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 [...]
SEOUL, Aug. 12 (Korea Bizwire) — South Korea has so far nationalized 5.04 million square meters of land owned by Japanese citizens and Japanese companies during the 1910-45 colonial rule, the state procurement agency said Thursday. The official appraisal price of this land is estimated at 150 billion won (US$114 million) and the size of [...]
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 [...]
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 [...]
SEOUL, Aug. 11 (Korea Bizwire) — The Seoul city government has disclosed medium- and long-term flood prevention measures centered on the construction of deep underground rainwater storage facilities in six flood-prone areas. According to the measures announced by Mayor Oh Se-hoon on Wednesday, the city government will spend 1.5 trillion won (US$1.15 billion) over the [...]
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” [...]
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 [...]
SEOUL, Aug. 10 (Korea Bizwire) — The city government of Seoul will no longer give permission to construct basement or semi-basement homes, while pushing to gradually weed out existing subterranean homes, officials said Wednesday. The plan follows the deaths of three family members in a flooded semi-basement home in Seoul’s Gwanak district Monday night when [...]
SEOUL, Aug. 10 (Korea Bizwire) — SPC Samlip Co. reported Wednesday that its second-quarter net profit jumped 57.5 percent thanks in part to a spike in sales of its “Pokemon bread.” The food and bakery company logged a net profit of 15.9 billion won (US$12.2 million) on a consolidated basis in the April-June quarter, compared [...]
SEOUL, Aug. 10 (Korea Bizwire) — Samsung Electronics Co.’s management and its union signed an annual wage deal Wednesday, the first of its kind since the company’s foundation more than five decades ago. The world’s largest memory chip and smartphone maker and its union reached an agreement on a 9 percent pay raise for 2022 [...]