SEOUL, Nov. 24 (Korea Bizwire) – The United States International Trade Commission (ITC) has recommended a 50 percent tariff rate on South Korean washing machine sold in the U.S. market, a move that could severely hamper sales for the likes of Samsung and LG. The recommendation by the ITC is widely interpreted among South Korean electronics [...]
SEJONG, Nov. 24 (Korea Bizwire) – A new study has revealed that one in five South Korean PhD graduates is jobless. According to data from Statistics Korea, nearly 23 percent of South Korean job seekers who recently graduated with a PhD degree were unemployed, despite trying to find a job. The figure rose to one in [...]
SEOUL, Nov. 23 (Korea Bizwire) – The incidence of road rage continues to increase in South Korea, despite government measures to combat the violence and stricter penalties. Although new legislation was enacted last year criminalizing violent driving and road rage with a one-year jail term or a fine of up to 5 million won, the number [...]
SEOUL, Nov. 23 (Korea Bizwire) – The International Olympic Committee said North Korea is qualified to participate in the 2018 PyeongChang Winter Olympics irrespective of its recent relisting as a terror-sponsoring state by the United States, a U.S. broadcaster reported Thursday. On Monday, U.S. President Donald Trump put Pyongyang back on the state sponsor of terrorism list in a move to [...]
SEOUL, Nov. 23 (Korea Bizwire) – South Korea’s major business associations remain less eager to sponsor the 2018 PyeongChang Winter Olympics only two months away due to strengthened anti-corruption laws, industry insiders people said Thursday. In a meeting arranged by Lee Hee-beom, who heads the winter sports games organizing committee, the country’s six leading business lobbies have been less willing to support the winter sports games [...]
SEOUL, Nov. 23 (Korea Bizwire) – Loans extended to local businesses rose slightly in the July-September period from a quarter earlier on increased operating expenses and facility investments, central bank data showed Thursday. Outstanding corporate loans came to 1,036.6 trillion won (US$952 billion) in the third quarter, up 2 percent from the preceding three months, according to data compiled by the Bank of Korea (BOK). In terms of [...]
SEOUL, Nov. 23 (Korea Bizwire) – South Korea agreed Thursday to provide financial support worth up to US$2.5 billion toUzbekistan, including $500 million in official Economic Development Cooperation Fund (EDCF) loans, the presidential office Cheong Wa Dae said. The pledge came as part of the economic cooperation agreements signed shortly after a bilateral summit between South Korean President Moon Jae-in and his Uzbek counterpart, [...]
SEOUL, Nov. 23 (Korea Bizwire) – Lotte Confectionery Co., a key food unit of South Korean retail giant Lotte, said Thursday it has purchased an Indian ice cream company for 164.5 billion won (US$151 million) to tap deeper into the large South Asian market. Lotte Confectionery acquired the entire 1 million shares of Havmor Ice Cream to expand its presence in India’s snack [...]
BANGKOK, Nov. 23 (Korea Bizwire) – A South Korean designer’s hanbok-inspired clothes were well-received at a fashion show in Bangkok. Lee Seo-jung, the CEO of fashion brand C-ZANN E enjoyed a warm reception after showcasing 10 looks that were inspired by the traditional Korean dresses during the Thai Silk Fashion Show which was held Wednesday at [...]
SEOUL, Nov. 23 (Korea Bizwire) – Mystery shoppers will visit vehicle inspection stations across South Korea from next year to keep an eye on inspectors. “From the second half of next year, mystery shoppers will be deployed to vehicle inspection stations owned by the Korea Transportation Safety Authority and private companies, to help tackle corrupt practices,” [...]