SEOUL, Aug. 21 (Korea Bizwire) – The government said Wednesday it will provide 1.6 trillion won (US$1.2 billion) in financial support, including loans, to help vendors hit by delayed payments of e-commerce platforms TMON and WeMakePrice. The announcement came after the two firms, owned by Singapore-based Qoo10, filed for corporate rehabilitation last month after failing to [...]
SEOUL, Aug. 21 (Korea Bizwire) – Automotive companies in South Korea are pushing forward with their new electric vehicle launch schedules despite public concerns over EV safety, with key players actively campaigning to debunk unsubstantiated myths surrounding safe charging practices. The latest fears surrounding EVs began after a spontaneous fire that began in a parked Mercedes-Benz [...]
SEOUL, Aug. 21 (Korea Bizwire) – In a remarkable turnaround story, Hyundai Motor’s Turkish plant has transformed from a struggling venture to a vital hub in the automaker’s global operations, boasting an industry-leading utilization rate of 119.9% in the first half of this year. The Hyundai Assan Otomotive Sanayi (HAOS) facility, located in Izmit, Turkey, has [...]
SEOUL, Aug. 20 (Korea Bizwire) – South Korea’s household credit rebounded sharply in the second quarter of the year as home-backed loans increased in the face of tightened lending criteria and high rates, central bank data showed Tuesday. Outstanding household credit reached 1,896.2 trillion won (US$1.419 trillion) at the end of June, up 13.8 trillion [...]
SEOUL, Aug. 20 (Korea Bizwire) – KG Mobility Corp., a South Korean carmaker, on Tuesday launched a redesigned Actyon sport utility vehicle in the domestic market to boost sales. The Actyon SUV comes with a 1.5-liter gasoline turbocharged engine, a six-speed automatic transmission, and eight airbags, the company said in a statement. The revamped model [...]
SEOUL, Aug. 20 (Korea Bizwire) – Small business owners in South Korea are preparing to differentiate prices between in-store and delivery orders, a move triggered by a recent increase in commission fees by Baemin, the country’s largest food delivery platform. This collective action, set to begin on August 22, is raising concerns about potential inflationary pressures [...]
SEOUL, Aug. 20 (Korea Bizwire) — Amorepacific Corp., South Korea’s leading cosmetics firm, said Tuesday it has launched its luxury Hera brand in Thailand as part of its expansion into Asian markets. The first Hera outlet in Thailand is located at the Central Chidlom department store in Bangkok, with more outlets set to be added [...]
SEOUL, Aug. 20 (Korea Bizwire) – Hybrid vehicles have demonstrated the lowest incidence of fires compared to vehicles of other fuel types over the past five years, according to recent data from the National Fire Agency of South Korea. The agency’s report on “Vehicle Fires by Fuel Type” shows that hybrid vehicles were involved in just [...]
SEOUL, Aug. 20 (Korea Bizwire) – For Ko, a 31-year-old office worker who commutes via the Nambu Bus Terminal station on Seoul’s Subway Line 3, summer mornings and evenings are a sweaty ordeal. “It feels like a sauna in there,” she said, describing her daily struggle with the lack of air conditioning in the subway station. [...]
SEOUL, Aug. 19 (Korea Bizwire) — Major South Korean banks are scurrying to further raise their lending rates, alarmed by a spike in household loans amid extended easing monetary policy, industry sources said Monday. KB Bank, Shinhan Bank and Hana Bank will raise their lending rates on mortgage loans by between 0.1 percentage point and [...]