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S. Korean Coffee Chain Ediya Pushes to Go Public

S. Korean Coffee Chain Ediya Pushes to Go Public

SEOUL, Dec. 18 (Korea Bizwire) – Ediya Coffee Co., a local low-cost coffee franchise operator, said Monday it plans to list the company on the local bourse, marking the first move to go public among its rivals here. The coffee franchise operator said it has signed up Mirae Asset Daewoo Securities Co. as the lead manager for its listing. The latest decision to go public is part of its efforts to secure funds to [...]

Tesla Set up 7 Destination Chargers at CU Convenience Stores

Tesla Set up 7 Destination Chargers at CU Convenience Stores

SEOUL, Dec. 18 (Korea Bizwire) — Tesla Korea, the local unit of Tesla Motors Inc., said Monday that it has set up seven destination chargers at four CU outlets, South Korea’s largest convenience store chain, in the latest move to boost convenience for zero-emission cars. The slow-charging stations have been installed at four CU stores [...]

Tongyeong to be Revamped as Maritime City Under New Deal Project

Tongyeong to be Revamped as Maritime City Under New Deal Project

SEJONG, Dec. 15 (Korea Bizwire) – The government has announced plans for nationwide New Deal projects that will see 68 attractions across the country revitalized, including the city of Tongyeong. According to plans revealed by the government on Thursday, a number of old local landmarks and cultural assets in South Korea will take center stage [...]

Antitrust Chief Urges Voluntary Change of Conglomerates

Antitrust Chief Urges Voluntary Change of Conglomerates

SEJONG, Dec. 15 (Korea Bizwire) — The head of South Korea’s antitrust watchdog said he expects the country’s large businesses groups to voluntarily reform their cobweb-like family-run governance structures to meet market expectations and promote fair competition. “I once again reaffirm that I will never be pushy and coercive in carrying out reform on conglomerates,” [...]

Lotte in Disarray Over Its Head’s Possible Jail Term

Lotte in Disarray Over Its Head’s Possible Jail Term

SEOUL, Dec. 14 (Korea Bizwire) – South Korean retail giant Lotte is in disarray as its head is facing two possible jail terms in the coming weeks over bribery and other charges, industry watchers said Thursday. Lotte Group Chairman Shin Dong-bin is accused of giving 7 billion won (US$6.43 million) in bribes to a foundation run by ex-President Park Geun-hye’s friend Choi Soon-il as he sought favors in winning a government license [...]

Mobile Sector Leads Gaming Industry Past 11B Won Milestone

Mobile Sector Leads Gaming Industry Past 11B Won Milestone

SEOUL, Dec. 14 (Korea Bizwire) – Revenue generated by mobile games surged this year, while traditional moneymakers like online games and “PC room” games – games played in South Korean internet cafes – stumbled. South Korean games have endured a series of ups and downs in the past decade. According to a government document published [...]

Pork Association Promotes Tender Pork Dishes for Seniors

Pork Association Promotes Tender Pork Dishes for Seniors

SEOUL, Dec. 14 (Korea Bizwire) – A group representing pork producers has introduced a number of tender pork recipes to boost sales, as the ‘silver food’ market for elderly customers continues to grow in South Korea. Korea Pork and the Korean Dietetic Association unveiled a number of pork recipes catering to seniors, hospital patients and children [...]

Lotte’s Hypermarket Chain to Stop Selling Cigarettes from Next Year

Lotte’s Hypermarket Chain to Stop Selling Cigarettes from Next Year

SEOUL, Dec. 14 (Korea Bizwire) — Lotte Mart, the third-largest discount store chain in South Korea by revenue, said Thursday that it will stop selling cigarettes next year as it is pushing to specialize in healthy products. Lotte Mart CEO Kim Jong-in said the decision is part of his company’s commitment to transform itself into [...]

Low-Income Bracket Drives Monthly Rent Growth

Low-Income Bracket Drives Monthly Rent Growth

SEOUL, Dec. 14 (Korea Bizwire) – Of the South Korean households that are renters, 60.5 percent utilize “wolse”, or monthly payment rental systems, boosted by a growing low-income bracket. According to the Korea National Council of Consumer Organizations, the percentage of households renting using “jeonse” – a key money deposit system usually requiring a lump-sum [...]