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Reporter : Lee Kyung-min
Thu, February 9, 2023 | 09:00
Retired KEC officials draw criticism for hefty dividends
Retired officials of Korea Expressway Corp. (KEC) received more than 4.8 billion won ($3.3 million) in dividends from expressway rest stop operators over the past five years, according to a ruling party lawmaker, Sunday, fueling criticism that the land ministry-supervised state-run organization prioritized employees' gains at the expense of taxpayers.
Korea to bolster overseas expansion of hallyu-related businesses
The government will hold K-EXPO VIETNAM 2022, whereby local small and medium-sized firms will be able to identify hallyu-centered market demands and tailor corresponding promotion strategies for Southeast Asia, five ministries said Wednesday. Around 250 hallyu-related industries will attend the event including cultural content creators, consumer goods and food manufacturers a...
LG CNS nurtures digital tech startups
LG CNS, an IT services provider affiliate of LG Group, said Wednesday that seven candidates made it on the list of “Startup Monster,” a nurturing program for budding tech startups launched by the firm. The seven will receive a cash award of 100 million won ($70,200) each and an opportunity to have their business solutions commercialized over the next six months. They are Symb...
NYC, Korean Air, AMCHAM form partnership to boost US minority women-owned businesses
Korean Air Chairman & CEO Cho Won-tae, left, New York City Mayor Eric Adams, center, and American Chamber of Commerce in Korea (AMCHAM) Chairman & CEO James Kim hold a copy of a signed agreement on their new initiatives at New York City Hall, Oct. 11 (local time). Under the new initiative, Korean Air will increase its work with NYC-certified Minority Women-Owned Busin...
KEPCO hit for financial mismanagement, excess welfare benefits
Debt-ridden Korea Electric Power Corp. (KEPCO) came under heavy criticism during an audit by the National Assembly, Tuesday, over its failure to maintain financial soundness and oversee energy voucher programs, as well as over the collusion of a group of company officials seeking a stable post-retirement source of income.
Hyundai Rotem accused of using monopolistic status to raise KTX prices
The price of KTX high-speed trains operated by KORAIL has spiked 49 percent over the past six years, due to what one opposition lawmaker characterized as the result of a monopoly over the public transit market engineered by Hyundai Rotem, a railway vehicle manufacturing affiliate of Hyundai Motor Group. Rep. Choi In-ho of the Democratic Party of Korea said the demands of the ...
[INTERVIEW] 'Open celebration of kimchi empowers young people'
Ron Kim, or Ronald Tae-sok Kim, a six-term member of the New York State Assembly from the 40th district, said embracing kimchi, a fermented Korean dish, is about developing an elevated sense of identity and culture, a point of pride increasingly appreciated and celebrated not only by Koreans but also people of Korean heritage. Kim was instrumental in designating Nov. 22 as Ki...
Nearly 15% of Korea's foreign direct investment ended up in tax havens
Over $11.2 billion (1.59 trillion won) in foreign direct investments (FDI) made by Korean firms and individuals found its way to tax havens including the Cayman Islands and Panama last year, a main opposition party lawmaker said Monday. This amount accounted for 14.6 percent of the country's FDI totaling $76.4 billion in the same period.
'Fishermen kept in dark about consequences of tidal wind power plants'
The former Moon Jae-in administration withheld a government-commissioned study that warned of damage to the fisheries industry from the planned construction of tidal wind power plants, a ruling party lawmaker said Monday. The study by the Korea Energy Agency in March of last year concluded that the then government initiative to build 68 such plants with a combined capacity of...
Kosdaq-listed Model Solution seeks rapid innovative growth
Model Solution, a prototyping services solution subsidiary of Hankook & Company Group, was listed on the Kosdaq market, Friday, the first among the high-tech prototype industry players to make a local stock market debut, the company said. After being acquired by Hankook & Company in 2018, Model Solution has since registered an annual average increase of 14 percent in operatin...