[THE INVESTOR] The government will form a 4,500-kilometer trail around South Korea, and introduce medical-cultural tour packages.These and other measures were included in the Ministry of Culture, Sports and Tourism’s plans for boosting the country’s tourism industry revealed on July 5. The Tourism Ministry’s plans are included in the government’s strategy for the service sector. The plans are aimed at raising domestic and foreign tourists’ spending in Korea to 40 trillion won (US$ 34.7 billion)

[THE INVESTOR] Ailing Hanjin Shipping has begun negotiations with foreign lenders to extend the maturity of its debts, sources said on July 4.According to local creditors, the firm started talks on the extension of repayment of 150 billion won (US$130 million) worth of debt that matures at the end of next year.It is part of ship financing debts worth over 3.2 trillion won the company borrowed from foreign financial institutions to buy vessels. The move comes as the shipping liner seeks to secure

[THE INVESTOR] Chemical firm Kolon Industries has reportedly developed colorless, transparent polyimide -- a material that can be used for flexible and transparent displays.The development of the material, the first of its kind according to the company, is hailed as a big leap forward in the display sector as it can speed up the commercialization of next-generation displays, such as those that can be rolled up or folded. Kolon’s headquarters in Gwachoen, Gyeonggi Province. Kolon“We plan to soon

[THE INVESTOR] Air Seoul, Asiana Airline’s new low-cost carrier, has passed all government safety inspections and will begin services next week. The Ministry of Land, Infrastructure and Transport said on July 5 that it has given its final approval to Air Seoul and will issue an Air Operator Certificate the following day. The ministry had formed a team for document-screening and onsite inspection to check the airline’s facilities and other operational capabilities for the past five months. Starti

[THE INVESTOR] A revised Commercial Act that would strengthen measures to keep major shareholders in check was proposed on July 4 with the backing of 120 lawmakers. South Korea’s National Assembly consists of 300 seats. If approved, individuals who hold more than 1 percent stake in a company will be able to file a suit against a subsidiary’s management whose malpractice caused irrevocable damage to the concerned companies. Rep. Kim Chong-in / The Investor(Park Hae-mook)The revision also stipulat

[THE INVESTOR] Coway, a Korean water purifier-maker, officially apologized over harmful substances found inside its ice-water purifier products. “We deeply apologize for the contaminant found inside the water purifier, which is designed for consumers to drink clean water safely,”Coway said in a statement released on July 4 and offered full refund or exchange of the affected products. On July 3, local broadcaster SBS reported that Coway received complaints from consumers that some metal powder wa

[THE INVESTOR] LS Tractor, US-based tractor subsidiary of LS Mtron, was awarded the Dealer’s Choice Award from the Equipment Dealers Association on July 4.This is the second time LS Tractor has won the award for the tractor category in two years. LS tractors sit at a US distribution center.According to the company, it was awarded 6.37 points in an assessment by 9,180 dealers across the US. In the survey, LS Tractor was ranked highest in 11 of the 12 categories, and was the only manufacturer to r