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, [...]
SEOUL, March 14 (Korea Bizwire) — South Korea has confirmed a foot-and-mouth disease (FMD) case at a local cattle farm, marking its first outbreak of the animal disease in nearly two years, the agriculture ministry said Friday. The FMD case was found at a beef cattle farm in Yeongam, about 300 kilometers south of Seoul, [...]
SEOUL, March 14 (Korea Bizwire) — The president of Homeplus Co., a major discount store chain in South Korea, offered a public apology Friday to retailers and investors affected by the company’s court-led normalization process. “I would like to sincerely apologize to all of our partners, store owners, investors and others who are experiencing inconvenience [...]
SEOUL, March 13 (Korea Bizwire) — The U.S. beef industry has called on the Trump administration to push South Korea to ease its restrictions on American beef imports, drawing close attention from the South Korean livestock and distribution sectors. On March 12, the National Cattlemen’s Beef Association (NCBA) formally requested that the U.S. Trade Representative [...]
WASHINGTON, March 12 (Korea Bizwire) — The Trump administration’s imposition of tariffs on steel and aluminum imports widened its trade war across the globe on Wednesday, affecting South Korea and other U.S. trading partners and sending policymakers striving harder to minimize the duties’ ramifications on their industries. Sweeping 25 percent tariffs on steel and aluminum [...]
SEOUL, March 12 (Korea Bizwire) — Premium kimchi products branded by major hotels are enjoying steady popularity, prompting businesses to expand their operations by introducing subscription services. According to hotel industry sources on March 11, Josun Hotels & Resorts launched a Premium Kimchi Subscription Service on March 7. The service delivers kimchi to subscribers on a [...]
WASHINGTON, March 11 (Korea Bizwire) — The U.S. nationwide cattlemen’s group asked the Trump administration Tuesday to help lift South Korea’s import ban on American beef from cattle aged 30 months or older, noting that similar curbs have been lifted in China, Japan and Taiwan. The National Cattlemen’s Beef Association (NCBA) sent its comments to [...]
SEOUL, March 12 (Korea Bizwire) — South Korean steelmakers are facing new and tough challenges in the U.S. market as the U.S. government was set to start imposing tariffs on all steel and aluminum imports from Wednesday. U.S. President Donald Trump has announced a wide range of levies on some of his country’s trading partners [...]
SEOUL, March 11 (Korea Bizwire) — South Korea’s restaurant industry is experiencing its most severe downturn since the pandemic, with business sentiment falling to levels last seen during COVID-19 social distancing measures, according to government data released on March 9. The Restaurant Industry Business Survey Index dropped to 71.52 in the fourth quarter of 2024, down 4.52 [...]