SEOUL, July 17 (Korea Bizwire) – The Supreme Court on Thursday finalized the acquittal of Samsung Electronics Co. Chairman Lee Jae-yong in a controversial merger case dating back to 2015. The verdict came four years and 10 months after Lee was indicted on charges of unfair trading, stock price manipulation and accounting fraud in the [...]
SEOUL, July 17 (Korea Bizwire) — Industry Minister nominee Kim Jung-kwan on Thursday pledged to mobilize all available resources to boost exports and spur economic growth, while vowing to pursue “pragmatic” trade policies in response to the United States’ aggressive tariff scheme. Kim made the commitment during his parliamentary confirmation hearing, after being nominated as [...]
SEOUL, July 17 (Korea Bizwire) – A leading government-affiliated research institute has issued a stark warning against adopting a defined contribution (DC) pension model as an alternative to South Korea’s current national pension system, calling it a “poisoned chalice” ill-suited to the country’s demographic and economic realities. The report, released Wednesday by the National Pension [...]
SEOUL, July 17 (Korea Bizwire) — On the eve of a pivotal Supreme Court ruling concerning Chairman Lee Jae-yong, Samsung is maintaining a strict silence, underscoring the high stakes of a case that has shadowed the group for nearly a decade. South Korea’s Supreme Court is set to deliver its final verdict on Thursday on [...]
SEOUL, July 16 (Korea Bizwire) — The presidential office on Wednesday welcomed a decision to name South Korea as host of the 48th annual session of UNESCO’s World Heritage Committee next year, calling it a “historic moment” for the country. During the committee’s ongoing meeting at UNESCO Headquarters in Paris on Tuesday, South Korea was [...]
SEOUL, July 16 (Korea Bizwire) — A local court on Wednesday issued a detention warrant for a close aide of former first lady Kim Keon Hee amid growing suspicions that he evaded the special counsel’s probe into multiple allegations surrounding Kim. The warrant was issued against Kim Ye-seong, known as the former first lady’s “butler” [...]
SEOUL/WASHINGTON, July 16 (Korea Bizwire) — Vice foreign ministers of South Korea, the United States and Japan will hold trilateral talks this week to discuss ways of further enhancing cooperation on North Korean issues and economic security, Seoul’s foreign ministry said Wednesday. First Vice Foreign Minister Park Yoon-joo, U.S. Deputy Secretary of State Christopher Landau [...]
SEOUL, July 16 (Korea Bizwire) — Justice Minister nominee Jung Sung-ho vowed Wednesday to accelerate reforms aimed at separating the prosecution’s investigative and indictment functions, saying it is an “unavoidable” trend. In a parliamentary confirmation hearing, Jung said the reform initiatives intended to reduce the concentration of power within the prosecution have been discussed since [...]
SEOUL, July 16 (Korea Bizwire) — The American Chamber of Commerce in Korea (AMCHAM) held a cybersecurity seminar Wednesday in Seoul, bringing together senior government officials, business leaders and cybersecurity experts to address the growing digital threats in areas of cybersecurity and national security. Under the theme of cybersecurity, participants explored strategic responses to evolving [...]
SEOUL, July 16 (Korea Bizwire) — South Korea on Wednesday launched a task force to establish the so-called RE100 industrial complexes entirely powered by renewable energy sources, in a move aimed at addressing regional energy imbalances and accelerating the country’s energy transition, the industry ministry said. In its inaugural meeting, the task force discussed necessary [...]