SEOUL, Nov. 29 (Korea Bizwire) – Major South Korean pay TV operators are implementing voluntary retirement programs amid deteriorating business conditions, drawing criticism for shifting the burden of financial challenges onto workers. Following LG HelloVision, the country’s largest cable TV operator by subscribers, both Skylife and HCN have announced voluntary retirement plans. Skylife revealed its program during [...]
SEOUL, Nov. 29 (Korea Bizwire) – Lotte Group announced a sweeping set of initiatives on November 28 to address liquidity concerns and improve financial stability. The measures include revaluing land assets, divesting underperforming properties, and scaling back investments. As part of its strategy, Lotte is also considering exiting poorly performing overseas duty-free locations. During an [...]
SEOUL, Nov. 29 (Korea Bizwire) – Incheon city announced on Thursday that over 17,100 pregnant women have applied for its transportation subsidy program since its launch in April. The initiative provides ₩500,000 in transportation assistance per eligible applicant, allocated via Incheon’s local currency platform, “Incheon e-Eum.” The city initially set aside ₩5 billion for 12,500 women [...]
SEOUL, Nov. 29 (Korea Bizwire) – For years, private equity funds (PEFs) were synonymous in South Korea with “predatory capital” and “corporate raiders,” drawing criticism for prioritizing short-term profits over corporate health. The perception stemmed from practices such as aggressive cost-cutting, asset sales, and layoffs, which were viewed as tactics to maximize returns at the [...]
SEOUL, Nov. 28 (Korea Bizwire) – With the European Union Commission granting final approval for the merger between South Korea’s two largest airlines, the nation’s aviation industry stands on the brink of a seismic shift that will create the country’s first “mega carrier.” The merger of Korean Air and Asiana Airlines promises better competitiveness through economies [...]
SEOUL, Nov. 28 (Korea Bizwire) – Samsung is reinforcing its management structure to address challenges stemming from the downturn in its semiconductor business, which has contributed to a broader corporate crisis. The move follows a leadership reshuffle in Samsung Electronics’ semiconductor division on November 27 and involves the strategic deployment of trusted executives, including former members [...]
SEOUL, Nov. 28 (Korea Bizwire) – In a landmark decision, South Korea’s Supreme Court has upheld a lower court ruling requiring Nexon Korea to partially refund players who were affected by falsely advertised probability rates for in-game items. The Supreme Court’s Third Division rejected Nexon’s appeal on November 28, finalizing a ruling that orders the company [...]
SEOUL, Nov. 28 (Korea Bizwire) – The South Korean government announced measures on Wednesday to relax visa requirements for skilled foreign workers and increase hiring caps for construction firms, aiming to address chronic labor shortages and support regional development. Under the new policy led by the Ministry of Justice, foreign workers with over five years of [...]
SEOUL, Nov. 28 (Korea Bizwire) – On Wednesday morning, a heavy snowstorm blanketed the Seoul metropolitan area, forcing many delivery workers to make a difficult decision: stay safe or earn higher wages. A delivery rider from Incheon, identified as Mr. A, initially planned to take the day off for a health checkup. However, the sudden surge [...]
SEOUL, Nov. 28 (Korea Bizwire) –Starbucks Korea announced on Wednesday that it will officially launch its new subscription service, Buddy Pass, on December 2 to mark its 25th anniversary. This move comes as the coffee chain faces growing challenges to maintain its once-dominant appeal in South Korea, despite expanding its retail channels, including a scenic [...]