Business News
Reporting, analysis, and commentary on business from Breeze in Busan.
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Korea Development Bank Begins Process to Sell Management Right of HMM
Korea Development Bank (KDB) has initiated the sale of the management right of global shipping and logistics company, HMM. HMM's privatization process is expected to proceed quickly, as KDB Chairman Kang Seog-hoon has pledged to expedite the sale of the shipping firm. KDB and the Korea Ocean Business Corporation (KOBC), HMM's largest and second-largest shareholders, have jointly launched the process for appointing advisory companies for the sales deal earlier this week. They plan to receive pro
2 min read
Labor Shortages in Korean Shipbuilding Industry Threaten Delays in Production
Several South Korean shipbuilders are facing delays in production due to a shortage of workers. As a result, local governments are offering unconventional subsidies of around 10 million won (approximately $8,500) to attract more laborers this year. Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries, three of the country's biggest shipbuilders, are experiencing delays of up to two months based on dockyard plans. While the number of orders is increasi
2 min read
Korean Government's Continued Efforts to Promote Webtoon Industry: Establishing a Fair Ecosystem and Protecting Creators' Rights
The Ministry of Culture, Sports, and Tourism of South Korea has announced that the National Assembly has passed the amendment to the Promotion of Cartoons Act. This amendment addresses the use of standard contracts and reflects the changing environment of the webtoon industry. The long-awaited amendment to the Promotion of Cartoons Act revises the definition of the webtoon, which now includes various types of web-based comics, and creates a new definition for traditional comics. This change cla
3 min read
Busan's 'Collaborative Sales Network' Facilitates Overseas Orders for Small and Medium-Sized Shipbuilders
Busan City has announced that it has supported the domestic construction of two small and medium-sized ships over the past two years as part of the 'Small Ship Export Assistance Program.' The initiative, which aims to revitalize the small and medium-sized shipbuilding industry, has generated sales worth KRW 17.2 billion for ship design and equipment companies. The 'Small Ship Export Assistance Program' is a joint effort by the Korea Shipbuilding and Marine Equipment Research Institute(KOMERI),
2 min read
TikTok Faces Further Scrutiny as European Commission Bans App for Data Privacy Concerns
TikTok, the popular Chinese-owned social media app, has been in the crosshairs of various governments around the world due to concerns over data privacy and national security. The European Commission recently ordered its staff to remove the app from their phones and corporate devices to protect data and increase cybersecurity. The commission's management board made the decision for security reasons, and the ban also means that staff cannot use TikTok on personal devices that have official apps i
2 min read
Busan as a Global Financial Center: its Competitiveness and Challenges
Asia has become an increasingly important player in the global economy, with a growing number of financial centers attracting international financial firms. For many years, Hong Kong and Singapore have been the primary financial hubs in the region, with a stable political environment, efficient regulatory systems, and a highly skilled workforce. However, recent political instability in Hong Kong has led some companies to consider relocating to other financial centers, while Singapore is rapidly
5 min read
Navigating Economic Challenges: What South Korea Can Learn from Brexit
As South Korea faces its own political and economic challenges, there are several key lessons that can be learned from the tumultuous and challenging process of Brexit. The first lesson is that the decision to leave the EU was driven by a desire for independence, but in reality, it has resulted in self-isolation, which has not been good for the British economy. South Korea, as a small country with an open economy, should avoid self-isolation and instead prioritize exchange with the wider world.
2 min read
Suyeong District Tax Office: A National Leader in Tax Revenue
The National Tax Service (NTS), the overarching authority for national tax revenue, has a total of 140 tax offices under its jurisdiction, including its headquarters in Sejong City and seven regional tax offices. Each of these tax offices has a unique role to play in the collection of tax revenue based on factors such as the local population and economic strength. At the end of December 2021, the NTS collected 334 trillion won in tax revenue, and the question on everyone's mind was which of the
3 min read
Investing in Busan: A City with Potential and Challenges
Busan, located in the southeast of South Korea, is a city known for its rich cultural heritage, stunning beaches, and its position as a hub for business and trade. The city's strategic location provides it with access to the China Economic Zone, Japan Economic Zone, Yellow Sea Zone, and Trans-Taiwan Sea Zone, making it an ideal location for businesses looking to expand into the Asia-Pacific region. Investment in Manufacturing : A Growing Manufacturing Industry Despite the decrease in foreign
2 min read
The Alarming Trend of Early Resignations among Young Civil Servants in Korea
The trend of young civil servants resigning from their government jobs early The issue of young civil servants resigning from their government jobs early is becoming increasingly concerning. The Public Service Pension Service reports that the number of retirees with three years of service or less has been steadily increasing each year, with a notable surge in those resigning after only one year of service. The government of South Korea is taking this phenomenon seriously, recognizing the import
2 min read
Investing in Busan: Opportunities and Challenges for Foreign Investors
Busan, the second largest city in South Korea, is a dynamic hub of economic activity and a popular tourist destination. With a thriving manufacturing and shipping sector, a rich natural resource base, and easy access to major markets, Busan is an attractive destination for foreign investment. However, like any investment opportunity, there are challenges that must be considered and overcome. In this article, we will explore the opportunities and challenges of investing in Busan, and provide guid
4 min read
Busan's Drive for R&D Special Zone: A Step Closer to Breaking Ground in 2026
As Busan's vision for a revitalized local economy draws closer, the city is preparing to take an important step towards making it a reality. The Busan Research and Development (R&D) Special Zone project, aimed at building an innovation ecosystem in the shipbuilding and marine industry, is set to start construction in 2026, and the city is accelerating its efforts to remove the green belt (GB) from the project site. After a five-month consultation process with the Ministry of Environment regardi
2 min read