SEOUL, Oct. 2 (Korea Bizwire) –South Korea’s appetite for Japanese beer has seen a remarkable resurgence this year, catapulting Japan back to the summit of beer-importing nations. This marks a significant turnaround since July 2019 when Japan imposed export restrictions on South Korea, causing Japanese beer to lose its top position in the South Korean [...]
SEOUL, Sept. 29 (Korea Bizwire) – South Korea’s imports of whiskey are anticipated to set a fresh high this year as the combined amount of inbound shipments soared 40 percent on-year through August, data showed Friday. Imports of whiskey products came to 22,799 tons over the January-August period, jumping from 16,267 tons tallied in the [...]
SEOUL, Sept. 28 (Korea Bizwire) — Global fabrication capacity for 200-millimeter wafers is forecast to jump 14 percent over the next three years, a recent report showed Thursday, as demand for chips used in electric vehicles (EVs), in particular, is sharply rising. “The development of powertrain inverters and charging stations for EVs in particular is [...]
SEOUL, Sept. 28 (Korea Bizwire) – Samsung Engineering announced on Wednesday that it had received a $19.5 million FEED (Front End Engineering Design) contract for a petrochemical plant in Saudi Arabia. The project, commissioned by Alujain National Industrial Co., involves the basic design of a propane dehydrogenation (PDH) plant with an annual capacity of 600,000 tons [...]
SEOUL, Sept. 26 (Korea Bizwire) – South Korea will supply 120,000 public homes in addition to the existing plan to deliver 2.7 million new homes by 2027 to offset the declining private-sector home supply amid higher lending rates, the land ministry said Tuesday. In August last year, the government announced the public home supply plan [...]
MOSCOW/SEOUL, Sept. 25 (Korea Bizwire) — A Russian company will purchase Hyundai Motor Co.’s manufacturing plant in St. Petersburg, which has been dormant since March 2022, Russian media reported Monday citing its industry minister. The deal will include a two-year option for the South Korean automaker to repurchase the facility, according to TASS and RIA [...]
SEOUL, Sept. 26 (Korea Bizwire) — POSCO International Corp. said Tuesday it has signed a preliminary agreement with a U.S. grain company to push for a joint venture and other related investment in the grain supply. The joint venture framework agreement, signed with Bartlett and Company, commit the two companies to establishing a joint venture [...]
SEOUL, Sept. 26 (Korea Bizwire) — Hyundai Steel Co., South Korea’s No. 2 steelmaker, decided Tuesday to set up a steel pipe subsidiary as part of efforts to boost competitiveness by streamlining its business portfolio. The plan, which was approved at a board meeting, calls for completing the establishment of the envisioned subsidiary by the [...]
SEOUL, Sept. 26 (Korea Bizwire) – The midsize SUV market is gaining popularity in Korea, and it’s influencing the way cars are manufactured. Currently, SUV factories are working at full throttle, churning out a large number of vehicles, while production facilities dedicated to manufacturing sedans are experiencing a slowdown in output. This situation is evident at [...]
SEOUL, Sept. 25 (Korea Bizwire) — U.S. wireless chipmaker Broadcom Inc. said Monday it plans to seek an appeal against the South Korean regulator’s decision to slap a 19.1 billion-won (US$14.3 million) fine for its unfair business practices against Samsung Electronics Co. In a statement, Broadcom said it was “disappointed” over the Fair Trade Commission’s (FTC) decision, [...]