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S. Korean IT Firms Concerned as U.S. Imposes Huawei Ban

S. Korean IT Firms Concerned as U.S. Imposes Huawei Ban

SEOUL, May 21 (Korea Bizwire) — South Korean companies are concerned over possible collateral damage as the U.S. government is putting heavy pressure on Huawei Technologies Co., a Chinese electronics manufacturer. While South Korean IT firms are not expecting any immediate impact, they are keeping a close watch on the trade war between the U.S. [...]

U.S. to Further Lower Tariff on POSCO’s Cold-rolled Steel: Sources

U.S. to Further Lower Tariff on POSCO’s Cold-rolled Steel: Sources

SEOUL, May 21 (Korea Bizwire) — The U.S. Commerce Department has decided to further lower its tariff on cold-rolled steel products by South Korea’s top steelmaker POSCO, industry sources said Tuesday. According to the sources, the U.S. government recently decided to impose a 3.23 percent tariff on cold-rolled steel sheets produced by POSCO, down from [...]

IoT Devices for Factory Machinery Will Raise Chattel Mortgage Values

IoT Devices for Factory Machinery Will Raise Chattel Mortgage Values

SEOUL, May 20 (Korea Bizwire) — Following the enactment of a new provision that enables value appreciation of chattel mortgages, for items such as factory machinery, when Internet of Things (IoT) systems are in place to manage them, South Korean banks are offering various IoT-based mortgage loan products and services. The Korea Federation of Banks [...]

Hanwha Total Under Probe for Delayed Report of Oil Mist Leak

Hanwha Total Under Probe for Delayed Report of Oil Mist Leak

SEOUL, May 20 (Korea Bizwire) — Hanwha Total Petrochemical is under investigation for its delayed report of a massive oil mist leak at its chemical factory in Seosan, South Chungcheong Province, last week, provincial officials said Monday. The oil mist leak occurred at the company’s Daesan petrochemical complex in Seosan, 150 kilometers south of Seoul, [...]

Kakaopay to Expand Offline Payment Service

Kakaopay to Expand Offline Payment Service

SEOUL, May 20 (Korea Bizwire) — Kakaopay Corp. said Monday that it will expand its offline payment business to solidify its status as South Korea’s leading fintech service platform provider. Kakaopay said it plans to launch its own application within this year so that more users can use credit cards through the one-click payment system [...]

S. Korean Pharmaceutical Companies in a Prolonged ‘War on Botox’

S. Korean Pharmaceutical Companies in a Prolonged ‘War on Botox’

SEOUL, May 20 (Korea Bizwire) — As the ‘war on botox strains’ is escalating between Medytox Inc. and Daewoong Pharmaceutical Co., the tension between the two companies is becoming worse day by day. Medytox has filed a complaint with the U.S. International Trade Commission (USITC), accusing Daewoong of stealing the company’s botox strains. Daewoong has [...]