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Samsung Chief Faces Arrest Warrant for Involvement in Corruption Scandal

Samsung Chief Faces Arrest Warrant for Involvement in Corruption Scandal

SEOUL, Jan. 16 (Korea Bizwire) – The special team of prosecutors probing the corruption scandal surrounding President Park Geun-hye has requested an arrest warrant for Lee Jae-yong, the vice chairman and de facto leader of Samsung Group, on charges of bribery, embezzlement, and perjury.  This marks the first time that officials have issued a warrant [...]

S. Korea’s Top 100 Firms Cut Jobs amid Economic Slump

S. Korea’s Top 100 Firms Cut Jobs amid Economic Slump

SEOUL, Jan. 16 (Korea Bizwire) – South Korea’s top 100 large-cap companies have cut more than 7,000 jobs in 2016, data showed Monday, as they are reluctant to hire new employees amid the economy’s prolonged sluggishness.  According to the data by market tracker Chaebul.com, the leading companies had a combined 861,578 employees as of the [...]

A Stressful Year? Cigarette Sales Rise in 2016, Boosting Government Coffers

A Stressful Year? Cigarette Sales Rise in 2016, Boosting Government Coffers

SEOUL, Jan. 13 (Korea Bizwire) – It’s already two weeks into the new year, which means that more than a few smokers will have failed, once again, with their resolution to butt out.  Cessation clinics in Korea tend to boom in early January, with smokers excited about the new, healthy lives that they’re about to [...]

Special Coast Guard Unit to Fend Off Illegal Chinese Fishing

Special Coast Guard Unit to Fend Off Illegal Chinese Fishing

INCHEON, Jan. 12 (Korea Bizwire) – A special unit of the South Korean Coast Guard will soon launch, with its mandate specifically dedicated to protecting western seas off the coast of Incheon from illegal Chinese fishing operations.  According to the Central Regional Headquarters Korea Coast Guard, 331 coast guard personnel will be assigned to the [...]