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Gov’t to Set Up 500 bln Won Fund for Venture Startup Failures

Gov’t to Set Up 500 bln Won Fund for Venture Startup Failures

SEOUL, May 26 (Korea Bizwire) — The government plans to raise 500 billion won (US$447.5 million) in funds to help entrepreneurs at venture startups restart business when they fail, officials said Thursday. In South Korea, a failure in a venture startup often leads to ruin, prompting young entrepreneurs to shun risk-taking, which has been cited [...]

Major Refiners Bask in Decent Q1 Profit, Set to See Another Opbeat Result

Major Refiners Bask in Decent Q1 Profit, Set to See Another Opbeat Result

SEOUL, May 15 (Korea Bizwire) — South Korean oil refiners, led by top player SK Innovation Co., logged decent earnings in the first quarter of the year on the back of robust petrochemical business, and expect their bottom line to remain firm under the current quarter thanks to the recovery of their refining margin, industry [...]

S. Korea Calls for Strengthened Technology Cooperation with Israel

S. Korea Calls for Strengthened Technology Cooperation with Israel

SEOUL, Apr. 10 (Korea Bizwire) — South Korea’s vice trade minister called for strengthened cooperation in technology with Israel Sunday to cope with the technology-driven fourth industrial revolution, the ministry said. Speaking to a forum in Tel Aviv, Jeong Marn-ki said South Korea and Israel can create synergy by combining Israel’s technological prowess and startup [...]

Samsung SDI to Supply Batteries for New VW e-Golf: Source

Samsung SDI to Supply Batteries for New VW e-Golf: Source

SEOUL, Mar. 30 (Korea Bizwire) — South Korea’s Samsung SDI Co. will supply its electric-vehicle batteries to Volkswagen’s new 2017 e-Golf, an industry source said Wednesday. “The new e-Golf equipped with a Samsung battery will go on sale in global markets this spring,” the source told Yonhap News Agency. Samsung SDI and LG Chem Ltd. [...]

S. Korea to Promote Fintech Ties with Silicon Valley

S. Korea to Promote Fintech Ties with Silicon Valley

SEOUL, Nov. 4 (Korea Bizwire) — South Korea said Friday it will strengthen partnerships with Silicon Valley on financial technology, called fintech. The Fintech Center of Korea signed memorandums of understanding (MOUs) with two high-profile organizations — 500 Startups and Silicon Valley Forum — for the initiative on the sidelines of a South Korean Fintech [...]

SK Telecom, Facebook to Launch Start-Up Incubator for Telecom Equipment

SK Telecom, Facebook to Launch Start-Up Incubator for Telecom Equipment

  SEOUL, Nov. 3 (Korea Bizwire) — SK Telecom Co., South Korea’s top mobile carrier, and Facebook Inc. will set up a start-up incubator in South Korea early next year to encourage people to launch start-ups for telecom equipment, company officials said Thursday. Details of the planned incubator, which will be established during the first [...]

LG Chem to Supply Batteries for NASA’s Spacesuits

LG Chem to Supply Batteries for NASA’s Spacesuits

SEOUL, Jul. 18 (Korea Bizwire) — LG Chem Ltd., South Korea’s largest chemicals maker, will start supplying lithium-ion batteries for NASA’s spacesuits in the second half of the year, the company said Monday. The contract with NASA marked the first such deal for a Korean company, LG Chem said. LG Chem said its new battery’s [...]