SEOUL, Feb. 27 (Korea Bizwire) — Retail sales in South Korea grew 4 percent on-year in January, though offline retailers saw their sales fall due to the New Year’s holiday and amid an economic slowdown, data has showed. The combined sales of 25 major offline and online retailers came to 14.7 trillion won (US$11.19 billion) [...]
SEOUL, Feb. 27 (Korea Bizwire) — The government’s major policies have come under fire due to their potential impact on the South Korean agricultural industry. One such policy involves the slaughter of a large number of cows to lower the wholesale price of Korean beef, while another seeks to remove Shindongjin, a top-quality rice variety, [...]
SEOUL, Feb. 24 (Korea Bizwire) — POSCO International Corp., a major South Korean commodities trader, has joined hands with food company Daesang Corp. to scale up their starch sweetener business, the two companies said Friday. They signed a memorandum of understanding (MOU) the previous day to cooperate in investing in new businesses and the supply [...]
SEOUL, Feb. 24 (Korea Bizwire) – The impact of government policies on the consumer and businesses alike is substantial, as seen in regulatory policies implemented by the previous Moon Jae-in administration to combat high demand in the real estate market. The Moon government’s belated shift to supply policies resulted in criticism for causing confusion in [...]
SEOUL, Feb. 24 (Korea Bizwire) — South Korea’s fisheries output moved down 6 percent from a year earlier in 2022, data showed Friday, primarily due to a fall in the production of anchovies, hairtail, and squid. Total fisheries output amounted to 3.6 million tons last year, down from 3.83 million tons tallied in 2021, according [...]
SEOUL, Feb. 24 (Korea Bizwire) — POSCO Holdings Inc., South Korea’s top steelmaker, said Friday it has signed a preliminary deal with a Chinese firm for the production of nickel in Indonesia. Under the deal with Chinese resource trading and mining firm Ningbo Liqin, POSCO will build a plant to produce 120,000 tons of mixed [...]
SEOUL, Feb. 23 (Korea Bizwire) — More than half of European companies based in South Korea intend to increase investment this year from last year, with nearly every seven out of 10 showing satisfaction in doing business here, a poll showed Thursday. Fifty-five percent of the companies said they plan to increase investment or operational [...]
SEOUL, Feb. 23 (Korea Bizwire) — Korean beef, a highly coveted item among consumers in South Korea, is now gaining more attention from the retail distribution industry as well. Recent half-price discount events have resulted in sold-out stocks every day, underscoring the growing popularity of this premium meat. E-grocery platform Market Kurly, announced the launch [...]
SEOUL, Feb. 22 (Korea Bizwire) — Legoland Korea Resort is confident about its financial soundness and plans to invest around 100 billion won (US$76.7 million) over the next five years, an executive said Wednesday, as the theme park pushes for further growth in South Korea. “One of the many features of a theme park is [...]
SEOUL, Feb. 22 (Korea Bizwire) — HMM Co., South Korea’s top container shipper, said Tuesday it had signed a business agreement with marine waste management company Foresys to establish a circular environment system using discarded mooring ropes. Large ships use dozens of thick mooring ropes when in port. HMM has been discarding about 20 tons [...]