SEOUL– Samsung Electronics said Wednesday its Vice Chairman Lee Jae-yong will skip attending his trial this week as he continues to visit Samsung’s overseas operation sites and drum up support for South Korea’s efforts to host the 2030 World Expo. Samsung said Lee met President Laurentino Cortizo of Panama on Tuesday in the capital … Read more
SEOUL– South Korean stocks fell more than 1.5 percent Wednesday, as the hotter-than-expected U.S. inflation data fueled concerns over the Federal Reserve’s looming sharp rate hikes. The local currency fell sharply against the U.S. dollar. The Korea Composite Stock Price Index (KOSPI) retreated 38.12 points, or 1.56 percent, to close at 2,411.42. Trading volume … Read more
SEOUL– President Yoon Suk-yeol asked the National Assembly again on Wednesday to send confirmation hearing reports for the prosecutor general and antitrust regulator chief nominees, signaling his intent to appoint them before he leaves for Britain this weekend. Yoon’s request came as the main opposition Democratic Party has refused to adopt hearing reports for … Read more
SEOUL– A meeting between President Yoon Suk-yeol and the leaders of the ruling and main opposition parties may take place after his upcoming visit to Britain, the United States and Canada, a presidential official said Wednesday. “There is a need to consider President Yoon meeting the respective leaders and floor leaders of the parties … Read more
SEOUL– The state-run Korea Development Bank is open to “flexibility in pricing” as it seeks to accelerate the privatization of Daewoo Shipbuilding & Marine Engineering Co. (DSME), the bank’s chairman said Wednesday. The KDB carried out a workout plan of the world’s fourth-biggest shipbuilder by orders from 1999 to 2001. The state lender has … Read more
SEOUL– The Personal Information Protection Commission (PIPC) on Wednesday slapped a combined fine of 100 billion won (US$71.9 million) on Google and Meta Platforms for collecting personal information without users’ consent and using it for personalized online advertising and other purposes, officials said. In a general meeting, the commission approved the fines of 69.2 … Read more
SEOUL– The chief of South Korea’s auto industry association has met with the head of a major U.S. auto lobby and relayed concerns over the new U.S. law that excludes Korean-made electric vehicles (EVs) from tax credits, the Seoul-based group said Wednesday. Jeong Marn-ki, president of the Korea Automobile Manufacturers Association (KAMA), delivered the … Read more
JEJU, South Korea– An annual international peace forum kicked off on the southern resort island of Jeju on Wednesday, with a focus on ways to promote global cooperation amid North Korea’s continued sabre-rattling, growing U.S.-China rivalry, the Ukrainian crisis and the coronavirus pandemic. The three-day Jeju Forum for Peace and Prosperity comes especially as … Read more