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Reporter : Park Jae-hyuk
Sun, July 3, 2022 | 18:08
Prime minister welcomes US firms relocating Asian headquarters to Korea
The American Chamber of Commerce in Korea (AMCHAM) has won support from the Yoon Suk-yeol administration for its major goal of making Korea the regional headquarters of Asia for multinational companies. During a special meeting hosted by AMCHAM, Friday, Prime Minister Han Duck-soo said that the government is open to resolving problems facing foreign businesspeople who seek to...
Apple criticized for exploiting loophole in Korea's in-app payment regulations
Apple has drawn criticism from app developers for essentially forcing them to use its own billing system instead of clearly offering multiple options. Korean law mandates that apps distributed by app market operators be allowed to offer an alternative payment processing option within their apps. In its latest announcement, Thursday, the U.S. tech giant said that apps distribu...
Samsung beats TSMC in mass production of world's 1st 3-nanometer chips
Samsung Electronics stepped ahead of TSMC, becoming the world's first chipmaker to begin mass production of 3-nanometer process nodes, applying gate-all-around (GAA) transistor architecture. The Korean firm made the announcement, Thursday, that it had beaten its Taiwanese rival, which aims to mass-produce 3-nanometer chips by the second quarter of this year, as well as Intel,...
LG, SM Entertainment collaborate to go after Apple, Peloton in home fitness market
Fitness Candy, a joint venture launched recently by LG Electronics and SM Entertainment, expressed confidence that it could defeat Apple and Peloton in the at-home workout market, with plans to release its home fitness service overseas in the near future. “We will be able to beat them with the integration of LG's devices and SM's content,” Fitness Candy CEO Shim Woo-taek said...
Korea's space projects overshadowed by researchers' poor working conditions
Uncertainty has been growing surrounding Korea's mission to become a powerhouse in the space industry, as researchers of a state-run space research institute have begun to cry foul over their labor conditions, threatening to leave for better opportunities in the private sector. Despite the recent success in launching a domestically developed space rocket, unionized researcher...
SK Bioscience gets final approval for Korea's 1st COVID-19 vaccine
SK Bioscience's SKYCovione, also known as GBP510, was approved for use, Wednesday, becoming Korea's first locally-developed COVID-19 vaccine to get the green light. The Ministry of Food and Drug Safety (MFDS) announced that it authorized the use of the recombinant protein-based vaccine.
GS Inima on track for 2.4 trillion won seawater desalination project in Oman
GS Inima has kicked off a 2.4 trillion won ($1.9 billion) seawater desalination project in Oman, the water treatment firm's parent company GS E&C said Tuesday. GS E&C said it signed contracts to raise a combined $130 million for the Barka 5 independent water plant (IWP) project, ordered by Oman Power & Water Procurement Company.
McDonald's, Burger King, KFC face bleak prospects of selling Korean units
The Korean units of McDonald's, Burger King and KFC are facing growing skepticism over their recent attempts to find new owners for their franchises here, due to deteriorating conditions of both the fast food and financial markets. Citing increased difficulties in fundraising and a growing preference among domestic consumers for healthier foods, industry experts anticipated t...
Oil refiners struggle to avoid tax on windfall gains
SK Innovation, S-Oil, GS Caltex and Hyundai Oilbank appear to be more obedient to government policies amid growing calls from politicians to impose a tax on the windfall profits of the nation's four oil refiners, according to industry officials, Tuesday. A “windfall tax” refers to a higher tax rate on profits generated from a sudden windfall gain to a particular company or in...
Prime minister vows better foreign investment environment
Prime Minister Han Duck-soo promised German and French businesspeople in Korea that the Yoon Suk-yeol administration will improve the foreign investment environment significantly over the next five years, communicating closely with foreign entrepreneurs here in Korea in order to help solve operational difficulties that they face. He made the promise in his keynote speech deli...
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