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FTC to Strengthen Financial Punishment against Intra-group Trading

FTC to Strengthen Financial Punishment against Intra-group Trading

SEJONG, May 25 (Korea Bizwire) — The nominee of South Korea’s corporate watchdog said Wednesday that the government will strengthen punishments against “funneling of business” practices within conglomerates as he pushes forward his pledge to establish fair trade. “It is necessary to intensify financial sanctions such as increasing fines against illegal intra-group trading,” Kim Sang-jo, [...]

S. Korea to Halt Benefits to Novartis Drugs over Illegal Rebates

S. Korea to Halt Benefits to Novartis Drugs over Illegal Rebates

SEOUL, May 25 (Korea Bizwire) — South Korea’s health ministry said Wednesday it will suspend providing benefits for nine variations of two drug types manufactured by the local unit of Novartis after the Swiss pharmaceutical giant was found to have been engaged in illegal kickbacks. For six months starting in August, local customers will have [...]

New Bulletin Board on Jobs Highlights President’s Focus on Job Creation

New Bulletin Board on Jobs Highlights President’s Focus on Job Creation

SEOUL, May 25 (Korea Bizwire) – The presidential office Cheong Wa Dae installed a new electric bulletin board Wednesday, offering a quick summary of current conditions in the country’s employment market, while also highlighting the emphasis the new president and his government place on creating jobs.  The new bulletin board was placed at one of [...]

Military Court Sentences Soldier to 6 Months Over Gay Sex

Military Court Sentences Soldier to 6 Months Over Gay Sex

SEOUL, May 24 (Korea Bizwire) – A South Korean army captain who was arrested during a controversial clandestine investigation into gay soldiers in the military received a sentence of six months of imprisonment suspended for one year at his final trial today, despite public calls for his release. Contrary to the widely parroted statement from South [...]

Accidents of Personal Transport Including Segways on the Rise

Accidents of Personal Transport Including Segways on the Rise

SEOUL, May 24 (Korea Bizwire) – Accidents involving personal transport including scooters and Segways have nearly quadrupled over the past four years, according to recent information compiled by the Hyundai Insurance Research Center. The statistics released yesterday, which were based on the insurance company’s database, revealed that the incidence of accidents increased over 300 percent, [...]

Over Half of University Students and Salaried Workers Are Interested in Becoming Civil Servants

Over Half of University Students and Salaried Workers Are Interested in Becoming Civil Servants

SEOUL, May 24 (Korea Bizwire) – With employment stability rapidly becoming one of the most important considerations for those seeking a job, more than half of the university students and salaried workers in South Korea are eyeing the idea of becoming a civil servant. According to a recent online survey conducted by the Korea TOEIC [...]

Policy Planning Panel to Explore Ways to Stamp Out Corruption in Defense Industry

Policy Planning Panel to Explore Ways to Stamp Out Corruption in Defense Industry

SEOUL, May 24 (Korea Bizwire) — The chief of the presidential policy planning advisory panel said Tuesday that it would explore ways to stamp out deep-seated corruption in the defense industry, long blamed for eroding the country’s military capabilities. During a regular press briefing, Kim Jin-pyo also said the panel would seek a “comprehensive” approach [...]

Notorious ‘ActiveX’ on its Last Legs in South Korea

Notorious ‘ActiveX’ on its Last Legs in South Korea

SEOUL, May 23 (Korea Bizwire) – Industry experts say Microsoft’s much-maligned ActiveX software may be scrapped and replaced with advanced technology such as biometric recognition under the newly elected Moon administration, after being slammed over its security vulnerabilities and widely viewed as plaguing the South Korean web with exhausting and complex online identification processes for [...]