SEOUL, June 11 (Korea Bizwire) – On July 1, the 2nd Infantry Division of the US Army, well known as “Indianhead,” will celebrate its 50th anniversary in Korea. Along with the July 4 Independence Day celebration, it plans to mark its half-century presence in Korea with various events and activities. Established in 1917, the 2nd Infantry [...]
SEOUL, June 11 (Korea Bizwire) – SK Networks, who proposed using the Cerestar building for a new duty-free shop, unveiled plans to develop the Dongdaemun area to make it into an Asian Broadway. The retail arm of SK Group, the third largest family-run conglomerate in Korea, already proposed investing 450 billion to 550 billion won (US$460 [...]
SEOUL, June 11 (Korea Bizwire) – As the struggle between American hedge fund Elliott Associates and Samsung Group continues, local institutional investors find themselves in the difficult position of having to choose sides. Elliott’s argument that the proposed merger between Samsung C&T and Cheil Industries undervalues Samsung C&T and goes against the interests of shareholders is widely received, [...]
SEOUL, June 11 (Korea Bizwire) – With financial regulators’ nod to the Chinese Anbang Insurance Group’ acquisition of Tongyang Life Insurance, Korean financial firms now have to compete with a Chinese player on their home turf. On June 10, the Financial Services Commission (FSC) announced that it had granted approval to Anbang Insurance for the acquisition [...]
“We are very understanding of the decision. President Barack Obama is looking forward to meeting Park at a “mutually convenient time.” “Obviously, we have been in close consultations back and forth with the government (of South Korea), watching the situation closely over the last several days. We are very understanding of the decision,” - Mark [...]
SEOUL, June 11 (Korea Bizwire) – Who is the hottest South Korean pop star on Instagram, an online mobile photo-sharing and video-sharing service? The answer is popular idol group EXO‘s Chanyeol, according to data released by Instagram Thursday. The data showed that Chanyeol received 97 million replies and “likes” during a year from May 25, last [...]
SEOUL, June 11 (Korea Bizwire) — South Korea’s central bank on Thursday lowered the base rate to a record low of 1.5 percent amid growing concerns the country’s first-ever outbreak of Middle East Respiratory Syndrome (MERS) will likely dent growth and consumption. In the monthly rate-setting meeting, the Monetary Policy Committee of the Bank of Korea (BOK) [...]
SEOUL, June 10 (Korea Bizwire) – Almost four years after the controversial Four Major Rivers Restoration Project was completed, the water velocity in Korea’s longest river has slowed to a level five times lower than before the project. Other rivers affected by the project also saw their water speed decrease up to 1.28 times. According to [...]
SEOUL, June 10 (Korea Bizwire) – The preparatory committee for the Korea Queer Culture Festival and Rainbow Action, an activist group for sexual minorities, proceeded with their 16th annual festival at Seoul Plaza for the first time in its history amid protests from conservative and Christian groups. At the opening ceremony, only some 150 organizers and activists [...]
SEOUL, June 10 (Korea Bizwire) — Samsung C&T, the construction arm of Samsung Group, said Wednesday its plan to merge with the group’s de facto holding firm doesn’t hurt shareholders’ interests, refuting a U.S. hedge fund’s claim that the builder is undervalued. In late May, Samsung C&T unveiled the plan to merge with Cheil Industries in [...]