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Lotte Set to Approve Exchange of Land for THAAD Deployment

Lotte Set to Approve Exchange of Land for THAAD Deployment

SEOUL, Jan. 20 (Korea Bizwire) – South Korean conglomerate Lotte will likely relinquish its golf club in the rural town of Seongju so the land can be used for the deployment of a U.S. air missile defense system, informed sources said Friday, despite possible repercussions for its business in China.  According to officials from Lotte [...]

Department Stores Struggle to Attract VIP Customers

Department Stores Struggle to Attract VIP Customers

SEOUL, Jan. 19 (Korea Bizwire) – There is a sense of hierarchical bipartisanship when one visits a Korean department store; there are the VIPs, and the non-VIPs.  Korean department stores have been expanding their VIP programs, targeting specifically the “haves” by either lowering the purchase requirements for the programs or introducing more VIP “levels” to [...]

Government Injects Funds to Resuscitate Shipbuilding Industry

Government Injects Funds to Resuscitate Shipbuilding Industry

SEOUL, Jan. 19 (Korea Bizwire) – The Ministry of Trade, Industry & Energy announced Wednesday that it will invest 245.1 billion won ($208 million) this year to help Korea’s dwindling shipbuilding industry diversify and hopefully breathe life into the sector.  The investment will be divided into four areas – R&D (5 billion won), commercialization (4.5 [...]

Celltrion to Expand Presence in U.S. With FDA’s New Guidance

Celltrion to Expand Presence in U.S. With FDA’s New Guidance

SEOUL, Jan 19 (Korea Bizwire) – The U.S. Food and Drug Administration (FDA) has released its draft guidance on biosimilar interchangeability, a move that will allow South Korean bio-pharmaceutical firm Celltrion Inc. to increase its presence in the U.S. market, company officials said Thursday.  The FDA unveiled the guidance Tuesday (local time) that recommends that [...]

S. Korea Targets Central America’s Infrastructure Projects

S. Korea Targets Central America’s Infrastructure Projects

SEOUL, Jan. 19 (Korea Bizwire) – South Korea’s transportation and construction ministry said Thursday that it is seeking to sign a memorandum of understanding with a development bank in Central America to widen cooperation in building infrastructure in the region.  Under the deal, the Ministry of Land, Infrastructure and Transport will share know-how on infrastructure [...]