SEOUL, Nov. 17 (Korea Bizwire) — South Korean business leaders met Saudi Arabia’s Crown Prince Mohammed bin Salman in Seoul on Thursday to discuss business cooperation, including the construction of a futuristic mega city. Samsung Electronics Executive Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won and Hyundai Motor Group’s Chairman Euisun Chung were among the [...]
SEOUL, Nov. 17 (Korea Bizwire) — Business leaders of South Korea and Saudi Arabia discussed ways Thursday to deepen their economic partnership, citing climate change, space technology and bio as new areas the two sides can cooperate on as future investment. The two nations’ governments and companies also signed some 20 memorandums of understanding (MOUs) [...]
SEOUL, Nov. 17 (Korea Bizwire) — Net profit of South Korean listed firms declined 37.04 percent in the third quarter this year from a quarter ago amid monetary policy tightening and a slowdown in the economy, the bourse operator said Wednesday. Consolidated net profit of 601 companies on the main KOSPI market totaled 27.67 trillion [...]
SEOUL, Nov. 16 (Korea Bizwire) — Hyundai Glovis Co. said Wednesday it has signed a preliminary deal with Malaysia’s retail-to-steel conglomerate Lion Group to partner up for smart logistics solutions in the Southeast Asian market. Under the memorandum of understanding, Hyundai Glovis’ advanced logistics management system will be introduced to Lion Group’s key business units, [...]
SEOUL, Nov. 15 (Korea Bizwire) — Hotel Lotte Co. said Tuesday it has opened a new inner city duty-free store in Vietnam’s Da Nang city as its duty-free division prepares for a surge in global travelers. The Da Nang location is the second global inner-city store operated by the brand, following its store in Sydney. [...]
SEOUL, Nov. 15 (Korea Bizwire) — South Korea’s rice output fell 3 percent this year from a year earlier due to a sharp drop in precipitation and lack of sunny days, data showed Tuesday. The country’s rice production came to 3.76 million tons this year, falling from 3.88 million tons tallied in 2021, according to [...]
SEOUL, Nov. 15 (Korea Bizwire) — CJ Onstyle, a home shopping unit of South Korean food and entertainment giant CJ Group, announced that it had recently formed a partnership with Google Inc. to start supplying live commerce content on YouTube. The move is a part of the company’s efforts to expand its viewer base towards [...]
SEOUL, Nov. 14 (Korea Bizwire) — South Korea’s top steelmaker POSCO is expected to fully normalize its facilities damaged by a September typhoon during the first quarter of next year, the industry ministry said Monday. The ministry’s estimate for the full recovery of the typhoon-hit facilities contrasts with POSCO’s own projection that they will be [...]
SEOUL, Nov. 11 (Korea Bizwire) — The home appliances industry showed poor performance in the third quarter this year due to a drop in demand. The rental market, which had been seeing exponential growth, has also taken a hit. Coway Co. reported 968 billion won in sales (US$733 million) and 165 billion won in operating [...]
SEOUL, Nov. 10 (Korea Bizwire) — Department stores have reported strong sales thanks to the increase in outdoor activities resulting from the lifting of social distancing rules, but smaller stores have seen their sales stagnate. The nation’s retail sales amounted to 408.4 trillion won in the January to September period of this year, up 7.4 [...]