SEOUL, Dec. 31 (Korea Bizwire) — The Fair Trade Commission (FTC) said Wednesday it has imposed fines totaling 93.5 billion won (US$64.8 million) on three construction companies and CJ Group for illegal inter-subsidiary transactions. The FTC said it fined Daebang Construction Co., JungHeung Construction Co., Woomi Co. and CJ Group, and referred them to the [...]
SEOUL, Dec. 31 (Korea Bizwire) — South Korea’s Supreme Court has ruled that the state can be held legally responsible for the death of a former detainee of the notorious Samcheong reeducation camps, recognizing a causal link between government misconduct and the victim’s suicide years after his release. According to legal officials on Tuesday, the Third [...]
SEOUL, Dec. 31 (Korea Bizwire) — Coupang disclosed the results of its controversial internal probe into a massive data breach directly to U.S. regulators without prior coordination with the South Korean government, according to filings reviewed Tuesday. In a submission to the U.S. Securities and Exchange Commission dated Monday, the U.S.-listed e-commerce giant said that [...]
SEOUL, Dec. 30 (Korea Bizwire) — Only 36.7 percent of Japanese people said they support efforts to provide diplomatic support to achieve peace on the Korean Peninsula, hovering well below the global average, a survey showed Tuesday. The percentage of Japanese citizens who backed the idea of offering economic and military support also stood at [...]
SEOUL, Dec. 30 (Korea Bizwire) — The National Intelligence Service (NIS) on Tuesday dismissed the interim chief of Coupang Corp.’s claim that the company conducted an internal probe into a massive data leak upon its order and requested the National Assembly to file a complaint against the executive over alleged perjury. The move came after [...]
SEOUL, Dec. 30 (Korea Bizwire) — South Koreans will be able to easily read the Rodong Sinmun, North Korea’s main newspaper, at designated facilities and major public libraries, starting Tuesday, according to the unification ministry. The public will be able to easily access the Rodong Sinmun, like general publications, at around 20 facilities, as the newspaper [...]
SEOUL, Dec. 30 (Korea Bizwire) — The ROKS Ahn Mu, an indigenous submarine built with homegrown technology, returned home Tuesday after successfully conducting a monthlong joint anti-submarine exercise with the United States, according to the Navy. The Ahn Mu took part in the Silent Shark exercise, which kicked off on Nov. 18 in waters off [...]
SEOUL, Dec. 30 (Korea Bizwire) — South Korea’s semiconductor industry is pushing back against political calls to relocate the massive Yongin semiconductor cluster away from the Seoul metropolitan area, warning that any abrupt change to the project could disrupt investment plans and undermine the country’s global competitiveness in chips. The concerns come after Kim Sung-hwan, the [...]
SEOUL, Dec. 30 (Korea Bizwire) — North Korea appears to be signaling a subtle but meaningful shift in its internal power structure, with new clues emerging from the license plates used by the country’s top leadership. An analysis of state media footage by Yonhap News Agency shows that Kim Jong Un has recently been using a [...]
SEOUL, Dec. 29 (Korea Bizwire) — South Korea’s defense minister warned on Monday that the security environment surrounding the Korean Peninsula was becoming increasingly volatile, pointing to deepening military cooperation between North Korea and Russia as a destabilizing force with global implications. Speaking at a forum on South Korea’s alliance with the United States, Defense Minister [...]