SEOUL, March 14 (Korea Bizwire) — Seoul’s iconic Teheran-ro, the bustling thoroughfare that cuts through the heart of Gangnam District, will soon see dramatic changes to its skyline as city officials remove height restrictions and allow for dramatically increased density in new developments. The Seoul Metropolitan Government announced on March 13 that it has approved modifications [...]
SEOUL, March 14 (Korea Bizwire) — Hyundai Steel Co. said Friday it has shifted to an emergency management mode in response to growing challenges, including the recent imposition of steel tariffs by the United States and an ongoing strife with unionized workers. The company announced that all executives have taken a 20 percent pay cut effective Thursday, [...]
SEOUL, March 14 (Korea Bizwire) — South Korea has confirmed a foot-and-mouth disease (FMD) case at a local cattle farm, marking its first outbreak of the animal disease in nearly two years, the agriculture ministry said Friday. The FMD case was found at a beef cattle farm in Yeongam, about 300 kilometers south of Seoul, [...]
SEOUL, March 14 (Korea Bizwire) — The chief of the South Korean central bank warned Friday the current level of ultra-low birth rate will cause South Korea to log negative economic growth after 2050, calling for measures to ease intense competition and burdens regarding employment, housing and child care. The Bank of Korea (BOK) Gov. [...]
SEOUL, March 14 (Korea Bizwire) — The president of Homeplus Co., a major discount store chain in South Korea, offered a public apology Friday to retailers and investors affected by the company’s court-led normalization process. “I would like to sincerely apologize to all of our partners, store owners, investors and others who are experiencing inconvenience [...]
SEOUL, March 14 (Korea Bizwire) — More than half of South Korea’s listed companies received no coverage from securities analysts last year, with research reports heavily concentrated on large-cap stocks and companies listed on the country’s main KOSPI board. According to data released on March 13 by the Korea IR Association’s Corporate Research Center, while the [...]
SEOUL, March 14 (Korea Bizwire) — Korean polar researchers have discovered a promising new material for lithium-sulfur battery development in an unexpected place: Antarctic waters. The Korea Polar Research Institute (KOPRI) announced on March 13 that a team of researchers had identified a key component for next-generation lithium-sulfur batteries from a red algae species found near [...]
SEOUL, March 13 (Korea Bizwire) — The U.S. beef industry has called on the Trump administration to push South Korea to ease its restrictions on American beef imports, drawing close attention from the South Korean livestock and distribution sectors. On March 12, the National Cattlemen’s Beef Association (NCBA) formally requested that the U.S. Trade Representative [...]
SEOUL, March 13 (Korea Bizwire) — Doosan Enerbility Co. said Thursday it has secured a 2.2 trillion-won (US$1.52 billion) contract to build two combined cycle power plants in Saudi Arabia. The company said it has signed the engineering, procurement and construction (EPC) contract for the construction of Luma 1 and Nairiyah 1 power plants, each [...]
BUSAN, South Korea, March 13 (Korea Bizwire) – As aviation authorities strengthen in-flight safety measures for power banks and electronic cigarettes, South Korean fire officials have highlighted the dangers of lithium-ion battery thermal runaway through a recent experiment. On March 12, the Busan Fire & Disaster Headquarters conducted a public demonstration to assess the risks associated [...]