SEOUL, Jan. 23 (Korea Bizwire) — A delayed onset of winter in South Korea has driven a surge in demand for premium bedding, with sales of goose-down and wool comforters soaring as temperatures plummeted in recent weeks. Major department stores, including Lotte, Shinsegae, and Hyundai, reported a 10% year-over-year increase in overall bedding sales from [...]
SEOUL, Jan. 23 (Korea Bizwire) — HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) said Thursday it has secured a 3.72 trillion-won (US$2.59 billion) order to build 12 liquefied natural gas container ships. The company said in a regulatory filing that the vessels were ordered by an unnamed European shipping company, though industry reports [...]
SEOUL, Jan. 23 (Korea Bizwire) — South Korea’s business community on Thursday launched a promotion committee to support the government’s preparations for the Asia-Pacific Economic Cooperation (APEC) CEO Summit set to be held in the country this year. The Korea Chamber of Commerce & Industry (KCCI) said the committee, led by KCCI Chairman Chey Tae-won, [...]
SEOUL, Jan. 22 (Korea Bizwire) — With just one month remaining until South Korea’s much-debated delivery fee reform takes effect, questions over its effectiveness are growing. Opposition from franchise operators and the rise of “dual pricing” systems among small business owners are fueling concerns that the reform could exacerbate, rather than resolve, industry tensions. Critics [...]
SEOUL, Jan. 22 (Korea Bizwire) — A surge in Chinese exports is stoking tensions across the global industrial landscape, as countries worldwide grapple with an influx of low-priced Chinese goods that many say is disrupting their domestic markets. China’s customs authority reported that exports reached a record 25.5 trillion yuan in 2024, jumping more than 7% [...]
SEJONG, Jan. 22 (Korea Bizwire) – South Korea’s standards agency unveiled a blueprint Wednesday for enhancing its monitoring of children’s products sold on overseas shopping platforms amid growing concerns over the influx of goods that fail to meet local safety standards. The plan, which will run through 2027, comes amid growing demand for children’s products [...]
SEOUL, Jan. 22 (Korea Bizwire) — The state defense procurement agency officially launched the fourth and final phase of its next-generation frigate project on Wednesday as part of efforts to replace the Navy’s aging warships. Defense officials and companies involved in the project gathered at Hanwha Ocean Co.’s headquarters in Geoje, 329 kilometers southeast of [...]
SEOUL, Jan. 22 (Korea Bizwire) — Members of South Korea’s National Assembly sharply criticized Coupang Inc.’s founder Kim Bom-suk for his absence from a parliamentary hearing on January 21 focused on improving working conditions for the e-commerce giant’s delivery workers, particularly regarding late-night labor practices. The hearing, held by the Environment and Labor Committee, was attended [...]
SEOUL, Jan. 21 (Korea Bizwire) — Korean manufacturers of power equipment and electrical cables are strengthening their foothold in the United States as demand surges for grid infrastructure upgrades, driven by artificial intelligence and data center expansion. HD Hyundai Electric announced on January 20 its plans to invest 185 billion won to construct a second manufacturing [...]
SEOUL, Jan. 21 (Korea Bizwire) — Korean industries are expressing growing concern with the burden of increased raw material import costs and overseas investment expenses outweighing potential export benefits amid high exchange rates, according to a new report released on January 20. The Korea Chamber of Commerce and Industry surveyed 12 major industry associations to assess [...]