SEOUL, Dec. 30 (Korea Bizwire) — The number of mid-sized firms in South Korea went up around 10 percent in 2024 from a year earlier, while their investments in research and development (R&D) markedly increased, government data showed Tuesday. Asia’s fourth-largest economy had 6,474 mid-sized companies as of the end of 2024, up 606, or [...]
SEOUL, Dec. 30 (Korea Bizwire) — Four out of 10 franchise owners have considered ending their contracts early but most abandoned the idea because of penalties, a government survey showed Tuesday, highlighting the sector’s challenging business structure. According to the survey by the Fair Trade Commission (FTC), 42.5 percent of franchisees said they had considered [...]
SEOUL, Dec. 30 (Korea Bizwire) — South Korean defense company Hanwha Aerospace Co. said Tuesday it has signed a 5.6 trillion-won (US$4 billion) contract with Poland’s arms procurement agency to supply Chunmoo multiple launch rocket systems. The Polish Armament Agency and a consortium comprising Hanwha Aerospace and Hanwha-WB Advanced System (HWB) signed the third-stage deal [...]
SEOUL, Dec. 30 (Korea Bizwire) — Samsung Electronics is deepening its long-running partnership with BMW by expanding cooperation from batteries and displays into automotive semiconductors, underscoring Chairman Lee Jae-yong’s push to position vehicle electronics as a core growth engine for the group. Under the latest agreement, Samsung will supply its in-house automotive processor, Exynos Auto, for [...]
SEOUL, Dec. 30 (Korea Bizwire) — Business sentiment in South Korea rose to the highest level in 17 months in December, supported by rising demand related to facility investments in the United States, a central bank survey showed Tuesday. The Composite Business Sentiment Index (CBSI) for all industries came to 93.7 this month, up 1.6 [...]
SEOUL, Dec. 29 (Korea Bizwire) — Orion Corp., a South Korean food and health care company, said Monday it will invest 240 billion won (US$167 million) to expand its production facilities in Russia by 2027 to meet growing local demand for K-foods. Orion currently operates two plants in Russia — one in Tver and the [...]
SEOUL, Dec. 29 (Korea Bizwire) — Customs authorities on Monday launched an investigation into Coupang Inc.’s domestic unit to examine foreign exchange transactions with its U.S.-based headquarters, government sources said. The Korea Customs Service dispatched an investigative team to the e-commerce giant’s office in Seoul earlier in the day, the sources said. The probe will [...]
SEOUL, Dec. 29 (Korea Bizwire) — South Korea’s fried chicken industry has crossed a symbolic threshold, with the number of franchise outlets nationwide surpassing 30,000 for the first time, even as signs of market saturation intensify and growth prospects dim at home. According to the National Data Policy Agency’s 2024 Franchise Statistics released on December [...]
SEOUL, Dec. 28 (Korea Bizwire) — Kim Bom-seok, the founder and board chairman of Coupang Inc., has again drawn criticism in South Korea after notifying lawmakers that he will not attend a joint parliamentary hearing scheduled for Dec. 30–31 over a recent mass data breach at the company. Kim, who holds roughly 70 percent of the [...]
SEOUL, Dec. 26 (Korea Bizwire) — South Korea’s National Human Rights Commission said on Friday that Coupang, the country’s largest e-commerce platform, has refused to comply with its recommendation to broaden the hiring of foreign delivery workers, adding to scrutiny already facing the company over a recent personal data leak. The commission said it decided [...]