SEOUL, Nov. 22 (Korea Bizwire) — Hanwha Ocean Co. said Friday it has decided to withdraw its complaint filed with the police against shipbuilding rival HD Hyundai Heavy Industries Co., citing what it called a need to cooperate for national interests. “We believe withdrawing the complaint is the right course of action to ensure the [...]
SEOUL, Nov. 22 (Korea Bizwire) — Hanjin Logistics Corp., the logistics unit of South Korea’s Hanjin Group, said Friday it has partnered with DHL Supply Chain Korea to strengthen their domestic logistics networks and services. The partnership is aimed at attracting new clients, leveraging each other’s expertise and knowledge, and jointly exploring business opportunities, the [...]
SEOUL, Nov. 22 (Korea Bizwire) – Samsung Heavy Industries unveiled its autonomous vessel prototype, the SHIFT-Auto, at a launching ceremony in Geoje, South Gyeongsang Province, the Ministry of Trade, Industry and Energy announced on November 21. The 12-meter vessel, designed to carry up to 12 passengers, showcases cutting-edge autonomous navigation technologies integrated from the design phase, [...]
SEOUL, Nov. 21 (Korea Bizwire) – CJ CheilJedang, a leader in Korean food manufacturing, is intensifying its global expansion by committing ₩800 billion to build state-of-the-art production facilities in Hungary and South Dakota. The investments are aimed at bolstering its market presence in Europe and the U.S., two critical regions in its international growth strategy. Strategic [...]
SEOUL, Nov. 21 (Korea Bizwire) – Lotte Department Store announced the launch of its European-style Christmas Market, running from November 20 to January 5 at the Lotte World Mall’s Lawn Plaza in Jamsil, Seoul. This year’s market, themed “Wonderful Showtime,” represents the largest iteration to date, featuring collaboration with luxury brand Chanel and integration with an [...]
SEOUL, Nov. 21 (Korea Bizwire) – As global economic uncertainties persist, South Korea’s largest conglomerates are intensifying efforts to secure cash reserves, even divesting profitable core businesses and world-leading operations to strengthen their financial positions and fund future investments. According to industry sources on November 20, major business groups are actively selling profitable subsidiaries and flagship [...]
SEOUL, Nov. 21 (Korea Bizwire) – South Korean food giant Cheiljedang Corp. said Thursday it will invest 800 billion won (US$571.3 million) to build new production facilities in Europe and the United States as part of efforts to boost its overseas sales. The company said it will establish a new plant near Budapest, Hungary, in [...]
SEOUL, Nov. 20 (Korea Bizwire) — The Navy will receive a new 8,200-ton destroyer armed with an advanced missile interception platform next week, officials said Wednesday, in a move expected to help bolster the military’s air defense capabilities against North Korean missiles. The Navy will receive the Jeongjo the Great destroyer, named after a visionary [...]
WANDO, Nov. 20 (Korea Bizwire) – A delegation from the Australian Sustainable Seaweed Alliance (ASSA) recently visited Wando, South Korea’s leading seaweed production region, signaling growing international interest in the Asian nation’s marine farming expertise. The 15-member delegation, led by ASSA representative Jo Kelly, toured seaweed farms, processing facilities, and the Marine Bio Research Center in [...]
SEOUL, Nov. 20 (Korea Bizwire) – Costco Korea, the South Korean arm of the American wholesale giant, plans to distribute more than half of its annual net profits as dividends to its parent company, according to regulatory filings released on November 19. The company reported operating profits of 218.6 billion won for the fiscal year ending [...]