The Fair Trade Commission (FTC) in Korea stated on June 25, 2019 that it has fined McDonald's Korea, the South Korean unit of U.S. fast food chain McDonald's, 52 million won (US$45,000) for violating the franchise business law. This was learned from various news sources in Seoul. McD
Vietnam will impose anti-dumping duties on pre-coated metal products from South Korea, industry sources said Friday.According to the source, Vietnam's trade ministry will temporarily levy stiff import duties on the products from three South Korean companies starting Tuesday. POSCO
South Korean exports of information and communication technology (ICT) products fell for the seventh straight month in May on weak demand for semiconductors, mobile phones and displays, data showed Friday.Total outbound shipments reached US$14.3 billion last month, a plunge of 22.6 percent from a ye
South Korea's trade ministry said Friday it has started free trade negotiations with Russia in the service and investment areas in its latest efforts to diversify the country's trade portfolio and cope with growing protectionism around the globe.The announcement came around a year after the
Korea’s auto output, exports in May see year-on-year increases.The Ministry of Trade, Industry and Energy announced on June 13 that the Korea’s automobile production increased 4.1 percent to 366,152 vehicles in May compared to the same period last year.This growth in output was mostly attributable t
Samsung Electronics Co. has been facing a double whammy of the weak memory chip and smartphone market, as well as uncertainties from a trade war between the United States and China, so it is the right moment for its senior management to discuss ways to deal with the rising business challenges.Starti
Renault Samsung Motors Corp., the Korean unit of French automaker Renault S.A., said it reached a tentative agreement with its labor union over wages and working conditions Wednesday. The union members will vote Friday on whether to accept the deal. It will be their second poll since the two sides
He is not an alchemist, but when it comes to handling metals, Kim Yong-tae, an engineer at South Korea's top steelmaker POSCO, is a top-notch artisan, although he does not use a forge to make the metal submit to his will. Instead, he uses a complicated formula and a computer to carry out his ste
South Korea's jobless rate remained flat at 4 percent in May from a year earlier, and job additions again exceeded the 200,000 mark, government data showed Wednesday.The number of employed people reached 27.32 million in May, an increase of 259,000 from the same month in 2018, according to the d
Sales of environment-friendly cars in South Korea jumped nearly 28 percent in the first five months of the year compared with a year earlier on the back of strong demand for electric vehicles (EVs), industry data showed Sunday. The number of environment-friendly vehicles, such as hybrid electric, al
SK Engineering & Construction Co., a major builder in South Korea, said Sunday a consortium that it's part of has been named the preferred bidder for a 1 billion-pound (US$1.2 billion) project to build a tunnel across the main river in London. The multinational consortium RiverLinx, comprised of
SK Group, South Korea's third-largest conglomerate, said Sunday it will provide US$30 million to support the building of Vietnam's tech innovation center.SK Group Chairman Chey Tae-won reached a funding agreement with Vietnamese Prime Minister Nguyen Xuan Phuc during his three-day visit to t
Samsung Heavy Industries Co., a major shipyard in South Korea, said Friday it has clinched a 450 billion-won (US$381 million) order to build two liquefied natural gas (LNG) carriers.Under the deal with a Bermudan customer, Samsung Heavy said it will deliver the vessel by June 2022, the company said
The chief of major South Korean mobile carrier KT Corp. invited global government and business leaders to utilize the firm's advanced fifth-generation (5G) network technology to bring innovative changes in different industries, the company said Thursday."Korea is the perfect test-bed for 5G dev
Not only are diamonds loved by many women because of a famous marketing slogan that says "a diamond is forever," they are also favored by skilled workers for their exceptional wear resistance in cutting, grinding and drilling.While natural diamonds are dug deep out the ground before being transfor
South Korean shipbuilders may not meet their annual order targets in 2019, industry observers said Friday, as global shipbuilding orders are falling in the face of the escalating U.S.-China trade dispute.South Korea's three major shipbuilders -- Hyundai Heavy Industries, Samsung Heavy Industries
A Seoul court on Wednesday issued an arrest warrant for a Samsung Electronics executive charged with ordering the destruction of evidence about suspected accounting fraud at the company's biotech affiliates. The suspect, a Samsung Electronics senior executive vice president named Lee and in char
Zein Motors will also produce electric self-driving vehicles following the supply of one-ton electric cargo trucks, the first of its kind in Korea to be certified by the government. Zein Motors signed a contract with Lotte Global Logistics on May 10 to sell its one-ton electric cargo truck, Calmato,
Zein Motors has announced that it has launched domestic sales of Korea’s first one-ton electric freight truck “Calmato” after passing all government regulatory procedures. The company is also exploring electric cargo truck markets in the Philippines and Vietnam.Calmato, which was developed after fou
South Korea's consumer price growth stayed below the 1 percent threshold for the fifth consecutive month in May due mainly to expanded social welfare schemes that helped rein in a rise in service charges, government data showed Tuesday. Consumer prices rose 0.7 percent in May from a year earlier