SEOUL, June 27 (Korea Bizwire) — The financial authorities’ latest measures to restrict ballooning household debt are expected to help cool down the overheated housing market in Seoul’s sought-out areas, experts said Friday. The Financial Services Commission (FSC) announced earlier in the day that all local lenders will be forced to sharply lower their household [...]
SEOUL, June 24 (Korea Bizwire) – As inflation continues to weigh heavily on South Korean households, major retailers are adopting a “reverse pricing” strategy—setting a target sale price first and working backward to meet it—reshaping how goods are planned, priced, and sold. Rather than determining prices based on production costs and margins, companies like E-Mart, [...]
SEOUL, June 24 (Korea Bizwire) — As South Korea moves to tighten emissions standards for new buildings, including private apartments starting later this month, policymakers are looking to timber-based construction as a viable path toward carbon neutrality in the housing sector. A new report from the Korea Land and Housing Corporation (LH) underscores the urgency [...]
SEOUL, June 19 (Korea Bizwire) — HD Hyundai Construction Equipment Co. said Thursday it has signed a memorandum of understanding (MOU) with Indonesia’s Hasnur Group as part of efforts to strengthen its presence in the rapidly growing Indonesian mining market. Under the partnership, the two sides plan to cooperate in areas of mining equipment supply, [...]
SEOUL, June 19 (Korea Bizwire) — The Bank of Korea has warned that continued efforts to stimulate construction investment through non-capital region housing projects may be exacerbating the nation’s widening housing market divide, rather than resolving it. In a report released Wednesday, the central bank argued that building new homes in low-demand regions outside the [...]
SEOUL, June 18 (Korea Bizwire) — Housing prices in Seoul and non-capital regions have diverged further in recent years amid ongoing economic and social changes, and the government is advised to avoid stimulating construction investment through additional housing supply in non-capital areas, the central bank said Wednesday. The gap in cumulative housing price increases between [...]
SEOUL, June 18 (Korea Bizwire) — Samsung Heavy Industries Co. said Wednesday it has terminated ship equipment contracts worth 4.85 trillion won (US$3.54 billion) with Zvezda Shipbuilding Complex and plans to seek damages over what it called the Russian shipyard’s unilateral breach of contract. The contracts, signed in 2020 and 2021, covered the supply of [...]
SEOUL, June 16 (Korea Bizwire) – The antitrust regulator said Monday it has launched an investigation into the Korea Egg Producers Association (KEPA) over allegations that the group played a leading role in driving up egg prices. According to the Fair Trade Commission (FTC), investigators were dispatched to the association’s offices to look into suspicions [...]
SEOUL, June 13 (Korea Bizwire) — Officials from South Korea’s food and restaurant industry associations called on the government Friday to take steps to reduce import costs of key materials and support public delivery platforms. In a meeting with Prime Minister nominee Kim Min-seok, the officials said recent price increases in the food sector were [...]
SEOUL, June 11 (Korea Bizwire) — Hyundai Steel Co., South Korea’s second-largest steel manufacturer, has temporarily shut down its No. 2 plant in the southeastern city of Pohang due to a prolonged industry-wide slump, the company said Wednesday. The suspension took effect Saturday due to a lack of production volume amid severe industry-wide demand contraction. [...]