SEOUL, Oct. 19 (Korea Bizwire) – Kia’s labor and management recently reached a preliminary agreement on wages, and it includes an unusually large compensation package. What happened is that the labor union successfully used the “employment inheritance” issue as leverage. In simpler terms, they got significant compensation in exchange for removing a clause that should have been [...]
SEOUL, Oct. 18 (Korea Bizwire) — South Korea’s industry ministry said Wednesday the recently revised export controls on chips by the United States will have no significant impact on local businesses. Overnight, the U.S. Department of Commerce announced a set of rules to update and strengthen its restrictions on the export of advanced computing semiconductors to [...]
SEOUL, Oct. 18 (Korea Bizwire) — Most South Korean industries are likely to see a modest recovery next year, with rechargeable batteries, automobile and shipbuilding sectors expected to show robust growth, according to a think tank Wednesday. The Hana Institute of Finance stressed the need to prepare for China’s slowing growth, strengthening of global environmental [...]
SEOUL, Oct. 18 (Korea Bizwire) – Chanel was the most popular luxury brand for resale this year, according to a recent report, with younger South Koreans actively trading in second-hand “luxury” items. Gugus, a platform that specializes in selling pre-owned luxury goods, released its ’2023 Pre-Owned Luxury Trends’ data on Tuesday. This report was based on data [...]
SEOUL, Oct. 18 (Korea Bizwire) – Kiturami, a renowned water heater brand, is ramping up its marketing efforts with a focus on two keywords: ‘character’ and ‘keyring,’ both of which have gained immense popularity among members of the MZ generation, which is commonly used in South Korea to refer to Millennials and Generation Z. On Monday, Kiturami [...]
SEOUL, Oct. 17 (Korea Bizwire) – The number of deliver workers has fallen this year following a sharp growth in recent years amid the COVID-19 pandemic, while that of cooks rose to an all-time high as people returned to pre-pandemic normalcy, data showed Tuesday. The number of delivery workers fell by 24,000 during the January-June [...]
SEOUL, Oct. 17 (Korea Bizwire) – Amidst prolonged high inflation, large discount stores are fiercely competing to attract price-sensitive consumers who are eager to save even a penny. According to the retail industry, E-Mart has been organizing a group purchasing event called ‘Order Pick’ through the E-Mart app since April. ‘Order Pick,’ a term formed by combining [...]
SEOUL, Oct. 17 (Korea Bizwire) – A warning has been issued regarding counterfeit products being sold on Naver’s Smart Store portal. It has been revealed that up to 300,000 counterfeit products, including fake Chanel perfume containing urine, are being sold on Naver’s portal. According to the ‘Status of Counterfeit Product Detection by Online Platforms’ issued by the [...]
SEOUL, Oct. 16 (Korea Bizwire) — South Korean shipyard HD Korea Shipbuilding & Offshore Engineering Co. said Monday it will build two mid-sized, ammonia-powered ships for the first time in the world. HD Korea Shipbuilding said it will install an ammonia dual-fuel engine in the 45,000-cubic meter liquefied petroleum gas (LPG) carriers, whose order it [...]
JEJU, Oct. 13 (Korea Bizwire) – The most beloved Christmas tree in the world will be chosen from Jeju. The Jeju World Heritage Site recently announced its plan to pick one special tree, a representative of the Korean Fir found on Mt. Halla, as the ‘Christmas Tree Ambassador.’ This tree will symbolize the importance of preserving [...]