SEOUL, March 13 (Korea Bizwire) — The Rural Development Administration (RDA) has developed an incredibly fast and low-cost quality evaluation technology for grass forages using Near Infrared Spectroscopy (NIS), according to a statement on March 12. The current evaluation process usually takes 3 to 5 days, while it only takes 5 minutes with the newly developed NIS [...]
SEOUL, March 13 (Korea Bizwire) – Hyundai Motor Group Chairman Chung Mong-koo said Friday that the nation’s largest automaker will push to enhance product competitiveness by expanding investment this year amid fierce competition from foreign brands and growing uncertainty at home and abroad. In his greeting to investors ahead of a general meeting of shareholders, Chung said [...]
SEOUL, March 13 (Korea Bizwire) — South Korea’s financial watchdog has imposed sanctions on relatives of big name companies and celebrities for engaging in illegal foreign exchange trading worth US$40 million, officials said Friday. The Financial Supervisory Service (FSS) decided to issue warnings against 39 individuals including LG Group Chairman Koo Bon-moo’s sister and Lee Soo-man, the [...]
SEOUL, March 12 (Korea Bizwire) – South Korea’s police agency is planning to develop state-of-the-art patrol vehicles equipped with advanced technology including e-maps, PCs linked to law enforcement databases, and multi-function cameras with infrared sensors to detect objects at night. On March 11, the National Police Agency announced that it would develop “cutting-edge” patrol cars by [...]
SEOUL, March 12 (Korea Bizwire) – Korea’s first biomass power plant will be constructed at Hoengseong, a town famous for Korean cattle known as hanwoo, and will be powered by waste coming from the cows. Korea East-west Power signed an MoU with Hoengseong County of Gangwon Province to build the power plant on March 12. [...]
SEOUL, March 12 (Korea Bizwire) – The South Korean government has rolled up its sleeves to support the export of halal food by setting up a task force to analyze halal standards and offer information and guidelines to the local food industry. The Ministry of Agriculture, Food and Rural Affairs established the “Task Force for Halal [...]
SEOUL, March 12 (Korea Bizwire) — Korean bhikkhunis (Buddhist nuns) and Myanmar citizens have gathered their efforts to build a new school in a remote town near Yangon, Myanmar. According to an announcement on March 11 from Good Hands, an NGO founded by a Korean Buddhist order, the new school opened on March 9, and is [...]
SEOUL, March 12 (Korea Bizwire) — South Korea’s central bank unexpectedly slashed the base rate to a record low of 1.75 percent on Thursday, putting efforts to shore up growth on top of concerns over persistent household debt growth. The rate cut is the first since October, when the Bank of Korea (BOK) brought down the [...]
SEOUL, March 12 (Korea Bizwire) — South Korean retail giant Lotte Group said Thursday it has signed a 1.02 trillion won (US$906 million) contract to buy a car rental service firm, seeking to diversify its business portfolio. Lotte said it will fund the purchase of KT Rental by May via its hotel affiliate Hotel Lotte. Lotte [...]
SEOUL, March 12 (Korea Bizwire) – Commission income and asset sales boosted net profit for South Korean credit card companies in 2014, the financial watchdog said Thursday. The combined net earnings of eight credit card firms stood at 1.8 trillion won (US$1.6 billion) last year, up 5 percent from the previous year, according to the [...]