SEOUL, Dec. 17 (Korea Bizwire) – Nearly half of South Korea’s small business owners in the food and hospitality sectors report direct or indirect losses due to the ongoing political crisis following the December 3 martial law declaration and subsequent impeachment of President Yoon Suk-yeol. A survey conducted by the Korea Federation of SMEs between [...]
SEOUL, Dec. 16 (Korea Bizwire) – South Korea’s manufacturing and mining sectors saw their first decline in business establishments in seven years, driven by a slowdown in the semiconductor industry and a downturn in textiles. According to Statistics Korea’s preliminary Mining and Manufacturing Survey, released on December 16, the total number of businesses with 10 or [...]
SEOUL, Dec. 16 (Korea Bizwire) — South Korea’s major corporations, including Samsung, SK, Hyundai, and LG, are closely monitoring the political and economic fallout following the impeachment of President Yoon Suk-yeol. As the nation grapples with heightened uncertainty, compounded by the anticipated inauguration of Donald Trump’s second U.S. presidency, businesses are taking cautious steps to [...]
SEJONG, Dec. 16 (Korea Bizwire) – Container shipping costs from South Korea to China rose in November, reversing the decline recorded the previous month, the customs agency said Monday. The average shipping cost for a 40-foot container from South Korea to China climbed 14.4 percent from a month earlier to 839,000 won (US$583.93) in November, according to [...]
SEOUL, Dec. 16 (Korea Bizwire) – Maeil Dairies Co., a major dairy product manufacturer, on Monday issued an apology over an accident involving the mixing of cleaning solution in one of its sterilized milk products during production. Maeil Dairies CEO Kim Seon-hee said in a statement posted on the company website that a valve operation [...]
GOYANG, Dec. 16 (Korea Bizwire) – The Grand Department Store in Ilsan, Gyeonggi Province, will permanently close its doors at the end of February, marking the final chapter for a retail chain that once maintained a significant presence in South Korea’s upscale shopping districts, including Seoul’s Gangnam area. According to industry sources on December 15, the [...]
SEOUL, Dec. 13 (Korea Bizwire) – Amid growing geopolitical and economic uncertainties, including escalating U.S.-China tensions and the anticipated inauguration of Donald Trump’s second term, South Korea’s major corporations are conducting high-level strategy meetings to fine-tune their business plans for 2024. Samsung Electronics to Focus on Core Competitiveness Samsung Electronics will host its biannual Global [...]
SEOUL, Dec. 13 (Korea Bizwire) – A new analysis has revealed that Japan stands as South Korea’s strongest competitor in global exports, with the two countries sharing nine out of their top 10 export items. According to a report titled “Analysis of Global Competition Trends in Top 10 Export Items” released by the Korea Trade-Investment Promotion [...]
SEOUL, Dec. 13 (Korea Bizwire) – With South Korea’s bottled water industry facing growing competition, Coca-Cola Beverage is making its bid for the premium segment with a new product launch, adding another player to an increasingly crowded market where longtime leader Jeju Samdasoo has seen its market share slip below 40%. Coca-Cola announced on December 12 [...]
SEOUL, Dec. 13 (Korea Bizwire) — Trade Minister Cheong In-kyo visited Japan on Friday to meet his Japanese counterpart and discuss ways to expand bilateral economic cooperation amid global business uncertainties, Seoul’s trade ministry said Friday. Cheong held the meeting with Vice Minister for International Affairs Takehiko Matsuo in Tokyo to share opinions on achieving [...]