SEOUL, Dec. 31 (Korea Bizwire) — The Fair Trade Commission (FTC) said Wednesday it has imposed fines totaling 93.5 billion won (US$64.8 million) on three construction companies and CJ Group for illegal inter-subsidiary transactions. The FTC said it fined Daebang Construction Co., JungHeung Construction Co., Woomi Co. and CJ Group, and referred them to the [...]
SEOUL, May 28 (Korea Bizwire) — High school students in Seoul have introduced a ‘fair trade vending machine’ that sells chocolates, dried fruits, and other products sourced through fair trade. Members of a student club at Seoul High School in Seoul’s Seocho District, were responsible for introducing the vending machine. “This is South Korea’s very [...]
SEOUL, May 3 (Korea Bizwire) – Naver, Korea’s largest search portal with more than 70 percent of the market, will close its open market “ShopN” in response to public criticism and a controversy following a Fair Trade Commission investigation on the company. It has been two years since Naver established ShopN in 2012. Naver said [...]
SEOUL, Korea, May 1, 2014 (Korea Bizwire) – Wedding halls will now have to break away from the widespread practice of “exploiting” the deposit money even when couples cancel their bookings months before their wedding day. Furthermore, wedding halls are now banned from charging excessive cancellation fees when newlyweds call off the reservation close to the wedding [...]