SEOUL, Jul. 5 (Korea Bizwire) — Cho Hyun-moon, former vice president of Hyosung Corp. and estranged son of the company’s founding family, on Friday pledged to end his yearslong conflict with his brothers and donate an inheritance from his late father to society. At a press conference held in Seoul, Cho said he will donate [...]
SEOUL, Jul. 5 (Korea Bizwire) – All consumer products tested for electromagnetic field (EMF) exposure in the first half of this year have met safety standards, according to a government report released on July 4. The Ministry of Science and ICT announced that 38 products across 13 categories were examined, with exposure levels ranging from 0.69% [...]
SEOUL, Jul. 4 (Korea Bizwire) – The South Korean TV home shopping industry is facing a severe downturn with broadcast revenue plummeting to a five-year low, reflecting the ongoing decline in television viewership. This slump comes amid rising transmission fees, further squeezing the industry’s profitability. According to a report released by the Korea TV Home Shopping [...]
SEOUL, Jul. 4 (Korea Bizwire) – In a dramatic display of desperation, thousands of South Korean cattle farmers gathered outside the National Assembly in Seoul on July 3 to protest their deteriorating economic situation and demand government intervention. The demonstration, which included a symbolic attempt to “return” cattle to the government, marked the first such protest [...]
SEOUL, Jul. 4 (Korea Bizwire) – A recent survey by the Korea Consumer Agency has found that while South Korean consumers highly appreciate the store environment and payment convenience of their local convenience stores, they are less satisfied with customer communication and promotional events. The agency released its findings on July 3, detailing consumer satisfaction and [...]
SEOUL, Jul. 3 (Korea Bizwire) — President Yoon Suk Yeol on Wednesday announced a 25 trillion-won (US$18 billion) package of support measures for struggling micro business owners, saying providing tailored support is better than universal cash handouts. Yoon unveiled the package during a meeting to discuss the direction of economic policy in the second half, [...]
SEOUL, Jul. 3 (Korea Bizwire) — Alibaba.com, China’s largest online marketplace, said Wednesday it will open an exclusive website for South Korean companies in the second half, reflecting a growing demand from B2B buyers for Korean-made products. Korean products have been available at the Chinese platform, but there has been no such site that showcases [...]
SEOUL, Jul. 2 (Korea Bizwire) – In a bid to differentiate themselves from online shopping platforms, South Korean department stores are undergoing significant transformations, focusing on experiential retail, premium offerings, and attracting younger consumers. At the Lotte Department Store in Jamsil, Seoul, the 10th floor audio section now boasts three listening rooms. Global audio brands Geneva [...]
SEOUL, Jul. 2 (Korea Bizwire) – In a move that contrasts with its main competitor, Coupang Eats announced on July 1 that it will continue its policy of waiving packaging fees for all partnered restaurants, reinforcing its commitment to supporting small and medium-sized businesses in the food service industry. This decision comes as Baedal Minjok (Baemin), [...]
SEOUL, Jul. 2 (Korea Bizwire) — The Korea International Trade Association (KITA), a major South Korean business lobby, said Tuesday it has opened an office in the U.S. city of Dallas. KITA said it held an opening ceremony for the office in the major city in Texas on Monday (local time) in the presence of [...]