SEOUL, Oct. 11 (Korea Bizwire) – As restaurant owners’ frustrations grow over high commission fees charged by food delivery apps, several major chicken franchise chains in South Korea are ramping up incentives for customers to use their proprietary ordering platforms. According to industry sources on October 10, the country’s top three chicken franchises — BBQ, bhc [...]
SEOUL, Oct. 11 (Korea Bizwire) – Chinese scalpers are illegally acquiring Korean user account information to purchase tickets for hard-to-book events and concerts in South Korea, potentially reaping significant profits from reselling them on the black market, according to a South Korean lawmaker. The allegations, raised during a parliamentary audit on October 10, has sparked criticism [...]
SEOUL, Oct. 11 (Korea Bizwire) — The Bank of Korea (BOK)’s first interest rate cut in 38 months highlighted the urgent need for South Korea to ease interest burdens on households and businesses to prop up sagging domestic demand despite concerns over rising home prices and household debts, experts said Friday. The BOK lowered its [...]
SEOUL, Oct. 11 (Korea Bizwire) – A new convenience in South Korea’s bustling alcohol market is raising concerns about underage drinking. ‘Smart order’ services, which allow customers to order alcohol online and pick it up at offline stores, are under fire for potentially lax age verification procedures, a consumer watchdog group reported on October 10. The [...]
SEOUL, Oct. 10 (Korea Bizwire) – A group of 24 Mercedes-Benz electric vehicle owners, including the owner of an EQE model that caught fire in an underground parking lot in Incheon last August, have filed a class-action lawsuit against the German automaker and its affiliates. The lawsuit, announced on October 10 at a press conference in [...]
SEOUL, Oct. 10 (Korea Bizwire) – Porsche Korea announced on October 10 the official launch of its new third-generation Panamera Turbo E-Hybrid, a high-performance luxury sedan that promises improved driving dynamics and efficiency. The new model, which replaces the previous Turbo S variant, combines a powerful combustion engine with an advanced electric motor, reflecting the auto [...]
SEOUL, Oct. 10 (Korea Bizwire) — The Indian subsidiary of Hyundai Motor Co. is seeking to raise up to 4.4 trillion won (US$3.26 billion) through an initial public offering (IPO), according to the carmaker Thursday. Hyundai Motor Co. said in a regulatory filing to the South Korean Financial Supervisory Service that the price band for [...]
SEOUL, Oct. 10 (Korea Bizwire) — Major South Korean shipbuilder Hanwha Ocean Co. said Thursday it has won a 1.69 trillion-won (US$1.25 billion) order to build six liquefied natural gas (LNG) dual-fuel container vessels from a European shipper. Hanwha Ocean will construct six 15,000 twenty-foot equivalent units (TEU) LNG dual-fuel container ships at its dockyard [...]
SEOUL, Oct. 10 (Korea Bizwire) — Qoo10 CEO Ku Young-bae attended a court hearing held on Thursday to determine whether to issue an arrest warrant on fraud and embezzlement charges related to his e-commerce group’s large-scale payment delays to vendors. Ku appeared at the Seoul Central District Court for his hearing, which will be shortly [...]
SEOUL, Oct. 10 (Korea Bizwire) — Weak domestic consumption and investment have hampered the South Korean economic recovery despite strong exports, a state-run think tank said Thursday. “The South Korean economy is experiencing limited improvement as the recovery of domestic demand, especially in construction investment, is delayed, despite favorable conditions in exports,” the Korea Development [...]