SEOUL, Jan. 12 (Korea Bizwire) – Samsung’s heir apparent was questioned by investigators as a bribery suspect Thursday as special investigators in Seoul accelerated their probe into the influence-peddling scandal centered on President Park Geun-hye and her friend. Lee Jae-yong, vice chairman of Samsung Electronics Co., appeared before the investigation team’s office in southern Seoul [...]
SEJONG, Jan. 12 (Korea Bizwire) – The South Korean government said Thursday it has approved German carmaker Volkswagen’s recall measures for its sports utility vehicles that were found to have been sold in the country using fake emissions-related documentation. The Ministry of Environment said the recall plan for 27,000 Tiguans submitted by the auto giant [...]
SEOUL, Jan. 12 (Korea Bizwire) – The cost of private education for children is heavily eroding what little is left of spendable family income, a challenge to government effort to revive the economy through consumption, statistics indicated Thursday. Official numbers from Statistics Korea said a city-dwelling family of two people or more on average spent [...]
SEOUL, Jan. 12 (Korea Bizwire) – The brutal job-cutting in South Korea’s shipbuilding industry is expected to continue into this year, with the nation’s three largest shipbuilders expected to slash more than 4,000 jobs, according to industry sources Thursday. South Korean shipbuilders have been under serious financial strain since the 2008 global economic crisis amid [...]
SEOUL, Jan. 12 (Korea Bizwire) – South Korea’s largest Internet portal Naver Corp. is forecast to have raked in nearly 3 trillion won (US$2.53 billion) in revenue generated from advertisements last year, industry sources said Thursday. Naver is estimated to have logged 2.95 trillion won in sales from the advertisement sector in 2016, nearly a [...]
GWANGJU, Jan. 11 (Korea Bizwire) – Being employed as an apartment security guard is probably among the worst jobs to have in Korea, not because the work itself is particularly demanding, but because of the verbal, or sometimes even physical abuse that guards have to endure. In a recent survey by Gwangju’s Contingent Workers Support [...]
ULSAN, South Korea, Jan. 11 (Korea Bizwire) – The Onsan National Industrial Complex in Ulsan, a key city for shipbuilding and petrochemical industries, is suffering its worst financial crisis since its establishment in 1974. According to local sources, some 30 factory sites have been put up for sale since last year, and it is the [...]
GANGNEUNG, South Korea, Jan. 11 (Korea Bizwire) – The Dream Programme was launched by Pyeongchang in 2004 to introduce winter sports and culture to young people from countries that either have no snow, or lack the environment for experiencing such activities. A total of 1,749 youth from 80 countries have so far taken part in [...]
SEOUL, Jan. 11 (Korea Bizwire) – The existence of a “black list” censoring South Korean artists has been confirmed. Under the Park Geun-hye administration, thousands of artists, including filmmakers and actors, were blacklisted for supporting agendas that went against the opinions of the central government. Condemning the act of censorship and the suppression of freedom [...]
SEOUL, Jan. 11 (Korea Bizwire) – McDonald’s Korea’s Mangwon branch had its franchise contract with the fast food company terminated on December 1 of last year. According to McDonald’s, the owner of concern had been failing to fulfill the terms of agreement, including paying the company franchise commissions amounting to a total of about 700 [...]