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SK chief’s Daughter Serving in Unit Defending S. Korea’s NLL

SK chief’s Daughter Serving in Unit Defending S. Korea’s NLL

SEOUL, March 2 (Korea Bizwire) – The daughter of the chairman of SKGroup, South Korea’s third largest business conglomerate, is serving with a naval unit defending South Korea’s sea border with North Korea, a military source said Tuesday. Chey Min-jung, the second daughter of Chey Tae-won, was commissioned as a naval officer in November 2014 and has since taken part in the Navy’s anti-piracy mission off the coast of Somalia last year. [...]

S. Korea’s GDP per Capita Narrows Gap with Japan

S. Korea’s GDP per Capita Narrows Gap with Japan

SEOUL, March 2 (Korea Bizwire) – The gap between South Korea’s gross domestic product (GDP) per capita and that of Japan narrowed in 2015, mainly due to Asia’s No. 2 economy continuing to wrestle with a prolonged slump, a report by a local economic think tank showed Tuesday. South Korea’s GDP, which came to US$27,226 in 2015, is equal to 84percent of the $32,432 posted by Japan, data compiled [...]

BigBang, IU, Park Jin-young Win KMA Awards

BigBang, IU, Park Jin-young Win KMA Awards

SEOUL, March 2 (Yonhap) - Hallyu K-pop stars BigBang, IU and ParkJin-young snagged the Netizens’ Choice Awards in the 13th round of the Korean Music Awards, the awarding committee said on Monday. This year’s KMA ceremony, held in Guro Arts Valley, western Seoul, recognized a total of 27 Korean solo and group acts. In the netizens’ re-vote that ran Feb. 15-22, BigBang won the most [...]

Hyundai, Kia Showcase Dedicated Green Cars at Geneva Motor Show

Hyundai, Kia Showcase Dedicated Green Cars at Geneva Motor Show

SEOUL, March 2 (Yonhap) – South Korea’s two largest automakersshowcased their first ever dedicated green cars at the GenevaInternational Motor Show on Tuesday as they strive to make inroads into the European market. Hyundai Motor Co. showed off all three powertrain versions of its IONIQ, while its corporate cousin Kia Motors Corp. drew attention with its Niro gasoline-electric crossover. The conventional hybrid IONIQ that was first unveiled in Seoul has been [...]

Wage Gap Between SMEs, Conglomerates Widens in 2015

Wage Gap Between SMEs, Conglomerates Widens in 2015

SEOUL, March 2 (Korea Bizwire) – The wage gap between South Korea’s small and medium enterprises (SMEs) and conglomerates expanded on-year in 2015, data showed Tuesday, reflecting the growing imbalance in compensation among salaried workers. According to the data compiled by the Ministry of Employment and Labor and Statistics Korea, employees at smaller companies only made 62 percent of [...]

Chinese Tourists Spending More in Seoul Thanks to Instant Tax Refunds

Chinese Tourists Spending More in Seoul Thanks to Instant Tax Refunds

SEOUL, March 2 (Korea Bizwire) - Chinese tourists in South Korea spent more in the country following the introduction of an on-the-spot tax refund system, local data showed Tuesday. Since February, South Korean department stores offered instant tax refunds to foreign tourists who buy products at local duty-free shops, in line with its efforts to revitalize the tourism industry hurt by [...]

LG Electronics Turns to Commercial Appliances for Growth

LG Electronics Turns to Commercial Appliances for Growth

SEOUL, March.1 (Korea Bizwire) – After dominating the home washing machine market internationally, LG Electronics plans to strengthen its stance in the commercial washing machine market. The company announced that it will jump into the global market for commercial washing machines, doubling the size of its business compared to last year. Commercial washing machines are [...]

Online Auto Part Sellers Popular Among Home Car Mechanics

Online Auto Part Sellers Popular Among Home Car Mechanics

SEOUL, March.1 (Korea Bizwire) – As more and more Koreans are choosing to repair their cars themselves, data indicates that many are buying engine oil, light bulbs and other car parts online. The online shopping portal Auction (www.auction.co.kr) analyzed sales from its site specializing in German auto parts (gparts.auction.co.kr) over the past seven months, and [...]