SEOUL, April 7 (Korea Bizwire) — South Koreans have embraced a fresh addition to their lexicon with the term “Hyeja-like”, denoting the exceptional content or quality of a product, especially in relation to its price. This term is derived from acclaimed actor Kim Hye-ja’s name and was inspired by her philanthropic work in creating an [...]
SEOUL, April 6 (Korea Bizwire) — Yanolja Cloud Pte., the tech affiliate of South Korean booking platform Yanolja Inc., said Thursday it has finalized a deal to acquire Oregon-based Innsoft Inc. for US$8.3 million in a bid to expand its hospitality solutions services in North America. Yanolja Cloud Pte. plans to launch a new line [...]
SEOUL, April 5 (Korea Bizwire) — South Korea’s CJ Foodville Co. said Wednesday it swung to a net profit last year thanks to the stellar overseas performance of its bakery chain Tous les Jours. Tous les Jours is the second-largest bakery chain in South Korea by number of stores, after SPC Group’s Paris Baguette. The [...]
BUSAN, April 5 (Korea Bizwire) — The Bureau International des Expositions (BIE) delegation visiting South Korea to assess Busan’s bid for the 2030 World Expo toured Busan North Port, the proposed main expo venue, on Wednesday, the second day of its on-site inspection of the southeastern port city. The eight-member team led by Patrick Specht, [...]
SEOUL, April 4 (Korea Bizwire) — Annual sales of South Korean duty-free retailers dropped 28.3 percent over the past four years due to the COVID-19 pandemic and prolonged diplomatic tensions with China, a lawmaker said Tuesday. Combined annual sales from local duty-free retailers came to 17.81 trillion won (US$13.5 billion) last year from 24.85 trillion [...]
SEOUL, April 4 (Korea Bizwire) — South Korean chicken burger chain Mom’s Touch&Co. said Tuesday it inked a master franchise agreement with Mongolia’s Foodville Farm LLC, in its first steps to enter the central Asian country. Foodville Farm is an independent company established by the local franchise operator Monbakery LLC to expand the Mom’s Touch [...]
SEOUL, April 4 (Korea Bizwire) — Major South Korean companies’ inventories surged nearly 30 percent in 2022 from a year earlier amid a global economic slump, a corporate tracker said Tuesday. Combined inventories of 212 out of the country’s top 500 firms by sales reached 175.5 trillion won (US$134 billion) as of end-December last year, [...]
SEOUL, April 3 (Korea Bizwire) — Business circles hosted a welcoming event for a visiting inspection team of the international body in charge of overseeing the World Expo on Monday and made their pitch for the country’s bid to hold the event in 2030. The inspection team of the Bureau International des Expositions (BIE) arrived [...]
SEOUL, April 3 (Korea Bizwire) — Hanwha Group has received approval from the European Union for its plan to acquire Daewoo Shipbuilding & Marine Engineering Co. (DSME), company officials said Monday. The EU’s decision came earlier than expected, as it was widely expected to deliver the result of its review in mid-April. Hanwha has obtained [...]
SEOUL, April 3 (Korea Bizwire) — Concerns are growing among South Korean companies over the potential abuse of ChatGPT and the risk of confidential information leakage. Samsung Electronics Co.’s Device eXperience (DX) division, which handles mobile devices and appliances, currently conducting a survey of its employees regarding the use of ChatGPT. The survey includes questions [...]