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A team of 14 lawyers representing South Korean app developers will report Google to the country’s antitrust watchdog, saying that its app market’s billing system is in violation of fair trade laws. According to a statement from the lawyers on Monday, they will report Google to the Fair Trade Co...
South Korea’s top financial regulator said on Nov. 18 that it has decided to relax regulations on five promising services proposed by local companies in continued efforts to spur innovation in the finance sector. The move is part of the government‘s “regulatory sandbox” policy, which took eff...
State-owned companies, including land developer Korea Land & Housing Corp. and Korea Data Center Council, an organization that promotes the local data center industry, have signed an agreement to spend approximately 4 trillion won ($3.6 billion) to build a data center park powered by green energy s...
Despite the containment of the coronavirus pandemic nationwide, South Korea, Asia’s fourth-largest economy, is still sitting on an economic powder keg, high-ranking officials of credit rating agency S&P Global Ratings said on Oct. 15. While Korea and other Asia-Pacific economies are seeing a rela...
South Korea’s tax agency has returned over 300 billion won ($260.89 million) of corporate tax to overseas funds over last five years, after losing lawsuits related to tax returns. According to data compiled by the National Tax Service, NTS had a total of 14 administrative litigation cases regar...
South Korea’s antitrust watchdog said Monday that it has drafted a bill to regulate dominant online platform operators as unfair trade has become a reality in the sector amid the surge in digital transactions caused by the pandemic. The proposed Act on the Fairness of Online Platform Transaction...
The Ministry of Science and ICT on Sept. 8 provided advance notice of its ordinances under the revised Telecommunications Business Act, which includes clauses that will bind foreign platform operators like Netflix and YouTube to share costs in securing stable services. The revision, dubbed the ”...
South Korea will allow holding companies of conglomerates to run corporate venture capital units in order to boost investment in startups and invigorate the economy, officials said on July 30. The government said it will also prepare tools to quell concerns of side effects, such as the excessive ...
Editor’s note: In support of eco-friendly lifestyles, Herald Corp., runs a year-round campaign through a group of young activists called Ecoya, which promotes environmental issues such as renewable energy, climate change and upcycling. The purpose of Ecoya is to remind the next generation of th...
South Korea’s financial authorities said Wednesday they will ramp up their efforts to open up financial big data to local markets in an effort to nurture the industry here. Starting August, the Korea Credit Information Services, a pan-industry body tasked with data preservation and protection, w...
South Korea’s antitrust watchdog has approved the merger between French multinational corporation LVMH and American jewelry company Tiffany & Co., saying there is no concern of competition restrictions, officials said on June 24. On March 13, LVMH filed a business combination report with the nati...
Turning Seoul into a new financial hub in Asia has for long been a campaign promise of local politicians cutting across party lines. Seoul Mayor Park Won-soon, who is now in his third term, is no exception. He had even announced plans to replace old apartment buildings with high-rises of up to 50...
As part of its move to nurture the data-based financial industry and financial technology businesses, Korea’s financial authorities will open up 44.5 million pieces of public financial data to the public for free, starting on June 10, regulator Financial Services Commission said on June 8. The r...
South Korea’s antitrust watchdog has approved Hyundai Oilbank’s plan to take over SK Networks’ gas station business, officials said on May 29. Upon the approval, Hyundai Oilbank has become the second-largest in the industry in terms of the number of gas stations as it has acquired 306 SK Netwo...
With the Chinese government poised to revise its regulations on beauty products for the first time in 30 years, South Korean cosmetics firms are seeking to expand shipments to their largest export market, a government agency said on May 13. Under the current regulations, exporters must pass a com...
Korean builders nervous about possible setbacks in Middle East
HD Hyundai chair receives honorary doctorate from HUFS
SC Bank Korea offers special interest rate for new members
Hyundai-Kia marks 40 years of partnerships with over 100 suppliers: report
Samsung expected to introduce new Exynos processor in next Galaxy series
Woori, KB ink QR code payment partnership with Cambodia