SEOUL, Feb. 19 (Korea Bizwire) — South Korean dairy companies are finding new growth opportunities through baby formula exports, particularly in Southeast Asia, where shipments have tripled over the past decade. According to data from the Korea Agro-Fisheries & Food Trade Corporation (aT), baby formula exports to the 10 ASEAN member countries reached a record high [...]
SEOUL, Feb. 19 (Korea Bizwire) — For the first time in 39 months, South Korea’s mobile virtual network operator (MVNO) market has recorded a decline in subscriber numbers, signaling increased competition from major telecom providers. According to wireless communication service statistics released by the Ministry of Science and ICT on February 18, the number of [...]
SEOUL, Feb. 19 (Korea Bizwire) — The Seoul Research Institute of Public Health and Environment announced on February 18 that all 198 home baking utensils tested in a recent safety inspection passed heavy metal contamination standards. The investigation covered 14 categories of baking tools, including bread molds, cooking paper, and various baking molds commonly sold in [...]
SEOUL, Feb. 18 (Korea Bizwire) — Seoul’s retail sector is entering a slowdown phase as economic stagnation and reduced consumer spending take hold, according to a recent market analysis. Cushman & Wakefield Korea released its Q4 2024 Retail Market Report on Monday, forecasting that persistent inflation, a strong U.S. dollar, and rising household debt burdens [...]
WASHINGTON, Feb. 17 (Korea Bizwire) — A senior South Korean trade official said Monday he will seek to have “mutual beneficial” discussions during his planned talks with U.S. officials in Washington, amid concerns over the potential impact of President Donald Trump’s tariff policy on the Asian country. Deputy Minister for Trade Park Jong-won made the [...]
SEOUL, Feb. 18 (Korea Bizwire) — Nearly half of South Korean restaurant owners have raised their menu prices to offset mounting delivery app commission fees, which they cite as their biggest business burden, according to a new survey released on February 14. The Consumer Network for Public Interest surveyed 502 restaurant owners and found that delivery [...]
JEJU, Feb. 18 (Korea Bizwire) — Tangerine greenhouse farmers on South Korea’s Jeju Island are increasingly turning to smartphone-controlled irrigation systems, marking a significant shift toward smart farming in the country’s prominent citrus-growing region. A consortium including the Namwon Agricultural Cooperative in Jeju, the Jeju ICT Cooperative, and smart farm developer Mamkkot Garden has been selected [...]
SEOUL, Feb. 18 (Korea Bizwire) — The management rights of Inspire Entertainment Resort, a major integrated resort on Yeongjong Island near Incheon, have been transferred from U.S.-based Mohegan to global private equity firm Bain Capital. Inspire announced on Monday that Bain Capital had exercised its acquisition rights, taking over the management of its parent company, [...]
JEJU, South Korea, Feb. 17 (Korea Bizwire) — Scientists in Jeju are making strides in developing artificial breeding technology for mackerel, aiming to bolster sustainable aquaculture practices and reduce dependence on wild-caught juveniles. The Jeju Marine and Fisheries Research Institute announced on Monday that mackerel hatched through artificial insemination last August have grown to approximately 110 [...]
SEOUL, Feb. 17 (Korea Bizwire) — South Korea’s fresh fruit imports reached an all-time high in 2024, surpassing $1.4 billion for the first time, driven by rising domestic fruit prices and increased demand for imported alternatives. According to the Korea Rural Economic Institute (KREI), imports of 12 major fresh fruits amounted to $1.447 billion (approximately [...]