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Business leaders joined relatives to mourn the death of Cho Suck-rai, the honorary chairman of Hyosung Group, a textile giant, on Sunday. Cho died of a chronic illness Friday at the age of 89. Cho led the textile giant from 1982 until 2017, when he stepped down from the top management position due to health issues. His eldest son, Cho Hyun-joon took the baton to lead the conglomerate. On Saturday, Samsung Electronics. ....
A surge in borrowing costs is making life tougher for Koreans who are already struggling with record household debt, with an estimated 1.2 million individual borrowers likely to be incapable of paying back debts. Such an extreme financial situation is pushing more borrowers to turn to private money lenders as a last resort in order to live, which in turn, increases their debt and adds to concerns over the sluggish economy. ....
PHUKET, Thailand (AP) — A South Korean executive with Olympic sponsor Samsung was elected Friday as new president of the International Skating Union. ....