BUSAN, Apr. 24 (Korea Bizwire) – Eight out of ten South Koreans perceive their country as a maritime nation and believe that establishing long-term plans and expanding research and development (R&D) efforts are crucial steps toward becoming a maritime powerhouse, according to a survey conducted by the Korea Maritime Institute (KMI). Marking its 40th anniversary, the [...]
SEOUL, Apr. 24 (Korea Bizwire) — Four major conglomerates saw their combined operating profit plunge 65 percent last year, hit by sluggish sales amid an economic slowdown, a report showed Wednesday. Some 306 affiliates of four conglomerates — Samsung, SK, Hyundai Motor and LG — posted a combined operating profit of 24.51 trillion won (US$17.9 [...]
SEOUL, Apr. 24 (Korea Bizwire) — The Seoul city government plans to develop floating office and hotel buildings and create water sports facilities on the Han River by 2030, officials said Wednesday, in the city’s latest project to increase the potential of the river running across the city. Mayor Oh Se-hoon announced the plan in [...]
SEOUL, Apr. 23 (Korea Bizwire) — Hollys, the coffee business unit of South Korea’s KG Group, said Tuesday it will open its first overseas outlet in Japan next month as part of its expansion strategy. Hollys has set up a business entity in the neighboring country to open the outlet at the Marui Department Store [...]
SEOUL, Apr. 23 (Korea Bizwire) — South Korean and Japanese business leaders plan to hold their annual bilateral conference in Tokyo next month, industry officials said Tuesday. The 56th Korea-Japan Business Conference, co-hosted by the industry ministry and the Korea-Japan Economic Association, is scheduled to be held in Tokyo from May 13-16. Last year’s meeting [...]
SEOUL, Apr. 23 (Korea Bizwire) – Choi Jang-hyuk, the vice chairperson of South Korea’s Personal Information Protection Commission, said on April 22 that he has made it clear to major Chinese internet companies operating in the domestic market, including Alibaba’s AliExpress and Temu, that they cannot be given a grace period to comply with the country’s [...]
SEOUL, Apr. 23 (Korea Bizwire) – A recent report from the market research firm TechInsight has revealed that South Korea leads the world in having the highest average selling prices for smartphones, surpassing 87 other countries surveyed. After initially overtaking Japan in 2021, South Korea has now held the top spot for two consecutive years in [...]
SEOUL, Apr. 22 (Korea Bizwire) –Kakao’s impact commerce platform Kakao Makers has partnered with food giant CJ CheilJedang to launch an upcycling initiative that will transform discarded containers from the company’s popular instant rice products into new merchandise. Timed to coincide with Earth Day on April 22, the “Instant Rice Container Reborn Project” seeks to [...]
SEOUL, Apr. 22 (Korea Bizwire) — South Korea’s internet industry saw its revenue surpass 600 trillion won (US$435.5 billion) for the first time in 2022, data showed Monday. The total sales of the local internet industry reached 622.1 trillion won in 2022, up 16.6 percent from 533.7 billion won a year ago, according to data [...]
SEOUL, Apr. 22 (Korea Bizwire) – A new study suggests that network operators, including telecommunications companies, provide benefits worth an estimated 506 billion won annually to Netflix users in South Korea. The research paper titled “An Empirical Study on the Benefits Provided by Internet Service Providers (ISPs) to Over-the-Top (OTT) Service Users,” authored by Professor Byun [...]