It has been revealed that the hourly wages of domestic helpers in South Korea are more than four times higher than in neighboring countries such as Hong Kong and Taiwan. In an effort to alleviate the burden of caregiving services, which is considered one of the causes of low birth rates, the Bank of
The government has increased the budget for cash support for foreign investment from 50 billion won (US$37.64 million) last year to 200 billion won this year, marking a fourfold increase.The Ministry of Trade, Industry, and Energy (MOTIE) announced that it held the 114th meeting of Foreign Investmen
SK bioscience, a global innovative vaccine and biotech company committed to promoting human health from prevention to cure, announced today that the company broke ground on a major expansion of its vaccine manufacturing plant, L HOUSE, located in Andong, Gyeongsangbuk-do, South. The groundbreaking c
The Korea Fair Trade Commission (KFTC) conducted an on-site investigation into AliExpress, the shopping platform of the Chinese Alibaba Group, which is suspected of violating consumer protection obligations.According to industry sources on March 6, the KFTC recently sent investigators to the Seoul o
On the 27th, the Contech startup Meissa announced that it had visited Abu Dhabi, UAE, as a member of One Team Korea from the Ministry of Land, Infrastructure, and Transport.The Ministry of Land, Infrastructure, and Transport's bid support team, led by Minister Park Sang-woo, visited Abu Dhabi to mat
SK Bioscience announced on March 5 that its SKON employee communication application developed by the company won the communication category in the apps and software section at the iF Design Award 2024 held in Germany.This year, the iF Design Award saw competition from over 11,000 entries from 56 cou
It has been confirmed that recent complaints from domestic consumers using China’s Alibaba shopping platform AliExpress have sharply increased.According to the response data on “the status of consumer consultations related to AliExpress-related complaints and damage compensation” received by the off
The domestic defense industry has gained new momentum through the revision of the Export-Import Bank of Korea (Korea Eximbank) Act. It is expected to accelerate towards achieving the goal of US$20 billion in defense exports this year.On Feb. 29, a bill to amend the Korea Eximbank Act, which increase
Last year, South Korea’s gross national income (GNI) per capita reached US$33,000, marking a rebound for the first time in a year. The annual real gross domestic product (GDP) growth rate was recorded at 1.4 percent.According to the “2023 Preliminary 4th Quarter and Annual National Income” report re
SeAH Holdings announced on March 5 that it was selected as one of the Most Ethical Companies in the World for 2024 by Ethisphere, a global leader in defining and advancing the standards of ethical business practices. This marks the first time a South Korean company has achieved this recognition. Sin
HLB disclosed on March 4 that its board of directors has approved the issuance of 60 billion won in convertible bonds to domestic private equity funds and others. The primary purpose of this fundraising is to secure operational funds. Although the company currently holds over 65 billion won in cash
SK D&D, the real estate development arm of SK Group, announced on March 4 that it held a board meeting and completed its spin-off into two entities: SK D&D and SK eternix.As a result of the spin-off, SK D&D will focus on real estate operations, while SK eternix will specialize in renewable energySK
GM's Korean Operations sold 30,630 vehicles in February. Sales were up 16.9% compared to the same month last year.Overseas sales of GM's Korean Operations reached 28,643 units in February, up 14.2% - the 23rd consecutive month of year-over-year growth. The Chevrolet Trax Crossover (along with its de
KT announced its vision to transform into an AICT company, combining its telecommunications capabilities with IT and AI, at MWC 2024, marking the start of its full-fledged leap into becoming a leading enterprise in global AI and ICT.At the recently concluded MWC 2024, KT received high praise for sho
The Hyundai Research Institute (HRI) has forecasted that the South Korean economy will enter a recovery phase after passing its lowest point this year.According to a report titled “Now is an Important Time to Form an Early Economic Cycle Bottom” released by the HRI on March 3, there is a high possib
South Korea’s exports in February of this year increased by 4.8 percent compared to the previous year, continuing the trend of “export growth” for the fifth consecutive month. Particularly noteworthy is the semiconductor exports, which recorded the highest growth rate in six years and four months. A
For four consecutive years, South Korea has maintained its position as the top country among 34 advanced and emerging markets worldwide in terms of household debt relative to gross domestic product (GDP). As of the end of last year, the ratio stood at 100.1 percent, slightly lower than the previous
Hyundai Motor India Ltd. registered total sales of 60 501 units in February 2024. HMIL achieved domestic sales of 50 201 units, achieving a 6.8% growth. HMIL also achieved export sales of 10 300 units.Commenting on the February 2024 sales numbers, Mr. Tarun Garg, COO, Hyundai Motor India Ltd. said,
Naver and Samsung C&T are joining forces to expand their future business ecosystems by leveraging each other’s capabilities. On Feb. 28, Naver Cloud and Naver Labs, along with the Construction Division of Samsung C&T, announced that they have signed a Memorandum of Understanding (MOU) at the Naver 1
Woori Financial Group has established a strategic partnership with Mubadala, the sovereign wealth fund of the United Arab Emirates (UAE), between their respective subsidiaries.According to sources in the financial sector on Feb. 28, Woori Venture Partners, a subsidiary of Woori Financial Group, sign