SEOUL, Mar. 15 (Korea Bizwire) – The Alibaba Group, parent company of the online shopping platform AliExpress, has announced its intention to set up an integrated logistics center in South Korea by the end of this year, sparking interest in the location and structure of the new facility. Logistics experts suggest that, given the lengthy process [...]
SEOUL, Mar. 15 (Korea Bizwire) — The state arms procurement agency said Friday it has signed a 330.6 billion-won (US$250 million) contract with local defense company LIG Nex1 Co. for the development of a long-range ship-to-air missile by 2030. The two sides signed the deal Thursday for the air defense weapon to be equipped on [...]
SEOUL, Mar. 15 (Korea Bizwire) — Container shipping costs from Europe to South Korea soared nearly 40 percent in February amid continued tensions surrounding the Red Sea, data showed Friday. The average shipping cost for a 40-foot container for the route jumped 38.7 percent on-month to 1.24 million won (US$934.16) last month, according to the [...]
SEOUL, Mar. 15 (Korea Bizwire) — The government and the ruling People Power Party (PPP) have agreed to inject an additional 150 billion won (US$113 million) this week to stabilize the price hike of agricultural and livestock products, the party leader said Friday. According to government data, prices of agricultural, livestock and fishery products rose [...]
SEOUL, Mar. 15 (Korea Bizwire) – In a move to better understand and incorporate the perspectives of future consumers, LG Electronics has announced the launch of the fourth iteration of its ‘LG Crew’ program. Held in Seoul’s Yeongdeungpo district at the Ground220 venue, the inauguration ceremony of the LG Crew’s fourth cohort took place on March [...]
SEOUL, Mar. 14 (Korea Bizwire) – In the face of a challenging semiconductor market last year, Samsung Electronics employees experienced a significant reduction in their average annual salaries, with a reported decrease of over 10% from the previous year. Kim Ki-nam, an advisor at Samsung, emerged as the top earner, receiving a compensation package exceeding 17.2 [...]
SEOUL, Mar. 13 (Korea Bizwire) – Amid the rapidly growing global robotics market, fueled by advancements in Artificial Intelligence (AI) and Information and Communication Technology (ICT), tech giants Samsung Electronics and LG Electronics are ramping up their investments and research and development efforts. The robotics sector, which integrates various fields such as AI, semiconductors, optics, telecommunications, [...]
SEOUL, Mar. 13 (Korea Bizwire) — South Korea’s antitrust regulator said Wednesday it will strengthen the monitoring of unfair business acts by foreign platform operators and equally apply relevant domestic laws to them for swift and stern punishment for any illegalities. They are part of a set of measures presented by the Fair Trade Commission [...]
SEOUL, Mar. 12 (Korea Bizwire) – In South Korea, a somewhat surprising economic trend is unfolding: despite the nation’s birth rates hitting new lows each year, the market for premium children’s products continues to expand. This growth is largely driven by the “ten pocket” trend, where up to ten family members are willing to open their [...]
SEOUL, Mar. 12 (Korea Bizwire) – Two years into the era of high inflation, elusive price increases led by fruits and vegetables such as apples, pears, and green onions continue to burden consumers. Following the hike in gasoline and the cost of eating out in previous years, the soaring prices of everyday food items have become [...]