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S. Korean Petrochemical Firms Move to Prepare for Higher Oil Prices

S. Korean Petrochemical Firms Move to Prepare for Higher Oil Prices

SEOUL, Jan. 17 (Korea Bizwire) — South Korean petrochemical companies have since last year been moving to make big investments and diversify their portfolios to prepare for changes in the business environment, including higher oil prices, the energy ministry said Wednesday. Major petrochemical companies are set to hold a meeting in Seoul where they will [...]

Gov’t to Launch 2.6 tln-won Investment Fund for Startups This Year

Gov’t to Launch 2.6 tln-won Investment Fund for Startups This Year

SEJONG, Jan. 17 (Korea Bizwire) — The government will launch a 2.6 trillion-won (US$2.45 billion) investment fund for startups this year, the first portion of a proposed 10 trillion-won investment fund that is to be created by 2020, the finance ministry said Wednesday. Earlier, the government said it will allocate 30 trillion won over the [...]

Apple to Launch 1st Retail Shop in South Korea

Apple to Launch 1st Retail Shop in South Korea

SEOUL, Jan. 17 (Korea Bizwire) — Apple Korea said Wednesday it will open its first full-fledged retail shop in South Korea this month to help customers buy, repair and experience iPhones and other Apple products. The first shop in South Korea will open on Garosugil in the affluent southern district of Gangnam in Seoul on [...]

Daewoo Shipbuilding Says Negotiations Under Way with Romania

Daewoo Shipbuilding Says Negotiations Under Way with Romania

SEOUL, Jan. 16 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipbuilder, said Tuesday it has been holding negotiations with Romania over the sale of the European country’s largest shipyard. Romania’s state-owned company 2 Mai S.A. Mangalia shipyard informed Daewoo Shipbuilding on Jan. 5 of its intention to exercise its [...]

S. Korea’s 2M Cryptocurrency App Users Leaking to Foreign Exchanges

S. Korea’s 2M Cryptocurrency App Users Leaking to Foreign Exchanges

SEOUL, Jan. 16 (Korea Bizwire) — Despite South Korea’s seven-figure userbase for cryptocurrency apps, a relatively small surge in domestic users of Hong Kong service Binance in the past week has industry watchers wondering whether local investors, increasingly hemmed in by government regulations, will begin an exodus towards foreign exchanges. According to app research firm [...]