SEOUL, Dec. 20 (Korea Bizwire) — An increasing number of hamburger chains are jumping into the breakfast market as the floating population in morning hours increased due to the loosening of pandemic restrictions. Burger King’s breakfast-only menu item King Morning, which recently returned after a two-year hiatus due to the COVID-19 pandemic, passed the 14,000 [...]
SEJONG, Dec. 19 (Korea Bizwire) — Corporate retirement pension funds under management expanded 15.5 percent in 2021 from a year earlier, government data showed Monday. Cumulative corporate retirement pension funds stood at 295 trillion won (US$226 billion) as of end-December last year, up 40 trillion won from a year ago, according to the data compiled [...]
SEOUL, Dec. 19 (Korea Bizwire) — Samsung Heavy Industries Co. announced that it has developed a blockchain-based cyber security solution to strengthen digital information security for autonomous ships for the first time in the shipbuilding industry. This technology sends the data created by the shipbuilder’s remote autonomous navigation system known as Samsung Autonomous Ship, or [...]
SEOUL, Dec. 18 (Korea Bizwire) — South Korean steelmaker POSCO said Sunday it has resumed operations at a key steel plant after a three-month-long suspension due to a typhoon. On Thursday, POSCO restarted the No. 2 hot-rolled steel production plant in Pohang, 374 kilometers southeast of Seoul, bringing the number of normalized plants to 13 [...]
SEOUL, Dec. 16 (Korea Bizwire) — Hanwha Group signed an agreement with Daewoo Shipbuilding & Marine Engineering Co. (DSME) on Friday to take over the embattled shipbuilder, officials said, paving the way for a smooth privatization after multiple unsuccessful attempts. Under the deal, Hanwha Aerospace and five other Hanwha affiliates will acquire a 49.3 percent [...]
SEOUL, Dec. 16 (Korea Bizwire) — McDonald’s Korea said Thursday it will adopt the Hi-Pass, an automatic tolling system on major expressways, for its drive-thru (DT) service in South Korea. The Korean unit of the global fast food giant McDonald’s signed a business agreement with Korea Expressway Corp., Shinhan Card Co. and KIS Information & [...]
SEOUL, Dec. 16 (Korea Bizwire) — IKEA Korea saw its sales fall this year due to the spread of COVID-19 and a drop in home sales, the first such decline after eight years of continuous growth in its South Korean operations. According to company data, the South Korean arm of the Swedish furniture maker’s sales [...]
SEOUL, Dec. 16 (Korea Bizwire) — The size of South Korea’s meat substitute market is forecast to exceed 20 billion won (US$15.2 million) this year, an industry tracker said Thursday. According to a report from Euromonitor International, the size of the nation’s alternative meat market is expected to reach $16.9 million this year, up 28 percent [...]
SEOUL, Dec. 14 (Korea Bizwire) – South Korean shipyard Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Wednesday it has signed a business partnership agreement with top local steelmaker POSCO on the development of new shipbuilding materials. The deal calls for joint efforts to develop new shipbuilding materials and welding technologies that will be applied [...]
SEOUL, Dec. 14 (Korea Bizwire) — Large companies in South Korea have seen their combined free cash flow (FCF) plunge nearly 80 percent over the past year amid concerns over a liquidity crunch stemming from high interest rates, a corporate tracker said Wednesday. The total FCF of 268 out of the country’s top 500 listed [...]