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Global Business Center to Open at Second Pangyo Techno Valley

Global Business Center to Open at Second Pangyo Techno Valley

SUWON, Feb. 19 (Korea Bizwire) — The Gyeonggi Urban Innovation Corporation has unveiled plans for a global business center at the Second Pangyo Techno Valley. The 249.5 billion won project will see a 13-storey building built on a 12,817 square meter lot, an edifice that will serve as the Global Biz Center for the much anticipated [...]

Completion of New Reactors Delayed by Quake-safety Inspections

Completion of New Reactors Delayed by Quake-safety Inspections

SEOUL, Feb. 8 (Korea Bizwire) — The completion of two new nuclear reactors has been delayed by eight months to meet strengthened safety requirements against earthquakes, the energy ministry said Thursday. Construction of Shin-Hanul No. 1 and No. 2 reactors began in April 2010 and was planned to be completed by February next year. Ministry [...]

Samsung Engineering Wins US$3.1 bln Order to Upgrade Oil Refinery in UAE

Samsung Engineering Wins US$3.1 bln Order to Upgrade Oil Refinery in UAE

SEOUL, Feb. 8 (Korea Bizwire) — Samsung Engineering Co., a major South Korean industrial plant builder, said Thursday that its joint venture secured a US$ 3.1 billion deal to upgrade an oil refinery in the United Arab Emirates. Under the deal with the Abu Dhabi National Oil Company (ADNOC), Samsung and Netherlands-based CB&I will introduce [...]

Regulator to Tighten Rules on High-risk Household Lending

Regulator to Tighten Rules on High-risk Household Lending

SEOUL, Jan. 22 (Korea Bizwire) — South Korea’s top financial regulator said Sunday that it will tighten capital regulations on high-risk household lending, in the latest move meant to slow the pace of household debt growth. The stricter regulations will be applied to banks, savings banks and insurance firms that provide loans to home buyers [...]

CJ Logistics Says to Merge with Builder Affiliate

CJ Logistics Says to Merge with Builder Affiliate

SEOUL, Dec. 19 (Korea Bizwire) — CJ Logistics Corp., the logistics arm of South Korea’s food and entertainment conglomerate CJ Group, said Tuesday it will absorb and merge with the group’s construction unit as part of efforts to hone its competitiveness. The merger ratio will be one CJ Logistics share for every 0.54 CJ Engineering [...]

Tongyeong to be Revamped as Maritime City Under New Deal Project

Tongyeong to be Revamped as Maritime City Under New Deal Project

SEJONG, Dec. 15 (Korea Bizwire) – The government has announced plans for nationwide New Deal projects that will see 68 attractions across the country revitalized, including the city of Tongyeong. According to plans revealed by the government on Thursday, a number of old local landmarks and cultural assets in South Korea will take center stage [...]

Low-Income Bracket Drives Monthly Rent Growth

Low-Income Bracket Drives Monthly Rent Growth

SEOUL, Dec. 14 (Korea Bizwire) – Of the South Korean households that are renters, 60.5 percent utilize “wolse”, or monthly payment rental systems, boosted by a growing low-income bracket. According to the Korea National Council of Consumer Organizations, the percentage of households renting using “jeonse” – a key money deposit system usually requiring a lump-sum [...]

Second Pangyo Techno Valley to Accommodate 1200 Startups by 2022

Second Pangyo Techno Valley to Accommodate 1200 Startups by 2022

SEJONG, Dec. 12 (Korea Bizwire) — The South Korean government has announced plans for a second Pangyo Techno Valley by 2022, which will provide office space to nearly 1,400 businesses at affordable prices to boost promising startup companies. Under the startup complex project plan revealed on Monday, a new industrial complex will be built in addition [...]

Major Heavy Ion Accelerator Project to Go Forward in Daejeon

Major Heavy Ion Accelerator Project to Go Forward in Daejeon

SEOUL, Dec. 7 (Korea Bizwire) – A major heavy ion accelerator project has been given the green light, with a budget of 1.4 trillion won and an expected completion date in 2021, according to the science ministry. The Ministry of Science and ICT’s business monitoring task force announced plans on Wednesday for the construction of a [...]

Hyundai Development Company to Reshuffle Business Structure

Hyundai Development Company to Reshuffle Business Structure

SEOUL, Dec. 7 (Korea Bizwire) — Hyundai Development Company is converting to a holding company through a major structure reshuffle. At a board meeting held on Tuesday, plans were announced to divide the current structure of HDC into two, including a holding company and a separate operating company with official names yet to be determined. Through [...]