SEOUL, April 14 (Korea Bizwire) – A false bomb report led to the massive evacuation of a Samsung Life Insurance building in southern Seoul on Friday, police said. No injuries or property damage were reported, police said, adding investigators are tracking down the source of the false report. The incident occurred after a Busan resident [...]
SEOUL, April 14 (Korea Bizwire) – South Korea’s online shopping site operators continued to report operating losses last year from a year earlier, as more market competition hurt their profitability, regulatory data showed Friday. Coupang Inc. suffered a combined operating loss of 560 billion won (US$490.8 million) in the January-December period of 2016 compared with [...]
SEOUL, April 14 (Korea Bizwire) — As the soaring popularity for imported beer among South Korean consumers is seeing the shelves of supermarkets filled with the likes of Heineken, Asahi and Stella Artois, the government is ramping up its efforts to support South Korean beer makers in the hope of winning back the hearts of [...]
SEOUL, April 14 (Korea Bizwire) – One in ten single individuals aged 35 to 64 in South Korea lives under substandard housing conditions, a recent report from the Ministry of Land, Infrastructure, and Transport (MOLIT) revealed. Of a total of around 19 million households, over 5.2 million were single households, the Korea Research Institute for [...]
SEOUL, April 14 (Korea Bizwire) – A group of environmental activists and residents near the Nakdong River has filed a class-action suit against the government over the Four Major Rivers Restoration Project initiated by former President Lee Myung-bak, which led to water contamination. With more than 300 people behind the pursuit of legal action including [...]
SEOUL, April 14 (Korea Bizwire) — A newly revealed 65-inch TV from Chinese manufacturer Skyworth is being accused of copying LG Electronics’ signature OLED TV W model with a name and a design so similar they are almost indistinguishable. The revelation of a new ‘wallpaper’ slim TV model by Skyworth came yesterday at a conference held [...]
SEJONG, April 14 (Korea Bizwire) – The number of South Koreans in the agrofisheries sector continued to decrease amid a rapid aging and urbanization trend in the country, government data showed Friday. Households engaging in the farming business totaled 1.07 million last year, down 1.9 percent from 1.09 million tallied a year ago, according to [...]
SEOUL, April 14 (Korea Bizwire) – Citibank Korea, the South Korean unit of Citigroup Inc., said Thursday it will offer financial services via online channels while closing about 80 percent of its physical branches in South Korea. Citibank, which recently announced a plan to reduce the number of physical branches to 32 from 133 in the country, has said it won’t slash staff, despite ongoing restructuring measures. Instead, about 800 workers at the branches facing closure will be relocated to either [...]
SEOUL, April 14 (Korea Bizwire) – South Korean directors Bong Joon-ho’s “Okja” and Hong Sang-soo’s “The Day After” will compete in this year’s Cannes Film Festival set to open next month, the festival announced Thursday. They were among the 18 titles chosen for the main Competition lineup for the 70th Cannes Film Festival, announced by festival president Pierre Lescure and general delegate Thierry Fremaux. This marks the [...]
SEOUL, April 7 (Korea Bizwire) – With South Korea’s population aging expected to accelerate, the market for food targeting senior consumers is also growing, according to a recent government report. A 2015 food market analysis report by the Ministry of Agriculture, Food and Rural Affairs (MAFRA) and Korea agro-Fisheries & Food Trade Corporation (aT), showed [...]