SEOUL, March 18 (Korea Bizwire) — Only about half of large companies in South Korea operated an environmental, social and governance (ESG) committee last year, reflecting their commitment to sustainable growth, a report showed Tuesday. According to the report by corporate research firm Leaders Index, 194 companies, or 53.7 percent, of 361 companies with available [...]
SEOUL, March 17 (Korea Bizwire) — Hanwha Ocean Co. said Monday it has secured a 2.3 trillion-won (US$1.59 billion) order from Evergreen Marine Corp. of Taiwan to build six ultra-large liquefied natural gas (LNG) carriers. The 24,000 twenty-foot equivalent unit (TEU) ships will feature advanced eco-friendly technologies by Hanwha Ocean, including dual-fuel engines and shaft [...]
SEOUL, March 17 (Korea Bizwire) — Swedish furniture giant IKEA said Monday it will open its first outlet in Seoul and fifth in South Korea next month amid efforts to boost its sales in Asia’s fourth-largest economy. IKEA advanced to South Korea with its first outlet in Gwangmyeong, just south of Seoul, in 2014, and [...]
SEOUL, March 17 (Korea Bizwire) — As the global appetite for K-food continues to grow, South Korean food companies are accelerating their overseas expansion, aiming to reduce reliance on the domestic market and tap into high-growth international sectors. Among them, Samyang Foods has emerged as a standout, propelled by the overseas success of its Buldak [...]
SEJONG, South Korea, March 14 (Korea Bizwire) — South Korea’s economy is increasingly influenced by domestic factors rather than global conditions, signaling a shift toward self-driven growth and stability, according to a new report from the Korea Institute for International Economic Policy (KIEP). The study, released on Thursday by KIEP’s International Macroeconomics and Finance Division, [...]
SEOUL, March 14 (Korea Bizwire) — McDonald’s Korea, the local unit of fast food giant McDonald’s Corp., said Friday it will increase the prices of 20 menu items by an average of 2.3 percent next week, citing higher food costs and exchange rate fluctuations. Under the new pricing, the signature Big Mac meal will cost [...]
SEOUL, March 14 (Korea Bizwire) — South Korea has designated May 29 as “Medical Device Day” and September 7 as “Cosmetics Day” as part of broader legislative reforms aimed at strengthening industry oversight and public awareness. The Ministry of Food and Drug Safety announced on Thursday that the National Assembly passed amendments to six laws, [...]
SEOUL, March 14 (Korea Bizwire) — In a bid to address the growing demand for skilled foreign labor, the South Korean government, in collaboration with local municipalities, is launching a pilot program to train foreign workers in their home countries before their employment in South Korea. The Ministry of Employment and Labor announced on Thursday that [...]
SEOUL, March 14 (Korea Bizwire) — Seoul’s iconic Teheran-ro, the bustling thoroughfare that cuts through the heart of Gangnam District, will soon see dramatic changes to its skyline as city officials remove height restrictions and allow for dramatically increased density in new developments. The Seoul Metropolitan Government announced on March 13 that it has approved modifications [...]
SEOUL, March 14 (Korea Bizwire) — Hyundai Steel Co. said Friday it has shifted to an emergency management mode in response to growing challenges, including the recent imposition of steel tariffs by the United States and an ongoing strife with unionized workers. The company announced that all executives have taken a 20 percent pay cut effective Thursday, [...]