BUSAN, Oct. 8 (Korea Bizwire) – Rising sea temperatures and deteriorating fishing conditions are driving a wave of closures among South Korea’s offshore fishing vessels, with more than half of the fleet considering decommissioning. The National Federation of Fisheries Cooperatives for Large Trawlers announced on October 7 that 74 out of 136 vessels in its fleet have [...]
SEOUL, Oct. 4 (Korea Bizwire) – Coupang, the South Korean e-commerce giant, has seen an increase in its user base despite raising its membership fees. This development challenges predictions of a mass exodus from the platform and underscores the company’s strong market position in a fiercely competitive landscape. According to data from WiseApp, Coupang’s monthly active [...]
SEOUL, Oct. 4 (Korea Bizwire) – In a move to reduce plastic waste, South Korea is set to introduce its first domestically produced lightweight water bottles, bringing a familiar sight from overseas travel to local store shelves. The Ministry of Environment announced on October 3 that Lotte Chilsung Beverage will launch its ICIS N bottled water [...]
SEOUL, Oct. 3 (Korea Bizwire) — South Korea’s exports of agricultural products reached a record high during the first nine months of 2024, led by strong demand for instant noodles, snacks and beverage products, data showed Thursday. Outbound shipments of agricultural goods rose 8.3 percent on-year to come to US$7.38 billion in the January-September period, [...]
GANGJIN, Oct. 3 (Korea Bizwire) – In Gangjin County, South Korea, a novel approach to rice cultivation is gaining attention: rice grown to the accompaniment of music. This unique method, known as “Green Music Farming,” is producing organic rice that’s literally raised on a diet of sound. The farm plays a mix of Western classical compositions, [...]
SEOUL, Oct. 2 (Korea Bizwire) — The government on Wednesday unveiled additional financial support for low-income earners that include complete debt forgiveness for those who are willing but unable to repay their loans. The move comes amid sharp increases in household debts and the number of people going bankrupt. The number of people filing for [...]
YANGYANG, Oct. 2 (Korea Bizwire) – Wild pine mushrooms from Yangyang, South Korea, known as “Yangyang songi,” have shattered price records, selling for an unprecedented 1.6 million won per kilogram. The Yangyang Sokcho Forestry Cooperative reported on October 1 that during the previous day’s auction, top-grade Yangyang songi mushrooms reached this new pinnacle. The auction prices [...]
SEOUL, Oct. 2 (Korea Bizwire) – The South Korean Fair Trade Commission (FTC) has initiated regulatory action against AliExpress, the popular Chinese online shopping platform, over allegations of false advertising. On September 30, the FTC sent a report detailing potential sanctions to an AliExpress affiliate responsible for product sales. The commission determined that the company’s advertisements, [...]
SEOUL, Oct. 1 (Korea Bizwire) — Hyundai Motor Group said Tuesday it has signed an initial pact with a Saudi Arabian foundation for cooperation in a smart city project. The South Korean automotive group and Misk Foundation signed a memorandum of understanding (MOU) for a partnership in a Saudi Arabian smart city project and to [...]
SEOUL, Oct. 1 (Korea Bizwire) – As Seoul prepares for its annual International Fireworks Festival, a spectacle that typically draws hundreds of thousands of spectators, a frenzy for prime viewing spots is driving up prices across the city. Hotels and restaurants with coveted views of the Han River are seeing their rates soar, prompting local authorities [...]