SEOUL, Jan. 12 (Korea Bizwire) — The government vowed Friday to step up the monitoring of the real estate project financing (PF) market amid potential insolvency risks and concerns as Taeyoung Engineering & Construction Co. won support from creditors to start a debt restructuring program. The midsized builder has received 96.1 percent of support from [...]
SEOUL, Jan. 12 (Korea Bizwire) – Troubled builder Taeyoung Engineering & Construction Co. has received 96.1 percent of support from creditors to move forward with a debt restructuring program, its main creditor said Friday. The level of support was higher than the 75 percent that Taeyoung was required to have for the debt rescheduling program, [...]
GIMPO, Jan. 12 (Korea Bizwire) – The city of Gimpo in Gyeonggi Province has decided to take legal action against a construction company, Y Construction, and its supervisory team for violating building height restrictions near Gimpo Airport, causing delays in apartment occupancy. The city announced on January 10 that it planned to file a complaint with [...]
SEOUL, Jan. 11 (Korea Bizwire) – As it approaches its third year of being listed on the U.S. stock market, South Korean e-commerce giant Coupang is generating buzz with expectations of its first-ever profit. However, the company faces intensifying competition with the entry of Chinese shopping platforms like AliExpress, raising concerns about the slowing growth of [...]
SEJONG, Jan. 11 (Korea Bizwire) — South Korea’s semiconductor exports are anticipated to continue to lead the overall recovery in outbound shipments this year amid higher memory chip prices, the industry minister said Thursday. “South Korea’s chip exports experienced a rebound last year despite the global economic slump and the sluggish semiconductor industry, laying the [...]
SEOUL, Jan. 11 (Korea Bizwire) – In a significant move towards sustainable practices, Seoul’s food delivery and takeaway services are seeing a transformative shift with the introduction of reusable containers. This initiative, part of the city’s ‘Zero Restaurant’ project, aims to reduce the burgeoning use of single-use plastics. Since December 2022, participating restaurants, like the one [...]
SEOUL, Jan. 9 (Korea Bizwire) – The Korean dining industry is increasingly adopting the ‘shop-in-shop’ concept, offering a win-win strategy that attracts attention. This approach allows businesses to enhance brand recognition through specialized stores while providing customers the convenience of exploring a variety of items in one location. According to industry reports from January 8, Lotte [...]
SEOUL, Jan. 4 (Korea Bizwire) –As global demand for Korean cuisine, commonly known as K-food, continues to rise, the South Korean food and beverage industry is gearing up to further penetrate international markets in the coming year. Strategies include establishing production facilities abroad and introducing products tailored to local tastes, in collaboration with local distribution [...]
SEOUL, Jan. 3 (Korea Bizwire) – In a major boost for South Korea’s small businesses, Coupang, one of the country’s largest online retailers, has announced a significant milestone: the number of small business owners on its platform has surpassed 210,000, with their annual transaction volume exceeding 9 trillion won. This news was highlighted in Coupang’s recently [...]
SEOUL, Jan. 3 (Korea Bizwire) — The antitrust regulator said Wednesday it has decided to fine Nexon Korea Corp. 11.6 billion won (US$8.85 million) for alleged deceptive business activity against game users regarding in-game items. The game giant was accused of changing the probability of randomized items for its hit titles of “MapleStory” and “Bubble [...]