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S. Korean Duty-Free Sales Reach Record High in 2017 Despite THAAD Row

S. Korean Duty-Free Sales Reach Record High in 2017 Despite THAAD Row

SEOUL, Jan. 17 (Korea Bizwire) – Sales at South Korean duty-free stores reached an all-time high last year, despite a sharp drop in the number of foreign tourists following a diplomatic row between Seoul and Beijing over a U.S. anti-missile system, customs data showed Wednesday. Combined sales to foreigners at 48 local duty-free shops came to 14.5 trillion won (US$13.6 billion) in 2017, up 17.9 percent from 12.3 trillion won tallied the previous year, according to [...]

Apple to Launch 1st Retail Shop in South Korea

Apple to Launch 1st Retail Shop in South Korea

SEOUL, Jan. 17 (Korea Bizwire) — Apple Korea said Wednesday it will open its first full-fledged retail shop in South Korea this month to help customers buy, repair and experience iPhones and other Apple products. The first shop in South Korea will open on Garosugil in the affluent southern district of Gangnam in Seoul on [...]

Daewoo Shipbuilding Says Negotiations Under Way with Romania

Daewoo Shipbuilding Says Negotiations Under Way with Romania

SEOUL, Jan. 16 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipbuilder, said Tuesday it has been holding negotiations with Romania over the sale of the European country’s largest shipyard. Romania’s state-owned company 2 Mai S.A. Mangalia shipyard informed Daewoo Shipbuilding on Jan. 5 of its intention to exercise its [...]

Samsung’s Sound Laboratory Keeps Hitting the Right Notes

Samsung’s Sound Laboratory Keeps Hitting the Right Notes

LOS ANGELES, Jan. 15 (Korea Bizwire) – On the outskirts of Los Angeles sits a white, rather nondescript building that is Samsung Electronics’ Audio Lab, an R&D center dedicated to fine-tuning the South Korean tech giant’s speakers into the world’s best. Though on January 12, there were a mere 23 employees found working in the [...]

Last Year’s Lotto Sales 2nd Highest on Record: Lottery Commission

Last Year’s Lotto Sales 2nd Highest on Record: Lottery Commission

SEOUL, Jan. 10 (Korea Bizwire) – Sales of Lotto tickets reached the second highest number ever in 2017, the country’s lottery operator said Wednesday, amid growth in the number of sales outlets. Total sales are projected at 3.79 trillion won (US$3.4 billion) for last year, the Korea Lottery Commission said. The number is one of the largest tallied since the country started selling Lotto tickets in 2002. Sales peaked in 2003 when it [...]

Online Shopping by Customers in Their 50s and 60s Surges

Online Shopping by Customers in Their 50s and 60s Surges

SEOUL, Jan. 10 (Korea Bizwire) – The upper middle-aged crowd in their 50s and 60s are figuring out this online shopping thing, and in the process, are recording massive boosts in spending on the internet. According to the results of an analysis of shopping patterns exhibited by clientele aged 50 and above, e-commerce website Wemakeprice [...]

S. Korean Gov’t to Help Cosmetics Companies Expand Presence in ASEAN Market

S. Korean Gov’t to Help Cosmetics Companies Expand Presence in ASEAN Market

SEOUL, Jan. 10 (Korea Bizwire) — The South Korean government will assist local cosmetics makers in expanding their presence in the Association of Southeast Asian Nations (ASEAN) market, the government said Wednesday. The Ministry of Food and Drug Safety will expand education programs for local manufacturers, covering topics such as customs procedures and product registration, [...]

Drugmaker Celltrion Surpasses Hyundai Motor in Market Value

Drugmaker Celltrion Surpasses Hyundai Motor in Market Value

SEOUL, Jan. 8 (Korea Bizwire) – Drugmaker Celltrion Inc.’s stock has made significant gains in recent days, surpassing Hyundai Motor Co. in terms of market value, data showed Monday. Celltrion shares jumped 55.12 percent over the past 7 trading sessions to 302,500 won (US$283.29) on Monday closing, pushing the company’s capitalization to a record 37.1 trillion won. Hyundai Motor’s market capitalization stood at 33.2 trillion won as of Monday closing. Celltrion’s [...]