SEOUL, Nov. 20 (Korea Bizwire) – In a groundbreaking shift that signals South Korea’s gradual departure from its traditional corporate culture, Hyundai Motor Company has named José Muñoz as its first non-Korean chief executive officer in its 57-year history, marking a significant milestone for one of the country’s most prestigious companies. The appointment of Muñoz, who [...]
SEOUL, Nov. 20 (Korea Bizwire) — Samsung Biologics Co. said Wednesday it has won two new contract manufacturing deals with a combined value of 930.4 billion won (US$667.7 million) from a Europe-based biopharmaceutical firm. The deals, set to last until the end of 2031, are valued at 752.4 billion won and 178 billion won, respectively, [...]
SEOUL, Nov. 20 (Korea Bizwire) — The Navy will receive a new 8,200-ton destroyer armed with an advanced missile interception platform next week, officials said Wednesday, in a move expected to help bolster the military’s air defense capabilities against North Korean missiles. The Navy will receive the Jeongjo the Great destroyer, named after a visionary [...]
ULSAN, Nov. 20 (Korea Bizwire) — Police and forensic agency authorities plan to conduct a joint investigation Wednesday into the cause of an accident that left three people dead at a Hyundai Motor Co. plant in the southeastern city of Ulsan. On Tuesday, three researchers — two Hyundai employees and one affiliated with a subcontractor [...]
SEOUL, Nov. 20 (Korea Bizwire) — An International Monetary Fund (IMF) team said Wednesday that South Korea’s economy is forecast to grow 2 percent next year, citing downside risks including a slowdown in trade and heightened geopolitical tensions. The latest forecast by the IMF team marked a 0.2 percentage-point drop from an earlier projection presented [...]
SEOUL, Nov. 20 (Korea Bizwire) — Back-to-back protests by railway and subway workers disrupted subway services in the capital area on Wednesday, with commuters complaining of delays during the morning rush hour. The Korean Railway Workers’ Union’s work-to-rule protest continued for the third day, causing eight trains on subway lines 1, 3 and 4 and [...]
WANDO, Nov. 20 (Korea Bizwire) – A delegation from the Australian Sustainable Seaweed Alliance (ASSA) recently visited Wando, South Korea’s leading seaweed production region, signaling growing international interest in the Asian nation’s marine farming expertise. The 15-member delegation, led by ASSA representative Jo Kelly, toured seaweed farms, processing facilities, and the Marine Bio Research Center in [...]
SEOUL, Nov. 20 (Korea Bizwire) – Costco Korea, the South Korean arm of the American wholesale giant, plans to distribute more than half of its annual net profits as dividends to its parent company, according to regulatory filings released on November 19. The company reported operating profits of 218.6 billion won for the fiscal year ending [...]
INCHEON, Nov. 20 (Korea Bizwire) – On Yeonpyeong Island, a fishing community situated near the maritime border with North Korea, local fishermen are locked in a dispute with municipal authorities over the disposal of fishing nets laden with crab remains, highlighting the environmental and economic challenges facing South Korea’s coastal communities. In September, the Ongjin County [...]
SEOUL, Nov. 19 (Korea Bizwire) – POSCO, South Korea’s largest steelmaker, has ceased operations at its Pohang Steelworks’ No. 1 Wire Rod Mill after 45 years and 9 months of service. The closure, effective November 19, comes as the global steel market grapples with oversupply, particularly from low-cost Chinese imports, which have eroded profitability. The No. [...]