SEOUL, Jan. 1 (Korea Bizwire) —GM Korea, buoyed by the strong performance of the Chevrolet Trax Crossover, posted its highest sales in seven years in 2024, the company announced on Friday. The automaker sold 499,559 vehicles globally last year, a 6.7% increase from 2023, marking its highest annual sales since 2017. The growth was largely [...]
SEOUL, Jan. 3 (Korea Bizwire) — Ashley Queens and Outback Steakhouse, two leading casual dining chains in South Korea, have achieved a retail milestone by establishing locations in all three major department store groups – Lotte, Shinsegae, and Hyundai – marking the first time both restaurants have accomplished this feat. According to industry sources, Eland Eats [...]
SEOUL, Jan. 3 (Korea Bizwire) — South Korea has introduced a revised subsidy scheme for electric buses in 2025, offering additional financial incentives to manufacturers of hydrogen and school buses while implementing stricter criteria to prioritize safety and transparency. The move is seen as a response to concerns over the growing presence of Chinese-made electric [...]
SEOUL, Jan. 3 (Korea Bizwire) — South Korean builders have achieved more than US$1 trillion in accumulated overseas construction deals, the transport ministry said Friday. The achievement comes 59 years after Hyundai Engineering & Construction Co. obtained its first overseas deal to build an expressway in Thailand in November 1965. Local builders secured $32.69 billion [...]
SEOUL, Jan. 3 (Korea Bizwire) — Advertising industry experts predict a significant downturn in South Korea’s advertising market this year, citing growing political uncertainties and deteriorating economic conditions. The absence of major sporting events like the Olympics or World Cup has further dampened prospects for market recovery. As concerns mount over economic growth potentially dropping to [...]
SEOUL, Jan. 3 (Korea Bizwire) — HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) said Friday it aims to win over US$18 billion worth of orders this year, partly by focusing on high-end and environmentally friendly ships. This year’s annual order target of $18.12 billion is 34 percent higher than last year’s target of [...]
WASHINGTON, Jan. 2 (Korea Bizwire) — South Korean crypto mogul Kwon Do-hyeong could face up to 130 years in prison if he is convicted of all fraud and other charges, the U.S. Justice Department said Thursday, as he made his initial appearance in a New York court and pleaded not guilty to those charges. Kwon, [...]
SEOUL, Jan. 3 (Korea Bizwire) — Five electric vehicle models from Hyundai Motor Group are set to qualify for a $7,500 consumer tax credit under the U.S. Inflation Reduction Act (IRA), a development expected to boost the automaker’s competitiveness in the American market. According to the U.S. Department of Energy, Hyundai’s Ioniq 5, Ioniq 9, [...]
SEOUL, Jan. 3 (Korea Bizwire) — A credit rating agency has warned that South Korea could face downward pressure on its sovereign credit rating toward the end of the year due to the government’s decision to expand treasury bond issuance. While global credit rating agencies have indicated that political uncertainties, including martial law and impeachment proceedings, [...]
SEOUL, Jan. 3 (Korea Bizwire) — In a breakthrough for sustainable recycling, researchers led by Professor Kyung-Jin Kim of Kyungpook National University, in collaboration with CJ CheilJedang, have developed the world’s most efficient biocatalyst for breaking down polyethylene terephthalate (PET) plastics. The Ministry of Science and ICT announced the achievement on January 2, highlighting its potential [...]