SEOUL, Dec. 3 (Korea Bizwire) – Single-person households in South Korea have reduced spending due mainly to high housing expenses and a tough job market situation, affecting the recovery of private consumption, a central bank report showed Tuesday. The proportion of one-person households out of the country’s total has been on a constant increase from [...]
SEOUL, Dec. 3 (Korea Bizwire) – South Korea’s duty-free sector is grappling with declining performance as foreign tourists increasingly favor road shops and specialty stores, such as health and beauty retailer Olive Young, over traditional duty-free outlets. This trend was highlighted at the “2025 Retail Industry Outlook Seminar” held by the Korea Chamber of Commerce [...]
SEOUL, Dec. 3 (Korea Bizwire) – Amid years of declining traditional retail sales, warehouse clubs are emerging as bright spots in South Korea’s brick-and-mortar retail landscape. E-mart’s Traders and Costco Korea are bucking the trend of offline retail struggles and inflation-driven consumer caution, primarily through their bulk-sale, low-price business model. According to data from E-mart released [...]
SEOUL, Dec. 3 (Korea Bizwire) – Samsung Electronics announced Tuesday that 16 artworks featured at Art Basel, the world-renowned art fair, will be available on its Samsung Art Store. This subscription-based service, accessible through Samsung’s lifestyle TV The Frame, offers users access to a curated selection of fine art. The Art Basel collection includes notable works such as Irwin’s [...]
SEOUL, Dec. 3 (Korea Bizwire) – South Korea is witnessing a sharp rise in young people opting out of work or job-seeking, raising fears of a growing NEET (Not in Education, Employment, or Training) population, according to a recent report by the Bank of Korea. The study, released on Monday, reveals that the number of [...]
SEOUL, Dec. 3 (Korea Bizwire) – Hyundai Motor Company has solidified its position in global motorsport by achieving significant milestones in the World Rally Championship (WRC) and setting its sights on endurance racing with the Genesis luxury brand. The WRC, organized by the Fédération Internationale de l’Automobile (FIA), is one of the most demanding motorsport [...]
SEOUL, Dec. 3 (Korea Bizwire) – South Korea is introducing stricter penalties for crimes involving the unauthorized transfer of defense industry technology abroad, reflecting heightened concerns over national security. The Ministry of National Defense and the Defense Acquisition Program Administration announced on Tuesday that amendments to the Defense Industry Technology Protection Act were promulgated and will [...]
SEOUL, Dec. 3 (Korea Bizwire) – Starting January 1, 2025, South Korea will waive out-of-pocket costs for cesarean section deliveries, addressing a longstanding disparity in childbirth-related healthcare expenses. The Ministry of Health and Welfare announced on Tuesday that an amendment to the National Health Insurance Act Enforcement Decree, which includes this provision, was approved during a [...]
SEOUL, Dec. 3 (Korea Bizwire) – Samsung Electronics is facing declining representation in South Korea’s Exchange-Traded Fund (ETF) market, reflecting growing concerns about its position in the semiconductor industry, particularly regarding its competitive stance in High Bandwidth Memory (HBM) and artificial intelligence (AI) chip supply chains. According to financial data provider Yonhap Infomax, as of November [...]
SEOUL, Dec. 3 (Korea Bizwire) – A seemingly straightforward directive from the Seoul city government about the English naming of its main waterway has sparked a broader debate about Korean place names in English, highlighting tensions between linguistic accuracy and cultural preservation. On November 19, Seoul city officials announced that “Hangang River” is the correct English [...]