SEOUL, Aug. 13 (Korea Bizwire) — HD Hyundai, South Korea’s leading shipbuilding group, said Wednesday that senior government officials from South Korea and the United States visited its shipyard to discuss ways to expand bilateral cooperation in the shipbuilding sector ahead of a summit between their top leaders. Foreign Minister Cho Hyun; Joseph Yun, acting [...]
SEOUL, Aug. 13 (Korea Bizwire) — Financially troubled discount store chain Homeplus Co. said Wednesday it will close 15 outlets as part of emergency management measures amid a worsening business environment. Homeplus has been under a court-led rehabilitation program since March, when two local credit rating agencies downgraded its corporate bonds from A3 to A3-, [...]
SEOUL, Aug. 13 (Korea Bizwire) — South Korea’s transport ministry said Wednesday it has introduced a new system with the U.S. Transportation Security Administration (TSA) allowing air travelers from Incheon to Atlanta to connect to onward flights without having to reclaim and recheck their baggage. The ministry said it has begun implementing an international remote [...]
SEOUL, Aug. 13 (Korea Bizwire) — South Korea’s antitrust regulator has fined the operator of Burger King Korea 300 million won ($217,000) for forcing franchisees to buy tomatoes and cleaning products from designated suppliers without proper disclosure — even imposing penalties up to store closure for noncompliance. The Fair Trade Commission (FTC) said on Wednesday it [...]
SEOUL, Aug. 13 (Korea Bizwire) — Starting August 14, nearly 3.07 million credit card merchants in South Korea with annual sales of 3 billion won ($2.18 million) or less will benefit from reduced processing fees, the Financial Services Commission (FSC) announced Wednesday. The move extends preferential rates to most small businesses, including those designated as [...]
SEOUL, Aug. 13 (Korea Bizwire) — Korea Electric Power Corp. (KEPCO), South Korea’s state-owned utility, said Wednesday it signed a preliminary agreement with Vietnamese energy company Petrovietnam (PVN) to help cultivate a skilled workforce for Vietnam’s emerging nuclear power sector, as the two countries seek to deepen industrial cooperation. The memorandum of understanding (MOU), inked earlier [...]
SEOUL, Aug. 13 (Korea Bizwire) — South Korean cryptocurrency exchange operator Dunamu Inc. said Wednesday it has signed a memorandum of understanding (MOU) with a Vietnamese bank to assist the establishment of a cryptocurrency exchange in the Southeast Asian country. The deal with Military Commercial Joint Stock Bank, a financial institution under Vietnam’s defense ministry, [...]
SEOUL, Aug. 13 (Korea Bizwire) — Hyundai Motor Co. said Wednesday the company, together with the Los Angeles County Museum of Art (LACMA), will showcase an exhibition by artist Tavares Strachan as part of the automaker’s ongoing partnership with the U.S. museum. The exhibition, titled “Tavares Strachan: The Day Tomorrow Began,” will open Oct. 12 [...]
SEOUL, Aug. 12 (Korea Bizwire) — Foreign Minister Cho Hyun will visit HD Hyundai Heavy Industries Co.’s shipyard with Joseph Yun, the acting U.S. ambassador to South Korea, this week to explore ways to expand bilateral cooperation in the shipbuilding sector, the foreign ministry said Tuesday. Cho and Yun plan to visit the shipyard in [...]
SEOUL, Aug. 12 (Korea Bizwire) — The South Korean government is focusing on reforming subcontracting practices in the construction industry, identifying illegal subcontracting and reckless sub-subcontracting as major contributors to workplace accidents. According to the Ministry of Employment and Labor, Minister Kim Young-hoon recently announced plans to collaborate with relevant agencies to eliminate these illegal [...]