SEOUL, June 10 (Korea Bizwire) — Hyundai Motor Co. on Tuesday released the face-lifted Nexo hydrogen-powered sport utility vehicle (SUV) in South Korea, unveiling key features and price schemes for the fully revamped model. The upgraded hydrogen fuel cell electric vehicle (FCEV) model boasts a futuristic design that blends urban and outdoor utility, a driving [...]
SEOUL, June 10 (Korea Bizwire) — South Korea’s Hanwha Group said Tuesday it has received approval from the U.S. government to acquire up to a 100 percent stake in Australia-based shipbuilding and defense firm Austal, clearing a major hurdle in its push to expand its presence in the global defense market. The recent approval from [...]
SEOUL, June 10 (Korea Bizwire) — Despite its wealth of manufacturing data, South Korea lacks the standardization and integration infrastructure necessary to fully leverage industrial artificial intelligence (AI), according to a new report calling for more proactive engagement from both government and industry. In its latest publication, “AI-Driven Transformation of Korea’s Key Export Industries,” the [...]
SEOUL, June 10 (Korea Bizwire) — A growing number of South Korean consumers are purchasing eco-friendly agricultural products, but high prices continue to hinder broader adoption, according to a government survey released Monday. The Ministry of Agriculture, Food and Rural Affairs reported that 76.8% of respondents said they had purchased eco-friendly produce at least once in [...]
SEOUL, June 9 (Korea Bizwire) — South Korea’s labor market showed clear signs of softening last month, with the number of job openings per job seeker hitting its lowest May level since the 1998 IMF crisis, and the growth in employment insurance enrollments falling to a five-year low, government data showed Monday. According to the [...]
SEOUL, June 9 (Korea Bizwire) — Doosan Enerbility Co., a major South Korean plant builder, said Monday it has secured a 900 billion-won (US$664 million) contract to build a combined cycle power plant in Vietnam by 2028. Doosan Enerbility has formed a consortium with local plant engineering firm PECC2 to construct the 1,155-megawatt power plant [...]
SEOUL, June 9 (Korea Bizwire) – Kia Corp. on Monday unveiled the specifications and pricing for the PV5, the automaker’s first-ever electric purpose-built vehicle (PBV), and said it will begin accepting preorders this week. The PV5 is a mid-sized PBV built on Hyundai Motor Group’s dedicated electric platform E-GMP.S, and designed to serve both personal [...]
SEOUL, June 9 (Korea Bizwire) — Leading global investment banks have begun upgrading their forecasts for South Korea’s economic growth in 2025, citing expectations of fiscal stimulus from the new administration and easing trade tensions between the U.S. and China. After months of downward revisions driven by sluggish domestic consumption and weak exports, institutions such [...]
SEOUL, June 9 (Korea Bizwire) — Hitejinro Co. said Monday its flagship soju brand Jinro has been named the world’s best-selling spirit for the 24th consecutive year by the British drinks industry publication, Drinks International. In 2024, Hitejinro sold 96.8 million cases (9 liters per case) of soju products worldwide, the company said in a [...]
SEOUL, June 9 (Korea Bizwire) — A majority of South Korean exporters recognize the need to employ artificial intelligence (AI) in their businesses to boost efficiency, but only a small fraction are actively utilizing the technology, a survey showed Monday. According to the survey conducted from Feb. 17-19 by the Korea International Trade Association (KITA), [...]