SEOUL, Sept. 2 (Korea Bizwire) — South Korea’s average daily maximum power demand reached a new high in August as the country experienced scorching summer heat that persisted throughout the month, data showed Monday. The country’s peak power demand in August averaged 87.8 gigawatts, a 6.1 percent increase from a year earlier, according to the [...]
SEOUL, Sept. 2 (Korea Bizwire) — The finance ministry said Monday it will push to reduce 32.1 trillion won (US$24.01 billion) of debt incurred by 14 financially troubled public companies combined by 2026 through asset sales and organization restructuring. According to the revised financial management plan, the government set the target debt amount for Korea [...]
SEOUL, Sept. 2 (Korea Bizwire) — Samsung Medison Co., a medical equipment unit of Samsung Electronics Co., said Monday it has completed the acquisition of the French artificial intelligence medtech startup Sonio, as part of its effort to expand its AI-powered health care solution business. The Korean company acquired 100 percent of Sonio on Friday, [...]
SEOUL, Sept. 2 (Korea Bizwire) — Nearly 60% of electric vehicle (EV) charging stations in South Korea are installed underground, according to a recent government report, raising concerns about fire safety and emergency response capabilities in a country rapidly embracing electric mobility. The data, released by the Ministry of Environment to lawmaker Lim Lee-ja of the [...]
SEOUL, Sept. 1 (Korea Bizwire) – Banks in South Korea started tightening curbs on mortgage loans on Sunday, officials said, amid concerns over rising housing prices in Seoul and household debts. The move came as the Financial Services Commission asked banks to toughen screenings for new mortgage borrowers and allow them to take out loans [...]
SEOUL, Sept. 1 (Korea Bizwire) – Exports of hybrid cars by Hyundai Motor Co. and its affiliate Kia Corp. jumped 35.2 percent on-year in the first seven months of this year, industry data showed Sunday. Hyundai Motor and Kia exported a total of 222,818 hybrid vehicles between January and July, compared with 164,851 units for [...]
SEOUL, Aug. 31 (Korea Bizwire) –As menu prices in South Korea’s restaurant industry continue to climb, a heated debate has erupted between the country’s leading food delivery app, Baedal Minjok (Baemin), and restaurant owners over who bears responsibility for the increases. Restaurant chains point to the rising commission fees charged by delivery apps, particularly Baemin, [...]
SEOUL, Aug. 31 (Korea Bizwire) – In a bold move to boost the circular economy for plastics, Korea Social Investment Foundation (KSI), a public interest corporation and impact investor, has announced a 400 million won interest-free loan program for startups specializing in innovative technologies and solutions for recycling transparent PET bottles. The initiative, revealed on August [...]
SEOUL, Aug. 30 (Korea Bizwire) – The chief executive of the global mobility platform Uber said Friday the company sees South Korea as a vitally important market, stating his commitment to growing the company’s taxi business here. “Korea is a large taxi market, and one with strong market opportunity and growing e-hail penetration,” Uber CEO [...]
SEOUL, Aug. 30 (Korea Bizwire) — The Bank of Korea (BOK) said Friday that it agreed to launch local currency transactions for cross-border payments in late September. Under the agreement, current account transactions between the two nations in their local currencies will be facilitated, and costs for businesses and other users will be reduced, they [...]