SEOUL, June 5 (Korea Bizwire) — Naver Corp. Chief Executive Officer (CEO) Choi Soo-yeon met with top executives at Netflix in Los Angeles this week to discuss their ongoing membership partnership and explore further collaborations, the South Korean tech giant said Thursday. According to Naver, Choi visited Netflix’s Los Angeles office Tuesday (local time), where [...]
SEOUL, June 5 (Korea Bizwire) — South Koreans spent a staggering ₩82.9 trillion (approximately $61 billion) on fashion products over the past year, with casual wear topping the list and consumers in their 50s emerging as the most active spenders, according to a nationwide survey released Wednesday. The Korea Federation of Textile Industries reported that [...]
SEOUL, June 3 (Korea Bizwire) — South Korea’s leading pharmaceutical and biotech companies are increasingly shifting toward direct sales operations in overseas markets, betting that bypassing local distributors will yield greater long-term profits and stronger control over pricing and marketing. Industry leader Celltrion has recently expanded its direct sales footprint in Europe, transitioning its Spanish operations [...]
SEOUL, June 2 (Korea Bizwire) — Hyundai Steel Co., South Korea’s second-largest steelmaker, said Monday it is considering selling a division that produces caterpillar tracks at one of its domestic plants, amid a prolonged slump in the construction industry. The company is in talks with Daejoo.KC — whose business spans steel structures to auto components [...]
SEOUL, June 2 (Korea Bizwire) — Kia Corp., South Korea’s second-largest automaker by sales, said Monday its sales gained 1.7 percent last month from a year earlier on steady overseas demand for sport utility vehicles (SUVs). Kia, a smaller affiliate of local industry leader Hyundai Motor Co., sold 269,148 vehicles in May, up from 264,699 [...]
SEOUL, May 30 (Korea Bizwire) — POSCO Holdings, South Korea’s leading steelmaker, said Friday it has opened a resource-focused research center in Australia to help secure future growth drivers through local partnerships. The Australia Critical Minerals R&D Lab, the first overseas facility of its kind established by a South Korean steelmaker, aims to enhance technological [...]
SEOUL, May 29 (Korea Bizwire) — SM Entertainment will expand its strategic partnership with Tencent Music Entertainment Group, following the Chinese streaming giant’s move to become SM’s second-largest shareholder. SM announced Thursday it signed a memorandum of understanding with Tencent Music to broaden cooperation beyond music distribution. The partnership will include the co-production of new [...]
SEOUL, May 28 (Korea Bizwire) — Business leaders of South Korea and Japan on Wednesday agreed to expand bilateral cooperation in artificial intelligence (AI), semiconductors and other key sectors while supporting Seoul’s efforts to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The agreement was part of a joint statement adopted during the [...]
SEOUL, May 28 (Korea Bizwire) — GM Korea Co., the South Korean unit of General Motors Co., said Wednesday it will dispose of non-core assets and directly managed service centers as part of its efforts to sustain operations amid weak demand for its vehicles. In response to a rapidly evolving industry landscape and global business [...]
SEOUL, May 27 (Korea Bizwire) – South Korea will work to strengthen cooperation with the World Bank as part of efforts to help developing nations advance their agriculture and food technologies, Seoul’s finance ministry said Tuesday. The Ministry of Economy and Finance held an annual meeting with officials from the World Bank in the southeastern [...]