SEOUL, Dec. 26 (Korea Bizwire) — Samsung Heavy Industries Co., the world’s third-biggest shipbuilder by orders, said Tuesday it has received a 310.8 billion-won (US$240 million) order to build two very large ammonia carriers for a shipper in Oceania. The order calls for Samsung Heavy to deliver the ammonia carriers to an unidentified shipper in [...]
TOKYO, Dec. 26 (Korea Bizwire) – On December 25, it was reported that the Japanese government is actively working to broaden its exports of scallops, redirecting its focus to South Korea. This move comes in response to China’s comprehensive ban on Japanese seafood imports, triggered by the release of contaminated water (referred to as “treated water” [...]
SEOUL, Dec. 22 (Korea Bizwire) – A minuscule amount of cesium, a radioactive substance, was identified in a Japanese flavoring product utilized for certain flavor profiles. Consequently, the importer opted to voluntarily retract the importation of the product. As reported by the Ministry of Food and Drug Safety (MFDS) on December 22, a radioactivity examination [...]
SEOUL, Dec. 22 (Korea Bizwire) – South Korean shipbuilder Hanwha Ocean clinched a 1.1 trillion-won (US$845 million) deal Friday to build a 3,600-ton submarine for the Navy, the state procurement agency said. Hanwha Ocean signed the deal with the Defense Acquisition Program Administration (DAPA) to construct the third and last submarine under the Changbogo-III Batch-II [...]
SEOUL, Dec. 22 (Korea Bizwire) — E-Mart24 Inc., one of South Korea’s major convenience store chains, said Friday it aims to open 100 stores in Cambodia by 2028, as it signed a deal with a local partner to make inroads into the Southeast Asian country. E-Mart24 signed the deal with Saihan Partners, a joint venture [...]
SEOUL, Dec. 22 (Korea Bizwire) – The National Federation of Fisheries Cooperatives in South Korea has urged the government to address the rampant overdevelopment of offshore wind farms. In a joint meeting held by the National Federation of Fisheries Cooperatives and the Ministry of Oceans and Fisheries on December 21, the fisheries industry raised concerns about [...]
SEOUL, Dec. 20 (Korea Bizwire) — South Korea was granted additional catch quota for tuna in the Pacific Ocean in 2024 under a regional fisheries body agreement, the oceans ministry said Wednesday. The Western and Central Pacific Fisheries Commission (WCPFC) granted South Korea a quota of 883 tons of bluefin tuna in the region for [...]
SEOUL, Dec. 19 (Korea Bizwire) — New York-listed e-commerce company Coupang, Inc. said Tuesday it will acquire British online luxury fashion retailer Farfetch Holdings in a deal that brings Coupang the leading position in the $400 billion global personal luxury goods market. The deal will provide Farfetch with $500 million in capital to continue its [...]
SEOUL, Dec. 18 (Korea Bizwire) — Hitejinro Co., South Korea’s leading beverage company, said Monday it will cut the factory price of its soju products by 10.6 percent in January, helped by the government’s tax benefits. Hitejinro will deliver its soju products, Chamisul and Jinro, at 1,115 won (US$0.9) per bottle to its wholesale clients [...]
SEOUL, Dec. 18 (Korea Bizwire) — A consortium led by food conglomerate Harim Group was picked Monday as the preferred bidder for South Korea’s top container shipper HMM Co., creditors said, heralding the start of its privatization. Last month, two state agencies — the state-run Korea Development Bank (KDB) and the Korean Ocean Business Corp. [...]