SEOUL, Aug. 19 (Korea Bizwire) – As South Korean department stores struggle with sluggish consumer spending due to high inflation, sports merchandise sections have become an unexpected source of growth. According to reports from the country’s three major department store chains on August 18, sales in their sports categories increased by approximately 10% in the first [...]
SEOUL, Aug. 19 (Korea Bizwire) – With South Korea’s major duty-free retailers struggling to overcome a prolonged sales slump, they are increasingly turning their attention to an often overlooked demographic: domestic customers. With the summer travel season in full swing, these shops are launching aggressive marketing campaigns, including lavish prize drawings, to capture the wallets of [...]
SEOUL, Aug. 19 (Korea Bizwire) — KTX high-speed train service returned to normal on Monday, the operator said, one day after a train derailment caused severe delays throughout the Seoul-Busan route. Korea Railroad Corp. (KORAIL) said the recovery work related to the derailment accident was completed at 5:08 a.m., paving the way for the resumption [...]
SEOUL, Aug. 19 (Korea Bizwire) — The agriculture ministry said Monday the government will purchase a total of 450,000 tons of rice for its reserves to stabilize market prices and address an oversupply of the grain. Under the plan passed during a Cabinet meeting, the government will purchase 400,000 tons of rice harvested this year, [...]
SEOUL, Aug. 19 (Korea Bizwire) – A recent study by the Korea Insurance Development Institute has found that electric vehicles (EVs) in South Korea have a slightly higher risk of fire and explosion compared to traditional gasoline-powered cars, potentially impacting insurance premiums and safety perceptions. According to data released on August 18, there were 53 fire [...]
SEOUL, Aug. 18 (Korea Bizwire) – The number of South Korean youth opting to remain economically inactive without a specific reason set a new record in July, data showed Sunday, amid economic uncertainties and high job competition. The number of such individuals aged 15 to 29 reached 443,000 last month, an increase of 42,000 from [...]
SEOUL, Aug. 16 (Korea Bizwire) – Victims of a massive South Korean apartment complex fire that began from a Mercedes-Benz electric vehicle (EV) earlier this month have expressed discontent over the German automaker’s initial relief support pledge, claiming the promised amount is “absurdly insufficient” when compared with the actual total damage, sources said Friday. Last [...]
SEOUL, Aug. 16 (Korea Bizwire) — South Korea’s business community has submitted formal concerns to the U.S. Treasury Department regarding Washington’s policy to restrict American investments in China’s advanced technology sector, sources said Friday. According to the sources, the Korea Chamber of Commerce and Industry (KCCI) sent a letter to the department on Aug. 4 [...]
SEOUL, Aug. 16 (Korea Bizwire) – In a bid to allay consumer concerns about electric vehicle (EV) safety, Hyundai Motor Company and Kia Corporation have unveiled their latest Battery Management System (BMS) technology, a crucial development in their ongoing efforts to improve EV reliability and performance. The South Korean automakers announced on August 15 that the [...]
SEOUL, Aug. 16 (Korea Bizwire) – In a surprising fusion of construction wear and fashion, Hyundai Construction has unveiled a stylish new work jacket that’s capturing the imagination of its employees across generations. The company announced on August 15 that it has released an MA-1 Padded Jumper as an exclusive jacket for Hyundai Construction employees, in [...]