SEOUL, Sept. 30 (Korea Bizwire) — Hyundai Motor Co. on Monday reached a major milestone of 100 million units in global cumulative production, an achievement accomplished in 57 years since the company’s foundation, the automaker said. In celebration of the achievement, Hyundai Motor held a ceremony at its plant in Ulsan, some 300 kilometers southeast [...]
SEOUL, Aug. 28 (Korea Bizwire) – The South Korean film industry, once a powerhouse of global cinema, is facing a severe downturn as major studios dramatically cut back on new productions. This reduction threatens to plunge the already struggling industry into a deeper crisis, with experts predicting a significant decrease in commercial films hitting theaters in [...]
SEOUL, Feb. 26 (Korea Bizwire) — The combined overseas production of Hyundai Motor Co. and Kia Corp. surpassed 3.68 million units in 2023, setting the biggest offshore output since the outbreak of the COVID-19 pandemic, data showed Monday. According to data from the Korea Automobile Manufacturers Association, Hyundai Motor and Kia, South Korea’s leading automakers, [...]
SEOUL, Jan. 31 (Korea Bizwire) — South Korea’s output from the manufacturing sector fell by the most in 25 years in 2023 due mainly to weak demand for semiconductors amid an industry downcycle, data showed Wednesday. Retail sales and investment also tumbled last year amid high interest rates and inflationary pressure, and concerns linger over weak domestic [...]
SEOUL, Sept. 13 (Korea Bizwire) — Seoul is gaining prominence as a creation stage for ‘K-content,’ with an increasing number of movies and TV shows choosing the city as their backdrop. The Seoul Metropolitan Government announced on Tuesday that the number of feature-length and short films, as well as TV dramas seeking support for filming in the [...]
SEOUL, Sept. 11 (Korea Bizwire) — KT&G Corp., South Korea’s dominant tobacco company, said Monday it plans to expand its production facilities in Indonesia, with an aim to start operations in 2026. KT&G currently has a tobacco manufacturing plant in Surabaya and plans to build another one in the Southeast Asian country. The new Indonesian [...]
SEOUL, Dec. 14 (Korea Bizwire) — South Korea’s health authorities have issued an emergency order to local pharmaceutical firms to increase production of acetaminophen tablets in a bid to tackle a cold medicine shortage in the winter season, government officials said Wednesday. The Ministry of Food and Drug Safety on Nov. 30 designated 650 milligram [...]
SEOUL, Oct. 18 (Korea Bizwire) — South Korea plans to start deploying a new military mine detector capable of locating non-metal objects, such as those made of wood, in the latter half of next year, the state arms procurement agency said Monday. The Defense Acquisition Program Administration (DAPA) signed a contract with local developer Hanwha [...]
SEOUL, Oct. 13 (Korea Bizwire) — Output and exports of South Korea’s state industrial complexes rose in the first half of the year from the pre-pandemic period, but their employment shrank, data showed Wednesday. Combined production of the 44 industrial parks came to 258 trillion won (US$216 billion) in the January-June period, up 6.6 percent [...]
ULSAN, Feb. 6 (Korea Bizwire) — Hyundai Motor Co. will reshore some of its manufacturing operations in the United States to help maintain work for its employees at home, its union said Saturday. Under an agreement reached between the company and the union, production of about 70,000 Sonata and Avante sedans will be returned from [...]