Japan, Indonesia to compete head-on; Korea secures upper hand in terms of supplier ecosystem

Consulting firm CEO says Korea should avoid being taken hostage, seek global talent for startups

US smartphone giant Apple said Tuesday it will voluntarily correct its unfair policy of charging greater commission fees to Korean app developers than in other markets by January next year. The decision comes after South Korea’s antitrust watchdog began a probe into the iPhone maker over its Korea-exclusive charging system that is based on consumer prices, including value-added tax. This means Korean developers are forced to pay a 33 percent commission to Apple, above the 30 percent rate i

South Korean construction management firm HanmiGlobal said Wednesday it signed a business agreement with British architecture-to-engineering firm Bryden Wood to innovate its construction methods. Through the memorandum of understanding, the two companies will jointly develop and implement modern methods of construction (MMC) and a design for manufacture and assembly (DfMA) in Korea. MMC is a construction method in which structures or components of buildings are constructed at external facilities

Kakao Entertainment, the content subsidiary of South Korean IT giant Kakao, may receive up to 800 billion won ($592 million) in investment from Saudi Arabia, following the kingdom's crown prince's visit to Seoul last week. The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, is reportedly in discussion with its Singaporean counterpart, GIC Private Limited, about investing in the entertainment firm, according to news reports on Wednesday. PIF is one of the world'

Business leaders and experts gathered Tuesday at the headquarters of the Korea Chamber of Commerce and Industry to discuss the current bearings of South Korean retail industries and plans they should undertake going forward. Woo Tae-hee, executive vice chairman of the KCCI, said that according to a survey conducted by the KCCI, "worsening consumer confidence" was chosen by some 300 retail industries in the country as the top issue to tackle for the years ahead. "Consumer confidenc

With the global success of BTS reaching new heights, there are some who think this might be a high-water mark for K-pop. But a Singaporean entrepreneur who has himself debuted as a singer in South Korea is more optimistic, saying embracing global talent is one way to expand K-pop’s reach. “As K-pop is widely loved globally, it would be to its advantage to be even more globally inclusive to talents worldwide,” David Yong, chief executive of Evergreen Group Holdings, said in an i

Haribo, Coca-Cola, Haagen-Dazs play host to art exhibitions in Seoul

South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering said Tuesday it has successfully completed the trial of its autonomous navigating system for ships. DSME conducted a two-day test of its testing ship, called DAN-V, equipped with its own autonomous navigating system last week near Jebu Island in Hwaseong City, Gyeonggi Province. The shipbuilder has been preparing for the future market of self-cruising vessels by signing a memorandum of understanding with Gyeonggi Free Econom

GM Korea to relocate workers, focus on more popular compact SUVs, EVs

Busan vows cooperation with other Asian cities to foster startups

An LG CLOi Servebot, a delivery robot developed by LG Electronics, delivers medicine at a hospital in Yongin, Gyeonggi province. The company said Tuesday it supplied seven CLOi robots to aid medical staff by carrying out tasks such as delivering medications and medical equipment, guiding visitors and making late-night security rounds.

Project will mark the single largest foreign direct investment in the history of Tennessee state

The city of Busan expects some 10,000 people from 42 countries to attend lectures, discussions, business meetings and networking events at the three-day inaugural Fly Asia 2022 that began Tuesday. About 460 investors from around the world and some 900 startups in Asia have signed up to take part in the expo, making it the largest-ever investor-oriented startup event in South Korea. “We have two goals for Fly Asia. One is to lay a stepping stone for startups in the (Busan) region to reach b

South Korean automaker Kia said Tuesday it took home five titles on Thursday in US market research firm J.D. Power's ALG Residual Value Awards, winning the most number of awards among its rivals. J.D. Power’s residual value assesses commercial value, quality, brand awareness and sales strategy to recognize vehicle models that are projected to hold the highest percentage of retail price when resold after three years. The awards are the industry’s standard in recognizing vehicle m