SEOUL, June 27 (Korea Bizwire) — Korea Aerospace Industries Co. (KAI), South Korea’s sole aircraft manufacturer, said Friday it has signed a 140 billion-won (US$103.3 million) contract with Collins Aerospace to supply engine components for Airbus aircraft. Under the agreement, KAI will supply engine nacelle components for Airbus A350 and A320 NEO aircraft over a [...]
SEOUL, June 27 (Korea Bizwire) — South Korean venture companies are showing signs of renewed optimism, with overall business sentiment rebounding for the first time in a year, according to data released Thursday by the Korea Venture Business Association. The Venture Business Survey Index (BSI) for the second quarter rose to 89.8, marking an 11.2-point [...]
SEOUL, June 27 (Korea Bizwire) — The average South Korean worker earned 3.97 million won ($2,870) in April this year, working 165.5 hours for the month, according to new data released by the Ministry of Employment and Labor on Thursday. While wages rose modestly, the outlook for core industries like manufacturing and construction continues to darken [...]
SEOUL, June 26 (Korea Bizwire) — Hanwha Aerospace Co. said Thursday it has signed a 623.2 billion-won (US$459.3 million) follow-up contract with the state defense procurement agency to supply engines for South Korea’s next-generation KF-21 fighter jets. The agreement with the Defense Acquisition Program Administration (DAPA) builds on a previous engine supply deal worth 556.2 [...]
SEOUL, June 26 (Korea Bizwire) — South Korea’s central bank said Thursday it will sell up to 7.2 trillion won (US$5.31 billion) worth of monetary stabilization bonds (MSBs) in July. The planned issuance represents a 600 billion-won increase from a month earlier, according to the Bank of Korea (BOK). As policy tools devised to absorb [...]
SEOUL, June 26 (Korea Bizwire) — South Korea has approved the decommissioning of the country’s first commercial nuclear reactor, the now-defunct Kori-1 unit, the Nuclear Safety and Security Commission (NSSC) said Thursday, also marking its first-ever decommissioning of a reactor. Unit 1 of the Kori nuclear power plant, located in the southeastern city of Busan, [...]
SEOUL, June 26 (Korea Bizwire) — South Korea’s financial investment in the United States surged to an all-time high in 2024, as domestic investors increasingly turned to U.S. stocks and production facilities amid a shifting global economic landscape, data from the Bank of Korea showed Thursday. According to the central bank’s provisional international investment balance sheet, [...]
SEOUL, June 26 (Korea Bizwire) — Nearly two-thirds of South Korea’s self-employed small business owners say their economic conditions have worsened this year, fueling renewed calls for a freeze or even a cut to the minimum wage, according to a new survey that underscores deepening financial pressures on the country’s smallest enterprises. The survey, released [...]
SEOUL, June 26 (Korea Bizwire) — Genesis, the independent luxury brand of South Korea’s Hyundai Motor Group, said Thursday it has entered into an expanded global marketing partnership with the PGA Tour through 2030. The multiyear agreement names Genesis as the first-ever global official vehicle company for both the PGA Tour and PGA Tour Champions, [...]
SEOUL, June 26 (Korea Bizwire) — South Korea is pushing to build two hydrogen clusters in east coast provinces as part of efforts to foster the growth of hydrogen-related businesses, including hydrogen batteries, the industry ministry said Thursday. The country will start constructing a special industrial complex for hydrogen storage and transportation across the eastern [...]