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SK Telecom Develops Combined Heat and Power System for Hyundai Factory

SK Telecom Develops Combined Heat and Power System for Hyundai Factory

SEOUL, Jul. 13 (Korea Bizwire) — SK Telecom revealed yesterday that it had developed two systems for Hyundai Motor’s Ulsan factory, allowing the facility to be more efficient with its energy consumption. One is a combined heat and power system and the other, a factor energy management solution. The combined heat and power system will [...]

Elliott Lodges US$770 mln Suit Against S. Korea over Samsung Merger

Elliott Lodges US$770 mln Suit Against S. Korea over Samsung Merger

SEOUL, Jul. 13 (Korea Bizwire) — U.S. activist fund Elliott Associates has filed an investor-state dispute (ISD) suit against the South Korean government seeking compensation for its losses from a 2015 merger of two Samsung units, Seoul’s justice ministry said Friday. The notice of arbitration lodged by the American firm comes three months after Elliot [...]

Protectionism Puts Korea Inc. in a Fix

Protectionism Puts Korea Inc. in a Fix

SEOUL, Jun. 13 (Korea Bizwire) — Escalating global protectionism, sparked by a Sino-American trade war, has put corporate Korea in a tight spot as it is feared to take a toll on exports, a key growth engine for Asia’s fourth-largest economy, industry sources said Friday. The United States and China, the world’s two largest economies, [...]

Shipbuilding Subcontractors Ask Gov’t to Investigate Illegal Practices by Major Players

Shipbuilding Subcontractors Ask Gov’t to Investigate Illegal Practices by Major Players

SEOUL, Jul. 12 (Korea Bizwire) — Subcontractors of Daewoo Shipbuilding & Marine Engineering (DSME), Hyundai Heavy Industries, and Samsung Heavy Industries, the three largest players in the nation’s shipbuilding industry, have asked the Korea Fair Trade Commission (KFTC) to carry out an in-depth investigation into illegal practices among the ‘big three’. A single committee instigated [...]

Non-German Foreign Carmakers Post Strong Performances for 2017 in S. Korea

Non-German Foreign Carmakers Post Strong Performances for 2017 in S. Korea

SEOUL, Jul. 12 (Korea Bizwire) — Non-German foreign carmakers, such as Toyota Motor Corp. and Jaguar Land Rover, did well in South Korea in the past fiscal year, posting sales of over 1 trillion won (US$887 million) each, the companies said Thursday. In the 2017 fiscal year, which ended in March, Toyota Motor reported sales [...]

Starbucks Coffee Korea Slapped with 10mln-Won Fine

Starbucks Coffee Korea Slapped with 10mln-Won Fine

SEOUL, Jul. 11 (Korea Bizwire) — South Korea’s communications regulator has slapped a 10 million-won (US$9,000) fine on Starbucks Coffee Korea Co. for breaching personal information of hundreds of its customers, an official said Wednesday. The Korea Communications Commission said IDs, nicknames and mobile phone numbers of 537 people were disclosed due to a technical [...]

Ginseng Consumption Fosters Cognitive Abilities in Senior Citizens: Study

Ginseng Consumption Fosters Cognitive Abilities in Senior Citizens: Study

SEOUL, Jul. 11 (Korea Bizwire) — A new study has found that people who consume ginseng on a regular basis have better cognitive abilities than those who do not. A medical research team at the Seoul National Unversity Bundang Hospital led by Prof. Kim Gi-ung revealed yesterday that the team had observed 6,422 senior citizens [...]

Eating at Home Up After Start of Shortened Workweek

Eating at Home Up After Start of Shortened Workweek

SEOUL, Jul. 11 (Korea Bizwire) — Sales of coupons that can be used at restaurants have declined, newly released data showed Wednesday, a sign that South Koreans are eating more meals at home following the implementation of a shortened workweek. The data compiled by G-Market, a big online shopping platform, showed that sales of e-coupons [...]