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Softbank Pledges US$2 Bln Investment in Coupang

Softbank Pledges US$2 Bln Investment in Coupang

SEOUL, Nov. 23 (Korea Bizwire) — Japanese software giant Softbank Group Corp.’s chairman, Masayoshi Son, a third-generation Korean-Japanese most widely known by his Korean name “Son Jeong-ui” here, has reportedly decided to invest US$2 billion in Coupang, leaving experts seeking an explanation as to Son’s great interest in the Korean e-commerce website. Meanwhile, other competing [...]

Turkish Version of Popular Korean E-commerce Website a Hit

Turkish Version of Popular Korean E-commerce Website a Hit

SEOUL, Nov. 15 (Korea Bizwire) — An annual sale offered on November 11 by the Turkish edition of the popular Korean e-commerce website 11Street has become Turkey’s most popular “shopping day” just three years after it was first held. The website known as n11 (www.n11.com) revealed yesterday that it had recorded approximately 50 billion won [...]

Ulsan and KT Agree to Develop Mobile Currency

Ulsan and KT Agree to Develop Mobile Currency

ULSAN, Nov. 15 (Korea Bizwire) — The city of Ulsan and KT Corp. signed a memorandum of understanding on Wednesday to adopt a mobile currency for the city. The two parties agreed to carry out preparatory projects to adopt the local currency, conduct joint studies and research projects, exchange information, and discover innovative ideas that [...]

Korean Customs Targets Illegal Resale of Overseas Direct Purchases

Korean Customs Targets Illegal Resale of Overseas Direct Purchases

SEOUL, Nov. 12 (Korea Bizwire) — The Korean Customs Service (KCS) has launched a crackdown on illegal imports and the resale of imported products until November 28 as transactions via foreign direct purchasing are expected to jump due to China’s annual Singles Day. The KCS will be focusing on the act of reselling products acquired [...]

Online Malls Enjoy Sales Boom with Discount Events

Online Malls Enjoy Sales Boom with Discount Events

SEOUL, Nov. 11 (Korea Bizwire) — South Korea’s online malls have raked in sales during massive discount campaigns held well in advance of Black Friday in the United States, according to industry insiders Sunday. Major online malls and market places presented door-busting deals in early November to entice consumers even before department stores and discount [...]

Customs Service to Crack Down on Fake Goods from China During “Singles’ Day” Period

Customs Service to Crack Down on Fake Goods from China During “Singles’ Day” Period

SEOUL, Nov. 9 (Korea Bizwire) – The Korea Customs Service and Korea Post announced yesterday that they will be cracking down on “fake” branded goods produced in China from November 11 to 30. The crackdown is in response to the worry that a significant number of fake products will infiltrate the nation during Singles’ Day, [...]

Korean Food Gaining Popularity Online in China

Korean Food Gaining Popularity Online in China

SEOUL, Nov. 8 (Korea Bizwire) — Popular South Korean food products are gaining ground in the Chinese online food market. Online direct purchasing, where customers buy products directly from sellers rather than through agents, is becoming extremely popular among Chinese consumers interested in Korean food products. The Korea Agro-Fisheries and Food Trade Corp. (aT) announced [...]

KCA Cautions Against Foreign Household Appliances, Despite Attractive Prices

KCA Cautions Against Foreign Household Appliances, Despite Attractive Prices

SEOUL, Nov. 2 (Korea Bizwire) — Of the many foreign-made household appliances that can be purchased directly from foreign e-commerce websites, electric stoves and vacuum cleaners were found to be cheaper on foreign websites, while air purifiers produced overseas were cheaper on local websites. According to a comparison survey by the Korea Consumer Agency (KCA) [...]