SEOUL, Nov. 21 (Korea Bizwire) – While Costco, the U.S. warehouse discount store, achieved a milestone in South Korea with annual sales exceeding 6 trillion won for the first time, its social contributions in the country have dwindled. Moreover, the company remitted a dividend to its U.S. headquarters that surpassed its annual operating profit. Costco Korea’s [...]
SEOUL, Nov. 17 (Korea Bizwire) — Hyundai Motor Co. and its affiliate Kia Corp. said Friday they have unveiled their latest electric vehicle (EV) units and concept models under way at the 2023 Los Angeles Auto Show as the companies strengthen their electric portfolios. Hyundai debuted the Ioniq 5 N, the first high-performance EV model [...]
SEOUL, Nov. 16 (Korea Bizwire) – Controversy has escalated following a recent court ruling that deemed the act of crafting wallets by repurposing luxury bags, a practice commonly known as ‘reform’ in Korean, as a violation of trademark rights. In response to the court’s decision demanding compensation of 15 million won from the owner of a [...]
SEOUL, Nov. 16 (Korea Bizwire) – POSCO International is venturing into Ukraine’s postwar reconstruction, commencing with the establishment of a modular plant. The announcement came on Wednesday when CEO Jeong Tak signed a Memorandum of Understanding (MOU) with Governor Vitalii Kim of the Mykolaiv region for the construction of a modular building production facility. Modular construction [...]
SEOUL, Nov. 14 (Korea Bizwire) — Samsung Electronics Co. on Tuesday showcased its latest updates to software and services, including its new generative artificial intelligence (AI) model, Samsung Gauss, at an annual tech conference. At the Samsung Developer Conference (SDC) Korea 2023 in Seoul, the South Korean tech giant introduced Samsung Gauss and its three [...]
JEJU, Nov. 14 (Korea Bizwire) – The Southern Bottlenose Dolphins of Jeju, beloved by Woo Young-woo, the heroine of the popular Korean drama ‘Extraordinary Attorney Woo,’ will now possess basic legal rights similar to those of a person. On Monday, the Jeju Special Self-Governing Provincial Government announced its intention to amend the ‘Jeju Special Self-Governing Province [...]
SEOUL, Nov. 13 (Korea Bizwire) – The adoption of artificial intelligence (AI) in financial services by commercial banks is rapidly gaining momentum. Specifically, the integration of generative AI, which derives new value by learning from existing data, is being hailed as a pivotal driver of growth within the financial sector and a cornerstone of innovation in [...]
SEOUL, Nov. 10 (Korea Bizwire) – The government is poised to announce a series of measures later this year to break the monopoly held by banks as they have been raking in record profits from interest income, according to sources from the presidential office on Friday. This decision follows President Yoon Suk Yeol’s strong criticism [...]
SEOUL, Nov. 10 (Korea Bizwire) – A recent study has revealed that degenerative brain disease can occur as an aftereffect of COVID-19 infection. On Thursday, the Korea Brain Research Institute (KBRI) announced the findings of a joint study between the research team of its dementia research group, led by Dr. Kim Do-geun, and professor Choi In-soo’s [...]
SEOUL, Nov. 10 (Korea Bizwire) – Working-class individuals in South Korea are finding themselves compelled to resort to revolving loans carrying an annual interest rate of 20 percent. This shift is a consequence of savings banks and card companies, typically the go-to sources for emergency funds among ordinary people, raising the bar for access to long-term [...]