SEOUL, Dec. 6 (Korea Bizwire) – South Korea’s tourism and retail industries are on edge following the recent declaration and lifting of martial law, as travel warnings from major countries raise concerns about a potential decline in foreign visitors. While the Korea Tourism Organization reported no significant cancellations as of December 5, signs of apprehension [...]
SEOUL, Dec. 6 (Korea Bizwire) – South Korea is witnessing a steady shift toward transparent corporate governance as more conglomerates adopt holding company structures. However, concerns are mounting over indirect investments via overseas subsidiaries, potentially enabling unfair internal transactions and abuse of authority. According to the Fair-Trade Commission (FTC), 43 of the country’s 88 conglomerates [...]
SEOUL, Dec. 6 (Korea Bizwire) — South Korea’s Hanwha Group said Friday it seeks to resume a major city development project in Iraq, which has been suspended for two years due to unpaid construction fees. Hanwha Corporation E&C Division, the group’s construction arm, said it recently signed an amended contract with Iraq’s National Investment Commission [...]
POHANG, South Korea, Dec. 5 (Korea Bizwire) — The industrial heart of Pohang, once buoyed by its thriving secondary battery and steel industries, is grappling with a severe economic downturn, underscoring the fragility of the region’s core sectors. The city, home to major players like EcoPro, POSCO Future M, and GS Energy Materials, has been [...]
SEOUL, Dec. 5 (Korea Bizwire) – In a bold move to promote sustainable energy, Seoul announced the selection of two major development projects to incorporate water-based thermal energy systems: the Jamsil Sports & MICE Complex and the Seongsu-dong K-Project. The decision marks a significant step in reducing carbon emissions and energy costs in large-scale urban [...]
SEOUL, Dec. 5 (Korea Bizwire) – CJ OnStyle, a major South Korean online retailer, has identified “newmiliar” as the defining consumer trend of 2024, describing a preference for products that combine familiarity with innovative twists. The term “newmiliar,” a portmanteau of “new” and “familiar,” emerged from the company’s analysis of sales data across its most popular [...]
SEOUL, Dec. 4 (Korea Bizwire) — South Korea’s agricultural minister says she expects exports of traditional fermented sauces using soybeans, or “jang,” to grow down the road after the tradition of making them was recognized as intangible heritage by the United Nations cultural organization. The United Nations Educational, Scientific and Cultural Organization (UNESCO) in Paraguay [...]
JEONJU, Dec. 4 (Korea Bizwire) – South Korea’s Rural Development Administration (RDA) is accelerating efforts to develop smart agriculture technologies aimed at automating farming practices. On December 3, the RDA showcased its innovations during a demonstration event in Hamyang County, Gyeongnam Province, attended by over 100 local farmers and industry participants. The initiative focuses on [...]
SEOUL, Dec. 4 (Korea Bizwire) — Major South Korean conglomerates kept busy Wednesday trying to evaluate their business conditions amid uncertainties in the wake of a short-lived declaration of emergency martial law that sent ripples through the financial market. Key players in the business sector, including Samsung Group, SK Group and LG Group, held emergency [...]
SEOUL, Dec. 3 (Korea Bizwire) – South Korea’s duty-free sector is grappling with declining performance as foreign tourists increasingly favor road shops and specialty stores, such as health and beauty retailer Olive Young, over traditional duty-free outlets. This trend was highlighted at the “2025 Retail Industry Outlook Seminar” held by the Korea Chamber of Commerce [...]