SEOUL, Dec. 5 (Korea Bizwire) – CJ OnStyle, a major South Korean online retailer, has identified “newmiliar” as the defining consumer trend of 2024, describing a preference for products that combine familiarity with innovative twists. The term “newmiliar,” a portmanteau of “new” and “familiar,” emerged from the company’s analysis of sales data across its most popular [...]
SEOUL, Dec. 4 (Korea Bizwire) – South Korean businesses faced an unexpected disruption overnight as President Yoon Suk-yeol declared martial law late on December 3, prompting widespread adjustments across industries before the emergency was rescinded hours later. Rapid Shift to Remote Work Companies with offices in key areas, particularly Yeouido, moved swiftly to protect employees. [...]
SEOUL, Dec. 4 (Korea Bizwire) — The Sorento, the popular sport utility vehicle (SUV) of Kia Corp., is poised to become this year’s single bestselling car model in South Korea, industry data showed Wednesday. According to the latest sales data from domestic automakers, the Sorento claimed the top spot for domestic cumulative sales for the [...]
SEOUL, Dec. 4 (Korea Bizwire) – As concerns mount over a prolonged drop in electric vehicle demand and potential impacts of Donald Trump’s potential return to the White House, South Korea’s battery manufacturers are adapting their strategies amid growing industry turbulence marked by EV plant closures and bankruptcies worldwide. The country’s three major battery makers are [...]
SEOUL, Dec. 4 (Korea Bizwire) – In response to growing demand for obesity medications, Samsung Fire & Marine Insurance has launched health insurance products that cover high-cost obesity treatments, marking a significant development in the Korean health insurance market. These new plans offer coverage for GLP-1 class obesity medications, such as Wegovy and Saxenda, which [...]
SEOUL, Dec. 4 (Korea Bizwire) — South Korea’s agricultural minister says she expects exports of traditional fermented sauces using soybeans, or “jang,” to grow down the road after the tradition of making them was recognized as intangible heritage by the United Nations cultural organization. The United Nations Educational, Scientific and Cultural Organization (UNESCO) in Paraguay [...]
JEONJU, Dec. 4 (Korea Bizwire) – South Korea’s Rural Development Administration (RDA) is accelerating efforts to develop smart agriculture technologies aimed at automating farming practices. On December 3, the RDA showcased its innovations during a demonstration event in Hamyang County, Gyeongnam Province, attended by over 100 local farmers and industry participants. The initiative focuses on [...]
SEOUL, Dec. 4 (Korea Bizwire) — Stock markets will open as usual Wednesday, the finance ministry said, following President Yoon Suk Yeol’s unexpected declaration of emergency martial law overnight, which was subsequently lifted. The decision was made during an emergency meeting held earlier in the day between Finance Minister Choi Sang-mok and top economic and [...]
SEOUL, Dec. 4 (Korea Bizwire) — The South Korean currency fell markedly against the U.S. dollar Wednesday amid political turmoil following President Yoon Suk Yeol’s now-lifted declaration of emergency martial law. The Korean won opened at 1,418.1 won per dollar, down 15.2 won from the previous session. During the nighttime offshore trading, the won had [...]
SEOUL, Dec. 4 (Korea Bizwire) — The country’s top financial regulator said Wednesday that the authorities are ready to mobilize a 10 trillion-won (US$7 billion) stock market stabilization fund to reduce any market volatility in the midst of President Yoon Suk Yeol’s surprise decision to impose martial law, which was later lifted. “We are ready [...]