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Children of Chaebol Owners Control 100 Billion Won Worth of Stocks

Children of Chaebol Owners Control 100 Billion Won Worth of Stocks

SEOUL, Oct. 12 (Korea Bizwire) – Scores of children of the owners of nine conglomerates in South Korea have more than 100 billion won (US$88.2 million) worth of stocks in related companies, government data showed Thursday, amid the owners preferring the early transfer of assets to their offspring to reduce inheritance tax down the road. The amount [...]

2 Korean Reservoirs Registered as World Heritage Irrigation Sites

2 Korean Reservoirs Registered as World Heritage Irrigation Sites

SEOUL, Oct. 11 (Korea Bizwire) — An international organization on water management technology has registered two South Korean reservoirs as world heritage irrigation structures, local governments said Wednesday. The non-governmental International Commission on Irrigation and Drainage (ICID) presented certificates on the registration of the Hapdeok Reservoir in the western coastal city of Dangjin and the [...]

Imports of E-cigarettes Rose Sharply since Conventional Tobacco Tax Hike in 2015: Data

Imports of E-cigarettes Rose Sharply since Conventional Tobacco Tax Hike in 2015: Data

SEOUL, Oct. 10 (Korea Bizwire) — Imports of electronic cigarettes more than doubled after the government raised taxes on conventional tobacco in 2015 to discourage smoking, government data showed Tuesday. Industry sources attribute the sharp rise to smokers switching to e-cigarettes which are exempted from higher taxes. The government increased taxes on cigarettes by 2,000 [...]

China’s Taste for Korean Food Products Grow Despite Geopolitical Tensions

China’s Taste for Korean Food Products Grow Despite Geopolitical Tensions

SEOUL, Oct. 9 (Korea Bizwire) — Exports of South Korean ramyun instant noodles, beer and dried laver to China have surged despite the diplomatic row over the deployment of an advanced anti-missile system here, government data showed Monday. According to data provided by the Ministry of Agriculture, Food Rural Affairs exports of the three products [...]

Environmental Groups Call for Greater Regulation of Conglomerates’ Coal-Powered Plants.

Environmental Groups Call for Greater Regulation of Conglomerates’ Coal-Powered Plants.

SEOUL, Oct. 6 (Korea Bizwire) — Environmental groups called for increased government regulations on privately owned coal-fired power plants’ claims that their coal plants are eco-friendly and provide clean energy. Greenpeace and the Green Consumer Network in Korea said that they presented a petition to the Anti-Corruption and Civil-Rights commission to regulate Posco Energy, SK [...]

Consumption of Makgeolli Declines for Three Consecutive Years

Consumption of Makgeolli Declines for Three Consecutive Years

SEOUL, Oct. 6 (Korea Bizwire) — Sales of Makgeolli, a Korean rice wine, have decreased for three consecutive years after experiencing a boom several years ago. According to a report from the Statistics Korea on October 4, the volume of Makgeolli consumed domestically in the second quarter was 8,8000 ㎘, 3.1 percent down from the [...]

Andong Pushes for Legalization of Hemp to Develop Bioindustries

Andong Pushes for Legalization of Hemp to Develop Bioindustries

ANDONG, Oct. 6 (Korea Bizwire) — The city of Andong is pushing for the legalization of hemp (marijuana) for medical use. It is unprecedented for a local government to push for legalization, since hemp has long been designated as an illegal drug. Andong has many places that openly cultivate hemp because it is used as [...]