SEOUL, Dec. 25 (Korea Bizwire) –After a temporary setback due to the COVID-19 pandemic, South Korea’s department store culture centers, which have flourished for 40 years since the mid-1980s, are witnessing a resurgence in popularity. The three major department store chains in South Korea – Lotte, Shinsegae, and Hyundai – are not only expanding their [...]
SEOUL, Dec. 24 (Korea Bizwire) –As end-of-year celebrations and gatherings increase, South Korean liquor companies are opening a series of pop-up stores to capture consumers’ attention. Focusing on the MZ generation (those born in the early 1980s to early 2000s), these stores are enhancing marketing efforts by offering a range of merchandise and hosting cocktail [...]
SEOUL, Dec. 22 (Korea Bizwire) – A minuscule amount of cesium, a radioactive substance, was identified in a Japanese flavoring product utilized for certain flavor profiles. Consequently, the importer opted to voluntarily retract the importation of the product. As reported by the Ministry of Food and Drug Safety (MFDS) on December 22, a radioactivity examination [...]
SEOUL, Dec. 22 (Korea Bizwire) – South Korean shipbuilder Hanwha Ocean clinched a 1.1 trillion-won (US$845 million) deal Friday to build a 3,600-ton submarine for the Navy, the state procurement agency said. Hanwha Ocean signed the deal with the Defense Acquisition Program Administration (DAPA) to construct the third and last submarine under the Changbogo-III Batch-II [...]
SEOUL, Dec. 22 (Korea Bizwire) — E-Mart24 Inc., one of South Korea’s major convenience store chains, said Friday it aims to open 100 stores in Cambodia by 2028, as it signed a deal with a local partner to make inroads into the Southeast Asian country. E-Mart24 signed the deal with Saihan Partners, a joint venture [...]
SEOUL, Dec. 22 (Korea Bizwire) – The National Federation of Fisheries Cooperatives in South Korea has urged the government to address the rampant overdevelopment of offshore wind farms. In a joint meeting held by the National Federation of Fisheries Cooperatives and the Ministry of Oceans and Fisheries on December 21, the fisheries industry raised concerns about [...]
SEJONG, Dec. 21 (Korea Bizwire) – A recent study has revealed a significant degree of residential segregation in Seoul, characterized by distinct divisions between high-priced and low-priced housing areas. The Korea Research Institute for Human Settlements released these findings in its report titled ‘Residential Segregation by Housing Prices and Policy Implications,’ which utilized publicly announced housing [...]
SEOUL, Dec. 20 (Korea Bizwire) — South Korea was granted additional catch quota for tuna in the Pacific Ocean in 2024 under a regional fisheries body agreement, the oceans ministry said Wednesday. The Western and Central Pacific Fisheries Commission (WCPFC) granted South Korea a quota of 883 tons of bluefin tuna in the region for [...]
SEOUL, Dec. 19 (Korea Bizwire) — New York-listed e-commerce company Coupang, Inc. said Tuesday it will acquire British online luxury fashion retailer Farfetch Holdings in a deal that brings Coupang the leading position in the $400 billion global personal luxury goods market. The deal will provide Farfetch with $500 million in capital to continue its [...]
SEOUL, Dec. 18 (Korea Bizwire) — Hitejinro Co., South Korea’s leading beverage company, said Monday it will cut the factory price of its soju products by 10.6 percent in January, helped by the government’s tax benefits. Hitejinro will deliver its soju products, Chamisul and Jinro, at 1,115 won (US$0.9) per bottle to its wholesale clients [...]