeon” in Korean, and udon noodles, last year, up 12 percent from [...]
SEOUL, March 30 (Korea Bizwire) — The amount of manure generated by livestock farms every year is estimated at more than 50 million tons, most of which is used as compost, the agriculture ministry said Wednesday. The Ministry of Agriculture, Food and Rural Affairs conducted a complete enumeration survey on the current state of livestock [...]
SEOUL, March 29 (Korea Bizwire) — At South Korea’s biggest enterprises, the highest-paid executives made 16 times more than the median worker last year, a corporate tracker said Tuesday. Leaders Index analyzed data from 282 Korean companies that disclosed information on their highest-paid earners for last year. The annual wage of these companies’ highest-paid executives [...]
SEOUL, March 28 (Korea Bizwire) — Retail sales in South Korea grew 7.9 percent on-year in February on rising demand for fashion, tourism and other items as people increasingly adapted to post-pandemic life amid eased antivirus restrictions, the industry ministry said Tuesday. The combined sales of 25 major offline and online retailers came to 13.1 [...]
SEOUL, March 27 (Korea Bizwire) — South Korea’s duty-free sales rose nearly 37 percent on-month in February, industry data showed Monday, as China resumed short-term entry for Korean travelers. Combined sales at duty-free shops in Asia’s fourth-largest economy came to 1.09 trillion won (US$837.4 million) last month, up 36.7 percent from a month earlier, according [...]