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Gov’t to Offer Liquidity If Daewoo Shipbuilding Shares Burden: Finance Minister

Gov’t to Offer Liquidity If Daewoo Shipbuilding Shares Burden: Finance Minister

SEJONG, March 23 (Korea Bizwire) – South Korea’s top economic policymaker said Thursday that the government will offer liquidity to cash-strapped Daewoo Shipbuilding & Marine Engineering Co. in a timely manner if all stakeholders shoulder losses.  “Creditors of Daewoo Shipbuilding have closely looked into all options, which includes the company’s backlogs,” Finance Minister Yoo Il-ho [...]

Electronic Payments Hit Record High in 2016

Electronic Payments Hit Record High in 2016

SEOUL, Mar. 23 (Korea Bizwire) — The amount of payments made electronically hit a record high in 2016, central bank data showed Wednesday, underscoring the growing trend of South Koreans using electronic means for financial transactions. The daily average amount of electronic financial transactions came to 343.5 billion won (US$306 million) in 2016, up 36.1 [...]

Scientists Develop Gold Nanomaterials for Gout Treatment

Scientists Develop Gold Nanomaterials for Gout Treatment

SEOUL, Mar. 23 (Korea Bizwire) — A group of South Korean scientists developed a new type of gold nano-sized materials to treat hyperuricemia, the science ministry said Wednesday, opening a new gateway for the treatment of diseases such as gout. Hyperuricemia is a phenomenon marked by an abnormally high level of uric acid in the [...]

New Detective Show ‘Tunnel’ Hopes to Emulate Success of ‘Voice’

New Detective Show ‘Tunnel’ Hopes to Emulate Success of ‘Voice’

SEOUL, Mar. 23 (Korea Bizwire) — In recent years, cable television channel OCN has made a name for itself by producing smart and well-polished original crime procedurals, including last year’s “Squad 38″ and this year’s critically acclaimed series “Voice.” Continuing this tradition, the network is set to premiere a new crime show titled “Tunnel,” which [...]

Three Parties Agree to Draft Constitutional Amendment Bill

Three Parties Agree to Draft Constitutional Amendment Bill

SEOUL, Mar. 23 (Korea Bizwire) — South Korea’s three political parties on Wednesday hammered out a joint draft revision of the Constitution that calls for a shift from the current single-term, five-year presidency to a two-term, four-year presidency, party officials said. The proposal also envisions a power-sharing structure in which the president as the head [...]

Facing China’s Retaliation over THAAD Row, S. Korea Realizes Value of Other Asian Tourists

Facing China’s Retaliation over THAAD Row, S. Korea Realizes Value of Other Asian Tourists

SEOUL, March 22 (Korea Bizwire) – South Korea’s tourism sector is moving to cope with the drop in the number of inbound Chinese tourists by moving to attract more locals and Southeast Asian visitors, industry sources said Wednesday. The number of Chinese tourists, who accounted for roughly half of the 16 million foreigners who visited [...]

Surging Interest in EVs Bodes Well for Korean Green Car Market

Surging Interest in EVs Bodes Well for Korean Green Car Market

SEOUL, South Korea, March 22 (Korea Bizwire) – South Korean TV shopping network Lotte Home Shopping recently experienced firsthand the surge in the popularity of electric cars when it aired a special program last Friday featuring electric cars for lease. During the hour-long broadcast, the network saw more than five thousand customers call in to [...]

Addiction Care Center Rewards Patients For Not Visiting Casino

Addiction Care Center Rewards Patients For Not Visiting Casino

SEOUL, South Korea, March 22 (Korea Bizwire) – A new approach by the Kangwon Land Addiction Care Center (KLACC) to the treatment of gambling addiction is attracting international attention, as foreign government officials flock to discover a unique incentive system that helps people overcome gambling addiction. The center’s newly introduced plan designed to help relieve gambling [...]

Trade Protectionism Sees Samil Spinning Acquire American Textile Company

Trade Protectionism Sees Samil Spinning Acquire American Textile Company

SEOUL, March 21 (Korea Bizwire) – South Korean textile company Samil Spinning has acquired the American company Buhler Quality Yarns through a stock purchase agreement amid fears of trade protectionism in America, according to the Korea Trade-Investment Promotion Agency (KOTRA). Samil’s cunning move to take over all shares of Buhler Quality Yarns will see the [...]