SEOUL, Dec. 16 (Korea Bizwire) –Tesla is poised to claim the second spot in South Korea’s electric passenger car market, overtaking Hyundai Motor (excluding Genesis) for the first time since entering the market in 2017. Despite challenges such as slowing demand for EVs and a sluggish domestic economy, Tesla has achieved a record milestone of [...]
SEOUL, Dec. 16 (Korea Bizwire) — South Korea’s major corporations, including Samsung, SK, Hyundai, and LG, are closely monitoring the political and economic fallout following the impeachment of President Yoon Suk-yeol. As the nation grapples with heightened uncertainty, compounded by the anticipated inauguration of Donald Trump’s second U.S. presidency, businesses are taking cautious steps to [...]
SEOUL, Dec. 16 (Korea Bizwire) – South Korea’s share of global shipbuilding orders in 2024 is expected to hit its lowest point since 2016, highlighting growing concerns over its competitiveness in the face of China’s dominance. Despite strong profits from high-value ship orders, experts warn that maintaining a basic level of order volume is essential to [...]
SEOUL, Dec. 16 (Korea Bizwire) — Hanwha Aerospace Co., a major South Korean defense equipment manufacturer, said Monday it has appointed Michael Coulter, former president of global defense firm Leonardo DRS International, to oversee its overseas business operations. In the company’s newly created position of global defense CEO, Coulter will be responsible for overseeing the [...]
SEOUL, Dec. 16 (Korea Bizwire) – President Yoon Suk Yeol’s ambitious industrial agenda, including a focus on nuclear energy, offshore gas development, and semiconductor industry support, faces potential setbacks following his impeachment by the National Assembly on December 14. Industry experts warn that any weakening of government semiconductor support could cause South Korea to miss a crucial [...]
SEOUL, Dec. 16 (Korea Bizwire) – Hyundai AutoEver Corp., the information technology affiliate of Hyundai Motor Group, said Monday it has established a joint venture in Indonesia to develop navigation maps for the Southeast Asian country and many others in the region. The new firm, named Terra Link Technologies, has been jointly established with India’s [...]
SEJONG, Dec. 16 (Korea Bizwire) – Container shipping costs from South Korea to China rose in November, reversing the decline recorded the previous month, the customs agency said Monday. The average shipping cost for a 40-foot container from South Korea to China climbed 14.4 percent from a month earlier to 839,000 won (US$583.93) in November, according to [...]
SEOUL, Dec. 16 (Korea Bizwire) — Finance Minister Choi Sang-mok reiterated Monday that uncertainties from the recent martial law debacle have eased following the impeachment of President Yoon Suk Yeol, emphasizing the country’s robust economic system. Choi made the remarks during the opening session of a regional economic forum in Seoul attended by domestic and [...]
SEOUL, Dec. 16 (Korea Bizwire) – Maeil Dairies Co., a major dairy product manufacturer, on Monday issued an apology over an accident involving the mixing of cleaning solution in one of its sterilized milk products during production. Maeil Dairies CEO Kim Seon-hee said in a statement posted on the company website that a valve operation [...]
GOYANG, Dec. 16 (Korea Bizwire) – The Grand Department Store in Ilsan, Gyeonggi Province, will permanently close its doors at the end of February, marking the final chapter for a retail chain that once maintained a significant presence in South Korea’s upscale shopping districts, including Seoul’s Gangnam area. According to industry sources on December 15, the [...]