SEOUL, Apr. 3 (Korea Bizwire) — South Korea’s top container shipper HMM Co. said Wednesday it has signed a deal with global terminal operator Shanghai International Port Group (SIPG) on cooperation in the supply of eco-friendly fuel for the Chinese port. The memorandum of understanding calls for HMM to cooperate with SIPG in providing clean [...]
SEOUL, Apr. 3 (Korea Bizwire) — The Supreme Court has confirmed the conviction of a liquor tycoon’s scion indicted for offering illicit business favors to a subsidiary, judicial officials said Wednesday. In a ruling made March 12, the top court upheld a prison sentence of one year and three months, suspended for two years, for [...]
SEOUL, Apr. 3 (Korea Bizwire) — South Korean shipbuilders ranked first in new global orders in the first three months of 2024 in terms of value, outpacing their Chinese rivals, data showed Wednesday. Local shipyards won US$13.6 billion in new orders over the January-March period, up 41.4 percent on-year, according to the Ministry of Trade, [...]
SEOUL, Apr. 3 (Korea Bizwire) – Following in the footsteps of AliExpress, another major Chinese e-commerce platform, Temu, announced on April 2 the establishment of its South Korean subsidiary. Named “Whaleco Korea LLC,” the new venture marks Temu’s strategic expansion into the South Korean market. The establishment of Whaleco Korea LLC on February 23rd was confirmed [...]
SEOUL, Apr. 2 (Korea Bizwire) – Hanwha Group, South Korea’s chemical-to-defense industry conglomerate, sees a good chance of acquiring Australian shipbuilder Austal, as it has expanded defense businesses in Australia, including a deal for K9 self-propelled howitzers, a group official said Tuesday. “Given that Hanwha Group is in the process of carrying out defense projects [...]
SEOUL, Apr. 2 (Korea Bizwire) — Hanwha Ocean Co., the world’s third-largest shipbuilder by order backlog, said Tuesday it has bagged an order worth 1.24 trillion won (US$919.6 million) to build four liquefied natural gas (LNG) carriers for an Asian shipper. Hanwha Ocean said it will build the vessels at its shipyard in Geoje on [...]
SEOUL, Apr. 1 (Korea Bizwire) – In a seismic shift for South Korea’s retail landscape, the e-commerce giant Coupang has surpassed the long-dominant E-Mart to become the country’s highest-ranked retail brand, according to the latest quarterly evaluation by brand consultancy BrandStock. Coupang achieved a brand stock top index (BSTI) score of 902.8, vaulting to 9th place [...]
SEOUL, Apr. 1 (Korea Bizwire) — Hur Young-in, the chairman of bakery giant SPC Group, did not show up for prosecution questioning scheduled for Monday on allegations that he forced bakers at a bakery affiliate to quit their labor union. The 74-year-old chairman is currently under investigation for his suspected involvement in an affiliate’s alleged [...]
SEOUL, Apr. 1 (Korea Bizwire) — Hollys, the coffee business unit of South Korea’s KG Group, said Monday it will open its first overseas outlet in Japan in the first half as part of its expansion strategy. Hollys plans to set up a business entity in the neighboring country to open the outlet at the [...]
SEOUL, Apr. 1 (Korea Bizwire) — South Korea’s exports moved up for the sixth consecutive month in March on the back of the robust performance of chips, data showed Monday. Outbound shipments gained 3.1 percent on-year to US$56.5 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports [...]