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FTC to Investigate Private Foundations Owned by Major Companies

FTC to Investigate Private Foundations Owned by Major Companies

SEOUL, Nov. 2 (Korea Bizwire) – The head of the Fair Trade Commission, Kim Sang-jo, announced plans to investigate the management of private foundations owned by major companies, as part of efforts to reform conglomerates and improve transparency, during a policy meeting today. The FTC made the announcement at today’s policy gathering in Seoul with [...]

Samsung and LG to Raise Subsidies with iPhone 8 Launch Imminent

Samsung and LG to Raise Subsidies with iPhone 8 Launch Imminent

SEOUL, Oct. 22 (Korea Bizwire) – With the South Korean launch of the iPhone 8 looming, much attention is being paid to how Apple’s latest phone will affect the domestic mobile communication market in Korea. Some anticipate that cutthroat competition will come about surrounding the abolishment of upper limits on subsidies and the newly instituted 25 [...]

SK Eyes Taxi-Hailing App Market

SK Eyes Taxi-Hailing App Market

SEOUL, Jul. 3 (Korea Bizwire) — South Korean telecommunications giant SK Telecom is considering the idea of launching an artificial intelligence-based taxi-hailing app, which the company sees as a chance to take advantage of its big data database. Though off to a late start, the IT company seems confident its service will prove popular, as [...]

Head of SK Says Toshiba Deal is ‘Not Finished’

Head of SK Says Toshiba Deal is ‘Not Finished’

SEOUL, June 23 (Korea Bizwire) – SK Group Chairman Chey Tae-won said Friday its semiconductor arm’s move to join the acquisition of Toshiba Corp.’s chip business is “not finished,” hinting there are still challenges moving forward. The remark came as a global consortium including South Korea’s SK hyinx Inc. was tapped as the preferred bidder [...]

Hyundai, SK Leaders to Accompany Moon to U.S. Next Week: Biz Lobby

Hyundai, SK Leaders to Accompany Moon to U.S. Next Week: Biz Lobby

SEOUL, Jun. 23 (Korea Bizwire) — Leaders of South Korea’s top conglomerates including Hyundai and SK will join President Moon Jae-in on his first official visit to the United States next week, a local business lobby said Thursday. Moon is scheduled to visit Washington on Wednesday ahead of two-day summit talks with U.S. President Donald [...]

Government Inches Towards Scrapping Basic Monthly Mobile Fee

Government Inches Towards Scrapping Basic Monthly Mobile Fee

SEOUL, June 8 (Korea Bizwire) – South Korean mobile carriers are bracing for a possible shake-up of phone bills, as the government inches towards scrapping what are known as basic charges, fees that have been a key driver of profits for telecom companies in the past. After years of criticism and complaints, pressure from newly-elected [...]

SK Innovation to Invest 10 Trillion Won in Battery, Non-Refining Sectors

SK Innovation to Invest 10 Trillion Won in Battery, Non-Refining Sectors

SEOUL, May 31 (Korea Bizwire) – SK Innovation Co., South Korea’s top oil refiner, said Wednesday that it plans to spend 10 trillion won (US$8.91 billion) in the battery and other non-refining sectors by 2020 to reshape its business portfolio and nurture new revenue sources.  In a regulatory filing, SK Innovation said the investment will [...]

Asset Size of S. Korea’s Top 4 Biz Groups Expands 30 pct in 5 yrs

Asset Size of S. Korea’s Top 4 Biz Groups Expands 30 pct in 5 yrs

SEOUL, May 22 (Korea Bizwire) — Asset size of South Korea’s top four business conglomerates grew by more than 30 percent over the past five years, a corporate information provider said Sunday. Data provided by Chaebul.com showed combined assets of Samsung, Hyundai Motor, SK and LG stood at 864.9 trillion won as of end 2016, [...]