HANOI, Feb. 9 (Korea Bizwire) – Vietnam’s prime minister on Thursday asked for increased investment from South Korean firms, promising to improve the corporate environment for foreign corporations. In a meeting with Park No-hwang, president and CEO of Yonhap News Agency, Vietnamese Prime Minister Nguyen Xuan Phuc asked that Korea “maintains the lead in foreign [...]
SEOUL, Feb. 9 (Korea Bizwire) – A government source said Thursday that the Ministry of Foreign Affairs recently held its first meeting dedicated to enforcing stronger discipline of Korean diplomats, after forming a task force dedicated to the undertaking. The move follows a scandal last year involving a South Korean diplomat stationed in Chile, in [...]
SEOUL, Feb. 9 (Korea Bizwire) – Amid the ongoing tension over Korea’s THAAD deployment decision of last year, Lotte, Korea’s fifth largest conglomerate, and the company providing the site for the missile defense system, has just pulled its business from Alibaba’s e-commerce platform Tmall. Lotte’s business venture in China has been struggling recently with [...]
GANGNEUNG, South Korea, Feb. 9 (Korea Bizwire) – The organizing committee for the PyeongChang 2018 Olympic Games unveiled Thursday the torch that will light the way for the biggest winter event of next year. The white Olympic torch was inspired by traditional Korean white porcelain, as well as snow and ice, the two major symbols of [...]
SEOUL, Feb. 9 (Korea Bizwire) – The Seoul Metropolitan Government announced Thursday that it will establish new waterside facilities at Yeouido Hangang Park by 2019. The $170-million park will have a new dock, to accommodate waterway traffic on the Han River, and an observatory, alongside other commercial and cultural facilities for shopping, tourism, and exhibits. [...]
SEOUL, Feb. 9 (Korea Bizwire) – Perhaps in line with recent allegations outlining the role of major South Korean conglomerates in the current political scandal, a survey by Edelman Korea revealed that the level of confidence in business among Koreans ranked the lowest among 28 key global players that included the U.S., China, and Japan. [...]
SEOUL, Feb. 9 (Korea Bizwire) – Hyundai Merchant Marine Co., a major shipping line here, said Thursday that its loss sharply narrowed last year from a year earlier largely due to gains from asset sales. Net loss came to 4.4 billion won (US$3.84 million) last year, compared with a loss of 627 billion won a [...]
SEOUL, Feb. 9 (Korea Bizwire) – Samsung Electronics Co. emerged as the leader in the global virtual reality (VR) market in 2016, accounting for more than 70 percent of 6.3 million VR devices shipped worldwide, a report showed Thursday. The South Korean tech giant sold about 4.51 million units last year, or 71.6 percent of [...]
SEOUL, Feb. 9 (Korea Bizwire) – Hundreds of South Korean artists on Thursday filed a compensation suit against President Park Geun-hye and her former aides over allegations her administration blacklisted cultural figures deemed critical of the government, a lawyers association said. A total of 461 plaintiffs filed the case with the Seoul Central District Court, [...]
SEOUL, Feb. 9 (Korea Bizwire) – Business evaluation website CEO Score revealed Wednesday how quickly children from Korea’s top conglomerate families move up the ladder, taking an average of 4.9 years until they nab an executive title from when they start working – a significant fast-track forward given the fact that it typically takes roughly [...]