SEOUL, June 16 (Korea Bizwire) – Value Creators & Company (VCNC), the operator of ride-hailing service Tada, has decided to reduce its company payroll by half through intensive restructuring, as the company has been unable to find a new growth engine since the “Anti-Tada” bill was passed by the National Assembly in 2020. According to [...]
SEOUL, June 15 (Korea Bizwire) — South Korea’s first Five Guys burger restaurant will open in Gangnam, southern Seoul, later this month, its operator said Thursday. The two-story store with about 150 seats will open in the bustling commercial district near Gangnam Station on June 26, according to FG Korea Inc., a food arm of [...]
SEOUL, June 14 (Korea Bizwire) — Hyundai Vietnam Shipbuilding Co., a unit of South Korean shipbuilding, oil refining and machinery conglomerate HD Hyundai, said Wednesday it has recently clinched an order to build two oil and chemical tankers for an African shipping company. The latest order raises its cumulative orders to 199 vessels, a feat [...]
SEOUL, June 14 (Korea Bizwire) — South Korean retail giant Shinsegae Group has formed partnerships with major retailers to reduce the influence of e-commerce operator Coupang Inc. Gmarket, the group’s online shopping subsidiary, said Tuesday it will carry out a special promotion in collaboration with Auction, CJ Cheiljedang Corp., LG Household & Health Care Ltd., [...]
SEOUL, June 13 (Korea Bizwire) — South Korean companies’ sales growth slowed and their profitability narrowed last year, central bank data showed Tuesday, as higher borrowing costs and increased prices of raw materials ate into their bottom line. Corporate sales increased 16.9 percent last year from a year earlier, slowing from 17.7 percent growth the [...]
SEOUL, June 13 (Korea Bizwire) — South Korean shipyards are making various efforts to attract foreign workers in response to a shortage of manpower. The nation’s shipbuilding industry is expected to face a shortage of approximately 13,000 production workers in the third quarter of this year, according to the Korea Offshore & Shipbuilding Association. HD [...]
SEOUL, June 13 (Korea Bizwire) — A variety of businesses, including major retailers, are enhancing their marketing campaigns related to the upcoming 2023 BTS Festa, which will celebrate the 10th debut anniversary of the K-pop supergroup BTS. Kurly Corp., the operator of the e-grocery platform Market Kurly, is planning to host a special promotional event [...]
SEOUL, June 11 (Korea Bizwire) — South Korea and Saudi Arabia will form a 208.4 billion-won (US$155 million) joint fund to help Korean startups attract investments and advance to the Middle Eastern market, government officials said Sunday. Saudi Arabia will inject 195.4 billion won into the fund and Korea Venture Investment Corp. will invest the [...]
SEOUL, June 9 (Korea Bizwire) — South Korean ship service provider HD Hyundai Global Service Co. said Friday it has bagged a US$50 million order for the re-liquefaction of liquefied natural gas (LNG) carriers from a Norwegian shipper. The deal calls for installing re-liquefaction systems on five LNG vessels operated by Cool Company Ltd., also [...]
SEOUL, June 9 (Korea Bizwire) — South Korea’s retail industry is expanding benefits for paid membership customers in order to increase the number of loyal customers and secure profitability. Shinsegae Group on Thursday unveiled the Shinsegae Universe integrated membership service, which includes six online and offline affiliates such as E-Mart and Starbucks. Shinsegae plans to [...]