SEOUL, Aug. 14 (Korea Bizwire) — South Korea’s fiscal deficit surpassed 100 trillion won (US$73.51 billion) during the first half of 2024 amid weak corporate performances and rising state expenditures, data showed Wednesday. The managed fiscal balance, a key gauge of fiscal health calculated on a stricter term, posted a deficit of 103.4 trillion won [...]
SEOUL, Aug. 14 (Korea Bizwire) — NCSOFT Corp., a South Korean gaming giant, said Wednesday it has decided to launch two new companies through a split-off as part of its efforts to increase competitiveness and tackle its management crisis. NCSOFT made the decision to separate its quality assurance service unit, NCQA, and software developing business [...]
SEOUL, Aug. 14 (Korea Bizwire) — Women’s accessories, such as hats and sandals, sold on AliExpress, Temu and Shein, the biggest Chinese online retail platforms, have been found to contain toxic substances at up to 229 times higher than permitted levels, the Seoul city government said Wednesday. The city conducted safety examinations on 144 products [...]
SEOUL, Aug. 14 (Korea Bizwire) — Coupang Inc. said Wednesday it has resumed purchasing CJ CheilJedang Corp.’s products for delivery after a 20-month hiatus due to differences over their deals. CJ CheilJedang stopped selling its products to Coupang in December 2022 as they failed to narrow a gap over CJ’s product supply prices with the [...]
SEOUL, Aug. 14 (Korea Bizwire) — Mercedes-Benz Korea Ltd. is faced with criticism from industry watchers and consumers over its belated disclosure of battery suppliers for the company’s electric vehicles amid an EV safety scare. Concerns surrounding EV safety flared up in the country after a spontaneous fire that started in a parked Mercedes-Benz EV on Aug. [...]
SEOUL, Aug. 14 (Korea Bizwire) — Mathias Vaitl, CEO and president of Mercedes-Benz Korea Ltd., on Wednesday plans to meet with residents of an apartment complex in Incheon, where a fire that started from a Mercedes-Benz electric vehicle destroyed over 100 cars, according to sources. The sources said that Vaitl plans to meet with residents [...]
SEOUL, Aug. 14 (Korea Bizwire) – South Korean battery manufacturers are experiencing a collective boost in stock prices as automakers, led by Hyundai Motor Company, begin to disclose their electric vehicle (EV) battery suppliers. This trend reflects growing investor confidence that South Korean firms, with their superior technology compared to Chinese competitors, could increase market share [...]
SEOUL, Aug. 13 (Korea Bizwire) – Mercedes-Benz Korea Ltd. on Tuesday released the brand information of its electric vehicle models sold in the country amid growing calls for EV brand transparency in the country following a massive fire caused by an electric car this month. The latest fear surrounding EVs started after a spontaneous fire [...]
SEOUL, Aug. 13 (Korea Bizwire) –The government will recommend automakers voluntarily disclose the battery brand information of all electric vehicles sold in South Korea, the Office for Government Policy Coordination (OPC) said Tuesday. The decision was made at a vice-ministerial meeting of EV-related ministries and agencies, the OPC said, amid growing public concern about [...]
SEOUL, Aug. 13 (Korea Bizwire) – Hyundai Motor, South Korea’s leading automaker, is set to pioneer the use of electronic paper beacon ID badges, marking a significant step towards sustainable and secure workplace access. The company announced on August 13 that it has filed a patent for ID badges incorporating electronic ink LCD displays. Hyundai plans [...]