SEOUL, Oct. 7 (Korea Bizwire) — South Korea’s pharmaceutical and biotech firms are racing to close out the year under mounting pressure, with looming U.S. tariffs and sluggish drug development emerging as key challenges after the Chuseok holiday. Industry sources said Monday that the most immediate concern is the “U.S. tariff risk” following President Donald [...]
SEOUL, Oct. 7 (Korea Bizwire) – Korean Air Co., South Korea’s largest flag carrier, has signed a research cooperation agreement with Swedish flight-tracking company Wingbits to support airspace integration research for advanced air mobility (AAM), a release from the Stockholm-based company showed Tuesday. Under the agreement signed last month, Korean Air’s research and development (R&D) [...]
SEOUL, Oct. 7 (Korea Bizwire) — South Korea’s petrochemical sector, battered by an oversupply wave from China and the Middle East, remains deadlocked over restructuring plans despite government pressure and mounting financial strain. More than a month after companies agreed to draw up detailed restructuring blueprints by year’s end, no tangible progress has been made. [...]
SEOUL, Oct. 6 (Korea Bizwire) – India is seeking deeper cooperation with South Korea in the shipbuilding sector as it strives to become one of the world’s top five shipbuilding nations by 2047, India’s secretary for shipping has said, highlighting the need to combine Seoul’s advanced technology with New Delhi’s abundant manpower. Shri T. K. [...]
SEOUL, Oct. 6 (Korea Bizwire) — Once the exclusive domain of department stores, the competition to court South Korea’s most coveted “VVIP” customers — very, very important patrons with deep pockets and high loyalty — is heating up in the online retail world. E-commerce companies, traditionally focused on price-sensitive shoppers, are now introducing tiered membership [...]
SEOUL, Oct. 6 (Korea Bizwire) — A massive customer data leak at Lotte Card has reignited debate over a curious corporate reality in South Korea: companies that retain familiar household names long after being sold off. Following last month’s data breach, online forums buzzed with surprise that Lotte Card is no longer part of the Lotte [...]
SEOUL, Oct. 5 (Korea Bizwire) — South Korean mobility platform Socar said Sunday that membership for its vehicle delivery service, “Handler,” surpassed 200,000 in May, doubling in just two years as flexible, gig-based work gains traction among younger drivers. According to Socar, Handler’s total membership climbed from 100,000 in May 2023 to 130,000 in 2024, [...]
SEOUL, Oct. 2 (Korea Bizwire) – POSCO International Corp., the trading arm of POSCO Group, said Thursday it has completed construction of an electric vehicle (EV) parts plant in Poland to meet rising demand in line with the European Union’s emissions policies. The company invested 94 billion won (US$67 million) in the plant, which will [...]
SEOUL, Oct. 2 (Korea Bizwire) — A flurry of new liquefied natural gas (LNG) projects worldwide is fueling expectations of a rebound in orders for LNG carriers, a sector where South Korean shipbuilders hold a commanding lead. Yet analysts warn that years of heavy contracting may leave the market vulnerable to another downturn. According to [...]
SEOUL, Oct. 2 (Korea Bizwire) — South Korean trading companies have lost more than 130 billion won (US$96 million) to foreign exchange-related trade fraud in the past four years, underscoring persistent vulnerabilities in international transactions, according to data released by the Financial Supervisory Service (FSS) on Wednesday. Between 2021 and the first half of 2025, [...]