SEOUL, Mar. 7 (Korea Bizwire) – In a striking surge, Chinese e-commerce companies are rapidly expanding their foothold in the South Korean market, leveraging ultra-low pricing as their primary strategy. Data from application and retail analysis service WiseApp reveals that these platforms are witnessing unprecedented growth in user numbers. As of last month, AliExpress, a leading [...]
SEOUL, Mar. 7 (Korea Bizwire) — South Korean semiconductor powerhouse SK hynix Inc. has won a non-compete injunction against a former researcher who left to work for its U.S. chipmaking rival Micron Technology Inc., sources said Thursday, amid an intensifying race for cutting-edge artificial intelligence (AI) chips. Last month, a Seoul court granted an injunction [...]
SEOUL, Mar. 7 (Yonhap) — Major South Korean builder Lotte Engineering & Construction Co. (Lotte E&C) said Thursday it has completed the creation of a 2.3 trillion-won (US$1.73 billion) project financing (PF) fund, which will help cut its interest burden from high-interest debt. Five local banks, including KB Kookmin Bank and the state-run Korea Development [...]
SEOUL, Mar. 6 (Korea Bizwire) — South Korea’s inflation ticked up to over 3 percent in a month in February on high prices of fresh food items and energy, data showed Wednesday. Consumer prices, a key gauge of inflation, rose 3.1 percent on-year last month, compared with a 2.8 percent increase a month earlier, according [...]
TOKYO, Mar. 6 (Korea Bizwire) – Riding on the Hallyu wave, Korean cuisine continues to expand its presence in the Japanese market, now extending to street food offerings. At Asia’s largest food expo, Foodex Japan 2024, which opened for a four-day run on March 5 at Tokyo Big Sight in Tokyo, the Korea Pavilion showcased a [...]
SEOUL, Mar. 6 (Korea Bizwire) – Despite the significant increase in fruit and vegetable prices, government interventions to regulate import quantities as a means to manage inflation are not feasible for apples, which have seen substantial price hikes, earning them the nickname “golden apples.” The stringent quarantine system is the primary barrier. According to the Korea [...]
SEOUL, March 4 (Korea Bizwire) – The CEO of bakery and beverage giant SPC Group was arrested Monday on charges of forcing bakers at an affiliated firm to quit their labor union and bribing a prosecution investigator. The Seoul Central District Court issued an arrest warrant for Hwang Jae-bok, citing concerns he could destroy evidence. [...]
SEOUL, Mar. 4 (Korea Bizwire) – As the global economy faces prolonged downturns and increasing uncertainties, several South Korean conglomerates have initiated cost-cutting measures by reducing the compensation limits for their board members. According to filings with the Financial Supervisory Service’s Electronic Disclosure System, Samsung Electronics is set to propose a reduction in the total compensation [...]
SEOUL, Mar. 4 (Korea Bizwire) – As predictions of declining real estate values gain momentum, the scale of reverse mortgage guarantees in South Korea is set to hit an all-time high this year, signaling an increased adoption among homeowners. Reverse mortgages, available to individuals over 55, allow homeowners to secure a loan against their property to [...]
SEOUL, Mar. 4 (Korea Bizwire) — Kumho Tire Co., South Korea’s second-largest tire maker, said Monday it has forged a technology licensing agreement with Saudi Arabian tire maker Blatco Co. Under the agreement, Kumho Tire will provide Blatco with technology support for the production of passenger car tires sold in Saudi Arabia and the Middle [...]