SEOUL, March 20 (Korea Bizwire) — Ottogi Corp., a major South Korean food company, said Thursday it will raise the prices of its “ramyeon,” or instant noodle, products next month to reflect higher raw materials costs. Ottogi plans to raise the retail prices of 16 ramyeon products by an average of 7.5 percent starting April [...]
SEOUL, March 20 (Korea Bizwire) – Jose Munoz, the chief executive officer (CEO) of Hyundai Motor Co., on Thursday highlighted growing trade tensions and protectionism as key challenges for the global automotive industry in 2025, urging strategic adaptability to maintain the company’s growth momentum. Speaking at Hyundai Motor’s annual general shareholders’ meeting in Seoul, Munoz [...]
SEOUL, March 20 (Korea Bizwire) — Around seven out of 10 South Korean households perceive their financial situation having worsened compared to a year ago due to inflation, a poll showed Thursday. According to the survey carried out by the Federation of Korean Industries (FKI) on 1,000 adults nationwide recently, 71.5 percent of respondents said [...]
SEOUL, March 20 (Korea Bizwire) – Pharmaceutical and biotech companies in South Korea are intensifying their efforts to diversify business operations, seeking to improve profitability and strengthen competitiveness by securing future growth engines. According to industry sources, ENCell, a company specializing in new drug development, plans to add artificial intelligence software development and services to its [...]
SEOUL, March 20 (Korea Bizwire) — Tucson, a compact sport utility vehicle (SUV) of Hyundai Motor Co., is posed to surpass 10 million units in cumulative sales this year to become the automaker’s third vehicle to achieve the milestone, according to industry observers Thursday. According to Hyundai Motor’s investor relations data, the Tucson had recorded [...]
SEOUL, March 20 (Korea Bizwire) — South Korean e-commerce giant Coupang Inc. has been named the world’s second most innovative retail company by the U.S. business magazine Fast Company, the company announced Wednesday. The annual Fast Company list highlights the top 10 most innovative retail companies and features 609 global businesses across 58 categories, including [...]
SEOUL, March 20 (Korea Bizwire) — The government will provide incentives to public entities entering the offshore wind power market as part of efforts to promote the growth of the renewable energy industry, the industry ministry said Thursday. Public institutions and companies that make a bid for the government’s offshore wind power development project will [...]
SEOUL, March 20 (Korea Bizwire) — The South Korean government has unveiled a comprehensive plan to protect its steel industry from mounting trade risks, including the recent 25% tariff imposed by the Trump administration in the United States and an influx of low-cost Chinese steel. The Ministry of Trade, Industry and Energy announced on Wednesday [...]
JEONJU, March 20 (Korea Bizwire) — South Korea’s Rural Development Administration (RDA) announced on Wednesday that it had developed standardized guidelines for using honeybees and bumblebees as pollinators for mango trees. Mangoes are cross-pollinating crops that traditionally rely on flies attracted by seafood products for pollination on Jeju Island, the main production region in South Korea. However, [...]
SEOUL, March 20 (Korea Bizwire) — A new study has revealed that chief executive officers with management and finance backgrounds are increasingly taking the helm at South Korea’s largest corporations, while those with technical expertise are becoming less common in the boardroom. According to data released on Wednesday by CEO Score, a corporate research firm, the proportion [...]