SEOUL, Jan. 11 (Korea Bizwire) – A special investigation team looking into an influence-peddling scandal centered on President Park Geun-hye and her longtime friend has summoned Samsung’s heir apparent over allegations the group gave undue financial support to the confidante in return for business-related favors, its spokesman said Wednesday. Lee Jae-yong, vice chairman of Samsung [...]
SEJONG, Jan. 11 (Korea Bizwire) – South Korea will inject a fresh 15 billion won (US$12.5 million) worth of greenhouse gas emissions rights in the trading market this year as part of its efforts to encourage businesses to join the carbon trading system, the finance ministry here said Wednesday. A government panel chaired by Vice [...]
SEOUL, Jan. 11 (Korea Bizwire) – Seoul prosecutors on Wednesday indicted former and incumbent chief executives of Volkswagen’s Korea operations on charges of fabricating official documents, wrapping up a year-long investigation into the German carmaker’s emissions cheating scandal. Johannes Thammer, who has led Audi Volkswagen Korea (AVK) since late 2012, was charged with violating the [...]
GWANGJU, Jan. 11 (Korea Bizwire) – A joint team of researchers from the Gwangju Institute of Science and Technology and MIT have developed a lithium-ion battery with double the existing battery life and quadruple the capacity of typical existing products. According to the team, once commercialized, the battery could extend the maximum single charge driving [...]
SEOUL, Jan. 11 (Korea Bizwire) – A recent analysis by the Hana Institute of Finance revealed that although Korea has a relatively stable financial market compared to 24 other emerging markets around the world, increasing corporate debt is becoming a serious risk. In its financial risk assessment, the institute analyzed five categories, including corporate debt, [...]
SEOUL, Jan. 11 (Korea Bizwire) – The recovery rate for Samsung’s defective Galaxy Note 7 in Korea is around 95 percent, meaning that roughly 25,000 of the phablets’ users are still desperately clinging on to a product that has been a disaster for the South Korean tech giant. On Tuesday, Samsung Electronics downgraded the device’s [...]
SEOUL, Jan. 11 (Korea Bizwire) – SK Telecom Co., South Korea’s top mobile carrier, said Wednesday it will spend 5 trillion won (US$4.2 billion) over the next three years to develop technology and services in artificial intelligence (AI) and the Internet of Things. The AI wave and Internet of Things, which aims to connect objects [...]
SEOUL, Jan. 11 (Korea Bizwire) – The local office of Britain’s luxury brand Burberry recently marked down the price of some of its products to reflect the fallen value of the British pound, but only by a small margin compared with the currency’s depreciation, fashion industry officials said Wednesday. Burberry Korea dropped the local price [...]
SEJONG, Jan. 11 (Korea Bizwire) – South Korea’s exports soared 37.8 percent in the first 10 days of this month from a year earlier to continue the recent upbeat mode, the latest customs data showed Wednesday. The country’s exports totaled US$11.64 billion during the cited period, up from $8.46 billion tallied over the same period [...]
SEOUL, Jan. 11 (Korea Bizwire) – South Koreans, both poor and rich, are tightening their belts with no economic recovery in sight and the prices of goods ascending, data showed Wednesday. The spending-to-income ratio of local households hit a record low despite stagnant wage levels. Department stores and duty-free shops, two routine shopping spots for [...]