KT's new union recently issued a statement urging chairman Hwang Chang-kyu to resign immediately before the company makes a decision on extending his tenure on March 24. .This is because former Chong Wa Dae chief policy coordinator Anh Jong-bum, who was involved in the Choi Soon-sil Gate, asked chai
Samsung Electronics has started its marketing campaign for the Galaxy S8 to be unveiled at the end of this month and released in the global market from April 21. Last year, the company failed to promote its new product as it decided to discontinue the troubled Galaxy Note 7 smartphone. So, Samsung E
As President Park Geun-hye was forced out of office due to the Choi Soon-sil Gate that triggered her impeachment, “creative economy,” one of the key policies promoted by former President Park Geun-hye, seems to be fading into history. Both Samsung and CJ are considering the name change of creative e
Shanghai Automotive Industry Corporation (SAIC) is expected to take the first step into the Indian automobile market for the first time in the Chinese automobile industry, having a considerable impact on Hyundai which already has an advantage in the Indian market.The Chinese automaker will take over
The Constitutional Court of South Korea mentioned South Korean conglomerates’ donations to the Mir and K-Sports Foundations as a reason for the impeachment of President Park Geun-hye.Under the circumstances, collusive ties between South Korean conglomerates and political circles, which have lasted f
Overseas travel bans will be lifted probably next week for Lotte Group chairman Shin Dong-bin and SK Group chairman Chey Tae-won who were investigated over the Choi Soon-sil scandal."At present, there is no need to extend the overseas travel bans on chairmen Shin Dong-bin and Chey Tae-won," said an
It is expected that the spark of China’s Korean tourism restriction measures lined to China's retaliation against South Korea’s plan to deploy the Terminal High Altitude Area Defense (THAAD) system will impact the Korean credit card industry as well. The use of UnionPay International (UPI) Card used
Global companies are continuously leaving China again this year. U.S. tech giant Oracle Corp. has decided to lay off around 200 research and development (R&D) staff at its Beijing office, while U.K. retailer Marks & Spencer Group said it would close all of its stores in China. Seagate Technology PLC
The Gumi Economic Mission to the US headed by Nam Yoo-chin, mayor of Gumi, is stepping up its efforts to expand its global value chain.The economic mission which traveled to Silicon Valley and Seattle, the world's most advanced high-tech industrial bases, on February 17, carred out full-scale busine
Kolon Sport, an outdoor gear and clothing brand of Kolon Industries FnC, will establish a joint venture with ANTA, the largest sportswear maker in China, targeting the Chinese market in earnest. The two companies have agreed to build the joint venture as Kolon Sport’s strategy to expand the Chinese
Kumho Tire, South Korea’s No. 2 tire maker, announced on Feb. 15 that it has received two awards in the transport device category at this year’s iF Design Award taking place in Germany. Hosted by the International Forum Design in Germany, the iF Design Award is one of the world's top three internati
The Korean business world heaved a sigh of relief once as the Special Investigation Team announced that it was impossible for them to look into other big companies other than Samsung, considering the officially given period for its investigation into Choi Soon-sil’s involvements of government affair
The Small and Medium Business Administration (SMBA) of South Korea announced on February 13 that it would raise a fund of funds of 735 billion won (US$625 million) this year, up 21.5% from a year earlier.520 billion won (US$442 million) is scheduled to be borne by the SMBA while the Ministry of Cult
Samsung Electronics officially announced its withdrawal of membership from the Federation of Korean Industries (FKI), the nation's largest business lobby, on Feb. 6, saying, “We formally submitted a document of withdrawal to the FKI.”The move came only two months after Samsung Electronics Vice Chair
Since Cho Byung-don took office as mayor of Icheon, the city has grown a great deal with many positive changes. In particular, the mayor emphasized the importance of intangible growth of the city. As part of such a move, Mayor Cho has been carrying out the "Icheon Happiness Sharing" campaign based o
The North Gyeongsang Provincial Government announced on January 24 that it will foster the future automobile industry such as electric and autonomous vehicles and connected cars, which are loaded with advanced information and communication technology (ICT) in order to lead the fourth industrial revo
Early morning on January 19, the Seoul Central District court rejected an arrest warrant sought for Samsung Group's de facto leader Lee Jae-yong on charges of bribery, embezzlement and perjury, dealing a blow to investigators who have been accelerating the probe into the bribery allegations involvin
South Korean special prosecutors requested an arrest warrant for Samsung Electronics Vice Chairman Lee Jae-yong on January 16 in relation with the so-called “Choi Soon-sil Gate.”In response, South Korean entrepreneurs voiced concerns, saying, “The special prosecutors are regarding Samsung’s 20.4 bil
The 2017 season of the 24H Series, the world's largest endurance race to which Hankook Tire exclusively supplies tires will begin its 11-month race with its opening race in Dubai for three days from January 12.The 24-Hour Series is the world's largest endurance race in which the world's premium cars
Samsung Electronics vice chairman Lee Jae-yong was summoned by special prosecutors on January 12 for allegations that he offered a bribe to Choi Soon-sil and her family.After an investigation, the team of special prosecutors led by Park Young-soo is planning to determine whether or not to apply for