GWANGJU, Jan. 2 (Korea Bizwire) – Recently, a surge of “local food direct sales stores” has emerged in South Jeolla Province, eliciting positive responses from consumers and invigorating the local economy. Local food pertains to products sourced and consumed within a close geographic proximity, typically within a 50-kilometer radius. Traditionally, challenges like elevated prices and diminished [...]
SEOUL, Dec. 28 (Korea Bizwire) – In the face of persistent high inflation and interest rates, South Korean consumers have been navigating the economic landscape with markedly polarized spending habits. This trend, underscored by recent studies from Lotte Home Shopping and WiseApp, reveals a complex interplay of ‘value-seeking consumption’ and ‘revenge spending’, shaping the country’s retail [...]
SEOUL, Dec. 28 (Korea Bizwire) — Ailing builder Taeyoung Engineering & Construction Co. applied for a debt-restructuring program Thursday to tide over a cash crunch, raising concerns over troubled peers in South Korea. Taeyoung E&C submitted the application to its main creditor, the state-run Korea Development Bank (KDB), after its board decided to request a [...]
SEOUL, Dec. 28 (Korea Bizwire) — South Korea’s industrial output inched up in November on a solid increase in the production of the semiconductor sector, data showed Thursday. Industrial production rose 0.5 percent on-month last month after a 1.8 percent decline logged a month earlier, according to the data compiled by Statistics Korea. Compared with [...]
SEOUL, Dec. 27 (Korea Bizwire) — Most South Korean manufacturers expect their business conditions to worsen in the first quarter of 2024 due to sluggish domestic demand and high material costs, a poll showed Wednesday. A survey of 2,156 manufacturing firms nationwide put the business sentiment index (BSI) at 83 for the January-March period, down [...]
SEOUL, Dec. 28 (Korea Bizwire) – On December 27, DL E&C announced the successful implementation of its groundbreaking D-Silence Service in an apartment complex located in Yeoncheon County, Gyeonggi Province. This innovative service, pioneered by DL E&C, marks a significant milestone as the first inter-floor noise notification system developed in Korea. In a country where most [...]
SEOUL, Dec. 27 (Korea Bizwire) — South Korean shipbuilding titan HD Hyundai Heavy Industries Co. said Wednesday it has recently completed the basic design for the country’s next-generation Aegis destroyer. It comes three years after HD Hyundai Heavy was chosen as the preferred bidder for the Korea Destroyer Next Generation (KDDX) project to build a [...]
SEOUL, Dec. 27 (Korea Bizwire) – GS Shop announced on December 25 its new ‘Short Picks’ service, offering condensed versions of TV home shopping broadcasts and live commerce videos, each reduced to about a minute. Short Picks is a short-form content initiative by GS Shop that edits down product sales videos, previously aired on various channels, [...]
SEOUL, Dec. 26 (Korea Bizwire) — Samsung Heavy Industries Co., the world’s third-biggest shipbuilder by orders, said Tuesday it has received a 310.8 billion-won (US$240 million) order to build two very large ammonia carriers for a shipper in Oceania. The order calls for Samsung Heavy to deliver the ammonia carriers to an unidentified shipper in [...]
TOKYO, Dec. 26 (Korea Bizwire) – On December 25, it was reported that the Japanese government is actively working to broaden its exports of scallops, redirecting its focus to South Korea. This move comes in response to China’s comprehensive ban on Japanese seafood imports, triggered by the release of contaminated water (referred to as “treated water” [...]