SEOUL, Jun. 20 (Korea Bizwire) – CJ CheilJedang, a leading food company in South Korea, has taken an active stance in upcycling, repurposing wheat bran, a byproduct of flour milling, as an ingredient in bread products. The company announced on June 19 that it is expanding synergies by investing in two food startups, Re:Harvest and SnE [...]
SEOUL, Jun. 19 (Korea Bizwire) – As the banner announcing a “50-80% Clearance Sale” hung over the H Optical shop at the Homeplus store in Anyang, the mood among the tenants was a mix of anger and resignation. In late April, these small business owners, operating rental shops within the Homeplus outlet, received abrupt notice to [...]
SEOUL, June 18 (Korea Bizwire) – South Korea’s oceans ministry said Tuesday it will host an international maritime conference in the southeastern port city of Busan next year to discuss pollution, climate change and sustainable fisheries. The 10th Our Ocean Conference, which will run for three days starting April 28, 2025, will be held under [...]
SEOUL, Jun. 18 (Korea Bizwire) — Hitejinro Co., South Korea’s leading beverage company, said Tuesday it aims to achieve 500 billion won (US$360 million) in overseas soju sales in 2030 based on overseas production and export diversification. The target figure is sharply up from Hitejinro’s annual overseas soju sales of 180 billion won for the [...]
SEOUL, Jun. 17 (Korea Bizwire) – In a delayed disclosure, the French luxury conglomerate LVMH revealed that nearly 2,900 South Korean customers’ personal data was compromised in a cyberattack on its high-end watch brand Tag Heuer in late 2019 and 2020. The breach, which also affected customers globally, has reignited concerns over the protection of personal [...]
SEOUL, Jun. 17 (Korea Bizwire) – In a bold move that has sparked speculation in South Korea’s e-commerce industry, Coupang, the country’s largest online retailer, has hinted at the possibility of suspending its much-lauded “Rocket Delivery” service. This threat comes in the wake of the company being slapped with a record 140 billion won fine by [...]
SEOUL, Jun. 17 (Korea Bizwire) — Shinhan Bank and the Korea Trade Insurance Corp. (K-Sure) will provide up to 1 trillion won (US$720 million) to support small and medium-sized export firms, the financial regulator said Monday. Under a memorandum of understanding (MOU) signed Monday, Shinhan Bank will offer loans at preferred rates to firms seeking [...]
SEOUL, Jun. 17 (Korea Bizwire) — Container shipping costs from Europe to South Korea rose for the fourth consecutive month in May amid ongoing tensions surrounding the Red Sea, the customs agency said Monday. The average shipping cost for a 40-foot container from the European Union to South Korea went up 5 percent on-month last [...]
ASHKENT, June 14 (Korea Bizwire) – South Korean train manufacturer Hyundai Rotem Co. signed a contract to supply high-speed trains to Uzbekistan on Friday during President Yoon Suk Yeol’s state visit to the Central Asian nation, marking the first export of bullet trains built with homegrown technology. The agreement was signed at a ceremony attended [...]
SEOUL, Jun. 13 (Korea Bizwire) — The antitrust regulator said Thursday it has decided to fine e-commerce giant Coupang Inc. 140 billion won (US$12.44 million) for using unfair search algorithms and uploading false product reviews to boost sales of its own private-label items. The Fair Trade Commission (FTC) also referred the company, as well as [...]