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Reporter : Park Jae-hyuk
Tue, November 29, 2022 | 16:12
Kakao Mobility criticized for insufficient compensation to taxi drivers affected by outage
Kakao Mobility announced on Wednesday that it will pay 7,550 won ($5.30) to taxi drivers and 4,260 won to chauffeurs, who have paid the company's membership service fee, as compensation for losses incurred due to the service outage that occurred last Saturday's as a result of a fire at Kakao's main data center in Seongnam, Gyeonggi Province. The mobility service provider's de...
Lotte E&C weighs on Lotte Chemical amid worsening biz environment
Lotte Chemical is facing growing concerns over the possibility of suffering financial risks, due to loans extended recently to the group's construction unit, Lotte E&C, according to industry officials, Friday. Lotte E&C said late Thursday that it signed a contract with Lotte Chemical to borrow 500 billion won ($348 million) at an annual interest rate of 6.39 percent, on the c...
Specter of bankruptcy looms over builders
Domestic builders are facing growing concerns over the possibility of a series of bankruptcies amid worsening investor sentiment in the wake of the recent slump in the real estate market, according to industry officials, Thursday. Late last month, Wooseok Construction, a medium-sized builder based in South Chungcheong Province, failed to repay its debt in time. If the company...
Kakao, SK in blame game over fire at data center
SK On, the battery manufacturing subsidiary of SK Group, is facing an allegation that a spark from its battery inside SK C&C's data center building in Seongnam, Gyeonggi Province, caused the worst-ever disruptions in Kakao's digital services last weekend, according to industry officials, Thursday. Kakao CEO Hong Eun-taek said at Wednesday's press conference that a lithium-ion...
LG beefs up efforts to comply with Biden's Made in America policies
LG appears to be making group-wide efforts to keep pace with U.S. President Joe Biden's initiatives to revitalize America's manufacturing industries, which have been more intense ahead of November's midterm elections, according to industry officials, Wednesday. Earlier this week, LG Group Chairman Koo Kwang-mo reportedly visited the U.S. state of Ohio to tour the No. 1 electr...
POSCO Group chairman to lead World Steel Association
POSCO Group Chairman Choi Jeong-woo was appointed as the 44th chairman of the World Steel Association (worldsteel) during its general assembly on Tuesday (local time) in Brussels, the group said Wednesday. Choi will represent the global steel industry, along with the association's two vice chairmen, India's Jindal Steel Works Chairman Sajjan Jindal and America's Nucor CEO Leo...
LG Chem to buy AVEO for $566 million to enter US anticancer drug market
LG Chem decided to acquire a 100-percent stake in Boston-based AVEO Pharmaceuticals for $566 million to expand its commercial footprint to the U.S. and diversify its pipeline with a broad range of oncology therapies, the Korean firm said Tuesday.
Labor minister lukewarm on US firms' requests to ease industrial accident law
U.S. businesspeople in Korea received a lukewarm answer from the labor minister of the business-friendly Yoon Suk-yeol administration, in response to their requests to ease the Serious Accidents Punishment Act (SAPA), which can send a company's CEO to jail if a fatal industrial accident occurs at the company's workplace.
Ohio attracts Korean firms concerned about US IRA, CHIPS Acts
The U.S. state of Ohio has stepped up the promotion of its business-friendly environment to attract Korean manufacturers of electric vehicles (EVs), batteries and semiconductors, amid their rapid expansion in North America so as to comply with the Inflation Reduction Act (IRA) as well as the CHIPS and Science Act.
SK, Kakao, Naver heads face grilling by lawmakers over unprecedented outage
The worst-ever disruption in Kakao's services, caused by a fire last Saturday at the company's main data center in Seongnam, Gyeonggi Province, has prompted lawmakers to summon the owners of the companies involved in the incident to a National Assembly audit as witnesses. The ruling People Power Party (PPP) and the main opposition Democratic Party of Korea (DPK) agreed on Mon...
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