SEOUL, Aug. 6 (Korea Bizwire) — The antitrust regulator said Wednesday it has decided to refer the chairman of leading South Korean food company Nongshim Co. to the prosecution for allegedly omitting key affiliate companies from required disclosures to avoid designation as a large business group and to benefit from incentives for small businesses. Nongshim [...]
Project aims to detect stress at genetic level before visible symptoms emerge SUWON, August 5 (Korea Bizwire) — South Korea’s Gyeonggi Provincial Agricultural Research and Extension Services has launched an ambitious initiative to develop an artificial intelligence-based system capable of predicting crop stress caused by extreme weather and pest outbreaks before symptoms are visible. Announced [...]
SEOUL, Aug. 4 (Korea Bizwire) – Lotte Chilsung Beverage Co. said Monday its second-quarter net profit rose nearly 32 percent from a year earlier, driven by improved exports of key products. Net profit came to 27.7 billion won (US$20 million) for the April-June period, up 31.6 percent from a year earlier, the company said in [...]
SEJONG/ SEOUL, August 1 (Korea Bizwire) — South Korea’s top trade negotiator said Friday that further opening of the Korean rice market was not discussed in the recently concluded trade deal with the United States, refuting Washington’s claim on the politically sensitive issue. Finance Minister Koo Yun-cheol, who doubles as deputy prime minister for economic [...]
SEJONG, Aug. 1 (Korea Bizwire) — The Seoul government held an emergency meeting Friday to devise response measures to the United States’ new 50 percent tariffs on imported copper, the industry ministry said. The Ministry of Trade, Industry and Energy met with officials from Korean companies that export copper-related products, including LS Metal and Poongsan [...]
SEOUL, July 31 (Korea Bizwire) — In a notable win for South Korea’s agricultural sector, the government has successfully resisted U.S. demands to further open its domestic rice and beef markets during recent bilateral trade negotiations. The move has been welcomed by farmers and industry groups, who had feared the talks would lead to fresh [...]
SEJONG, July 31 1 (Korea Bizwire) — South Korea and the United States reached a dramatic tariff agreement on July 31, narrowly avoiding the imposition of a 25% mutual tariff that had loomed over bilateral trade. Under the deal, South Korea will invest $350 billion in the U.S., including a $150 billion shipbuilding fund, in [...]
SEOUL, July 31 (Korea Bizwire) — President Lee Jae Myung urged the government Thursday to closely monitor public concerns over the trade deal with the United States and prepare follow-up measures to protect the nation’s core interests. Lee made the call after Seoul clinched a trade deal with Washington to lower the reciprocal and auto-specific [...]
SEOUL, July 31 (Korea Bizwire) — The number of trading companies in South Korea reached a record high last year, data showed Thursday. A total of 273,252 trading firms were operating in 2024, up 9,831, or 3.7 percent, from a year earlier, according to the data from the Korea Customs Service. It marks the highest [...]
SEOUL, July 31 (Korea Bizwire) — South Korea’s offer to help revitalize the United States’ shipbuilding industry was a key to reaching a tariff deal with the Donald Trump administration, Seoul’s trade minister said Thursday, also highlighting a “key role” U.S. Secretary of Commerce Howard Lutnick played in securing the last-minute deal. “I think the [...]