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2 cinema chains fined 5.5 bln won for unfair practices

South Korea's corporate anti-trust watchdog on Monday slapped fines totaling 5.5 billion won (US$5 million) on two of the country's largest cinema chains for discriminatory film screening practices.The Fair Trade Commission (FTC) said both Lotte Cinema and CJ CGV gave preferential screen q...

Updated : 2014.12.22 13:32

POSCO builds lithium extracting plant in Argentina

POSCO Co., South Korea's largest steelmaker, said Monday that it has completed the construction of a lithium plant in Argentina that will mass produce the material needed to make batteries for electronic devices.The plant located in Jujuy, in the northern part of Argentina, can produce up ...

Updated : 2014.12.22 10:17

Investigators zero in on reactor data hacker

The South Korean prosecution said on Sunday it had identified the location of the hacker who posted information on nuclear reactors on the Internet. The joint investigation team looking into the cyb...

Updated : 2014.12.21 21:09

[Herald Interview] ‘Time to nurture game changers in sports industry’

Korea has become a sports powerhouse in terms of athletes’ performance, but it has made little progress in cultivating the sports industry. “The nation’s sports industry is still in an infant stage...

Updated : 2014.12.21 20:50

Prices of oil imports fall to near 4-year low

South Korea’s oil import prices are estimated to have fallen to their lowest in nearly four years last month as international prices plummeted, the Korea National Oil Corp. said Sunday.South Korea brought in 74.47 million barrels of crude oil in October at an average of $93.75 per barrel,...

Updated : 2014.12.21 20:49

Half of conglomerates to tighten belts next year

Nearly half of South Korea’s conglomerates said they will tighten their belts next year while smaller companies hoped to keep their business status quo, a poll showed Sunday.In the poll conducted by the Korea Employers Federation on 228 companies, 51.4 percent of the leading large firms r...

Updated : 2014.12.21 20:48

Financial regulator to soften regulation on fintech

The South Korean chief financial regulator said Sunday that he will remove hurdles to the fast-growing financial technology and fully support the sector to refresh the country’s long-sluggish financial industry.“I will change the paradigm of regulation on fintech,” Financial Services Co...

Updated : 2014.12.21 20:48

Korea to focus on economic ‘structural reform’ in 2015

The government is expected to announce Monday its economic policy priorities for next year, which will center on structural reform.Deputy Prime Minister and Finance Minister Choi Kyung-hwan hinted at the policy direction Friday, saying that as economic uncertainty and structural vulnerabil...

Updated : 2014.12.21 20:48

Gates Foundation donates $4.9m to SK’s vaccine project

SK Chemicals, a petrochemical unit of South Korea’s third-largest conglomerate SK Group, said Sunday it has received a donation of $4.9 million from the Bill & Melinda Gates Foundation for its project to develop a vaccine for typhoid fever.The company said the fund will be used on joint c...

Updated : 2014.12.21 20:47

LG countersues Samsung on quarrel over washer

LG Electronics, currently in the middle of a legal dispute with rival Samsung Electronics after being accused of vandalizing Samsung products at German shops earlier this year, said Sunday it would take the local competitor to court for defamation and forging evidence.LG executive Jo Seong...

Updated : 2014.12.21 20:43

LG countersues Samsung on quarrel over washer

LG Electronics Inc., currently in the middle of a legal dispute with rival Samsung Electronics Co. after being accused of vandalizing Samsung products at German shops earlier this year, said Sunday it will countersue the local competitor for defamation and forging evidence.LG executive Jo ...

Updated : 2014.12.21 15:31

Tourism revenue set to reach all-time high in 2014

South Korea's tourism revenue through the first 10 months of 2014 has already set an all-time high compared with totals from previous years, data showed Sunday, on the back of the rising number of Chinese visitors.The country's tourism revenue came to US$14.78 billion in the January-Octobe...

Updated : 2014.12.21 13:48

Gates Foundation donates US$4.9 mln to SK's vaccine project

SK Chemicals Co., a petrochemical unit of South Korea's third-largest conglomerate SK Group, said Sunday it has received a donation of US$4.9 million from the Bill & Melinda Gates Foundation for its project to develop a vaccine for typhoid fever.The company said the fund will be used on jo...

Updated : 2014.12.21 13:43

Half of conglomerates to tighten belts next year: survey

Nearly half of South Korea's conglomerates said they will tighten their belts next year while smaller companies hoped to keep their business status quo, a poll showed Sunday.In the poll conducted by the Korea Employers Federation on 228 companies, 51.4 percent of the leading large firms re...

Updated : 2014.12.21 13:41

Samsung to freeze executives’ wages

South Korea’s top conglomerate Samsung Group said Friday it would freeze wages for its executives next year, a move apparently reflecting attempts to recoup falling returns from care businesses.Paych...

Updated : 2014.12.19 21:40