SEOUL, Mar. 6 (Korea Bizwire) — South Korea’s inflation ticked up to over 3 percent in a month in February on high prices of fresh food items and energy, data showed Wednesday. Consumer prices, a key gauge of inflation, rose 3.1 percent on-year last month, compared with a 2.8 percent increase a month earlier, according [...]
TOKYO, Mar. 6 (Korea Bizwire) – Riding on the Hallyu wave, Korean cuisine continues to expand its presence in the Japanese market, now extending to street food offerings. At Asia’s largest food expo, Foodex Japan 2024, which opened for a four-day run on March 5 at Tokyo Big Sight in Tokyo, the Korea Pavilion showcased a [...]
SEOUL, Mar. 6 (Korea Bizwire) – Despite the significant increase in fruit and vegetable prices, government interventions to regulate import quantities as a means to manage inflation are not feasible for apples, which have seen substantial price hikes, earning them the nickname “golden apples.” The stringent quarantine system is the primary barrier. According to the Korea [...]
SEOUL, Mar. 4 (Korea Bizwire) – As the global economy faces prolonged downturns and increasing uncertainties, several South Korean conglomerates have initiated cost-cutting measures by reducing the compensation limits for their board members. According to filings with the Financial Supervisory Service’s Electronic Disclosure System, Samsung Electronics is set to propose a reduction in the total compensation [...]
SEOUL, Mar. 4 (Korea Bizwire) — Kumho Tire Co., South Korea’s second-largest tire maker, said Monday it has forged a technology licensing agreement with Saudi Arabian tire maker Blatco Co. Under the agreement, Kumho Tire will provide Blatco with technology support for the production of passenger car tires sold in Saudi Arabia and the Middle [...]
SEOUL, Mar. 4 (Korea Bizwire) — South Korean shipper HMM Co. said Monday it has signed a “green sailing service” deal with German logistics firm HellMann for the trading of reduced carbon emissions. HMM, South Korea’s top container shipping company, said it marks the company’s first-ever green sailing service contract. HMM didn’t disclose the amount [...]
SEOUL, Mar. 4 (Korea Bizwire) — South Korean shipyard Samsung Heavy Industries Co. said Monday it has clinched a 198.8 billion-won (US$149 million) order to build a shuttle tanker for an Oceanian shipper. The vessel will be delivered to the undisclosed shipping company by the end of August 2026, Samsung Heavy said in a regulatory [...]
SEOUL, Mar. 4 (Korea Bizwire) — South Korea’s industrial output inched up in January despite the marked fall in semiconductor production, data showed Monday. Industrial output gained 0.4 percent on-month last month, the third consecutive on-year increase, according to the data compiled by Statistics Korea. But the output in the overall mining manufacturing sector shed [...]
SEOUL, Mar. 4 (Korea Bizwire) – The South Korean apple industry faces significant challenges, with a 30% reduction in last year’s apple production causing prices to skyrocket. Further compounding the issue, a report released on March 2 by the Korea Rural Economic Institute predicts a 8.6% decrease in apple cultivation areas over the next decade. According [...]
SEOUL, Feb. 29 (Korea Bizwire) – Amid a worldwide shake-up of industrial sectors, Korean firms are experiencing a range of emotions about the future of their key operations, feelings that vary widely depending on the size of the business and the industry it belongs to. A recent survey conducted by the Korea Chamber of Commerce and [...]