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Archive by category Business

Gyeonggi Province Unveils 172.1 Billion Won Plan for Livestock Waste Management

SEOUL, Jan. 15 (Korea Bizwire) — Gyeonggi Province has announced a comprehensive five-year plan worth 172.1 billion won to transform livestock waste management, focusing on resource recycling and environmental sustainability. The plan outlines 14 practical initiatives across three major areas: promoting eco-friendly scientific farming practices, diversifying waste recycling methods, and improving public perception of livestock waste [...]

Coupang Cleared of Illegal Hiring, but Faces Scrutiny Over Safety Violations

SEOUL, Jan. 15, 2025 — South Korea’s Ministry of Employment and Labor has ruled that Coupang delivery drivers, known as Quick Flexers, are not classified as employees under the Labor Standards Act, effectively ending allegations of illegal subcontracting against the e-commerce giant. The decision follows an investigation prompted by the death of delivery driver Jeong [...]

The Nation Grapples with Rising Dining Costs as ‘Lunchflation’ Persists

SEOUL, Jan. 14 (Korea Bizwire) — South Korea continues to face mounting dining costs for the third consecutive year as high inflation, currency volatility, and rising interest rates drive food prices upward. From popular dining options to workplace cafeterias and convenience store meals, prices have surged, intensifying the so-called ‘lunchflation’ phenomenon. According to data from Statistics [...]

iPhone Subsidies Hit Record High as Samsung Galaxy 25 Launch Looms

SEOUL, Jan. 14 (Korea Bizwire) — A notable shift in South Korea’s mobile phone market has seen carriers KT and LG Uplus significantly increase subsidies for the iPhone 16 series, influenced by the upcoming release of Samsung’s Galaxy S25 and the abolition of the Mobile Device Distribution Act. Some premium plan subscribers can now obtain even [...]

South Korean Companies Face Evolving Shareholder Activism in 2025

SEOUL, Jan. 14 (Korea Bizwire) — The surge in shareholder proposals at South Korean companies over the past five years is showing signs of stabilization in 2025 as corporations adopt proactive measures to address investor demands, according to a recent report. The Ajou Corporate Management Research Institute’s newly released “2025 Annual General Meeting Preview” reveals [...]

Samsung Biologics Wins 2.07 Tln-won Manufacturing Deal in Europe

SEOUL, Jan. 14 (Korea Bizwire) — Samsung Biologics Co., a biotech arm of South Korea’s Samsung Group, said Tuesday it has received a contract manufacturing deal worth 2.07 trillion won (US$1.4 billion) from a Europe-based biopharmaceutical firm. In the largest-ever contract manufacturing deal, Samsung Biologics will manufacture a biomedicine for the European company from Dec. [...]

KB Kookmin Bank Faces Potential Strike Over Bonus Dispute

SEOUL, Jan. 14 (Korea Bizwire) — KB Kookmin Bank’s labor union has filed for dispute mediation with the National Labor Relations Commission, demanding a performance bonus equivalent to 300% of base salary and an additional 10 million won in special incentives. If mediation fails, this could lead to the bank’s first general strike since 2019. [...]

Gov’t Tightens Safety Measures on Imported Cosmetics Amid Rising Overseas Purchases

SEOUL, Jan. 14 (Korea Bizwire) — In response to the growing trend of direct overseas purchases of cosmetics through international online platforms, South Korea’s Ministry of Food and Drug Safety (MFDS) announced on Monday, that it will strengthen safety regulations to prevent consumer harm. This initiative will be carried out in collaboration with the Korea [...]

Audi Korea Plans Record-Breaking Product Offensive in 2025

SEOUL, Jan. 14 (Korea Bizwire) — Audi Korea has announced its most ambitious product launch schedule since entering the Korean market in 2004, with plans to introduce 16 new models this year alongside an expansion of its sales and service network to better meet customer needs. The announcement came during the company’s New Year media roundtable [...]

South Korea’s Aging Entrepreneurs Face Mounting Debt Crisis

SEOUL, Jan. 13 (Korea Bizwire) — The debt burden among South Korea’s self-employed in their 50s and 60s has surged to unprecedented levels, raising concerns over financial stability amid sluggish domestic demand and persistently high interest rates. According to data submitted by the Financial Supervisory Service (FSS) to Democratic Party lawmaker Lee Kang-il, as of November [...]