SEOUL, Aug. 31 (Korea Bizwire) – Foreigners who work in ‘root industries’ will have the opportunity to stay in the country permanently. The Ministry of Trade Industry and Energy and the Department of Justice announced that they would open the door to changing the visa status of foreign laborers, and will start a pilot project that verifies [...]
SEOUL, Aug. 31 (Korea Bizwire) — Samsung Electronics said Monday it has agreed with the commerce ministry to provide smaller firms with more efficient production facilities in line with government efforts to promote shared growth between big businesses and them. Under the plan, the two will invest 15 billion won (US$12.6 million) each to share various [...]
SEOUL, Aug. 31 (Korea Bizwire) — Daewoo Shipbuilding & Marine Engineering, South Korea’s No. 2 shipbuilder, is pushing for a massive restructuring drive next month, including the sale of assets worth up to 400 billion won (US$339.1 million), as it struggles to recover from huge losses, industry sources said Monday. Assets likely to be sold [...]
SEOUL, Aug. 31 (Korea Bizwire) — Foreign investors dumped shares of Samsung Electronics and SK hynix during their recent selling spree sparked by China’s stock rout and uncertainty over a U.S. rate hike, data showed Monday. Offshore investors unloaded 751.3 billion won (US$635.4 million) worth of Samsung Electronics shares between Aug. 5 and Friday, lowering their [...]
SEOUL, Aug. 30 (Korea Bizwire) — South Korea has the highest suicide rate among the members of the Organization for Economic Cooperation and Development (OECD) and its people were less confident about their health, a report showed Sunday. An average of 29.1 people per 100,000 in South Korea took their own lives in 2012, far surpassing the [...]
SEOUL, Aug.28 (Korea Bizwire) – Laneige, one of Amore Pacific’s cosmetic brands, announced the launch of a new app called Beauty Mirror, which allows users to experience Laneige products through virtual reality using a mobile camera. With the application, users can apply makeup to an image of their face, which appears on the screen of [...]
INCHON, Aug. 28 (Korea Bizwire) – The cruise ship ‘Quantum of the Seas’, affiliated with Royal Caribbean Cruises, the world’s No.1 cruise company, entered Incheon’s new harbor today. The ship, which entered Korean waters for the first time, is the largest cruise ship ever to visit Korea. The Quantum cruise is called a ‘hotel on [...]
SEOUL, Aug. 28 (Korea Bizwire) – First-generation venture businessman Jeon Jae-wan, who created the ‘Freechal’ online community, is now seeking success in America by launching a global video communication service. The social network based service will be called ‘Air Live’, and will offer a place where users can share the videos they are watching with [...]
SEOUL, Aug. 28 (Korea Bizwire) – Lotte Hotel has announced that they have finalized a buyout of The New York Palace Hotel, located in Manhattan, for a total cost of $805 million. Lotte Hotel signed the buyout agreement on May 29, and set a corporate body to manage it on June 5. Officials from the hotel [...]
SEJONG, Aug. 27 (Korea Bizwire) – ‘Spending Festivals’ targeting both Korean and foreigners are set to open nationwide. They are expected to be the Korean version of ‘Black Friday’ in the US. Department stores, grocery stores, traditional markets and even online shopping malls will participate in the event. In order to energize spending to revitalize [...]