SEJONG, Nov. 19 (Korea Bizwire) – The number of family members serving as unregistered executives at family-run conglomerates, or chaebol, has increased, raising concerns about a growing gap between authority and accountability, the antitrust regulator said Wednesday. Since 2010, the Fair Trade Commission (FTC) has reviewed and released annual reports on the ownership and governance [...]
SEOUL, Nov. 19 (Korea Bizwire) — A large majority of South Korean workers say the country’s labor market is fundamentally unequal, reflecting long-standing structural divides between large conglomerates and smaller firms, according to new research presented at a major labor conference in Seoul on Tuesday. The survey, released at the 30th-anniversary forum of the Federation [...]
SUWON, Nov. 19 (Korea Bizwire) — South Korean police have broken up a large network of illegal private lenders that preyed on low-income borrowers with usurious interest rates and aggressive collection tactics, authorities said Wednesday. The Gyeonggi Nambu Provincial Police Agency announced it had arrested 61 people connected to four criminal lending rings, including the alleged [...]
SEOUL, Nov. 19 (Korea Bizwire) — A large majority of South Korean workers in their 20s and 30s say the country should extend the legal retirement age, reflecting deepening economic anxieties and concerns about old-age security, according to a new survey released Wednesday. The poll, conducted by Remember & Company, which operates the professional networking [...]
SEJONG, Nov. 19 (Korea Bizwire) – South Korea’s finance minister said Wednesday that signs of an economic rebound are becoming increasingly evident, pointing to aggressive fiscal spending and more targeted policy management as key drivers. At a meeting of economy-related ministers in Sejong, Finance Minister Koo Yun-cheol said consumer spending has begun to strengthen, helped [...]
SEOUL, Nov. 19 (Korea Bizwire) — South Korea’s Supreme Court has overturned a lower-court ruling that sided with Philips Korea in a high-profile dispute over transfer pricing taxes, sending the case back to an appellate court for further review. In a decision disclosed Wednesday, the court reversed a ruling that had canceled most of the 90.5 [...]
SEOUL, Nov. 18 (Korea Bizwire) — South Korea has secured a decisive victory in its protracted legal war with Lone Star Funds, closing a contentious chapter that has shaped the country’s financial and political landscape for more than two decades. The U.S. private equity firm—long criticized in Korea as a predatory “vulture fund”—first entered the market [...]
SEOUL, Nov. 18 (Korea Bizwire) — South Korea is facing renewed public outrage over its drunk-driving laws after a series of fatal crashes — including the recent death of a Japanese tourist in Seoul — reignited anger over what many view as lenient punishments for offenders. The debate intensified after a Japanese user on the social [...]
SEOUL, Nov. 18 (Korea Bizwire) — A South Korean court has dismissed a damages suit filed by a patient who alleged that a university hospital was responsible for a bile duct injury sustained during gallbladder surgery, ruling that the complication did not constitute medical negligence. In a decision released Sunday, Judge Han Jong-hwan of the [...]
CHEONGJU, Nov. 18 (Korea Bizwire) — A local tax office in Cheongju has won a rare legal victory against a high-value delinquent taxpayer who hid his income under his spouse’s name to avoid wage seizure, city officials said Monday. The ruling is expected to strengthen municipal efforts to crack down on sophisticated tax-evasion schemes. According [...]