SEOUL, Jan. 17 (Korea Bizwire) — South Korea’s economy is grappling with deeper-than-expected shocks stemming from President’s declaration of martial law on December 3, 2024, according to a new analysis from the Bank of Korea (BOK). The political instability has forced the central bank to reconsider its economic growth projections for both 2024 and 2025, raising the [...]
SEOUL, Jan. 14 (Korea Bizwire) — South Korea continues to face mounting dining costs for the third consecutive year as high inflation, currency volatility, and rising interest rates drive food prices upward. From popular dining options to workplace cafeterias and convenience store meals, prices have surged, intensifying the so-called ‘lunchflation’ phenomenon. According to data from Statistics [...]
SEOUL, Jan. 13 (Korea Bizwire) — Chinese electric vehicle (EV) manufacturers, led by BYD, are intensifying efforts to enter the South Korean market in 2025, raising questions about their strategic motivations. Analysts suggest this move addresses China’s domestic overproduction while positioning South Korea as a testing ground for expansion into advanced markets. Industry insiders speculate [...]
SEOUL, Jan. 10 (Korea Bizwire) — South Korea is ramping up its global leadership in shipbuilding by forging a new partnership with the United States and advancing next-generation maritime technologies. The government announced plans to establish a cross-departmental task force to strengthen collaboration with Washington, particularly in ship maintenance, repair, and overhaul (MRO), aligning with [...]
JEJU, Jan. 10 (Korea Bizwire) — Hot Pink Dolphins, a marine conservation organization, issued a statement on January 9 calling for swift parliamentary passage of an amendment to Jeju’s Special Act that would introduce a groundbreaking “ecological corporation” system. The proposed amendment, currently awaiting review by the National Assembly’s Public Administration and Security Committee, would allow [...]
SEOUL, Jan. 10 (Korea Bizwire) — In a stark reversal of fortune, South Korea’s leading battery manufacturers are bracing for significant fourth-quarter losses as the electric vehicle market faces a prolonged period of stagnating demand. LG Energy Solution, one of the country’s top battery makers, reported an operating loss of 225.5 billion won in the fourth [...]
SEOUL, Jan. 9 (Korea Bizwire) — South Korea’s Ministry of Health and Welfare, in collaboration with the Korea Suicide Prevention Center, announced plans to launch a visual campaign on the Han River this March to promote the nation’s suicide prevention hotline, 109. The initiative involves floating a life buoy shaped like the hotline number, symbolizing hope [...]
SEOUL, Jan. 9 (Korea Bizwire) — A new survey reveals that one in three small business owners in Korea increased their borrowing in 2024, highlighting the ongoing financial challenges faced by the sector. According to a study released on January 8 by the Korea Federation of SMEs (KBIZ), 34.9% of small business owners who hold loans [...]
MUAN, South Korea, Jan. 8 (Korea Bizwire) — In the wake of the tragic “Jeju Air Disaster,” Muan International Airport in South Korea became a hub of nationwide mourning and volunteerism. Over 10,000 volunteers from across the country have provided comfort to the victims’ families, transforming the airport into a place of solidarity and healing. A [...]
SEOUL, Jan. 8 (Korea Bizwire) — The Korea Chamber of Commerce and Industry (KCCI) unveiled its 2025 Retail Industry White Paper on January 7, identifying “S.N.A.K.E”—Survival, Next, AI, K-Culture, and Economical Consumption—as the year’s key consumer market trends. Survival in a Stagnant Market With global economic challenges and stagnating consumer markets, competition for limited spending [...]