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Samsung’s Lee Expected to Solidify Leadership, Step Up Biz Activities After Receiving Pardon

Samsung’s Lee Expected to Solidify Leadership, Step Up Biz Activities After Receiving Pardon

SEOUL, Aug. 12 (Korea Bizwire) — Samsung Electronics Vice Chairman Lee Jae-yong was given a presidential pardon on Friday, in a move widely expected to help him consolidate his leadership and speed up business decision-making in the country’s biggest conglomerate. The decision comes as the tech giant has been faced with intensifying global competition from [...]

S. Korean Auto Industry Requests U.S. House Rethink Proposed Tax Credits for EV Purchases

S. Korean Auto Industry Requests U.S. House Rethink Proposed Tax Credits for EV Purchases

SEOUL, Aug. 12 (Korea Bizwire) — A major association for South Korea’s car industry has sent a letter to the U.S. House of Representatives and requested changes in tax incentives proposed under a major climate change and energy bill, stressing that they could put Korean carmakers on an unequal footing. The Korea Automobile Manufacturers Association [...]

E-grocery Startup Market Kurly Partners with RedMart to Sell Korean Food in Singapore

E-grocery Startup Market Kurly Partners with RedMart to Sell Korean Food in Singapore

SEOUL, Aug. 11 (Korea Bizwire) — South Korean e-grocery startup Market Kurly has partnered with RedMart, a Singaporean online grocery giant, to sell Korean food online in the Southeast Asian city-state, its operator said Thursday. Under a partnership agreement formally signed Wednesday, the South Korean company began selling 44 ready-to-eat frozen food products in Singapore [...]

Foreigners Become Net Buyers of S. Korean Stocks for 1st Time in 6 Months in July

Foreigners Become Net Buyers of S. Korean Stocks for 1st Time in 6 Months in July

SEOUL, Aug. 11 (Korea Bizwire) — Foreign investors became net buyers of South Korean stocks for the first time in six months in July on expectations that the Federal Reserve may slow the pace of monetary tightening, central bank data showed Thursday. Foreigners’ stock investment funds recorded a net inflow of US$160 million in July, [...]

GS Retail Withdraws from Health and Beauty Market, Set to Close All lalavla Stores

GS Retail Withdraws from Health and Beauty Market, Set to Close All lalavla Stores

SEOUL, Aug. 11 (Korea Bizwire) — GS Retail Co. said Thursday it will close all of its lalavla shops, 17 years after it entered the health and beauty (H&B) store market, due to slumping sales amid the coronavirus pandemic and fierce competition. GS Retail will stop operating its lalavla online shops in September and close [...]

Starbucks Coffee Korea Announces Official Recall of ‘Summer Carry Bags’ Containing Toxic Substance

Starbucks Coffee Korea Announces Official Recall of ‘Summer Carry Bags’ Containing Toxic Substance

SEOUL, Aug. 11 (Korea Bizwire) – Starbucks Coffee Korea said Thursday it will launch an official recall of its giveaway picnic bags, after the company came under fire for handing out the merchandise containing a toxic chemical substance. The announcement came after the company apologized over the discovery of formaldehyde in its “summery carry bag” [...]

E-commerce Giant Coupang’s Q2 Operating Loss Narrows on Brisk Sales

E-commerce Giant Coupang’s Q2 Operating Loss Narrows on Brisk Sales

SEOUL, Aug. 11 (Korea Bizwire) — E-commerce giant Coupang Inc. said Thursday its second-quarter operating loss narrowed sharply from a year earlier on resilient sales. Operating loss stood at US$67.14 million in the April-June period, down 87 percent from a year earlier, the New York-listed e-commerce behemoth said in a regulatory filing. It represents the [...]

Convenience Stores Launch Sales of Rare Items as Chuseok Gifts

Convenience Stores Launch Sales of Rare Items as Chuseok Gifts

SEOUL, Aug. 11 (Korea Bizwire) — South Korea’s convenience store chains have launched sales of gift sets for the upcoming Chuseok holiday from Sept. 9-12. Among such gift sets, a variety of rare and extraordinary items are drawing interest from customers. GS25 is rolling out luxury liquor gift sets, including DRC Romanee-Conti 2017 valued at [...]