SEOUL, Apr. 23 (Korea Bizwire) — South Korea’s small and medium enterprises (SMEs) are seeking to expand into overseas markets as they face mounting challenges at home, a poll by a local think tank showed Sunday. According to the Center for Large and Small Business Cooperation, 85.5 percent of all SMEs in the country said [...]
SEOUL, Apr. 23 (Korea Bizwire) — Sales of ramyun instant noodles decreased for the first time in three years in 2017 with the overall market size falling after posting steady gains, market data showed Sunday. Industry sources, citing figures released by Nielsen Korea, said total sales of the country’s leading ramyun manufacturers — Nongshim Co., [...]
SEOUL, Apr. 23 (Korea Bizwire) — GM Korea Co. the local unit of leading U.S. automaker is capable of pulling off an overall surplus in its business operations in 2020 if all sides can agree to a comprehensive restructuring plan, a preliminary report said Sunday. According to financial market sources, the due diligence being carried [...]
SEJONG, April 20 (Korea Bizwire) – The number of South Koreans in the agrofisheries sector is continuing to decrease amid a rapid aging and urbanization trend in the country, government data showed Friday. Households engaging in the farming business totaled 1.04 million last year, down 2.5 percent from 1.07 million tallied a year ago, according to the data compiled by Statistics Korea. The number of farmers also dropped 3 percent on-year to 2.42 million. In the [...]
SEOUL, April 20 (Korea Bizwire) – South Korea’s technology and chemical conglomerate LG Group said Friday it launched a new research complex in western Seoul aimed at bolstering its technological capabilities. “People and technologies are the best assets in our country, which lacks natural resources,” said LG Vice Chairman Koo Bon-Joon said in a statement. “Investing in research and development projects and fostering professionals are the fundamental [...]
SEOUL, April 20 (Korea Bizwire) – A South Korean court on Friday placed a financially troubled midsize shipbuilder under its receivership, a spokesman said. Shin Sung-hoon, spokesman of the Changwon District Court, said Deloitte Anjin LLC, an auditing company, will carry out due diligence on Sungdong Shipbuilding & Marine Engineering Co. to determine the company’s value of liquidation and its going concern value. “We [...]
SEJONG, Apr. 20 (Korea Bizwire) — The number of South Koreans in the agrofisheries sector is continuing to decrease amid a rapid aging and urbanization trend in the country, government data showed Friday. Households engaging in the farming business totaled 1.04 million last year, down 2.5 percent from 1.07 million tallied a year ago, according [...]
SEOUL, Apr. 20 (Korea Bizwire) – The Export-Import Bank of Korea (Korea Eximbank) on Friday promised 800 billion won (US$753.29 million) in loans and guarantees to the local shipping industry this year as the government acts on a five-year restructuring plan. Eun Sang-soo, chairman of the state-run lender, met with the heads of shipping companies [...]
ROME, Apr. 19 (Korea Bizwire) — The U.N. Food and Agriculture Organization on Thursday designated a site in Hadong, a town in South Korea’s South Gyeongsang Province, as one of its world agricultural heritage systems in recognition of the site’s traditional tea-growing method that maintains biodiversity. At a ceremony to mark the designation of Globally [...]
SEOUL/INCHEON, April 19 (Korea Bizwire) – General Motor Co.’s South Korean unit and its labor union have been holding last-minute negotiations on Thursday over a turnaround plan, a day before the deadline that would see GM Korea file for bankruptcy. The Detroit automaker, which announced in February that it will shut down its Gunsan plant by May, has said GM Korea will file for [...]