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Archive by category Business

To Stay Competitive, Samsung Widens Doors for Foreign R&D Professionals

SEOUL, Feb. 25 (Korea Bizwire) — Samsung is intensifying its global talent acquisition efforts, launching a recruitment drive aimed at experienced foreign professionals to bolster its research and development (R&D) competitiveness. Beginning this week, ten Samsung affiliates—including Samsung Electronics, Samsung Display, Samsung SDI, Samsung Electro-Mechanics, Samsung SDS, Samsung Biologics, Samsung Bioepis, Samsung C&T, Samsung Engineering [...]

Chinese Battery Makers Tighten Grip on Global Market

SEOUL, Feb. 25 (Korea Bizwire) — In a significant shift within the global battery industry, Chinese manufacturers substantially increased their market dominance in 2024, while South Korean competitors saw their share shrink in both electric vehicle and energy storage markets. According to data released by SNE Research on February 24, global battery shipments reached 1,460 gigawatt-hours [...]

South Korean Construction Industry Crisis Deepens, Threatening Economic Stability

SEJONG, Feb. 25 (Korea Bizwire) — South Korea’s construction industry is facing its worst downturn in years, with employment falling below 2 million workers for the first time since the Covid-19 pandemic, highlighting growing concerns about the broader economic impact of the sector’s prolonged slump. According to the Statistics Korea, construction employment plunged by 169,000 jobs [...]

Power Outage Halts LG, Lotte Chemical Plants in Seosan

SEOUL, Feb. 25 (Korea Bizwire) — The operations of LG Chem and Lotte Chemical plants at an industrial complex in the central city of Seosan were halted Tuesday due to a power outage, company officials said. The incident occurred around 9:30 a.m. at the two plants located in the Daesan Petrochemical Complex, about 100 kilometers [...]

Seoul to Rate Delivery Apps on Fair Business Practices in Industry First

SEOUL, Feb. 25 (Korea Bizwire) — The Seoul Metropolitan Government has announced plans to become the first local government in South Korea to develop and publish a “coexistence index” that will evaluate delivery platforms on their commitment to fair business practices and cooperation with small businesses. The initiative, aimed at curbing excessive commission fees and preventing [...]

Hybrid Vehicle Registrations in S. Korea Surpass 2 Mln Units

SEOUL, Feb. 25 (Korea Bizwire) — The cumulative number of hybrid vehicles registered in South Korea surpassed 2 million for the first time last year, government data showed Tuesday. The total number of registered hybrid vehicles in the country reached 2,024,481 as of the end of 2024, exceeding the 2 million mark for the first [...]

Small Business Owners See Average 13.3 Pct Drop in Income in 2024: Survey

SEOUL, Feb. 25 (Korea Bizwire) — Small business owners in South Korea saw their income drop more than 10 percent from a year earlier in 2024 amid sluggish consumer sentiment, a poll showed Tuesday. According to the survey conducted by Mono Research from January 20 to February 7 on 500 small business owners, the level [...]

Samsung SDI to Develop Robot-specific Batteries with Hyundai, Kia

SEOUL, Feb. 25 (Korea Bizwire) — Samsung SDI Co., South Korea’s second-biggest battery maker, said Tuesday it has signed an initial pact with Hyundai Motor Co. and its affiliate Kia Corp. to jointly develop robot-specific batteries. Samsung SDI has signed a memorandum of understanding (MOU) with the two carmakers to develop high-performance batteries specifically for [...]

Trump’s Auto Tariff Threat Stokes Fear in South Korea’s Car Manufacturing Hub

ULSAN, Feb. 25 (Korea Bizwire) — U.S. President Donald Trump’s recent threat to impose steep tariffs on imported vehicles has sent shockwaves through Ulsan, South Korea’s automotive manufacturing powerhouse, where cars account for nearly a third of the city’s exports and form the backbone of the local economy. According to data from the Korea International Trade [...]

Volvo Launches Next-Generation Dump Trucks in Korea, Enhancing Safety and Efficiency for Tough Terrains

SEOUL, Feb. 24 (Korea Bizwire) — Volvo Construction Equipment Korea (Volvo CE Korea) has announced the launch of its next-generation articulated dump trucks, the A35 and A45, tailored specifically for challenging terrains in the domestic market. The new A35 and A45 models, weighing 35 tons and 42 tons respectively, feature advanced electronic control systems and transmissions [...]