SEOUL, Aug. 31 (Korea Bizwire) — Representatives of duty-free shops at Incheon Airport have called on the airport officials to consider dropping the price of rent temporarily amid China’s economic retaliation over the South Korean deployment of a THAAD anti-missile system, which has had a devastating impact on the local tourism industry. According to industry sources, [...]
SEOUL, Aug. 31 (Korea Bizwire) — South Korea’s retail giant Lotte said Thursday it will inject another $300 million into its hypermarket chain in China, which is bearing the brunt of Beijing’s apparent economic retaliation over Seoul’s deployment of a U.S. missile defense system. Lotte Mart, the operator of the group’s hypermarket chain, said Lotte [...]
SEOUL, Aug. 31 (Korea Bizwire) — With consumers facing greater options for cheap and quick coffee, instant coffee brands like Maxim and Nestlé have scrambled in recent years to adapt to the increasingly competitive industry. A joint report by the Ministry of Agriculture, Food and Rural Affairs and the Korea Agro-Fisheries & Food Trade Corporation [...]
SEJONG, Aug. 31 (Korea Bizwire) — South Korea’s industrial output rose at the fastest pace in six months in July on gains in cars and electronic devices, government data showed Thursday. Production in the mining, manufacturing, gas and electricity industries climbed 1.9 percent on-month in July, turning around from a 0.5 percent on-month drop in [...]
SEOUL, Aug. 29 (Korea Bizwire) – From one-to-one counseling and job fairs to showcases of the latest 3D design technology that allows people to make their own clothes within an hour, international textile exhibition Preview in SEOUL is back again this year at Coex Mall, calling everyone with interest in the fields of textile, fashion and [...]
SEOUL, Aug. 29 (Korea Bizwire) – With the South Korean government likely to raise taxes on heat-not-burn (HNB) tobacco products, an increasing number of vapers are stocking up on HNB type e-cigarettes. According to sources from the convenience store industry on Tuesday, sales of the famous HNB e-cigarette IQOS have drastically increased since reports emerged earlier [...]
SEOUL, Aug. 29 (Korea Bizwire) — Global furniture giant IKEA said Tuesday it will open its second store in South Korea in October, as it aims to tap deeper into the country’s home furnishing industry. The new outlet in Goyang in the northwestern outskirts of Seoul — a four-story building with three underground floors — [...]
SEJONG, Aug. 28 (Korea Bizwire) — The Fair Trade Commission (FTC) announced on Sunday that it will punish windproof and waterproof fabrics company Gore-Tex with a 3.673 billion won fine for its role in artificially keeping the prices of its fabrics high. According to the FTC, from March 2009 until December 2012, the company crafted [...]
SEOUL, Aug. 24 (Korea Bizwire) — A Bank of Korea proposal on how to reduce the amount of pocket change Koreans carry around has proven to be a success among the selected stores the new service is being tested at. The bank has made it possible for shoppers at three major convenience store chains and [...]
SEOUL, Aug. 24 (Korea Bizwire) — Industrial design patent applications catering to single people are on the rise as the number of single-person households continues to grow in South Korea. According to the Korean Intellectual Property Office (KIPO) on Wednesday, many of the design applications range from objects as basic as food containers to furniture and [...]