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S. Korea’s Renewable Battery Industry to Create Fund

S. Korea’s Renewable Battery Industry to Create Fund

SEOUL, Nov. 12 (Korea Bizwire) — South Korea’s big-three rechargeable battery makers have agreed to create a fund to jointly develop next-generation battery technologies and foster related industries, the industry ministry said Monday. The companies — LG Chem Inc., Samsung SDI Co. and SK Innovation Co. — signed a memorandum of understanding for joint R&D [...]

S. Korean Version of Lemon Laws to Go into Effect Next Year

S. Korean Version of Lemon Laws to Go into Effect Next Year

SEOUL, Nov. 12 (Korea Bizwire) — The South Korean version of U.S. lemon laws is set to go into effect next year as the government moves to strengthen consumers’ rights, the transport ministry said Monday. Under the lemon laws in the United States, those who purchase cars and other consumer goods that repeatedly fail to [...]

Online Malls Enjoy Sales Boom with Discount Events

Online Malls Enjoy Sales Boom with Discount Events

SEOUL, Nov. 11 (Korea Bizwire) — South Korea’s online malls have raked in sales during massive discount campaigns held well in advance of Black Friday in the United States, according to industry insiders Sunday. Major online malls and market places presented door-busting deals in early November to entice consumers even before department stores and discount [...]

Exports of Traditional ‘Tteok,’ ‘Topokki’ Food on the Rise: Data

Exports of Traditional ‘Tteok,’ ‘Topokki’ Food on the Rise: Data

SEOUL, Nov. 11 (Korea Bizwire) — Exports of traditional rice-based food, such as “tteok” and “topokki,” are on the rise amid growing global demand for Korean food, data by the state-run food trade corporation showed Sunday. According to the Korea Agro-Fisheries & Food Trade Corp. (aT Center), exports of South Korean-made tteok products that include [...]

S. Korea’s Factory Utilization Rate Falls to Lowest Level Since Asian Financial Crisis

S. Korea’s Factory Utilization Rate Falls to Lowest Level Since Asian Financial Crisis

SEOUL, Nov. 11 (Korea Bizwire) — South Korea’s factory utilization rate has fallen to the lowest level since the Asian financial crisis fueling concerns that the economy is showing signs of slowing down, observers said Sunday. Data by Statistics Korea showed the average capacity utilization ratio of factories standing at 72.8 percent in the January-September [...]

Customs Service to Crack Down on Fake Goods from China During “Singles’ Day” Period

Customs Service to Crack Down on Fake Goods from China During “Singles’ Day” Period

SEOUL, Nov. 9 (Korea Bizwire) – The Korea Customs Service and Korea Post announced yesterday that they will be cracking down on “fake” branded goods produced in China from November 11 to 30. The crackdown is in response to the worry that a significant number of fake products will infiltrate the nation during Singles’ Day, [...]

Vietnamese PM Calls for SK Group’s Investment in Privatization of State Firms

Vietnamese PM Calls for SK Group’s Investment in Privatization of State Firms

SEOUL, Nov. 9 (Korea Bizwire) — Vietnamese Prime Minister Nguyen Xuan Phuc has asked the chairman of South Korea’s SK Group to participate in the privatization of state-owned companies in one of the world’s fastest growing economies, the conglomerate said Friday. “We will spare no effort in providing comprehensive assistance in cooperation with SK,” Phuc [...]

Once Red-hot, Home Prices in Seoul Show Signs of Stability

Once Red-hot, Home Prices in Seoul Show Signs of Stability

SEOUL, Nov. 9 (Korea Bizwire) — Being a homeowner has become more difficult for Hwang Jin-kyu, a 38-year-old software engineer who has been trying to buy a three-bedroom apartment in northern Seoul for months. He sought to borrow about 200 million won (US$178,300) from a bank to buy the 79.3-square-meter home, but his application for [...]