Business

South Korea’s restaurant industry faces an unprecedented crisis as closures hit record highs, outpacing new openings for the first time in 16 years.

On June 13, 2024, the Korea Fair Trade Commission (KFTC) imposed a historic fine of 140 billion won on Coupang for its unfair business practices, including manipulating search algorithms to unfairly prioritize its private label (PB) products. This decision has significant implications for fair competition and local businesses. Coupang, one of South Korea’s largest e-commerce platforms, has been at the center of controversy for manipulating search algorithms to favor its private label products o

South Korea's recent introduction of the digital nomad visa, effective from January 1, 2024, marks a shift in its approach to remote work and tourism. However, the visa's stringent income requirements and other criteria have sparked debate about its actual effectiveness and appeal. High Income Threshold: A Barrier to Broader Appeal A pivotal aspect of the digital nomad visa is its high income requirement, set at twice the national GNI per capita, translating to an annual income of about 84.96

In a significant development for South Korea's shipping industry, Harim Group Consortium has been chosen as the preferred bidder for acquiring HMM (formerly Hyundai Merchant Marine), the country's largest shipping company. This move paves the way for the formation of a mega national shipping line, equipped with a fleet of over 300 vessels. While the final contract negotiations are pending, the integration of HMM's container-focused fleet with Harim Group's Pan Ocean, primarily a bulk carrier, wo

In recent years, the city of Busan has witnessed a significant shift in its urban landscape. Prominent department stores and shopping malls, once the epicenter of retail activity, are increasingly being transformed into mixed-use developments. This trend reflects a broader move toward integrating residential, commercial, and recreational spaces within single complexes, reshaping the way urban environments are designed and utilized. Parallel trends can be observed globally, particularly in citie

South Korea's shipbuilding giants are riding the wave of a resurgent industry, amassing significant orders throughout the year. However, the surge has illuminated a significant workforce gap, raising concerns about their ability to fulfill the booming demand in the long run. According to Clarksons Research, a UK-based shipping and shipbuilding research entity, the Newbuilding Price Index (NPI) touched 173 points in August. Established in 1998 with a base of 100 points reflecting average ship pr

SEOUL — Recent data reveals a significant influx of high-quality, hot-rolled steel plates from Japanese steel companies into the South Korean market, igniting concerns about the stability of the domestic steel industry. With a devalued yen in play, Japan's steel exports to Korea have surged, offering both quality and price advantages. The Korean steel industry, symbolized by major players like POSCO, is currently facing an existential threat, as high-quality hot-rolled steel plates are being du

In a startling revelation, the Financial Supervisory Service (FSS) announced that the recent real estate project financing (PF) scandal involving BNK Kyongnam Bank has reached a staggering 298.8 billion won ($224 million). This marks the most substantial embezzlement in the annals of the Korean financial market, surpassing the previous record involving Woori Bank's scandal last year. The wrongdoer, an employee surnamed Lee, orchestrated this elaborate scheme over thirteen years, from 2009 to Ju

In a dramatic turn of events, China's property titan, Evergrande Group, once hailed as the country's second-largest developer, lodged a bankruptcy petition in New York on Thursday. This move traces back to the severe debt crisis the company faced in 2021, which has since rippled across China's property sector and potentially even its broader economy. Borrowing, Defaulting, and Bankruptcy Evergrande's financial debacle began when it heavily borrowed and subsequently failed to service its debt.

South Korea, as a powerhouse in the global semiconductor industry, has recently launched an ambitious project, the "semiconductor cluster," set to invigorate its leadership position. A total of 120 trillion won will be invested in this project over the next decade, aiming to establish specialized industrial parks for semiconductor production. SK Hynix, the world's second-largest DRAM market player, spearheads this ambitious project, in collaboration with more than 50 partner companies. The commi

South Korea's construction industry is experiencing stark polarization amidst a real estate market downturn and rising Project Financing (PF) interest rates. Large-scale construction companies like Hyundai Construction, Daewoo Construction, DL E&C, and POSCO E&C have responded to these economic conditions by expanding overseas orders and transitioning to digital platforms. In stark contrast, many medium and small-sized construction firms are teetering on the brink of bankruptcy. According to a

In a significant announcement, Netflix has committed to invest $2.5 billion in South Korea over the next four years, marking an unprecedented investment in a specific country by the streaming giant. The South Korean Presidential Office actively promoted the decision, highlighting the investment as a breakthrough achievement. Discussions regarding the investment commenced in January, with President Yoon Suk-yeol engaging in direct correspondence with Netflix executives. The Presidential Office n