SEOUL, Aug. 6 (Korea Bizwire) — The antitrust regulator said Wednesday it has decided to refer the chairman of leading South Korean food company Nongshim Co. to the prosecution for allegedly omitting key affiliate companies from required disclosures to avoid designation as a large business group and to benefit from incentives for small businesses. Nongshim [...]
SEOUL, Aug. 6 (Korea Bizwire) – A special counsel team on Wednesday wrapped up its first questioning of former first lady Kim Keon Hee over her alleged involvement in stock manipulation schemes, election meddling and other charges. Kim denied allegations against her, according to judicial sources. The questioning lasted more than seven hours after beginning [...]
SEOUL, Aug. 6 (Korea Bizwire) — In a bold fusion of diplomacy and pop culture, South Korea’s Ministry of Agriculture, Food and Rural Affairs has drawn attention online by promoting an upcoming global food security summit with a viral video inspired by a hit Netflix animation. The ministry’s spokesperson, Jeon Han-young, dressed as “Abby,” a lion [...]
SEOUL, Aug. 6 (Korea Bizwire) — South Korea has entered a new era of trade uncertainty as the United States officially begins implementing President Donald Trump’s “reciprocal tariffs” policy, levying a 15% duty on a wide array of Korean exports starting midnight on August 7 Eastern Time. The tariffs, part of Trump’s broader strategy to realign [...]
SEOUL, Aug. 6 (Korea Bizwire) — As environmental, social and governance (ESG) principles become more embedded in Korean business and society, a growing number of young consumers—particularly Generation Z—are aligning their purchasing behavior with personal values and ethical considerations. According to a recent survey released by the Korea Chamber of Commerce and Industry (KCCI) on [...]
SEOUL, Aug. 6 (Korea Bizwire) — President Lee Jae-myung on Wednesday ordered a sweeping investigation and potential punitive measures against POSCO E&C, following a series of fatal industrial accidents at the company’s worksites this year. Speaking after yet another serious accident at a POSCO E&C construction site left a worker unconscious earlier this week, President [...]
SEOUL, August 6 (Korea Bizwire) — South Korea’s Supreme Court has ruled that Sungdo ENG, the parent company of Chinese contractor Sungdo Construction, must pay damages — including delayed interest — to a group of Chinese insurers over a 2013 fire at SK Hynix’s semiconductor plant in Wuxi, China. The fire, which broke out in [...]
SEOUL, Aug. 6 (Korea Bizwire) — HD Hyundai Heavy Industries Co., South Korea’s leading shipbuilder, said Wednesday it has secured a maintenance, repair and overhaul (MRO) project for a U.S. Navy cargo ship. The company will carry out the MRO work on the USNS Alan Shepard (T-AKE-3), a 41,000-ton Lewis and Clark-class dry cargo vessel, [...]
SEOUL, Aug. 5 (Korea Bizwire) — Google said Tuesday it will blur sensitive sites on its map and satellite image services to address Seoul’s national security concerns ahead of its decision this week on whether to allow overseas transfer of high-precision map data. “Just like in other countries, we respect national security and are working [...]
SEOUL, Aug. 5 (Korea Bizwire) — North Korea has not responded to South Korea’s move to hand over the body of a North Korean national found on a western island in June, Seoul’s unification ministry said Tuesday. The North has snubbed Seoul’s call to respond to the South’s plan to transfer the body of a [...]