SEOUL, March 20 (Korea Bizwire) – Owners of small businesses in South Korea typically operate for an average of 6 years and 6 months before closing shop, accumulating approximately 100 million won in debt during their business lifecycle, according to findings released today by the Korea Federation of SMEs. The data comes from a survey of [...]
SEOUL, March 20 (Korea Bizwire) — Ottogi Corp., a major South Korean food company, said Thursday it will raise the prices of its “ramyeon,” or instant noodle, products next month to reflect higher raw materials costs. Ottogi plans to raise the retail prices of 16 ramyeon products by an average of 7.5 percent starting April [...]
SEOUL, March 20 (Korea Bizwire) — South Korean e-commerce giant Coupang Inc. has been named the world’s second most innovative retail company by the U.S. business magazine Fast Company, the company announced Wednesday. The annual Fast Company list highlights the top 10 most innovative retail companies and features 609 global businesses across 58 categories, including [...]
SEOUL, March 20 (Korea Bizwire) — The South Korean government has unveiled a comprehensive plan to protect its steel industry from mounting trade risks, including the recent 25% tariff imposed by the Trump administration in the United States and an influx of low-cost Chinese steel. The Ministry of Trade, Industry and Energy announced on Wednesday [...]
JEONJU, March 20 (Korea Bizwire) — South Korea’s Rural Development Administration (RDA) announced on Wednesday that it had developed standardized guidelines for using honeybees and bumblebees as pollinators for mango trees. Mangoes are cross-pollinating crops that traditionally rely on flies attracted by seafood products for pollination on Jeju Island, the main production region in South Korea. However, [...]
SEOUL, March 20 (Korea Bizwire) — A new study has revealed that chief executive officers with management and finance backgrounds are increasingly taking the helm at South Korea’s largest corporations, while those with technical expertise are becoming less common in the boardroom. According to data released on Wednesday by CEO Score, a corporate research firm, the proportion [...]
SEOUL, March 19 (Korea Bizwire) — South Korean food company Samyang Foods Inc. said Wednesday its exports surpassed the 1 trillion-won (US$688 million) mark for the first time in its history last year thanks to growing demand for its globally popular ‘Buldak’ spicy ramyeon. The company’s outbound shipments amounted to 1.34 trillion won in 2024, [...]
SEOUL, March 19 (Korea Bizwire) — The Seoul city government on Wednesday said it will temporarily adopt the “land transaction permission system” in four affluent districts of the capital to help stabilize the real estate market, less than five weeks after it lifted the same regulation in two of those districts. The government has designated [...]
SEOUL, March 19 (Korea Bizwire) — The Ministry of Oceans and Fisheries (MOF) revealed on March 18 that individuals who transitioned to fishing communities earned an average monthly household income of 3.47 million won in their first year, according to its ’2024 Return-to-Fishing Survey.’ The survey, which included 236 first-year fishing migrants from 2023, found their [...]
SEOUL, March 18 (Korea Bizwire) — Zara, the Spanish fashion giant, is set to open its first Zacaffe location in South Korea this May, launching inside the brand’s newly renovated flagship store in Myeong-dong, Seoul. The move reflects a growing trend among global fashion brands incorporating cafés into their retail spaces, offering customers a more [...]