[THE INVESTOR] Eyeing the fast growing Middle East markets, the government announced its plans to expand certified halal and kosher products within the local industry on July 7. Halal and kosher refers to products manufactured according to religious guidelines in Islamic and Jewish cultures, respectively. CJ’s Metier Yogurt Powder manufactured to appeal to Muslims.Korea has been making efforts to attract tourists from the Mideast by increasing halal and kosher certified restaurants and now plan

[THE INVESTOR] The government will designate an area of Masan, South Gyeongsang Province, to give the planned robot-themed development project(Masan robot land) a push, government agencies said on July 7.The Daewoo E&C-led consortium’s 400 billion won (US$ 346.4 million) project had been hampered due to its inability to obtain land. Artist's impression of the project after completion. Gyeongnam Robot Land FoundationThe government will now review support measures, including designating the concer

[THE INVESTOR] The government is to ease environmental regulations concerning Pyeongchang-Gangneung area of Gangwon Province as part of the drive to boost investment and trade.According to the pan-government plans revealed on July 7, environment-related regulations near Pyeongchang, Gangwon Province, will be eased, removing barriers hampering development projects in the area.  Wind turbines located in Daegwallyeong. Environmental regulations will be partially lifted in the area to allow developm

[THE INVESTOR] Sempio Foods has announced that it will split the company into a holding company Sempio and an operating company Sempio Foods. The holding company will be listed again.In accordance with the regulation that bans heading both holding company and operating company, Park Jin-seon, who has been co-CEO alongside his father Park Seung-bok, resigned from the post. As the eldest son and the largest shareholder of the company, Jin-seon has been the de facto manager of Sempio and will take

[THE INVESTOR] A virtual reality cluster will be formed in western Seoul, and up to 30 percent of related R&D costs will be tax exempt, government plans showed on July 7.According to the plans drawn up as part of the government’s strategy for boosting trade and investment, a VR cluster will be set up in Seoul’s Digital Media City and 60 billion won (US$ 51.8 million) will be invested in the field until the end of next year. The fund will be raised in equal parts by the government and the private

[THE INVESTOR] Trains produced by Hyundai Rotem have been decommissioned in the US over defects in the suspension. Hyundai Rotem is subsidiary of Hyundai Motor Group that specializes in railroad vehicles and defense equipment. According to the company on July 7, 120 trains supplied to Southeastern Pennsylvania Transportation Authority were decommissioned on July 1 following the discovery of problems in suspension parts. The trains were supplied to SEPTA in a US$ 270 million contract signed in 20

[THE INVESTOR] South Korean companies committing accounting fraud will face much heavier fines in the future, the top financial regulator said on July 7. The Financial Services Commission noted that related regulations have been changed to enable the authorities to levy much higher fines that the current 2 billion won (US$ 1.7 million). FSC chief Lim Jong-ryong/ The InvestorUntil now, a company proven to have committed accounting fraud was fined once regardless of the duration of fraudulent acti

[THE INVESTOR] Over 24,000 construction workers staged a strike in central Seoul on July 6 to demand better working conditions and revision of laws to protect their rights.  The Korean Construction Workers Union gathered at the Seoul Plaza at 4 p.m. to protest/ The InvestorMembers of the Korean Construction Workers Union, under the South Korea’s second largest umbrella labor union Korea Confederation of Trade Unions, gathered at the Seoul Plaza in central Seoul at 4 p.m. for a walkout that will

[THE INVESTOR] South Korea’s top three shipbuilders’ troubles are set to deepen with their unions gearing up for strikes. Samsung Heavy Industries labor organization was on July joined by the union of Daewoo Shipbuilding and Marine Engineering on the stage for strikes. Samsung Heavy’s labor organization is set to stage a 4-hour strike on July 7 from 1 p.m. Daewoo Shipbuilding and Marine Engineering headquarters/ The InvestorAs for DSME, its union approved the plans to strike with 88.3 percent su