SEOUL, Feb. 3 (Korea Bizwire) - Boeing Co. said Monday it has appointed Will Shafer, former head of the American aerospace company’s Japanese unit, as president of its South Korean operations. While leading Boeing Korea, Shaffer will also serve as the company’s vice president for globalization and market development, where he will oversee Boeing’s strategy [...]
SEOUL, Feb. 3 (Korea Bizwire) - Hyundai Motor Co. said Monday it has started accepting preorders for the Ioniq 9, the automaker’s first large electric sport utility vehicle (SUV), in South Korea. The Ioniq 9 is equipped with a 110.3 kilowatt-hours (kWh) battery, offering a maximum driving range of 532 kilometers per charge for the [...]
SEOUL, Feb. 3 (Yonhap) - South Korea’s retail sales, a key indicator of private spending, fell by the most in 21 years in 2024, marking the third consecutive year of decline, despite solid industrial output, data showed Monday. Retail sales fell 2.2 percent on-year as sales of both durable and nondurable goods, particularly food, lost ground [...]
SEOUL, Feb. 3 (Korea Bizwire) — In a sign of shifting market dynamics, new applications for reverse mortgages in South Korea increased while cancellations decreased as the real estate market showed signs of cooling at the end of last year. According to data from the Korea Housing Finance Corporation’s housing finance statistics system, new reverse mortgage [...]
SEOUL, Feb. 2 (Korea Bizwire) — The rapid advancement of Chinese technology and its increasing presence in South Korean industries have sparked growing concerns among domestic businesses, particularly following the global impact of China’s low-cost, high-performance AI model, DeepSeek. For years, Chinese products were largely perceived in South Korea as inexpensive but inferior in quality. However, [...]
SEOUL, Feb. 1 (Korea Bizwire) — South Korea’s e-commerce giants are increasingly venturing into the luxury goods market, seeking new revenue streams amid a slowdown in industry growth over the past few years. According to industry sources, online retailer Kurly launched a luxury shopping platform in December 2024, offering 990 products from over 30 high-end brands, [...]
SEOUL, Feb. 1 (Korea Bizwire) — Sales of imported luxury cars priced over 100 million KRW (approximately $70,000) declined in South Korea for the first time in eight years, impacted by economic downturns and new regulations on corporate vehicle registration. According to the Korea Automobile Importers & Distributors Association (KAIDA), 62,520 high-end imported vehicles were sold [...]
SEOUL, Jan. 31 (Korea Bizwire) – The total capacity of newly installed commercial solar panels in South Korea reached 3.16 gigawatts in 2024, data showed Friday, exceeding the 3-GW level for the first time in three years. The figure marks a 9 percent increase from 2.9 GW installed in 2023, according to the data compiled [...]
SEOUL, Jan. 31 (Korea Bizwire) — Celltrion Inc., a major South Korean biopharmaceutical firm, said Friday its new biosimilar for an autoimmune disease treatment has received approval from the U.S. Food and Drug Administration (FDA). The FDA approved Celltrion’s Avtozma, a biosimilar to Actemra, in both intravenous and subcutaneous formulations, according to the company. Avtozma [...]
SEOUL, Jan. 31 (Korea Bizwire) — South Korea’s Financial Stress Index (FSI) spiked in December 2024 to levels last seen during the Legoland crisis in September 2022, reflecting mounting economic instability amid political uncertainty. According to data submitted by the Bank of Korea (BOK) to lawmaker Lim Kwang-hyun of the National Assembly’s Strategy and Finance Committee, [...]