SEOUL, June 25 (Korea Bizwire) – The number of households that moved from urban areas to farming and fishing villages fell for the second consecutive year in 2023, data showed Tuesday. The number of households moving to farming villages came to 317,464 last year, down 4.4 percent from a year earlier, according to the data [...]
SEOUL, Jun. 25 (Korea Bizwire) – The co-living phenomenon in South Korea has seen remarkable growth, with facilities in Seoul now able to accommodate up to 7,000 residents, according to a recent report by Savills Korea, a global real estate services provider. The report, titled “2024 Korea Co-Living Report” and released on June 24, highlights the [...]
SEOUL, Jun. 25 (Korea Bizwire) — The financial regulator said Tuesday that the planned implementation of stricter rules on household loans will be postponed until the start of September amid various risk factors facing the financial market. The country was originally set to implement a second phase formula for floating rate stress debt service ratio [...]
SEOUL, Jun. 25 (Korea Bizwire) — Retail sales in South Korea rose by 8.8 percent on-year in May, driven by promotional events launched by online shopping platforms, data showed Tuesday. The combined sales of 25 major offline and online retailers amounted to 16.3 trillion won (US$11.7 billion) last month, compared with 14.9 trillion won a [...]
SEOUL, Jun. 25 (Korea Bizwire) – The children’s clothing market in South Korea is experiencing steady growth despite a declining birth rate and shrinking child population, according to recent industry analysis. Data from market research firm Euromonitor reveals that the domestic children’s clothing market was worth 2.45 trillion won in 2023, a 33% increase from 1.84 [...]
SEOUL, Jun. 21 (Korea Bizwire) — Hanwha Group said Friday it has invested US$100 million in Philly Shipyard Inc. to acquire a 100 percent stake in the U.S. shipbuilder, marking the first entry of a South Korean company into the U.S. shipbuilding industry. The acquisition involves the group’s two defense units, Hanwha Systems Co. and [...]
SEOUL, Jun. 21 (Korea Bizwire) – Coupang, South Korea’s largest e-commerce platform, is taking action against vendors on AliExpress, the Chinese online retail service, for unauthorized use of its brand and imagery, including its recognizable rocket delivery logo. According to industry sources on June 20, numerous products listed on the Korean-language AliExpress website claim to be [...]
SEOUL, June 20 (Korea Bizwire) – McDonald’s Korea, the local unit of fast food giant McDonald’s Corp., said Thursday it has been forced to halt sales of french fries because of concerns about “substandard” frozen potato. In a statement, McDonald’s Korea said, “Due to an unexpected issue within our supply chain, we are temporarily unavailable [...]
SEOUL, Jun. 20 (Korea Bizwire) — Swedish furniture giant IKEA said Thursday it has expanded price cuts on its products in South Korea to provide more products at lower prices. IKEA has cut the prices of 330 products by 12 percent starting Thursday after lowering the prices of 360 products in April and 300 products [...]
SEOUL, Jun. 20 (Korea Bizwire) – CJ CheilJedang, a leading food company in South Korea, has taken an active stance in upcycling, repurposing wheat bran, a byproduct of flour milling, as an ingredient in bread products. The company announced on June 19 that it is expanding synergies by investing in two food startups, Re:Harvest and SnE [...]