SEOUL, Nov. 4 (Korea Bizwire) – The government will provide additional support to the steel industry for its much-needed transition to high-value and eco-friendly products, the industry ministry said Tuesday, the latest effort to save the ailing sector facing global oversupply and escalating trade protectionism. The road map aimed at boosting the competitiveness of the [...]
SEJONG, Nov. 3 (Korea Bizwire) – Online shopping sales in South Korea increased 13.3 percent from a year earlier to a record high for any September, driven by strong sales of Tesla vehicles and rising demand for food services, data showed Monday. The value of online shopping transactions stood at 23.79 trillion won (US$16.61 billion) [...]
SEOUL, Oct. 31 (Korea Bizwire) – The fried chicken chain that hosted Nvidia CEO Jensen Huang’s now-famous “chimaek” (chicken and beer) gathering with Samsung Chairman Lee Jae-yong and Hyundai Motor Chairman Chung Euisun has suddenly become one of Seoul’s hottest dining spots. On Friday, franchise owner Yang, who runs a Kkanbu Chicken branch in central Seoul, [...]
SEOUL, Oct. 31 (Korea Bizwire) – Hyundai Motor Co., South Korea’s leading carmaker, said Friday it will strengthen collaboration with Nvidia Corp. to accelerate innovation in artificial intelligence (AI)-based future mobility solutions through a new AI infrastructure powered by the U.S. firm’s latest Blackwell chips. The two companies have agreed to jointly develop AI capabilities [...]
DANGJIN, Oct. 31 (Korea Bizwire) — A new safety initiative by Hyundai Steel Co. has sparked a labor dispute after the company deployed four-legged patrol robots at its Dangjin plant, with the metalworkers’ union accusing the firm of using the technology to monitor workers rather than protect them. The Korean Metal Workers’ Union, affiliated with [...]
SEOUL, Oct. 31 (Korea Bizwire) — In a rare show of camaraderie among global tech titans, Samsung Electronics Chairman Lee Jae-yong and Hyundai Motor Group Chairman Chung Eui-sun met with Nvidia CEO Jensen Huang on Thursday evening at a fried chicken restaurant in Seoul’s Gangnam district, sharing “so-maek” — a popular Korean mix of soju and [...]
SEOUL, Oct. 30 (Korea Bizwire) – South Korean retail group Shinsegae Inc. said Thursday its duty-free business unit will withdraw from Incheon International Airport’s DF2 zone due to mounting losses. Shinsegae, operator of South Korea’s second-largest department store chain, made the decision in order to improve operational efficiency in its duty-free business amid deepening losses, [...]
SEOUL, Oct. 30 (Korea Bizwire) – South Korea began exporting its premium “hanwoo” beef to the United Arab Emirates on Thursday, making the Middle Eastern country the fifth official overseas destination for the prized meat, the agriculture ministry said. The government shipped about 1.5 tons of hanwoo worth 250 million won (US$175,426) to the UAE [...]
SEOUL, Oct. 30 (Korea Bizwire) – Hyundai Motor Co. said Thursday it broke ground on a new hydrogen fuel cell production facility in the southeastern city of Ulsan, marking a step forward in solidifying the automaker’s leadership in the future mobility sector. The company held a groundbreaking ceremony at its main car manufacturing complex in [...]
SEOUL, Oct. 30 (Korea Bizwire) — A fierce contest has erupted among major financial institutions and fintech startups in South Korea as they vie for preliminary approval to operate the country’s first licensed trading platforms for fractional investments. According to industry sources, three consortiums have submitted applications ahead of the October 31 deadline, with the [...]