SEOUL, Aug. 10 (Korea Bizwire) – Lee Seung-han, chairman of HomePlus, the Korean arm of British supermarket Tesco and Korea’s second-largest retailer after E-Mart, will leave the company for good after stepping down in May last year as CEO for 14 years of service, the longest among leaders in the retail industry. Since then, he has retained his [...]
SEOUL, Aug. 10 (Korea Bizwire) – The number of Korean billionaires whose asset value is in excess of 1 trillion won (US$965 million) was 35 as of the end of July this year. According to Chaebul.com, the website tracking the performance of business groups and their owners (“chaebul” means conglomerate in Korean), based on a survey on [...]
SEOUL, Aug. 10 (Korea Bizwire) – Samsung Electronics will implement a scheme to designate an airline by destination after a competitive bid, as a way to save travel expenses and improve the quality of service for its executives and employees traveling overseas for business purposes. On August 8, the company reportedly held on July 11 a briefing [...]
SEOUL, Aug. 8 (Korea Bizwire) – CJ O Shopping, Korea’s major home shopping operator, has begun promoting “K-fashion” to American consumers. The company said on August 7 that it would set up booth in the upcoming “KCON 2014″ event to be held for two days from the 9th to 10th at Los Angeles Memorial Sports Arena in [...]
SEOUL, Aug. 8 (Korea Bizwire) – Across-the-board downgrading of the credit ratings of Korean shipbuilders is likely. Since the 2008 global financial crisis, major Korean shipbuilding firms have invested heavily in offshore plants and took on a huge amount of orders in FPSO (floating production storage and offloading) and other related areas as a way to overcome [...]
SEOUL, Aug. 8 (Korea Bizwire) – Naver Inc., Korea’s largest online search engine company, said on August 7 that it would begin providing classic car information on its Naver Auto site. Currently the company offers automobile information on its Naver Auto page (http://auto.naver.com/index.nhn), including 1,523 models from 42 manufacturers. The newly added databases include the information on [...]
![[Feature] Illegal Taxi vs. Creative Economy: “Uber” Controversy Rages on](http://koreabizwire.com/wp/wp-content/uploads/2014/08/10049868_m-800x545.jpg "[Feature] Illegal Taxi vs. Creative Economy: “Uber” Controversy Rages on")
SEOUL, Aug. 7 (Korea Bizwire) – “Uber,” a smartphone app-based private taxi service currently mired in a controversy after the Seoul city government banned the service for passenger safety concerns, will strengthen its presence in Korea. Allen Penn, the head of Hong Kong-based Asia operations for Uber, held a press conference on August 6 and underscored the [...]
SEOUL, Aug. 7 (Korea Bizwire) – Beginning in July next year, the government will impose 10-percent value-added taxes on smartphone applications sold on overseas open markets such as Google Play and Apple App Store. According to a plan announced by the Ministry of Strategy & Finance on August 6, it would assess taxes on apps sold on foreign [...]
SEOUL, Aug. 7 (Korea Bizwire) –Korean scientists came up with a new artificial muscle that is more durable and has an effective operating period ten times longer than current artificial muscles. The Ministry of Science, ICT and Future Planning said on August 6 that a research team led by Oh Il-kwon, Professor at the Korea Advanced [...]
SEOUL, Aug. 6 (Korea Bizwire) – Pantech, Korea’s third-largest mobile handset manufacturer after Samsung and LG, petitioned to the President following its appeals to three mobile telecom service operators for help. The Council of Pantech’s Partner Companies said on August 5 in a statement addressed to President Park Geun-hye, “We implore you to consider our predicament. Without [...]