SEOUL, Dec. 10 (Korea Bizwire) – Leading South Korean construction companies are grappling with mounting profitability challenges as the industry faces a prolonged downturn. Cost-to-sales ratios have climbed above 90%, up sharply from the traditional mid-80% range in recent years, with some firms seeing ratios exceed 95%. According to NICE Information Service, the average cost-to-sales ratio for [...]
SEOUL, Dec. 10 (Korea Bizwire) – Taihan Cable & Solution Co., South Korea’s second-biggest cable company, said Tuesday it has received a 110 billion-won (US$76.8 million) high-voltage cable order from Sweden. Under the deal with Sweden’s state-run electricity transmission system operator, Svenska kraftnat, Taihan Cable will supply 420 kilovolt cables and other equipment to Sweden’s [...]
SEJONG, Dec. 10 (Korea Bizwire) – South Korea’s industry ministry held a meeting Tuesday with the nation’s five power generation firms to explore ways to use the infrastructure of coal plants slated for shutdown in line with the country’s green energy policy. The meeting came amid growing concerns that the closure of coal plants could [...]
SEOUL, Dec. 10 (Korea Bizwire) – The growth in South Korea’s employment insurance registrations reached its lowest point in nearly four years, highlighting a slowdown in the labor market as the country faces a range of economic headwinds. According to the Ministry of Employment and Labor, the number of regular employment insurance subscribers increased by [...]
SEOUL, Dec. 10 (Korea Bizwire) – South Korea’s economy is grappling with mounting challenges, as domestic construction downturns and global trade uncertainties weigh heavily on growth prospects, according to a report by the Korea Development Institute (KDI) on December 9. While the report notably avoided direct mention of the ongoing political turmoil surrounding President Yoon [...]
SEOUL, Dec. 10 (Korea Bizwire) – Major South Korean cryptocurrency exchanges have initiated compensation procedures for service disruptions that occurred during the December 3 martial law crisis. The exchanges are accepting compensation claims to minimize investor losses caused by access problems and delayed transactions, with some already having completed partial reimbursements. According to industry sources, leading exchanges [...]
ULSAN, Dec. 10 (Korea Bizwire) – The city of Ulsan is embarking on an ambitious project to develop autonomous manufacturing technology based on Software-Defined Factory (SDF) systems, aimed at advancing its automotive industry capabilities. The initiative kicks off with a two-day technical conference and workshop at the Westin Josun Busan beginning December 9, focusing on core AI [...]
SEOUL, Dec. 9 (Korea Bizwire) – South Korea’s real estate market is grappling with uncertainty following the December 3 emergency martial law and the subsequent impeachment proceedings against President Yoon Suk-yeol. Political instability, coupled with tightened loan regulations, has dampened buyer sentiment, raising fears of a prolonged downturn in the housing sector. Apartment transactions in [...]
SEOUL, Dec. 9 (Korea Bizwire) — The Seoul city government said Monday it will expand the operation of late-night taxis and extend the operation hours of buses until the year-end to meet the surge in demand from year-end gatherings. The city plans to supply 1,000 additional night cabs and set up temporary taxi stops in [...]
SEOUL, Dec. 9 (Korea Bizwire) – Rising exchange rates could push South Korea’s already elevated food prices even higher next year, experts warn, as the country’s heavy reliance on imported food ingredients makes it particularly vulnerable to currency fluctuations. The won has weakened significantly against the dollar in recent weeks, with the exchange rate breaking through 1,400 [...]