Manila, July 23 (IANS) South Korea’s Foreign Minister Cho Hyun has called for faster progress in discussions with US Secretary of State Marco Rubio on security issues, including Seoul’s efforts to develop nuclear-powered submarines and secure rights for uranium enrichment and spent fuel reprocessing, a senior Seoul official said Thursday.Cho conveyed the message during brief pull-aside talks with Rubio held before and after their trilateral meeting with Japanese Foreign Minister Toshimitsu Mot…
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Manila, July 22 (IANS) The top diplomats of South Korea and the United States briefly met in Manila on Wednesday, Seoul officials said, amid a range of pending alliance issues, such as follow-up measures related to a joint fact sheet covering their security, trade and investment commitments. South Korea’s Foreign Minister Cho Hyun and US Secretary of State Marco Rubio had “pull-aside” talks shortly after a trilateral meeting involving their Japanese counterpart, Toshimitsu Motegi, took place on …
Seoul, July 6 (IANS) South Korea’s fair trade watchdog said on Monday it has launched a deliberation process into Myeong Ryun Dang, which operates a Korean barbecue restaurant chain, for allegedly offering low-interest loans to its money-lending affiliates using funds from state financing programmes.The Fair Trade Commission (FTC) said its examiners’ report showed Myeong Ryun Dang, which operates Myeong Ryun Junsa Pork Ribs, offered excessive economic benefits to 14 credit businesses under its w…
Washington, July 5 (IANS) US President Donald Trump made 18 trades in Coupang shares from October to May via his money managers, his financial disclosure reports showed, amid tensions between Seoul and Washington over South Korea’s regulatory probes into a massive data breach involving the US-listed e-commerce giant.Released in May and this month, three reports filed with the U.S. Office of Government Ethics (OGE) showed that Trump traded Coupang shares through two investment accounts from Oct. …
Seoul, July 4 (IANS) South Korea’s presidential office has rejected as untrue a recent US House committee report alleging South Korea’s “discriminatory” targeting of Coupang, saying the government does not discriminate against companies based on their nationality or conduct targeted investigations. National Security Advisor Wi Sung-lac made the remarks on Friday (local time) in reaction to the House Judiciary Committee report released earlier this week that accused South Korea of carrying out “d…
Seoul, June 23 (IANS) South Korea’s fair trade watchdog on Tuesday approved voluntary corrective measures worth 3 billion won ($1.94 million) proposed by Coupang and its private-label affiliate over unfair dealings with subcontractors.The decision by the Fair Trade Commission (FTC) came after the watchdog’s probe found that Coupang and its wholly owned subsidiary, Coupang Private Label Brands (CPLB), had sought a consent decree to resolve the case without further legal proceedings.According to t…
Seoul, June 11 (IANS) South Korea’s data protection regulator on Thursday fined e-commerce company Coupang a record 624.7 billion won ($410 million) over privacy violations, including a massive data breach that affected more than 37 million users.The Personal Information Protection Commission has decided to impose a record fine of 423.6 billion won for the data breach and levy an additional 201.1 billion won in fine for the unauthorised collection of records of online user activities and other v…
Seoul, May 6 (IANS) US-listed e-commerce giant Coupang said on Wednesday it swung to a net loss in the first quarter amid fallout from a massive customer data breach in South Korea.The company posted a net deficit of $266 million in the January-March period, compared with a net profit of $114 million a year earlier, Coupang said in a press release, reports Yonhap news agency.Coupang also turned to an operating loss of $242 million in the first quarter from a net profit of $154 million a year ago…
Seoul, April 29 (IANS) South Korea’s antitrust regulator on Wednesday newly designated Kim Bom, founder of US-listed e-commerce giant Coupang, as the company’s de facto controlling entity, placing him under stricter regulatory oversight.Kim, a U.S. citizen who also serves as chairman of the board, was designated as the “same person” of the group, a legal term referring to the individual who effectively controls a conglomerate, the Fair Trade Commission (FTC) said.The FTC’s decision comes as Coup…
Seoul, April 28 (IANS) Issues between close allies should be resolved based on mutual respect and fundamental principles, South Korea’s President Lee Jae Myung said Tuesday. Lee made the remarks during a Cabinet meeting at Cheong Wa Dae, stressing that “cooperation with traditional allies should also be developed.””(We) need the wisdom to build healthy, future-oriented relations with traditional allies, while resolving pending issues based on mutual respect, common sense and principles,” he told…