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Bicycle Imports Jump 18.5 Pct in Three Years

Bicycle Imports Jump 18.5 Pct in Three Years

SEJONG, March 29 (Korea Bizwire) — South Korea’s bicycle imports rose 18.5 percent in the last three years, government data showed Sunday, fueled by the spike in people enjoying leisure and sports activities. According to data by the Korea Customs Service (KCS), the country imported US$210 million worth of bikes last year, up from $170 million

LG Vows to Deal Sternly with Chinese G3 Knock-offs

LG Vows to Deal Sternly with Chinese G3 Knock-offs

SEOUL, March 29 (Korea Bizwire) — South Korea’s No. 2 tech giant, LG Electronics, said Sunday it will take “strong” action against sales of counterfeit G3 smartphones in China by joining forces with Beijing authorities. LG said the move came as a number of smartphone retailers in China are selling the fake G3 smartphones at a

Cigarette Sales Drop Slows in March

Cigarette Sales Drop Slows in March

SEOUL, March 29 (Korea Bizwire) — South Korea’s sales of cigarettes, which nearly halved in January due to the government’s price hike, slowed their downward trend in March, data showed Sunday, implying that Seoul’s push for public health may end up being fruitless. According to the data compiled by a local convenience-store chain, the sales

Korea’s Large Furniture Makers Boost Revenues Thanks to IKEA

Korea’s Large Furniture Makers Boost Revenues Thanks to IKEA

SEOUL, March 27 (Korea Bizwire) – Before the opening of the first IKEA store in Korea last year, Korean furniture companies were worried about the threat posed by the Swedish behemoth. Many industry observers said the impact of IKEA in Korea would be felt across the industry. Without a doubt, IKEA has been big hit in

Trade Commission Finds Evidence of Price Dumping for Indian Ethyl Acetate

Trade Commission Finds Evidence of Price Dumping for Indian Ethyl Acetate

SEOUL, March 27 (Korea Bizwire) – A preliminary investigation has found signs of price dumping for imported Indian ethyl acetate, which has caused material damages to local manufacturers, according to a statement from the Korean Trade Commission on March 27. It will continue its thorough investigation and is expected to arrive at a definite conclusion shortly.

LG Opens New Production Complex in Vietnam

LG Opens New Production Complex in Vietnam

SEOUL, March 27 (Korea Bizwire) — LG Electronics, South Korea’s No. 2 tech giant, opened a new production base in Vietnam on Friday that will manufacture the company’s key products for exports, the company said. Located in Haiphong, a northern port city of the country, the 800,000-square-meter Vietnam Haiphong Campus will allow LG to produce price-competitive

S. Korea Urges N. Korea to Free Two Arrested Nationals

S. Korea Urges N. Korea to Free Two Arrested Nationals

SEOUL, March 27 (Korea Bizwire) – South Korea called on North Korea on Friday to immediately release two of its nationals detained in the communist country on espionage charges. North Korea announced that it has arrested the two South Korean men on charges of espionage for the South’s state spy agency. “It’s very regrettable that the

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