SEOUL, Jul. 18 (Korea Bizwire) – HD Hyundai, a leading South Korean industrial conglomerate, announced on July 17 the inauguration of its Naval Technology Institute within the company’s Global R&D Center in Seongnam, Gyeonggi Province. The new institute represents an expansion of the Naval Technology Center, previously part of HD Hyundai Heavy Industries’ Special Ship Division. [...]
SEOUL, Jul. 16 (Korea Bizwire) – South Korea’s online luxury goods market has experienced a sharp decline, with sales dropping by more than 30% in the first quarter of 2024 compared to the same period two years ago, according to recent data. This downturn is largely attributed to the impacts of high inflation and interest rates. [...]
SEOUL, Jul.15 (Korea Bizwire) — Container shipping costs from South Korea to Europe rose for the second consecutive month in June amid prolonged tensions surrounding the Red Sea, the customs agency said Monday. The average shipping cost for a 40-foot container from South Korea to the European Union soared 44.6 percent on-month, or 121.6 percent [...]
SEOUL, Jul. 15 (Korea Bizwire) — HD Korea Shipbuilding & Offshore Engineering Co., a major South Korean shipyard, said Monday it has secured a contract worth 3.7 trillion won (US$2.67 billion) to build 12 container carriers for a European shipping firm. Under the contract, HD Korea Shipbuilding will supply 12 carriers with a capacity of [...]
SEOUL, Jul. 15 (Korea Bizwire) – The Korea Consumer Agency has issued a warning to consumers, urging them to thoroughly test and review contract terms before purchasing medical devices such as massage chairs, massagers, and hearing aids. This comes in response to a steady stream of consumer complaints and dissatisfaction with these products. According to data [...]
SEOUL, Jul. 12 (Korea Bizwire) — South Korea has laid the keel for its second 3,600-ton class naval submarine, the state arms procurement agency said Friday, amid efforts to acquire advanced diesel-electric attack submarines for enhanced underwater capabilities against North Korean threats. A keel-laying ceremony for the second of three Changbogo-III Batch-II class submarines took [...]
SEOUL, Jul. 10 (Korea Bizwire) – In a bid to capture the attention of younger consumers, South Korea’s home shopping industry is racing to produce short-form content, leveraging artificial intelligence to transform hour-long live broadcasts into bite-sized videos for mobile apps and YouTube. Leading the charge, Shinsegae Live Shopping announced on July 9 that it would [...]
SEOUL, Jul. 10 (Korea Bizwire) – A recent survey has revealed that 7 out of 10 South Korean adults have tried zero-sugar or non-alcoholic beverages when drinking, signaling a significant shift in the country’s drinking culture towards healthier alternatives. Lotte Members, a South Korean marketing solutions company, conducted a nationwide survey of 2,000 adults from May [...]
SEOUL, Jul. 10 (Korea Bizwire) — Delivery app Baedal Minjok, or Baemin, said Wednesday it will raise its commission fee for restaurants that have registered for Baemin delivery services to 9.8 percent of food prices from next month. Baemin has received 6.8 percent commissions from the registered restaurants. But its two smaller rivals — Coupang [...]
SEOUL, Jul. 10 (Korea Bizwire) — Hyundai Motor Co. and Kia Corp., South Korea’s leading automakers, are aiming for a rebound in domestic electric vehicle (EV) sales in the second half of the year with reasonably priced new entry-class compact models. According to industry data, Hyundai Motor sold a total of 16,842 EVs domestically in [...]