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FTC to Strengthen Financial Punishment against Intra-group Trading

FTC to Strengthen Financial Punishment against Intra-group Trading

SEJONG, May 25 (Korea Bizwire) — The nominee of South Korea’s corporate watchdog said Wednesday that the government will strengthen punishments against “funneling of business” practices within conglomerates as he pushes forward his pledge to establish fair trade. “It is necessary to intensify financial sanctions such as increasing fines against illegal intra-group trading,” Kim Sang-jo, [...]

Starbucks Korea Ordered to Compensate Customer for Changing Words on Event

Starbucks Korea Ordered to Compensate Customer for Changing Words on Event

SEOUL, May 24 (Korea Bizwire) – Starbucks Coffee Korea has been ordered to compensate a customer for providing only one free coffee after the consumer won an event that originally promised a free drink every day for a year, the plaintiff’s lawyer said Wednesday. The customer, surnamed Ko, filed the case with the Seoul Central [...]

Busan Vying to Reclaim Title of “World’s Fifth-Largest Container Port”

Busan Vying to Reclaim Title of “World’s Fifth-Largest Container Port”

BUSAN, May 24 (Korea Bizwire) – The Port of Busan, South Korea’s largest port, was marginally outstripped last year by the Port of Hong Kong, conceding the title of the fifth-busiest container port in the world, namely on account of the Hanjin Shipping crisis.  The South Korean port ranked sixth globally in 2016, processing 19.43 [...]

Seoul Hospital Ridiculed for Makeup Guidelines

Seoul Hospital Ridiculed for Makeup Guidelines

SEOUL, May 24 (Korea Bizwire) – The Korean Intern Resident Association expressed deep concerns Tuesday over a dress and appearance manual for doctors that is currently being developed at the Catholic University of Korea Seoul St. Mary’s Hospital.  According to the KIRA, articles in the manual specific to female doctors include wearing  “vibrant makeup” because [...]

Naver Named as Top-Performing Firm in South Korea

Naver Named as Top-Performing Firm in South Korea

  SEOUL, May 24 (Korea Bizwire) – Naver Corp. was picked as the top firm for its business performance among the country’s major 500 companies, data showed Tuesday, beating Samsung Electronics Co. According to the data compiled by industry tracker CEO Score, South Korea’s No. 1 Internet portal operator received top remarks in a business evaluation that centered on eight areas, including earnings, investment, job creation and transparency. While Naver stood as the [...]

China Imposes Safeguard Measures against Imported Sugar

China Imposes Safeguard Measures against Imported Sugar

SEOUL, May 23 (Korea Bizwire) – China has announced a safeguard measure against imported sugar exceeding the quota for three years, a move that will hurt South Korean exporters, such as CJ Cheiljedang Corp., a leading food manufacturer, a trade promotion agency said Tuesday.  According to the Korea Trade-Investment Promotion Agency (KOTRA), China’s Ministry of [...]

Sales of Organic Food Plunge Amid Economic Slump

Sales of Organic Food Plunge Amid Economic Slump

SEOUL, May 23 (Korea Bizwire) – Sales of organic food products in South Korea have nearly halved in recent years, as the long-term economic slump sees more and more consumers in the country hesitate to open their wallets for eco-friendly and chemical-free produce. What was once fast becoming a popular lifestyle choice on the back [...]

South Korean Video Streaming Platforms Struggle to Catch Up With YouTube

South Korean Video Streaming Platforms Struggle to Catch Up With YouTube

SEOUL, May 23 (Korea Bizwire) – The latest data from market analyst DMC Media has revealed that YouTube was still the most popular video streaming platform on mobile devices in South Korea, chosen by 42.8 percent of 1,000 study participants in April, which was up from the 38 percent observed last year.  YouTube outstripped its [...]