SEOUL, Oct. 15 (Korea Bizwire) — South Korea’s National Pension Service (NPS) said it will begin enforcing stricter “responsible investment” standards on private equity and other alternative investments, following heavy criticism over massive potential losses linked to the troubled retailer Homeplus. The decision, announced by the Ministry of Health and Welfare during a parliamentary audit on [...]
DUBAI, Oct. 14 (Korea Bizwire) – Dubai, a major financial hub in the Middle East, is eyeing deeper cooperation with South Korea as the city develops its fintech industry amid the boom of artificial intelligence (AI) technology, an official from the city’s digital economy agency has said. Saeed Al Gergawi, vice president of the Dubai [...]
SEOUL, Oct. 13 (Korea Bizwire) – Doosan Enerbility Co., a major South Korean plant builder, said Monday it has exported gas turbine products to the United States, marking the country’s first deal to ship domestically developed gas turbines overseas. Doosan Enerbility signed a contract with a “big tech” company to supply two 380-megawatt-class gas turbines [...]
SEOUL, Oct. 12 (Korea Bizwire) — South Korea’s GM operations are feeling the brunt of a prolonged U.S. tariff reduction delay, as sales of its flagship export models — the Trax Crossover and Trailblazer — plunge sharply, rekindling concerns over the automaker’s future in the country. According to industry data released Saturday, GM Korea sold 23,723 [...]
SEOUL, Oct. 12 (Korea Bizwire) — Once a symbol of comfort and affordability, fried chicken has become an expensive indulgence for many South Koreans, as soaring prices trigger public frustration and social media backlash over what consumers are calling “chickenflation.” “I tremble when paying for chicken these days,” said Lee, a 27-year-old college student in Seoul. [...]
SEOUL, Oct. 12 (Korea Bizwire) — A growing number of disputes over public access and shared resources are flaring up among apartment complexes in Seoul’s affluent Gangnam area, reflecting what some sociologists call an “urban tribalism” fueled by skyrocketing property values. In Gangdong District, residents of the 4,066-unit Godeok Arteon complex voted late last month to [...]
SEOUL, Oct. 10 (Korea Bizwire) – Sales of imported vehicles in South Korea rose more than 30 percent in September from a year ago, driven by strong demand for Tesla and steady sales of hybrid and electric vehicles (EVs), industry data showed Friday. According to the Korea Automobile Importers & Distributors Association (KAIDA), the number [...]
SEOUL, Oct. 10 (Korea Bizwire) — As global demand for digital services such as artificial intelligence and cloud computing accelerates, a new report warns that South Korea must develop a sustainable and balanced approach to digital trade that aligns openness with technological sovereignty. According to a study released Thursday by the Korea Chamber of Commerce and [...]
SEOUL, Oct. 10 (Korea Bizwire) — As soaring bakery prices push past 10,000 won for just a few items at franchise shops, Koreans are increasingly turning to low-cost private label (PB) bread sold at convenience stores and large retailers. The shift has fueled what industry insiders are calling a “budget bakery boom,” with PB bread [...]
SEOUL, Oct. 9 (Korea Bizwire) — South Korea’s imports of coffee beans jumped sharply from a year earlier in 2024, with imports this year widely expected to reach an all-time high, customs data showed Thursday. Imports of coffee beans, including both raw and roasted products, came to US$1.24 billion last year, up 13 percent from $1.1 billion the previous year, [...]