South Korea’s Restaurant Closures Surge to Record High
South Korea’s restaurant industry faces an unprecedented crisis as closures hit record highs, outpacing new openings for the first time in 16 years.
Business
KFTC’s Record Fine on Coupang Halts Busan Logistics Center Plans
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
South Korea's Digital Nomad Visa: A Leap Forward or a Missed Opportunity?
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:
Harim Selected as Preferred Bidder for South Korea's Largest Shipping Company HMM
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
Why Are Busan's Department Stores Transforming into Mixed-Use Complexes?
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
South Korea's Shipbuilding Renaissance Faces Workforce Challenges
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
Surge in Japanese Steel Imports Stirs Concerns in South Korea
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