SEOUL, June 23 (Korea Bizwire) – Due on July 1, the fifth anniversary of Korea-EU FTA, the tariff rates on certain Europe made vehicles will be reduced, making the already strong player in Korea even more competitive. According to the Ministry of Trade, Industry and Energy on June 22, the custom tariff on European vehicles with [...]
SEOUL, June 23 (Korea Bizwire) – The Middle East Respiratory Syndrome (MERS) is spreading nationwide, with 175 confirmed patients and a death toll of 27 as of June 23, and only Incheon is free from the deadly virus. Although its neighboring cities and counties like Gimpo, Bucheon and Siheung have MERS patients, the second largest port city [...]
“It’s important to clearly resolve the comfort women issue in a way that meets the expectations of the victims or the international community. If we clearly resolve the comfort women issue, in that itself, there will be no reason to discuss it again.” “What’s important is to restore the honor of the 50 victims before [...]
SEJONG, June 23 (Korea Bizwire) – South Korea’s tax revenue rose in the first four months of 2015 from a year earlier, helped by more taxes collected from businesses, the government said Tuesday. The finance ministry said it collected 78.8 trillion won (US$71.5 billion) in taxes in the January-April period, up 4.3 trillion won from the [...]
SEOUL, June 23 (Korea Bizwire) — South Korean institutional investors own more than 20 percent of Samsung C&T, which could serve as the swing vote on its high-stakes fight with a U.S. hedge fund over a controversial merger plan, market sources said Tuesday. The state-run National Pension Service (NPS), the biggest institutional investor in South Korea, and [...]
SEOUL, June 22 (Korea Bizwire) – As unmanned aerial vehicles or drones are being mobilized in various industrial sectors, a provincial counsel will enact an ordinance to help support the drone industry. According to the Gyeonggi Provincial Assembly on June 21, it pre-announced the “Provincial Ordinance to Grow and Support UAV (Drone) Industry in Gyeonggi.” The proposed [...]
SEOUL, June 22 (Korea Bizwire) – Amidst the all-out-war between Samsung Group and American activist hedge fund Elliott over the planned merger between Samsung C&T and Cheil Industries, minor shareholders of Samsung C&T are seeking to exert their own influence by uniting. According to “Solidarity of Minor Shareholders of Samsung C&T,” an Internet community comprised of Samsung [...]
SEOUL, June 22 (Korea Bizwire) — South Korea’s top tech giant Samsung Electronics is anticipated to sell 45 million units of its latest in the flagship Galaxy smartphone line in 2015, a news report said Monday, falling behind earlier market expectations. Samsung started official sales of the Galaxy S6 series on April 10. The Galaxy S6 boasts [...]
SEOUL, June 22 (Korea Bizwire) — Prices of couches and wardrobes sold by IKEA Korea, the local unit of Swedish furniture giant IKEA, are 15-20 percent higher than those in other countries, a poll showed Monday. The survey by local consumer advocacy group Consumer Research showed that the price of 126 products sold in the [...]
SEOUL, June 21 (Korea Bizwire) — Bank lending to households and businesses in South Korea has been rising at a fast clip over the past year as interest rates remain persistently low, central bank data showed Sunday. Outstanding bank loans to household and corporate borrowers came to 1,302.4 trillion (US$1.19 trillion) as of last Monday, [...]