SEOUL, Dec. 18 (Korea Bizwire) — South Korea’s economy grew at an annualized rate of nearly 7 percent after a change in the base year for economic growth data compilation, central bank data showed Wednesday. According to the data from the Bank of Korea, Asia’s fourth-largest economy expanded at an average 6.9 percent per year [...]
SEOUL, Dec. 18 (Korea Bizwire) — Chung Yong-jin, chairman of South Korean retail conglomerate Shinsegae Group, was set to meet with Donald Trump Jr., the eldest son of U.S. President-elect Donald Trump, at the president-elect’s Florida resort this week, the group said Wednesday. Chung is visiting the Mar-a-Lago resort Tuesday and Wednesday (U.S. time) to [...]
SEOUL, Dec. 18 (Korea Bizwire) — South Korea’s industry ministry said Wednesday the country plans to implement eased regulations for hydrogen charging stations next year in line with efforts to support the sector’s ecosystem. The set of new rules is reflected in the revised high-pressure gas safety control act, which will be implemented in May, [...]
SEOUL, Dec. 18 (Korea Bizwire) – Over the past three years, South Korea’s leading conglomerates have directed the bulk of their equity investments toward the electric vehicle (EV) battery sector, signaling a strategic focus on securing new growth engines. According to a report by corporate research firm Leaders Index on December 17, South Korea’s top [...]
SEOUL, Dec. 18 (Korea Bizwire) – South Korea’s Fair Trade Commission (FTC) has announced a comprehensive update to its advertising and labeling regulations, incorporating 32 new provisions from 29 recently enacted or amended laws. The updated guidelines include several consumer-focused requirements, such as mandatory disclosure of probability rates for in-game items, new regulations for patent attorney [...]
SEOUL, Dec. 18 (Korea Bizwire) – South Korea’s antitrust watchdog has identified multiple structural factors that could restrict fair competition and harm consumer interests in the country’s generative artificial intelligence market, according to a policy report released on December 17. The Korea Fair Trade Commission (KFTC) announced plans to closely monitor the market and begin reviewing [...]
SEOUL, Dec. 17 (Korea Bizwire) – BYD, the world’s leading electric vehicle (EV) brand, is set to make its official foray into South Korea’s passenger car market. On December 17, South Korean conglomerate Samchully Group announced that its subsidiary, Samchully EV, has signed an official dealership agreement with BYD Korea to introduce the Chinese automaker’s [...]
SEOUL, Dec. 17 (Korea Bizwire) — Growth projections for South Korea’s export-dependent economy in 2024 have been revised downward, despite robust semiconductor exports, reflecting slower-than-expected recovery in domestic demand amid high interest rates and lingering effects of the COVID-19 pandemic. Earlier in the year, both the South Korean government and major international financial organizations projected [...]
SEOUL, Dec. 17 (Korea Bizwire) — Hitejinro Co., South Korea’s leading beverage company, will consider building additional overseas plants or acquiring a local company for further expansion after fully establishing its first overseas plant in Vietnam, a company executive said Tuesday. Hitejinro’s US$77 million soju manufacturing plant is under construction at the Green-i-Park industrial complex [...]
SEJONG, Dec. 17 (Korea Bizwire) — A drillship participating in a major gas and oil development project in the East Sea arrived at its first drilling site Tuesday, as it prepares to begin exploration operations amid growing uncertainties in the project due to domestic political situations, according to industry sources. The West Capella, operated by [...]