SEOUL, May 12 (Korea Bizwire) — Hanwha Systems Co., the defense and ICT unit of South Korea’s Hanwha Group, said Friday it has won a US$34.5 million contract to supply its combat management system (CMS) to the Philippine Navy. Hanwha’s indigenous combat system will be installed in six 2,400-ton offshore patrol vessels, in a deal [...]
SEOUL, May 12 (Korea Bizwire) — South Korean logistics giant CJ Logistics Corp. is making a foray into the Middle East market by establishing a distribution center in Saudi Arabia, targeting cross-border e-commerce demand. The company said Thursday it had signed an agreement with Saudi’s General Authority of Civil Aviation to establish a global distribution [...]
SEOUL, May 11 (Korea Bizwire) — McDonald’s Korea said Thursday its net losses widened in 2022 from a year earlier, despite strong sales. Net losses deepened to 36.3 billion won (US$27.4 million) last year from 34.9 billion won in 2021, the South Korean unit of U.S. fast food giant McDonald’s said in a regulatory filing. [...]
SEOUL, May 10 (Korea Bizwire) — Bibigo Mandu, frozen dumpling products of CJ Cheiljedang Corp., has begun sales in Australia’s biggest supermarket chain Woolworths, the major South Korean food manufacturing company said Wednesday. Starting this month, three types of Bibigo Mandu products — vegetable version, kimchi version and prawn version — have been available at [...]
SEOUL, May 10 (Korea Bizwire) — South Korea held a ceremony Wednesday to christen a new liquefied natural gas (LNG) bunker vessel equipped with a homegrown advanced cargo system, the industry ministry said. The Blue Whale ship was constructed at the dockyard of Hyundai Heavy Industries Co. in the southern port city of Ulsan for [...]
SEOUL, May 10 (Korea Bizwire) — Global tech behemoth Samsung Electronics Co. remained South Korea’s largest company by sales in 2022, with 42 businesses newly making the country’s top 500 firms’ list, a corporate tracker said Wednesday. Samsung Electronics, the flagship unit of South Korea’s leading family-controlled conglomerate Samsung Group, retained the No. 1 spot [...]
SEOUL, May 10 (Korea Bizwire) — Lotte Department Store has announced that it will open an experiential store at Lotte World Mall this Saturday in collaboration with the local sporting goods company Tennis Metro. Unlike traditional stores that focus mainly on product sales, this store will be located on the mall’s third floor and will [...]
SEOUL, May 9 (Korea Bizwire) — The number of retailers selling products through digital marketplaces more than doubled over the past five years, data showed Tuesday, reflecting the growing popularity of online shopping. Some 543,000 businesses sold products via shopping platforms, such as Coupang and Naver in 2022, rising sharply from just 218,616 tallied in [...]
SEOUL, May 9 (Korea Bizwire) — South Korean shipyards lagged far behind their Chinese rivals in terms of new global orders to place second in the world in April amid plunging demand, industry data showed Tuesday. Local shipbuilders clinched a combined 380,000 compensated gross tons (CGTs) in new orders last month, taking up 20 percent [...]
SEOUL, May 8 (Korea Bizwire) — South Korea’s top wire and cable maker LS Cable & System Ltd. said Monday it has bagged a high-voltage cable supply deal worth around 2 trillion won (US$1.51 billion) from the Netherlands. Under the deal with Dutch state power firm TenneT, LS Cable will supply the high-voltage direct current [...]