SEOUL, Feb. 20 (Korea Bizwire) — In a move to ease burdensome regulations, the South Korean government has approved guidelines allowing bakeries to provide complimentary birthday candles with cake purchases, addressing a peculiar regulatory oversight that had technically criminalized the common practice. Until now, birthday candles were classified as “household chemical products,” making their distribution — [...]
SEOUL, Feb. 20 (Korea Bizwire) — Jamsil Station on Seoul’s Line 2 emerged as the busiest subway station in the city last year, with an average of 156,177 passengers per day, according to 2024 transit data released by Seoul Metro on February 19. The station’s high foot traffic was attributed to its role as a [...]
SEOUL, Feb. 20 (Korea Bizwire) — A new survey has revealed that 92.8% of South Korean small and medium-sized enterprises (SMEs) believe they cannot meet national greenhouse gas reduction targets within the designated timeframe. The Korea Federation of SMEs announced these findings on February 19, based on a survey of 500 manufacturing SMEs conducted last year. [...]
SEOUL, Feb. 19 (Korea Bizwire) — South Korea’s auto industry is bracing for potential turmoil after U.S. President Donald Trump suggested imposing a 25% tariff on imported cars, a move that could significantly impact Korean automakers’ competitiveness in the American market. Trump’s comments on February 18 sent shockwaves through the industry, which had previously anticipated a [...]
WASHINGTON, Feb. 19 (Korea Bizwire) — As U.S. President Donald Trump signals interest in closer cooperation with South Korea’s shipbuilding industry, HD Hyundai Heavy Industries has reaffirmed its commitment to working with the United States on naval shipbuilding and repair capabilities. Speaking at a Hudson Institute event in Washington, D.C., on February 19, Ji-hoon Kim, an [...]
SEOUL, Feb. 19 (Korea Bizwire) — South Korean companies are taking bold steps to combat the nation’s record-low birthrate by offering substantial financial incentives to employees who have children. Gaming company Krafton recently announced a groundbreaking birth incentive program, offering employees KRW 60 million ($41,400) upon the birth of a child. Additionally, the company will provide [...]
SEOUL, Feb. 19 (Korea Bizwire) — South Korea’s pharmaceutical and biotech sector has kicked off 2024 with a flurry of merger and acquisition activity, as companies move to strengthen their market positions and diversify their portfolios. GC Wellbeing, a subsidiary of GC Group, recently acquired Inibio, a developer of botox products, in a move to expand [...]
SEOUL, Feb. 19 (Korea Bizwire) — South Korean dairy companies are finding new growth opportunities through baby formula exports, particularly in Southeast Asia, where shipments have tripled over the past decade. According to data from the Korea Agro-Fisheries & Food Trade Corporation (aT), baby formula exports to the 10 ASEAN member countries reached a record high [...]
SEOUL, Feb. 19 (Korea Bizwire) — For the first time in 39 months, South Korea’s mobile virtual network operator (MVNO) market has recorded a decline in subscriber numbers, signaling increased competition from major telecom providers. According to wireless communication service statistics released by the Ministry of Science and ICT on February 18, the number of [...]
SEOUL, Feb. 19 (Korea Bizwire) — South Korea’s customs agency said Wednesday it busted 300 cases of crimes related to foreign exchange (FX) transactions worth some 2.6 trillion won (US$1.8 billion) in 2024. The number of such crimes jumped 52 percent last year from 198 cases tallied a year earlier, and the combined value of [...]