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Corporate Watchdog Slaps 1.8 bln-won Fine on Lotte, Shilla Duty-free Shops

Corporate Watchdog Slaps 1.8 bln-won Fine on Lotte, Shilla Duty-free Shops

SEJONG, March 29 (Korea Bizwire) – South Korea’s corporate watchdog said Wednesday that it has imposed a combined 1.8 billion-won (US$1.6 million) fine on two duty-free shop operators — Lotte and Shilla — for colluding on discount events. Hotel Lotte Co., the operator of the country’s biggest Lotte Duty Free, and Hotel Shilla Co., the [...]

Cosmetics Export to China Soars in Jan-Feb Despite THAAD Row: Data

Cosmetics Export to China Soars in Jan-Feb Despite THAAD Row: Data

SEOUL, March 29 (Korea Bizwire) – South Korea’s export of cosmetics products to China jumped in the first two months of this year from a year earlier, industry data showed Wednesday, underscoring solid gains in trade despite the trade row between Beijing and Seoul over a U.S. anti-missile system.  The outbound shipments of cosmetics goods [...]

Premium Smartphones Take up Less Than 30 Pct of Samsung’s Phone Sales: Data

Premium Smartphones Take up Less Than 30 Pct of Samsung’s Phone Sales: Data

SEOUL, March 27 (Korea Bizwire) – High-end smartphones took up less than 30 percent of Samsung Electronics Co.’s combined sales of handsets, data showed Monday, although the figure is expected to rebound after the launch of the tech giant’s upcoming new flagship model this week.  According to the data compiled by Hana Financial Investment Co., [...]

Warning Labels to Be Added to Cigarettes Sold at Duty Free Shops

Warning Labels to Be Added to Cigarettes Sold at Duty Free Shops

SEOUL, South Korea, March 23 (Korea Bizwire) – Graphic warning labels printed on tobacco packages will now be seen on packages of cigarettes sold at duty free shops. The Ministry of Strategy and Finance (MOSF) announced Wednesday that cigarette products exported from foreign countries for sale at duty free stores will also be subject to the [...]

Commodity Prices Continue Rising Due To Rising Oil Prices, Bird Flu

Commodity Prices Continue Rising Due To Rising Oil Prices, Bird Flu

SEOUL, March 21 (Korea Bizwire) – Commodity prices continued to move up in recent weeks amid rising crude oil prices and the outbreak of the avian influenza, industry sources said Tuesday. Consumer prices rose 1.9 percent in February from a year earlier with comparable figures for January standing at 2 percent. The Bank of Korea [...]

Experts Call for Overhaul on Tourism amid THAAD Row

Experts Call for Overhaul on Tourism amid THAAD Row

SEOUL, March 19 (Korea Bizwire) – South Korea’s tourism needs to revamp itself to reduce its dependency on China and grow into an industry that creates more added value, experts said Sunday, amid rising tension with the neighboring country over the deployment of a U.S. anti-missile system.  Local tourism is expected to suffer a major [...]

New 48-Hour ‘Discover Seoul Pass’ Coming Soon

New 48-Hour ‘Discover Seoul Pass’ Coming Soon

SEOUL, March 16 (Korea Bizwire) – Plans for a new edition of the ‘Discover Seoul Pass’, which will allow foreign tourists to enjoy a wide selection of tourist attractions in Seoul for 48 hours, were revealed by the Seoul Metropolitan Government on Wednesday. The 48-hour city pass is the revamped edition of a previous version [...]