SEOUL, Sept. 8 (Korea Bizwire) — South Korea’s mid-sized shipbuilding sector is sliding toward collapse, even as opportunities for U.S.-Korea cooperation in naval and commercial shipbuilding expand under initiatives such as the MASGA project, a new report warns. According to a study released Sunday by the Korea Eximbank’s Overseas Economic Research Institute, orders secured by [...]
SEOUL, Sept. 8 (Korea Bizwire) — South Korea’s central bank, in coordination with the government and the country’s largest lenders, is preparing to test the use of central bank digital currency (CBDC) for distributing public subsidies, a move officials say could curb misuse and improve accountability. According to financial industry sources, the six major banks [...]
SAVANNAH, Ga., Sept. 8 (Korea Bizwire) — The workday had barely begun when phones began buzzing in unison at Hyundai Motor Group and LG Energy Solution’s sprawling battery plant construction site in Georgia. A text message appeared: stop work immediately. Within minutes, federal agents from Immigration and Customs Enforcement and Homeland Security Investigations swept across the [...]
SEOUL, Sept. 8 (Korea Bizwire) — South Korean retailers are bracing for the return of Chinese tour groups, set to enter visa-free from September 29, by rolling out fresh promotions and diversifying their product lineups beyond luxury cosmetics to fashion, lifestyle and even convenience store exclusives. In the mid-2010s, Chinese “Youke” travelers became synonymous with [...]
SEOUL, Sept. 8 (Korea Bizwire) — South Korean health supplement companies are intensifying their push overseas as slowing demand at home contrasts with rising global appetite for wellness products. Industry data show exports have climbed steadily since the pandemic, hitting a record 382.1 billion won ($280 million) last year, nearly triple the 2019 figure. By [...]
SEOUL, Sept. 8 (Korea Bizwire) — In a landmark ruling, South Korea’s Supreme Court has upheld the authority of domestic courts to punish foreign corporations under so-called “dual liability” provisions, affirming that overseas companies can face criminal penalties if their employees commit trade secret violations within Korea. The decision came in a case involving Everlight, a [...]
SEOUL, Sept. 8 (Korea Bizwire) — For the first time, older workers now make up a larger share of full-time employees at South Korea’s major corporations than younger recruits, underscoring the deepening generational divide in the country’s labor market. A report released Sunday by the Korea Employers Federation found that employees aged 55 to 59 in [...]
WASHINGTON SEOUL, Sept. 6 (Korea Bizwire) — President Donald Trump on Friday defended the large-scale immigration raid at a Hyundai Motor–LG Energy Solution battery plant site in Georgia, describing it as routine enforcement even as the operation threatened to strain ties with South Korea. Speaking a day after 475 construction workers were detained, Trump said, [...]
SEOUL, Sept. 6 (Korea Bizwire) — The Korea Exchange said Friday it will introduce three new stock indexes tied to artificial intelligence on Sept. 8, underscoring how rapidly the technology is reshaping investment strategies across industries. The indexes — the KRX Sovereign AI Index, the KRX-Akros AI Power Infrastructure Index, and the KRX AI Semiconductor Index [...]
SEOUL, Sept. 5 (Korea Bizwire) — South Korea ranked second in new global shipbuilding orders in August after China, with overall order placements plunging 65 percent from a year earlier, industry data showed Friday. Global shipbuilding orders fell 65 percent on-year to 2.44 million compensated gross tons (CGT) last month, according to London-based Clarkson Research [...]