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Archive by category Business

S. Korea’s Export-dependent Economy Faces Lowered Growth Projection amid Weak Domestic Demand

SEOUL, Dec. 17 (Korea Bizwire) — Growth projections for South Korea’s export-dependent economy in 2024 have been revised downward, despite robust semiconductor exports, reflecting slower-than-expected recovery in domestic demand amid high interest rates and lingering effects of the COVID-19 pandemic. Earlier in the year, both the South Korean government and major international financial organizations projected [...]

Hitejinro to Consider Overseas Plant Expansion, M&As Depending on Market Demands

SEOUL, Dec. 17 (Korea Bizwire) — Hitejinro Co., South Korea’s leading beverage company, will consider building additional overseas plants or acquiring a local company for further expansion after fully establishing its first overseas plant in Vietnam, a company executive said Tuesday. Hitejinro’s US$77 million soju manufacturing plant is under construction at the Green-i-Park industrial complex [...]

Drillship for East Sea Gas Exploration Arrives at First Drilling Site

SEJONG, Dec. 17 (Korea Bizwire) — A drillship participating in a major gas and oil development project in the East Sea arrived at its first drilling site Tuesday, as it prepares to begin exploration operations amid growing uncertainties in the project due to domestic political situations, according to industry sources. The West Capella, operated by [...]

Kakao Mobility Slapped with 15.1 Bln-won Fine for Unfair Business Practices

SEOUL, Dec. 17 (Yonhap) — South Korea’s antitrust regulator said Tuesday it has fined Kakao Mobility Corp., the operator of the country’s top taxi-hailing service, 15.1 billion won (US$10.5 million) for unfair business practices. Kakao Mobility is accused of manipulating its algorithm to direct more ride requests received through its mobile taxi application to cabs under its [...]

BOK Developing AI-based Early Warning System

SEOUL, Dec. 17 (Korea Bizwire) — The Bank of Korea (BOK) is developing an artificial intelligence-based early warning system to better prepare for potential risks, its chief said Tuesday. During an international forum in Seoul, BOK Gov. Rhee Chang-yong said the central bank had decided to actively invest in the AI-based financial forecast and warning [...]

Acting President Han Vows to Begin Implementing 2025 Budget on Jan. 1

SEOUL, Dec. 17 (Korea Bizwire) — Acting President Han Duck-soo said Tuesday the government will work to implement the 2025 budget on the first day of next year to help stabilize the economy amid rising uncertainties at home and abroad. Han called for the swift allocation of the budget during the first Cabinet meeting since [...]

South Korean Small Businesses Hit Hard by Martial Law and Impeachment Turmoil

SEOUL, Dec. 17 (Korea Bizwire) – Nearly half of South Korea’s small business owners in the food and hospitality sectors report direct or indirect losses due to the ongoing political crisis following the December 3 martial law declaration and subsequent impeachment of President Yoon Suk-yeol. A survey conducted by the Korea Federation of SMEs between [...]

Coca-Cola Beverage Implements First Voluntary Retirement Program Under LG Household & Health Care

SEOUL, Dec. 17 (Korea Bizwire) – Coca-Cola Beverage, a subsidiary of LG Household & Health Care, has conducted its first voluntary retirement program since being acquired in 2007. The program, targeting older employees in the sales and logistics departments, reflects growing pressure on the company amid declining profits in the domestic beverage market. Details of the [...]

South Korea’s Manufacturing Sector Shrinks Amid Semiconductor and Textile Slumps

SEOUL, Dec. 16 (Korea Bizwire) – South Korea’s manufacturing and mining sectors saw their first decline in business establishments in seven years, driven by a slowdown in the semiconductor industry and a downturn in textiles. According to Statistics Korea’s preliminary Mining and Manufacturing Survey, released on December 16, the total number of businesses with 10 or [...]

U.S. Approves 14 Trillion Won Loan for SK On and Ford’s Battery JV Amid Policy Uncertainty

SEOUL, Dec. 16 (Korea Bizwire) – The U.S. Department of Energy (DOE) has finalized a 14 trillion won low-interest loan for BlueOval SK, a joint venture between South Korea’s SK On and Ford Motor Company, to bolster domestic electric vehicle (EV) battery production. The approval marks the largest EV-related loan under the Biden administration’s Advanced Technology [...]