SEOUL, March 9 (Korea Bizwire) — Mergers and acquisitions by South Korean firms decreased 7.7 percent in 2022 from a year earlier amid economic uncertainties, data showed Thursday. The number of mergers came to 1,027 cases last year, down from 1,113 cases tallied in 2021, according to the Fair Trade Commission (FTC). They were valued [...]
SEOUL, March 9 (Korea Bizwire) — South Korean logistics company Hanjin Transportation Co. said Wednesday it will launch a trial operation of cargo bikes to strengthen its eco-friendly transportation drive. Cargo bikes are electric-powered bikes designed to carry loads, particularly in areas that cannot be accessed by parcel delivery trucks. Hanjin’s cargo bike, made by [...]
SEOUL, March 7 (Korea Bizwire) — South Korea recaptured the No. 1 spot in global shipbuilding orders in February, industry data showed Tuesday, thanks to its dominance in the liquefied natural gas (LNG) carrier market. Local shipyards won orders totaling 1.56 million compensated gross tons (CGTs) to build 34 ships, accounting for 74 percent of [...]
SEOUL, March 7 (Korea Bizwire) — Emart24, the convenience store arm of South Korean discount retailer Emart Inc., made waves last year when it offered expensive luxury goods such as diamonds, Mercedes-Benzes, and BMWs. Now, the company is back with more exotic offerings, including high-end karaoke machines and BMW Mini Coopers. Emart24 said Monday it [...]
SEOUL, March 6 (Korea Bizwire) — South Korea’s first Five Guys burger restaurant is set to open in Gangnam, southern Seoul, by late June, its operator said Monday. The store set to open in the bustling commercial district near Gangnam Station, will have up to 150 seats, according to Galleria Department Store owned by Hanwha [...]
SEOUL, March 3 (Korea Bizwire) — The number of startups in South Korea fell more than 7 percent in 2022 from a year earlier amid a sluggish property market, government data showed Friday. A total of 1.317 million new companies were set up in the country last year, down 7.1 percent from a year earlier, [...]
SEOUL, March 2 (Korea Bizwire) — GS25, the convenience store chain run by GS Retail Co., has reintroduced the “Kim Hye-ja” lunchbox six years after production ceased. The low-priced lunchbox was originally promoted by actress Kim Hye-ja, spearheading the lunchbox boom at South Korean convenience stores. Since it was released in September 2010, 40 different [...]
SEOUL, March 2 (Korea Bizwire) — After establishing a presence in the online payment market to foster loyal customers for their platforms, South Korea’s major retailers are now attempting to make their payment solutions available through offline channels. Gmarket’s Smile Pay is now available at Shinsegae Group’s offline stores after the company was acquired by [...]
SEOUL, Feb. 28 (Korea Bizwire) — The rising prices of important goods and services such as heating, electricity, and soju, have led to an increased interest in “ugly” agricultural products that were previously discarded due to their poor marketability in terms of shape and size. Retailers like E-Mart Everyday and Lotte Mart are selling “ugly” [...]
SEOUL, Feb. 27 (Korea Bizwire) — China’s state-run duty-free operator, China Duty Free Group Co. (CDFG), has participated in the license bidding at Incheon International Airport, industry sources said Monday. Four South Korean companies — Lotte Hotel, Hotel Shilla, Shinsegae and Hyundai Department Store Duty Free — have also submitted bids for a ten-year license [...]