SEOUL, Nov. 22 (Korea Bizwire) — Hanwha Ocean Co. said Friday it has decided to withdraw its complaint filed with the police against shipbuilding rival HD Hyundai Heavy Industries Co., citing what it called a need to cooperate for national interests. “We believe withdrawing the complaint is the right course of action to ensure the [...]
SEOUL, Nov. 22 (Korea Bizwire) — Hanjin Logistics Corp., the logistics unit of South Korea’s Hanjin Group, said Friday it has partnered with DHL Supply Chain Korea to strengthen their domestic logistics networks and services. The partnership is aimed at attracting new clients, leveraging each other’s expertise and knowledge, and jointly exploring business opportunities, the [...]
SEOUL, Nov. 22 (Korea Bizwire) – Samsung Heavy Industries unveiled its autonomous vessel prototype, the SHIFT-Auto, at a launching ceremony in Geoje, South Gyeongsang Province, the Ministry of Trade, Industry and Energy announced on November 21. The 12-meter vessel, designed to carry up to 12 passengers, showcases cutting-edge autonomous navigation technologies integrated from the design phase, [...]
SEOUL, Nov. 21 (Korea Bizwire) – South Korea’s leading carmaker Hyundai Motor Co. has unveiled its first-ever large-sized all-electric Ioniq 9 sport utility vehicle (SUV) in a world premiere event held in the United States, the company said Thursday. The event was held at Goldstein House in Los Angeles on Wednesday (U.S. time) to showcase [...]
SEOUL, Nov. 21 (Korea Bizwire) – Seoul’s bustling Myeong-dong district has emerged as the ninth most expensive retail location globally, according to a new report by Cushman & Wakefield Korea. The real estate services firm analyzed retail rental prices in 138 major cities, revealing that Myeong-dong’s annual average rent per square meter reached ₩10.32 million, a [...]
SEOUL, Nov. 21 (Korea Bizwire) – CJ CheilJedang, a leader in Korean food manufacturing, is intensifying its global expansion by committing ₩800 billion to build state-of-the-art production facilities in Hungary and South Dakota. The investments are aimed at bolstering its market presence in Europe and the U.S., two critical regions in its international growth strategy. Strategic [...]
SEOUL, Nov. 21 (Korea Bizwire) – Lotte Department Store announced the launch of its European-style Christmas Market, running from November 20 to January 5 at the Lotte World Mall’s Lawn Plaza in Jamsil, Seoul. This year’s market, themed “Wonderful Showtime,” represents the largest iteration to date, featuring collaboration with luxury brand Chanel and integration with an [...]
SEOUL, Nov. 21 (Korea Bizwire) – As global economic uncertainties persist, South Korea’s largest conglomerates are intensifying efforts to secure cash reserves, even divesting profitable core businesses and world-leading operations to strengthen their financial positions and fund future investments. According to industry sources on November 20, major business groups are actively selling profitable subsidiaries and flagship [...]
SEOUL, Nov. 21 (Korea Bizwire) — The European Union has concluded the passenger service-related remedial commitments offered by South Korean flagship carriers Korean Air Co. and Asiana Airlines Inc. for their proposed merger have been fulfilled, according to the EU’s executive body Thursday. Korean Air has divested four European passenger flight routes to low-cost carrier [...]
SEOUL, Nov. 21 (Korea Bizwire) — LG Chem Ltd., South Korea’s leading chemical company, said Thursday it has signed an initial agreement with U.S. energy giant Exxon Mobil Corp. to get a supply of up to 100,000 tons of lithium carbonate, a key material for creating cathodes for batteries. Under the memorandum of understanding, Exxon [...]