SEOUL, Aug. 7 (Korea Bizwire) — South Korean companies were scrambling Monday to support the heat-plagued World Scout Jamboree by providing supplies and health care professionals to try to alleviate any difficulties that young attendees might feel from the extreme heat. Samsung Group sent around 150 employees to the Saemangeum campsite, a reclaimed wetland on [...]
WASHINGTON/SEOUL, May 21 (Korea Bizwire) — Four major South Korean companies, including Samsung and SK, on Friday announced plans to invest US$39.4 billion in the United States, ahead of President Moon Jae-in’s summit with U.S. President Joe Biden in Washington. During a business roundtable attended by Moon, Samsung Electronics announced plans to invest $17 billion [...]
SEOUL, Nov. 26 (Korea Bizwire) – With an increasing number of global corporations including Google, Apple and General Motors pledging support for RE100, a “global initiative uniting more than 100 influential businesses committed to 100 percent renewable electricity,” not a single South Korean company has yet to join the initiative. The initiative, which is led [...]
SEOUL, May 24 (Korea Bizwire) — Sources in China say that electric cars equipped with Korean-made batteries were not included in a list of cars awarded subsidies by the Chinese government. According to industry insiders, the Ministry of Industry and Information Technology in China announced on its website yesterday a list of car models that [...]
SEOUL, Oct. 31 (Korea Bizwire) — South Korean companies rank in the bottom tier in utilizing cloud service, a report from the Organization for Economic Cooperation and Development (OECD) showed Tuesday. An OECD survey of 33 member states in 2016 placed South Korea at 27th, with the service use of 12.9 percent. Hungary (12.2 percent), [...]
SEOUL, Jan. 3 (Korea Bizwire) – South Korean companies will likely face a wide range of new and prolonged risks that will make their very survival a challenge this year, a survey showed Tuesday. In a recent survey conducted by the Korea Chamber of Commerce and Industry (KCCI), 92.3 percent of some 50 local experts [...]
SEOUL, Dec. 28 (Korea Bizwire) – Overseas units of South Korean companies lost money in 2015 for the first time since the global financial crisis due mainly to a slowdown in global demand, a report said Wednesday. About 6,000 wholly owned subsidiaries in foreign countries registered an average net loss of US$700,000 last year, the [...]
SEOUL, May 13 (Korea Bizwire) – Only around 5 percent of South Korean companies make use of “big data” in their businesses, far lower than 29 percent of global firms, recent surveys showed. Among local firms with 100 employees or more, 4.3 percent were using big data, which is large volumes of instant digital data, [...]
SEOUL, March 22 (Korea Bizwire) – Eight out of ten Korean corporations have been shown to lack understanding of or preparation for the Base Erosion and Profit Shifting (BEPS) project, also known as the ‘Google tax’. The ‘Google tax’ can be understood from two perspectives. The first purpose of the tax is to protect intellectual property [...]
SEOUL, Nov. 19 (Korea Bizwire) – The amount of fines imposed on Korean companies for collusion by foreign authorities since 2010 totaled about 1.7 trillion won. According to the Korean Fair Trade Commission on November 18, the amount of fines that competition authorities of various countries imposed on Korean cartels over the past five years starting from 2010 is [...]