BUSAN, March 15 (Korea Bizwire) – Still reeling from the Hanjin Shipping crisis, South Korea’s largest port is incorporating Internet of Things technology to transform into a high-tech logistics destination. In accordance with a MOU signed on Tuesday, Lotte Data Communication, with its IoT technology, and KL-NET, a port logistics IT company, will be developing [...]
SEOUL, March 15 (Korea Bizwire) – Falling crude oil prices will likely boost petroleum and petrochemical products consumption in emerging economies that will benefit South Korea’s refiners, industry sources said Wednesday. Benchmark West Texas Intermediate (WTI) ended at US$49.28 per barrel as of March 9, industry data showed. It is the first time since November [...]
SEOUL, March 14 (Korea Bizwire) – Couriers for one of South Korea’s largest logistics companies, CJ Korea Express, have become certified emergency medical responders after receiving safety and CPR training, the company announced yesterday. In collaboration with the Ministry of Public Safety and Security (MPSS), CJ Korea Express trained around five hundred of its employees [...]
SEOUL, March 14 (Korea Bizwire) – South Korean airlines said Tuesday they will reduce China-bound flights temporarily to cope with falling tourist demand after Beijing ordered its travel agencies to stop selling group tours in protest of Seoul’s installation of a U.S. anti-missile system. Local air carriers, including budget carriers, are facing difficulties after Beijing [...]
SEOUL, March 14 (Korea Bizwire) – KT&G Corp., South Korea’s largest tobacco product manufacturer, said Tuesday it posted solid profitability last year due to growing demand abroad despite falling domestic consumption. The company said its sales rose to 2.96 trillion won (US$2.57 billion) in 2016, up from 2.82 trillion won in the previous year. The [...]
BEIJING, March 13 (Korea Bizwire) – China’s economic retaliation against South Korea over the deployment of a THAAD missile defense system continues to grow with no sign of abatement, as reports emerge of the Chinese government targeting more South Korean enterprises including private business establishments. As the deployment of the THAAD battery is reportedly being accelerated, [...]
JEJU, South Korea, March 13 (Korea Bizwire) – More than 3,400 Chinese tourists chose not to get off their cruise ship after arriving at the Port of Jeju last Saturday afternoon, amid South Korea-China conflict over the THAAD missile systems that has rapidly deteriorated in recent weeks. Shocked and intimidated by the collective hostility, 31 [...]
SEOUL, March 13 (Korea Bizwire) – Global pharmaceutical companies are seeking to join hands with local startups as part of their effort to increase research and development (R&D) productivity, industry officials said Monday. The move is part of their effort to adopt “open innovation,” a network of collaboration with external institutes and individuals, as opposed [...]
SEOUL, Mar. 12 (Korea Bizwire) — A majority of businesses in the content, tourism and retail sectors said they are suffering from the ongoing spat between South Korea and China over the deployment of a U.S. missile defense system, a survey showed Sunday. According to the survey conducted on 597 firms in those sectors by [...]
SEOUL, Mar. 12 (Korea Bizwire) — South Korean duty-free operators are holding back from expanding their businesses on grim prospects that the intensifying trade spat between South Korea and China over the U.S. anti-missile system will further weigh down sales, industry sources said Sunday. HDC Shilla Co., a latecomer in the local duty-free industry, may [...]