SEOUL, July 7 (Korea Bizwire) – Creditors of Kumho Tire Co. on Friday decided to offer final concessions to resolve a dispute surrounding the usage fee of the Kumho brand between the tiremaker’s parent company and China’s Qingdao Doublestar Co. The concessions came after a meeting earlier in the day with Kumho Tire’s creditors, which [...]
SEOUL, July 7 (Korea Bizwire) – The top nuclear envoy of South Korea will join a regional security conference to be held next week in Singapore, where he will discuss with his counterparts from the United States and Japan countermeasures against North Korea’s recent missile provocation, the foreign ministry said Friday. The Northeast Asia Cooperation [...]
SEOUL, July 7 (Korea Bizwire) – Police said they raided the headquarters of South Korea’s top airline on Friday as part of a probe into alleged misappropriation of company funds for its chairman’s personal purpose. The National Police Agency sent investigators to the main office of Korean Air Lines Co. in western Seoul to confiscate [...]
SEOUL, July 7 (Korea Bizwire) – LG Electronics Inc. said Friday its second-quarter operating profit is estimated at 664.1 billion won (US$574.5 million), posting a weaker-than-expected performance apparently on sluggish smartphone sales despite a robust performance of its home appliance business. The operating profit for the April-June period marks a 13.6-percent jump from the 584.6 [...]
SEOUL, Jul. 7 (Korea Bizwire) — As the number of single-person households continues to grow in South Korea, sales growth of frozen food at major convenience stores has significantly increased over the past six months, compared to average sales from 2012 to 2016. Among the frozen food items, frozen pizza was most popular, with sales [...]
SEOUL, Jul. 7 (Korea Bizwire) — A government-backed South Korean research institute has announced plans to develop a new cyber security technology that will create false information, network addresses and data to confuse hackers. The Electronics and Telecommunications Research Institute’s (ETRI) security technology R&D project comes in the wake of growing risks of cyberattacks facing both [...]
SEOUL, July 7 (Korea Bizwire) – South Korea’s central bank is expected to hold its key rates steady this month as it could move to “normalize” interest in early 2018, Moody’s Analytics said Friday. The Bank of Korea (BOK) is set to hold its rate-review session next Thursday to decide whether to keep or adjust [...]
SEOUL, July 6 (Korea Bizwire) – South Korean President Moon Jae-in arrived in Hamburg, Germany on Thursday for the Group of 20 summit where he is expected to rally international support for ending North Korea’s nuclear and missile programs. The summit slated for Friday and Saturday comes amid heightened tensions after the communist North test [...]
SEOUL, July 6 (Korea Bizwire) – The South Korean Government is supporting investment in energy storage systems (ESS), with plans to double the supply this year amid growing concerns over a possible shortage of electric power caused by the temporary shutdown of aging nuclear power plants in the country. According to data released by the Ministry [...]
JINCHEON, South Korea, July 6 (Yonhap) – A new training center for South Korea national team athletes will officially open in October, the country’s top sports body said Thursday. The Korean Sport & Olympic Committee (KSOC) said the construction of the Jincheon National Training Center in Jincheon, North Chungcheong Province, is currently 89 percent complete [...]