SEOUL, Dec. 19 (Korea Bizwire) – A group of experts has urged both the public and private sectors to look to Japan as a model for earthquake preparedness following reports that the peninsula could suffer from tremors of a magnitude as high as 7.3. During a joint seminar between South Korean and Japanese experts on [...]
SEOUL, Nov. 23 (Korea Bizwire) – South Korea’s major business associations remain less eager to sponsor the 2018 PyeongChang Winter Olympics only two months away due to strengthened anti-corruption laws, industry insiders people said Thursday. In a meeting arranged by Lee Hee-beom, who heads the winter sports games organizing committee, the country’s six leading business lobbies have been less willing to support the winter sports games [...]
SEOUL, Jan. 5 (Korea Bizwire) – The Federation of Korean Industries, an embattled lobby organization for Korean corporations that is under fire for its alleged involvement in the Choi Soon-sil scandal, is evaluating reforms, with officials now considering benchmarking the American lobbying group Business Roundtable. The FKI is accused of compelling its members to donate [...]
SEOUL, Dec. 27 (Korea Bizwire) – LG Group and KT Corp. on Tuesday announced their withdrawal of membership from the Federation of Korean Industries (FKI), becoming two of the first major conglomerates to do so following the influence-peddling scandal involving President Park Geun-hye and her close friend Choi Soon-sil. The announcements came after the FKI, [...]
SEOUL, July 9 (Korea Bizwire) — Business leaders in South Korea vowed Thursday to keep pushing for their planned investment and taking the lead in rejuvenating the economy, which is struggling with slumping domestic demand in the wake of the Middle East Respiratory Syndrome (MERS) outbreak. In a joint statement, presidents of the country’s top 30 [...]
SEOUL, May 13 (Korea Bizwire) — A major business lobby in South Korea called on the government Wednesday to lower its reduction target for greenhouse gas emissions, saying that it is “impossible” to achieve. The government earlier proposed cutting greenhouse gas emission by 30 percent from business-as-usual (BAU) levels by 2020. It plans to submit its [...]
SEOUL, March 8 (Korea Bizwire) — A majority of economic experts in South Korea forecast that the economic growth rate for this year will be lower than what the government and the central bank predict, seeing the current situation as a “crisis,” a survey showed Sunday. According to the survey of 34 experts from private [...]
SEOUL, May 26 (Korea Bizwire) – The Korean economy is in trouble because of the strengthening won vis-à-vis the U.S. dollar. For years most exporters have been too complacent under the regime of a weak won that granted them easy access to overseas markets. Even some analysts suggest that the won-dollar exchange rate may fall [...]
SEOUL, May 13 (Korea Bizwire) – According to a recent survey by the Federation of Korean Industries, the ongoing appreciation of the Korean won is undermining the profitability of Korean exporters. The FKI survey on 120 large manufacturers in Korea revealed that the break-even exchange rate for local manufacturers was 1,052.30 won per the U.S. [...]