SEOUL, March 5 (Korea Bizwire) — In a move that has sent shockwaves through South Korea’s retail industry, Homeplus, one of the country’s largest retail chains, filed for court receivership on March 4, citing concerns over potential liquidity issues that could affect vendor payments as early as May. The bankruptcy filing has drawn criticism from industry [...]
MOSCOW, March 4 (Korea Bizwire) — Should economic sanctions against Russia be lifted, South Korea’s Hyundai and Kia are expected to be the first foreign automakers to resume operations in the country, according to Russian industry experts. In an interview with TASS News Agency on March 4, Maxim Kadakov, editor-in-chief of Russian automotive magazine Za Rulem, [...]
SEOUL, March 4 (Korea Bizwire) — Luxury rental prices in Seoul have surged, with a growing number of apartments commanding monthly rents exceeding 10 million won ($6,900), highlighting a shift in the city’s high-end housing market. According to data from South Korea’s Ministry of Land, Infrastructure, and Transport, released on March 3, nearly 38% of [...]
SEOUL, March 4 (Korea Bizwire) — The government said Tuesday it plans to conduct inspections at 22,000 construction sites across the country this year to prevent defective projects and review on-site safety measures. The Ministry of Land, Infrastructure and Transport said it will collaborate with 12 agencies, including regional land management offices and the Korea [...]
SEJONG, March 4 (Korea Bizwire) — South Korea has expressed interest in joining hands with the United States and Japan for the gas pipeline development project in Alaska as part of efforts to improve its trade relations with U.S. President Donald Trump’s administration, sources said Tuesday. Seoul’s Industry Minister Ahn Duk-geun delivered such an intention [...]
SEOUL, March 4 (Korea Bizwire) — South Korea’s Fair Trade Commission (FTC) has imposed a hefty fine on Dunlop Sports Korea for restricting retailers from offering discounts on its golf clubs, a move deemed an illegal restraint of competition. The FTC announced on Monday that Dunlop Sports Korea would face a 1.865 billion won ($1.29 [...]
SEOUL, March 4 (Korea Bizwire) — Homeplus Co., a discount store chain in South Korea, said Tuesday it has filed for corporate rehabilitation with a Seoul court after its credit rating declined amid liquidity worries. Homeplus filed for the court-led rehabilitation program with the Seoul Bankruptcy Court after its corporate credit rating plunged last week. [...]
SEOUL, March 4 (Korea Bizwire) — Song Ho-sung, president and chief executive officer (CEO) of Kia Corp., on Tuesday expressed confidence in turning increasing global trade and business uncertainties for the South Korean automaker into opportunities for further growth. In a letter to shareholders published on Kia’s website, Song assessed that the globalization trend of [...]
SEOUL, March 4 (Korea Bizwire) — HD Hyundai Construction Equipment Co. (HCE) said Tuesday it has secured orders for a total of 557 units of construction equipment in the Middle East and Turkey in the first two months of the year. The company said it won contracts for 333 units from Saudi Arabia, the United [...]
SEOUL, March 4 (Korea Bizwire) — South Koreans consumed an average of 30 kilograms of pork per person in 2024, marking a 6.8% increase from the average consumption of the past several years, according to a report released Monday by the Korea Rural Economic Institute (KREI). The figure, published in the KREI’s “Agricultural Outlook 2025” report, [...]