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How CJ Became Ousted President’s Least Favorite Conglomerate With its Liberal Content

How CJ Became Ousted President’s Least Favorite Conglomerate With its Liberal Content

SEOUL, March 29 (Korea Bizwire) – The Park Geun-hye administration’s rule, which collapsed with its leader’s impeachment, was not the best of times for CJ, a major food and media conglomerate in South Korea. A year and half after President Park took office in 2013, CJ Vice Chairwoman Lee Mi-kyung (who was the de facto [...]

Corporate Watchdog Slaps 1.8 bln-won Fine on Lotte, Shilla Duty-free Shops

Corporate Watchdog Slaps 1.8 bln-won Fine on Lotte, Shilla Duty-free Shops

SEJONG, March 29 (Korea Bizwire) – South Korea’s corporate watchdog said Wednesday that it has imposed a combined 1.8 billion-won (US$1.6 million) fine on two duty-free shop operators — Lotte and Shilla — for colluding on discount events. Hotel Lotte Co., the operator of the country’s biggest Lotte Duty Free, and Hotel Shilla Co., the [...]

Korean Petrochemicals Firms Accelerating Overseas Push

Korean Petrochemicals Firms Accelerating Overseas Push

SEOUL, March 29 (Korea Bizwire) – South Korean petrochemicals firms, led by LG Chem Ltd., are seeking to diversify their export destinations and establish more overseas production facilities, in a bid to reduce their dependence on China, industry sources said Wednesday.  According to the sources, LG Chem, the country’s No. 1 player in the chemicals [...]

Loopholes in Security of IoT Devices

Loopholes in Security of IoT Devices

SEOUL, March 28 (Korea Bizwire) – Reports of security breach threats to Internet of Things (IoT) devices have tripled over the last year, according the Korea Internet & Security Agency. The KISA said yesterday that a total of 362 complaints were filed regarding security concerns, jumping 280 percent from last year’s 130. Reports of security vulnerability [...]

S. Korea to Set up 113.5 Bln-Won Fund to Help Bio Startups

S. Korea to Set up 113.5 Bln-Won Fund to Help Bio Startups

SEOUL, March 27 (Korea Bizwire) – South Korea will establish a 113.5 billion-won (US$101.8 million) fund to nurture startups and venture firms in the bio sector to secure new growth engines, the science ministry said Monday. Under the comprehensive plan finalized during a government meeting presided over by Acting President and Prime Minister Hwang Kyo-ahn, [...]

Gov’t to Spend 30 Bln Won to Support Content Industry

Gov’t to Spend 30 Bln Won to Support Content Industry

SEOUL, March 24 (Korea Bizwire) – The South Korean government plans tospend 30 billion won (US$26.8 million) to promote content makers this year, the Korea Creative Content Agency (KOCCA) said Thursday. The budget will be spent on content creators in six categories — animation, cartoon, character, story, music and fashion, said the agency under the Ministry of Culture, Sports and Tourism. By category, the biggest chunk is reserved for [...]

N. Korea Invites Foreign Investment in Cruise Program to Mt. Kumgang

N. Korea Invites Foreign Investment in Cruise Program to Mt. Kumgang

SEOUL, March 23 (Korea Bizwire) – Cash-strapped North Korea is inviting foreign investment in a cruise program linking its eastern mountain resort area to the Russian Far East and Southeast Asia, a North Korean website showed Thursday. Its website promoting Mt. Kumgang recently posted an investment guideline for a ferry business based in the port [...]

Trade Protectionism Sees Samil Spinning Acquire American Textile Company

Trade Protectionism Sees Samil Spinning Acquire American Textile Company

SEOUL, March 21 (Korea Bizwire) – South Korean textile company Samil Spinning has acquired the American company Buhler Quality Yarns through a stock purchase agreement amid fears of trade protectionism in America, according to the Korea Trade-Investment Promotion Agency (KOTRA). Samil’s cunning move to take over all shares of Buhler Quality Yarns will see the [...]