SEOUL, Apr. 15 (Korea Bizwire) — South Korea’s top container shipper HMM Co. said Monday it will push to expand its fleet sharply over the next seven years in a bid to boost its competitive edge and secure a stable business base. Under the mid- and long-term strategy, HMM will raise its container shipping capacity [...]
SEOUL, Apr. 15 (Korea Bizwire) — Container shipping costs from South Korea to Europe soared nearly 40 percent on-year in March amid ongoing tensions surrounding the Red Sea, the customs agency said Monday. The average shipping cost for a 40-foot container for the South Korea-European Union route came to 4.25 million won (US$3,077) last month, [...]
SEOUL, Apr. 15 (Korea Bizwire) — South Korea’s exports of information and communication technology (ICT) products gained ground for the fifth consecutive month in March, driven by a yearly high performance of semiconductors, data showed Monday. Outbound shipments of ICT products came to US$18.8 billion last month, up 19.4 percent from $15.8 billion a year [...]
SEOUL, Apr. 15 (Korea Bizwire) — Major smartphone manufacturers are taking steps to grant consumers greater “right to repair” their devices amidst growing demands. On April 11, Apple announced that certain iPhone models can now be repaired using recycled components. Previously, iPhone users had to undergo “part pairing” when self-repairing their devices, only allowing parts that [...]
SEOUL, Apr. 12 (Korea Bizwire) —South Korean e-commerce giant Coupang Inc. said Friday it will raise its monthly membership fee for paid users by 58 percent, in an apparent move to secure further capital amid growing challenges from Chinese rivals. Coupang plans to charge its paid WOW membership users 7,890 won (US$5.7) starting Saturday, [...]
WASHINGTON, Apr. 11 (Korea Bizwire) — U.S. Secretary of the Navy Carlos Del Toro has noted South Korea’s capabilities to build high-quality ships, including warships, in a cost-effective way while voicing concerns that America’s shipbuilding capabilities have “atrophied” over the past decades. Toro made the remarks during an event organized by the Navy League in [...]
SEOUL, Apr. 11 (Korea Bizwire) – Korean customers who have been indulging in the thrill of bargain hunting on Chinese e-commerce platforms like AliExpress and Temu are now reacting with shock and concern following reports of carcinogenic substances detected in products purchased from these sites. On April 10, the retail industry sources reported a surge in [...]
SEOUL, Apr. 11 (Korea Bizwire) – Chinese online shopping platforms, such as AliExpress and Temu, have experienced a remarkable surge in sales, with an increase of over 130% in just six months since their entry into the South Korean market. The data reveals that transactions under 30,000 won accounted for the majority of sales, at 78% [...]
SEOUL, Apr. 10 (Korea Bizwire) – South Korean construction companies have received widespread recognition for their design excellence, winning multiple accolades at the prestigious Red Dot Design Awards, regarded as one of the world’s three major design competitions. Hyundai Engineering & Construction announced on April 9 that its landscaping works, the “Tea House” and the “Artist’s [...]
SEOUL, Apr. 10 (Korea Bizwire) — The antitrust regulator said Wednesday it has decided to order Samsung Electronics Co. to take corrective steps for interfering with the business operations of its authorized retail stores. The tech giant allegedly had demanded that its agencies provide it with their retail price information from January 2017 through September [...]