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LG Group Chief Koo Bon-moo Dies

LG Group Chief Koo Bon-moo Dies

SEOUL, May 21 (Korea Bizwire) – LG Group Chairman Koo Bon-moo, who led South Korea’s fourth-largest conglomerate, has died in Seoul, the company said Sunday. He was 73. An official from LG Group said Koo died peacefully while his family was watching. Koo had several brain surgeries earlier this year, and was recently hospitalized when [...]

With Frenzy Waning, Cryptocurrency Operators Forced to Seek New Paths

With Frenzy Waning, Cryptocurrency Operators Forced to Seek New Paths

SEOUL, May 21 (Korea Bizwire) — As warnings of a bursting bubble and toughening state regulations have led to a drastic downturn of South Korea’s digital currency market, local exchanges are struggling over how to remain viable going forward. Some have moved to diversify their businesses by making the most out of blockchain technology, but [...]

S. Korea to Increase Incentives for Wind Farms

S. Korea to Increase Incentives for Wind Farms

SEOUL, May 18 (Korea Bizwire) — South Korea will raise incentives for offshore wind farm operators and cut back subsidies on biomass producers to promote more eco-friendly energy sources, the energy ministry said Friday. The Ministry of Trade, Industry and Energy said it will adjust the incentive rates for renewable energy sources based on their [...]

Is Smart Technology the Future of Retail?

Is Smart Technology the Future of Retail?

SEOUL, May 17 (Korea Bizwire) — As a woman in her 40s enters a clothing store with her daughter, a “smart” CCTV camera recognizes her as a regular customer, delivering her personal information to a welcome robot, which then greets both the female customer and her daughter. As the customer moves around the shop, custom-fit [...]

Opposition to New Graphic Warning Labels on Cigarettes Grows

Opposition to New Graphic Warning Labels on Cigarettes Grows

SEOUL, May 16 (Korea Bizwire) — The Ministry of Health and Welfare’s recent decision to enlarge the size of graphic warnings on cigarette packs is facing strong opposition from the Korea Tobacco Retailer Association (KTRA). Along with South Korea, a number of countries oblige tobacco companies to cover more than 65 percent of cigarette packages [...]

Hyundai to Up Stake in U.S. Wireless Tech Firm

Hyundai to Up Stake in U.S. Wireless Tech Firm

SEOUL, May 16 (Korea Bizwire) — Hyundai Motor Co. said Wednesday it will expand its investment in U.S. wireless technology company Metawave for an improved partnership on autonomous vehicles. Hyundai Motor made an initial investment in Metawave last year in a bid to jointly develop cutting-edge radar technology for autonomous vehicles. This year, it will [...]