SEOUL, Aug. 5 (Korea Bizwire) – The toxic humidifier sterilizer case has left over 200 dead, with the potential number of victims believed to surpass 2.2 million. Although the controversy seems as though it’s finally coming to an end following the announcement of monetary compensation to victims of up to 350 million won ($314,000) by [...]
SEOUL, Aug. 4 (Korea Bizwire) – Despite an unusual heat wave, sales of South Korean ice cream makers fell in July from a year earlier due to a growing market for alternative products, an excessive price war and other factors, industry sources said Thursday. Lotte Confectionery Co., a key food unit of South Korean retail [...]
SEOUL, August 1 (Korea Bizwire) – Hyundai Home Shopping revealed on August 1 that revenue from stainless steel kitchenware including saucepans, skillets, food storage containers, dish racks, and teapots surged by 27 percent to 19 billion won ($17 million) during the first half of 2016 compared to the same period in 2015. Stainless steel products do [...]
INCHEON, Aug. 1 (Korea Bizwire) – Since 2015, KT&G (Korea Tobacco & Ginseng Corporation) has been able to maintain a winning streak in duty free store sales at Incheon International Airport. According to airport data, KT&G product sales at Korea’s leading airport came to 103.1 billion won ($92.7 million) and 71.8 billion won, respectively, in [...]
SEOUL, August 1 (Korea Bizwire) – Oxy Reckitt Benckiser on Sunday announced its compensation plans for South Koreans who died or became seriously ill after using its toxic humidifier sanitizers, despite victims still demanding an apology from the company’s British headquarters. After holding three rounds of negotiations with the victims and their families over compensation, [...]
HONGSEONG, South Korea, July 29 (Korea Bizwire) – China’s Tsingtao Brewery made a last-minute decision on July 19 not to partake in the Daegu Chimaek (chicken and beer) Festival, which kicked off on July 27 in Daegu, less than two weeks after the Korean government announced that it would deploy a THAAD battery in South [...]
SEOUL, July 29 (Korea Bizwire) – The Korean Constitutional Court ruled Thursday to uphold a new anti-graft law, a decision that is likely to affect numerous businesses across Korea. Better known as the Kim Young-ran law, named after its advocate, the law prohibits government officials, civil servants, journalists, and faculty members of private schools from [...]
SEOUL, July 29 (Korea Bizwire) – Hyundai Group subsidiary Hyundai Asan, which once served as a model of North and South Korean economic cooperation, is making a move into the carbonated water business. Hyundai Asan was established in 1999 specifically for economic projects with North Korea, starting with the Mount Kumgang Tourist Region. But with the [...]
SEOUL, July 29 (Korea Bizwire) – Samsung Electronics and LG Electronics, South Korea’s two top tech firms competing in the global market, will have to wait until next quarter to see who the winner is in the home appliances sector after their latest operating profit rates showed a tie, industry watchers said Friday. Samsung announced [...]
SEOUL, July 29 (Korea Bizwire) – Foreigners’ local duty-free shopping has rebounded this year after a dismal drop last year from a contagious respiratory disease, data showed Friday, renewing interest in new licenses for the retail business. Statistics provided by the Korean Duty Free Association (KDFA) said shoppers purchased an average US$207 worth of goods [...]