- Samsung Electronics’ 15,000 part suppliers are struggling with business uncertainty as the company practically suspended investment plans and deferred infrastructure expansion amid the on-going prosecutors’ investigation.
- The special investigation team is said to request a search warrant for the National Tax Agency to secure documents related to the slush funds. The team previously asked the agency information on 1,000 Samsung executives’ wealth and stock exchange activities but the agency rejected.
- Korea University might return the government the permission for establishing a law school because the number of enrollment is too small to properly run the law school.
- Kyunju city is planning to build Sea World, a luxurious resort with an underwater hotel modeled after Hydropolis of Dubai. If things are going according to the schedule, the construction is expected to be completed by 2015.
- Korea-US FTA bills are finally brought up for discussion before the standing committee in charge of the agreement.
- Korea Chamber of Commerce data shows 71.5 per cent of 520 manufacturing companies have investment plans for this year and the scale of planned investment increased by 14.6 per cent from last year. Investment growth will be biggest among ship manufacturing companies with 29.5 per cent, followed by machine producing companies with 19.5 per cent and textile manufacturers with 17.1 per cent. The biggest hurdle for bigger investment is raising raw material prices (49.4 per cent), followed by a rising won (16.5 per cent) and sluggish economy of the developed countries (11.0 per cent).
- Solidarity for Economic Reform, a civic group, today charged 33 former and sitting Samsung executives who received investigation from the prosecutors as witnesses with obstruction of justice, violation of law, and concealment of offenders.
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