SEOUL, Feb. 10 (Korea Bizwire) – Hyundai Motor Co. said Monday it plans to release an off-road themed variant of the Casper Electric, the company’s entry-level electric vehicle (EV), in South Korea this week. The Casper Electric Cross retains the core design identity of the original model, known as Inster Electric overseas, introduced last year, [...]
SEOUL, Feb. 10 (Korea Bizwire) – One in four flights operated by South Korean airlines last year experienced delays in flight departures or arrivals, government data showed Monday. According to the transport ministry data submitted to the office of Rep. Ahn Tae-jun of the main opposition Democratic Party, the average delay rate for domestic and [...]
SEOUL, Feb. 10 (Korea Bizwire) — South Korea’s major banks are rapidly closing physical branches, citing the rise of digital banking and cost-cutting measures, even as they continue to report record-high interest income. The trend, however, is sparking concerns over reduced financial accessibility for elderly customers and those unfamiliar with mobile banking. KB Kookmin Bank [...]
SEOUL, Feb. 9 (Korea Bizwire) — South Korea’s ambitious deep-sea gas exploration project, codenamed “Daewang Whale,” faces an uncertain future after the first drilling attempt failed to yield economically viable hydrocarbon reserves. With the government unwilling to fund a second drilling phase and the Korea National Oil Corporation (KNOC) grappling with financial instability, the project’s continuation [...]
SEOUL, Feb. 7 (Korea Bizwire) — The International Monetary Fund (IMF) has cautioned that downside risks to South Korea’s economy remain significant, citing prolonged political uncertainty as a key factor that could dampen investment and consumer sentiment while heightening financial volatility. In its 2024 Annual Consultation Report on South Korea, released on February 7, the IMF [...]
SEOUL, Feb. 7 (Korea Bizwire) — BMW has introduced the latest iteration of its all-electric Sports Activity Vehicle (SAV), the ‘New iX,’ marking its global debut. The automaker announced the unveiling on February 7, highlighting significant advancements in power, design, and battery efficiency. The New iX, part of the BMW i sub-brand, incorporates the company’s latest [...]
SEOUL, Feb. 7 (Korea Bizwire) – South Korea ranked first in new global shipbuilding orders in January, outpacing its rival China, industry data showed Friday. South Korean shipyards clinched orders totaling 900,000 compensated gross tons (CGTs) for 13 ships, accounting for 62 percent of the global total at 1.46 million CGTs last month, according to [...]
SEOUL, Feb. 7 (Yonhap) – Acting President Choi Sang-mok on Friday emphasized the importance of close communication with parliament to expedite the passage of a bill designed to enhance the country’s capital markets. The revised bill, which recently failed to pass, includes provisions for corporate tax reductions for high-performing companies and a separate taxation scheme [...]
SEOUL, Feb. 7 (Korea Bizwire) — The number of exclusive insurance agents in South Korea has increased despite the growing influence of independent insurance agencies (GAs) in the market, according to industry data released on February 6. Unlike GA agents who sell products from multiple insurers, exclusive agents are directly employed by insurance companies and sell [...]
SEOUL, Feb. 7 (Korea Bizwire) – Hyundai Motor Co. will temporarily suspend production of its Ioniq 5 and Kona Electric models, as weakening electric vehicle (EV) demand continues to impact sales, according to industry sources Friday. According to the sources, Hyundai Motor will halt operations of Line 12 at its Ulsan Plant 1 in South [...]