SEOUL, June 13 (Korea Bizwire) — Samsung Electronics Co. and LG Electronics Inc. are scrambling to assess the impact of Washington’s decision to add home appliances to a list of derivatives subject to a 50 percent steel tariff, according to industry sources Friday. The U.S. commerce department has published a notice on the Federal Register, [...]
SEOUL, June 13 (Korea Bizwire) — South Korea and Indonesia have finalized a deal to slash Jakarta’s contribution to the joint KF-21 fighter jet project to 600 billion won (US$443 million), about one-third of the original amount, Seoul’s defense procurement agency said Friday. The two sides signed the agreement at an arms exhibition in Jakarta [...]
SEOUL, June 13 (Korea Bizwire) — A Seoul court has ruled in favor of Samsung Electronics in a high-profile lawsuit filed by over 1,800 Galaxy smartphone users, who claimed the company misled them by pre-installing software that throttled device performance without adequate disclosure. In a ruling delivered Wednesday, the Seoul Central District Court dismissed the [...]
SEOUL, June 12 (Korea Bizwire) — President Lee Jae-myung spoke by phone with Australian Prime Minister Anthony Albanese on Thursday, and the two sides agreed to strengthen cooperation in defense, arms and critical minerals, his spokesperson said. During the 15-minute call, the first between the two leaders since Lee took office last week, Lee noted [...]
SEOUL, June 12 (Korea Bizwire) — Police issued a third summons to former President Yoon Suk Yeol on Thursday to appear for questioning over charges related to his botched martial law bid. Yoon was ordered to appear by next Thursday after he snubbed two previous summonses to appear June 5 and earlier in the day, [...]
SEOUL, June 12 (Korea Bizwire) – Acting Finance Minister Lee Hyoung-il said Thursday that all efforts will be made to stabilize consumer prices, adding that the government will announce related countermeasures as soon as possible. Lee, newly appointed as the first vice finance minister and currently serving as acting minister due to a vacancy, made [...]
SEOUL, June 12 (Korea Bizwire) — Incheon International Airport Corp. (IIAC) said Thursday it has signed a memorandum of understanding (MOU) with the Guayaquil Airport Authority of Ecuador to cooperate on the development and operation of a new international airport in the South American country’s largest commercial hub. Under the MOU signed Wednesday, the two [...]
DAEJEON, South Korea, June 12 (Korea Bizwire) — A surge of green algae in Daejeon’s three main rivers — the Gapcheon, Yudeungcheon, and Daejeoncheon — has sparked criticism from environmental groups, who argue the bloom is a direct result of large-scale dredging operations carried out in recent years. In a joint statement released Wednesday, the Green [...]
Seoul, June 12 (Korea Bizwire) — As President Lee Jae-myung’s administration sets its sights on making South Korea one of the world’s top three artificial intelligence (AI) powers, a growing chorus within the tech industry is calling for a shift in focus — from grand-scale infrastructure projects to practical, sector-specific solutions that bridge the widening gap [...]
ULSAN, South Korea, June 12 (Korea Bizwire) – Hyundai Motor’s labor union is demanding compensation of 20 million won (approximately $14,500) per worker in this year’s wage and collective bargaining talks, citing the Supreme Court’s 2024 ruling on the inclusion of regular bonuses in base pay calculations. Although the court limited retroactive application of the decision [...]