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Archive by category Business

Gov’t to Consider Additional Economic Stimulus Measures if Necessary: Acting President

SEOUL, Jan. 2 (Korea Bizwire) — Acting President Choi Sang-mok said Thursday the government will consider implementing additional measures to stimulate the economy in the first quarter, if necessary, amid projections of slow growth for the year. “Considering significant domestic and international uncertainties, (the government) will reassess overall economic conditions during the first quarter, including [...]

South Korea’s Construction Wages Rise 2% in First Half of 2025

SEOUL, Jan. 2 (Korea Bizwire) – The average daily wage in South Korea’s construction industry will increase by approximately 2% in the first half of 2025 compared to the same period in 2024, according to data released by the Korea Construction Association on January 1. The findings are based on a September 2024 survey of [...]

Green Building Certification Simplified to Advance Carbon Neutrality Goals

SEJONG, Jan. 2 (Korea Bizwire) – South Korea is streamlining its building energy efficiency evaluation system by integrating the Building Energy Efficiency Rating System into the Zero Energy Building (ZEB) Certification Program, the Ministry of Land, Infrastructure, and Transport announced on January 1. The changes are part of the Third Green Building Master Plan (2025–2029), [...]

Seoul to Expand Hydrogen Vehicle Subsidies and Infrastructure in 2025

SEOUL, Jan. 2 (Korea Bizwire) – South Korea’s Ministry of Environment announced on January 1 its 2025 hydrogen vehicle subsidy plan, allocating funds to support the purchase of 11,000 hydrogen passenger cars, 2,000 hydrogen buses, and 10 units each of hydrogen-powered trucks and street-cleaning vehicles. The finalized subsidy guidelines, to be published on January 2 [...]

Korean Snacks Ride K-Culture Wave to Global Success as Exports Top $1.3 Billion

SEOUL, Jan. 2 (Korea Bizwire) — Global K-pop sensation Rosé, known for her hit collaboration “APT.” with Bruno Mars, recently shared her love for Korean snacks on a YouTube channel, praising the spicy version of Nongshim’s Shrimp Crackers. “They get spicier as you eat them,” she remarked, while also reminiscing about celebrating birthdays during her trainee [...]

SK Group’s “Magic Sphere” Brings Artistic Flair to Ulsan’s Industrial Landscape

ULSAN, South Korea, Jan. 1 (Korea Bizwire) — A striking media art installation that captivated visitors at CES 2024 in Las Vegas has found a permanent home in Ulsan’s petrochemical complex. Renamed the Magic Sphere, the 6-meter-wide LED sculpture, formerly known as the “Wonder Globe,” was unveiled during a lighting ceremony at SK Innovation’s Ulsan Complex [...]

Renault Korea to Equip Busan Factory for Electric Vehicles, Begins Polestar 4 Production

BUSAN, Dec. 31 (Korea Bizwire) — Renault Korea announced plans to outfit its Busan plant with electric vehicle (EV) production facilities as it gears up to manufacture the Polestar 4 midsize electric SUV for export to North America starting in the latter half of 2025. This marks the plant’s first transition to EV production, with industry [...]

Investigators Probe Survival Factors in Jeju Air Crash, Focus on Crew Safety Measures

MUAN, South Korea, Dec. 31 (Korea Bizwire) — Following the tragic crash of Jeju Air Flight 7C2216 on December 29, in which 179 of 181 passengers and crew perished, investigators are examining how two flight attendants survived. Their location in the aircraft and the use of specialized safety equipment, such as crew jump seats and harnesses, [...]

Gimhae Airport Records Highest Number of Bird Strikes Among Airports Near Migratory Bird Habitats

BUSAN, Dec. 31 (Korea Bizwire) — As bird strikes remain a persistent threat to aviation safety in South Korea, recent data underscores the risks faced by major airports, particularly Gimhae International Airport, which sits adjacent to one of the nation’s key migratory bird habitats. According to records obtained by Rep. Lee Yeon-hee from the Korea [...]

Gov’t to Implement New Law Expanding Support for Firms Hurt by Trade Agreements

SEOUL, Dec. 31 (Korea Bizwire) — South Korea will implement a new trade rule this week focusing on offering broader support for companies impacted by free trade agreements (FTAs) and other trade pacts, the industry ministry said Tuesday. The Act on Addressing Changes in Trade Environment, an upgraded version of the Act on Trade Adjustment [...]