SEOUL, Sept. 4 (Korea Bizwire) — The new culture minister said Thursday that despite the global success of K-pop, films and other entertainment, the reality he has witnessed inside the industries is one of “despair.” “The reality I’ve seen, heard and felt while visiting various sites is so different from the glamorous image that it [...]
SEJONG, June 28 (Korea Bizwire) — The accommodation and restaurant sector in South Korea reported the biggest fall in operating profit margins in 2020 compared with 2015 due to the COVID-19 pandemic, data showed Tuesday. The ratio of operating profit against sales for the lodging and eatery industry came to 5.2 percent in 2020, down [...]
SEOUL, Feb. 24 (Korea Bizwire) — Concerns are growing that Russia’s military aggression of Ukraine could broadly hurt South Korea’s key industries, including semiconductors and autos, as the heightened geopolitical tension will likely drive up already high energy prices. The South Korean government has said the Ukraine crisis may have limited impacts on its economy, [...]
SEOUL, March 27 (Korea Bizwire) — Companies hit by the coronavirus look set to restructure their businesses and reduce their workforces if the outbreak of the respiratory illness extends beyond the second quarter, analysts said Friday. The COVID-19 virus, which first emerged in China late last year and has claimed more than 24,000 lives and [...]
SEOUL, March 4 (Korea Bizwire) — Different industries are experiencing a variety of outcomes with the novel coronavirus outbreak prompting people to avoid face-to-face contact. The e-commerce market is rapidly expanding as “untact consumption,” referring to consumption without face-to-face contact, continues to gain popularity. However, the service sector, where customers and employees have direct physical [...]
SEOUL, Feb. 27 (Korea Bizwire) — South Korean companies are engaging in preventive restructuring to offset the economic impact from the coronavirus outbreak. Even conglomerates, traditionally strong employers offering quality recruitment opportunities, are announcing a series of restructuring plans, adding to the fear already rampant in the labor market. Doosan Heavy Industries & Construction Co., [...]
SEOUL, Dec. 30 (Korea Bizwire) — Industries including tobacco, beer and sugar that have been monopolizing the market for decades are very stingy with investments such as research and development (R&D), due to lack of pressure from foreign countries to compete due to high concentration in the domestic market. According to the results of the [...]
SEOUL, Jun. 30 (Korea Bizwire) — Additional industries, including bus, financial and broadcasting firms, will be required to implement the 52-hour workweek rule starting next month, the labor ministry said Sunday. In July 2018, the shorter workweek went into effect for companies with more than 300 employees, but 21 industries, including regular-route bus services, broadcasting, [...]
SEOUL, Aug. 21 (Korea Bizwire) – The domestic shipbuilding industry was engulfed in a wave of low spirits as shipping publication “Tradewinds” and eBest Investment and Securities (eBest) both reported that French company CMA CGM had signed a letter of intent with two Chinese shipbuilding firms for nine container ships. The reason for the Korean [...]