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World’s Prestigious Venture Capitalists to Create a $150 Mil. Korea Fund

World’s Prestigious Venture Capitalists to Create a $150 Mil. Korea Fund

SEOUL, Sep. 19 (Korea Bizwire) – The Small and Medium Business Administration said on September 17 that it signed an agreement in San Francisco with Draper Fisher Jurvetson Venture and Walden International to create a US$150-million “Korea Fund” for start-up investment. An SMBA official said, “This is the first time for Silicon Valley’s top 5-percent venture capitalists to

Economic Value Generated by Top 4 Enterprises Reaches 140.2 Tril. Won in 2013

Economic Value Generated by Top 4 Enterprises Reaches 140.2 Tril. Won in 2013

SEOUL, Sep. 19 (Korea Bizwire) – The economic value produced by the top-four Korean conglomerates, Samsung Group, Hyundai Motor, SK Group and LG Group, hit 140.2 trillion won, or about US$134.7 billion, in 2013, equivalent to 10 percent of the South Korea’s gross domestic products. Excluding the four, in contrast, the value-added generated by enterprises

Kakao Embarks on News Services in Algorithm Method

Kakao Embarks on News Services in Algorithm Method

SEOUL, Sep. 19 (Korea Bizwire) – Kakao, South Korea’s top messenger service provider, is about to initiate news services. Kakao will embark on a beta service as an application type at the outset of next week and, after overcoming its shortcomings through the test service, it will initiate the official news services within this year,

Foreign Life Insurance Companies Commit More Financial Frauds

Foreign Life Insurance Companies Commit More Financial Frauds

SEOUL, Sept. 19 (Korea Bizwire) – A financial consumer organization warned more caution when dealing with foreign life insurance companies as they committed more financial frauds than Korean counterparts. According to the Korea Finance Consumer Federation (KFCF)’s analysis on the status of financial frauds including misappropriation of 24 life insurers for the past three years,

Unclaimed Lotto Payouts Reach 200 Billion Won

Unclaimed Lotto Payouts Reach 200 Billion Won

SEOUL, Sept. 19 (Korea Bizwire) – For the past five years, the amount of money unclaimed by lotto winners surpassed 200 billion won (US$192 million), according to the Korea Lottery Committee. According to the report from the lottery committee submitted to the ruling Saenuri Party (New Frontier Party) lawmaker Park Myung-jae, the unrecovered lotto prize money

DSME Clinches 2 Eco-friendly LNG Vessel Deals

DSME Clinches 2 Eco-friendly LNG Vessel Deals

SEOUL, Sept. 19 (Korea Bizwire) – Only two days after an announcement that it won a super large-scale liquefied petroleum gas carrier order, Daewoo Shipbuilding & Marine Engineering said on September 18 that it landed another deal to build an environmentally friendly liquefied natural gas carrier equipped with a high-pressure fuel supply device. The company’s president Koh Jae-ho

Korea Caught in Fever of “Korean Messi”

Korea Caught in Fever of “Korean Messi”

SEOUL, Sept. 19 (Korea Bizwire) – It is quite enough to say a fever. A new football star who popped up for Korean fans scored five goals in all the four games he played in the ongoing Asian Football Confederation U-16 Championship. He is Lee Seung-woo and is called “Korean Messi.” Coincidentally, he is playing for

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