LG Electronics said Tuesday it launched a yearend gift donation campaign this month with the World Food Program for the underprivileged in Ethiopia.Dubbed the “Matching gift campaign,” the company is encouraging people to make donations to people affected by natural disasters such as drought in Ethiopia. The company then plans to match the donations.“This is one of our newest social contribution efforts,” said an LG Electronics official. “The firm plans to offer up to 500 million won ($441,345)

Group’s Biologics unit signs agreement with Biogen Idec to develop biosimilarsSamsung Group announced Tuesday that its affiliate Samsung Biologics signed an agreement with U.S.-based Biogen Idec to set up a biosimilar joint venture by March.With plans to build the biosimilar research and development center in Songdo, Incheon, next year, the two firms have agreed to invest $300 million for the joint venture. The joint venture has already hired 100 employees who will work at the new R&D center and

Pantech CEO and vice chairman Park Byeong-yeop said Tuesday that he will resign from the top post by the end of this year, citing health issues. “I’ll step down from Pantech management on Dec. 31,” he said in an urgent press conference at the company’s headquarters in northern Seoul. “Over the past five years since the company came under a debt management program, I have worked without holidays and can no longer bear the chronic fatigue.” Pantech and its affiliate have been under a debt reschedu

The gaming industry’s government supervisor has advised the lottery issuing authority to stop sales of lottery tickets to stem the boom brought on by the launch of pension-style lottery payments in July, officials said Monday. The National Gaming Control Commission has appealed to the Korea Lottery Commission, the lotto-operating agency under the Finance Ministry, to consider halting sales of all tickets out of concern that the government could be seen as instigating gambling. But the KLC will n

With GNP proposing higher rates on big earners ...Should there be a new tax for the rich?Taxing timesCalls for the imposition of a new tax for the nation’s richest have become part of the mainstream political discourse in Korea, echoing similar debate in the U.S. The most recent proposals for a tax on the wealthy have come from a somewhat unlikely source, the conservative Grand National Party. GNP Rep. Kim Sung-sik, backed by other reformist lawmakers, last month called for a new 40 percent tax

Honda Motor Co. says replenished vehicle inventory and new Honda and Acura models planned for the next 24 months will spur a U.S. sales rebound next year after natural disasters dashed its 2011 goals. Honda’s loss of some North American output in October and November due to parts shortages caused by floods in Thailand led to it being the only large automaker to post a U.S. sales decline last month as total sales jumped 14 percent. That came after six months of declines resulting from reduced aut

ROME (AFP) ― Italy kicked off a crucial week of economic diplomacy for the future of the euro with a draconian austerity package of cuts, taxes and pension reforms to be presented to parliament on Monday.The cabinet gave its go ahead to the crisis-busting plan on Sunday estimating that it would save 30 billion euros ($40.3 billion) but warning that it would not prevent the economy from slipping back into recession next year.“This is a decree to save Italy,” Prime Minister Mario Monti told report