SEOUL, Jan. 8 (Korea Bizwire) – Hyundai Steel Co. is reviewing constructing an automotive steel mill in the United States to respond to the incoming Donald Trump administration’s protectionist policies, industry sources said Wednesday. The steel-making unit of South Korea’s auto giant Hyundai Motor Group has discussed the estimated 10 trillion won (US$6.9 billion) investment [...]
SEOUL, Jan. 8 (Korea Bizwire) — Hyundai Motor Co. said Wednesday it has begun to sell its vehicles on Amazon.com, one year after the South Korean carmaker signed a strategic partnership with the U.S. retail giant. Starting Jan. 7 (local time), U.S. consumers can browse, order and finance any new Hyundai vehicle through a participating [...]
SEOUL, Jan. 8 (Korea Bizwire) — South Korea’s department store industry showed stagnant growth of less than 1% last year, with the disparity between high-performing and struggling stores becoming increasingly pronounced. According to industry data released on January 7, the five major department store chains – Lotte, Shinsegae, Hyundai, Galleria, and AK – recorded combined sales [...]
SEOUL, Jan. 7 (Korea Bizwire) — Shinsegae Group and China’s Alibaba Group have joined forces to form a strategic e-commerce alliance, a move that has drawn close attention from Coupang, South Korea’s market leader in online retail. The partnership, announced on January 6, could significantly alter the competitive dynamics of the e-commerce sector. Coupang’s senior [...]
SEOUL, Jan. 7 (Korea Bizwire) — The construction sector in South Korea is on edge after Shindongah Construction, a mid-sized builder known for its “Famille” housing brand, filed for court-led rehabilitation on January 6. The company, ranked 58th in construction capability evaluations, is the largest in its tier to take this step amid a worsening [...]
SEOUL, Jan. 7 (Korea Bizwire) — Individuals with serious criminal records will face employment restrictions in online delivery services, such as Baemin and Coupang Eats, as well as in taxi services for disabled people, the transport ministry said Tuesday. Under the revised enforcement ordinances of transportation and services acts approved by the Cabinet, those with [...]
SEOUL, Jan. 7 (Korea Bizwire) — Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry and SK Group, highlighted the pressing challenges of global economic shifts during the “2025 Seoul New Year’s Meeting” on January 6. Speaking at the Seoul Chamber of Commerce in Jung-gu, he identified three major disruptions—U.S.-led tariff hikes, inflationary [...]
SEOUL, Jan. 6 (Korea Bizwire) — Chinese businesses are making significant inroads into South Korea, diversifying their presence across retail, electric vehicles (EVs), e-commerce, and consumer electronics. This trend reflects a broader shift as Chinese companies seek to offset slowing domestic growth and navigate rising trade barriers in the U.S. and Europe. Retail Resurgence: Miniso’s [...]
SEOUL, Jan. 6 (Korea Bizwire) — With South Korea facing its worst domestic retail downturn since the 2008 global financial crisis, major retailers are accelerating their international expansion plans in search of new growth opportunities. On January 5, industry sources revealed that Lotte Department Store is planning to expand overseas with its next-generation shopping complex brand, [...]
SEOUL, Jan. 6 (Korea Bizwire) — HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) started its export activities for 2025 on Monday with the delivery of a liquefied natural gas (LNG) carrier, according to the company. According to HD KSOE, the vessel being delivered is a 174,000-cubic-meter LNG carrier ordered in June 2022 by [...]