SEOUL, Sept. 28 (Korea Bizwire) – Shinsegae Group and a joint venture between Shilla Hotel and Hyundai Development said Wednesday that they will apply for a new duty-free license to open new stores in Gangnam, the most affluent district in the capital city. HDC Shilla Duty Free said it has picked iPark Tower in Gangnam, [...]
SEOUL, Sept. 27 (Korea Bizwire) – The recent discovery that Korea’s leading toothpaste products contain CMIT/MIT, synthetic preservatives also used in Oxy’s controversial humidifier sterilizer, has lead to rapidly spreading alarm among the general public. The discovery was made public on Monday in a statement from the Ministry of Food and Drug Safety (MFDS). According [...]
SEOUL, Sept. 27 (Korea Bizwire) – Seoul police busted four retailers Monday for selling counterfeit products of luxury brands in Myeongdong, one of the busiest tourist and shopping districts in Seoul. The gang launched operations in April, and has since sold 40-million-won ($36,245) worth of knockoff products from 41 brands that included luxury brands Louis Vuitton [...]
SEOUL, Sept. 23 (Korea Bizwire) – Samsung Electronics Co.’s Galaxy Note 7 defeated Apple Inc’s iPhone 7 Plus in the latest drop test, the U.S.-based IT media said Friday, following a global recall of the Android-based phablets due to possible battery problems. The two high-end models were dropped from one meter up on the back, [...]
SEOUL, Sept. 23 (Korea Bizwire) – Following the September 9 recall of 15 dressers after criticisms that they’re prone to tipping over, the Swedish furniture giant said Thursday that it had halted sales of an additional 15 dressers in the Korean market. During a press conference held in Seoul, IKEA Korea CEO Andre Schmidtgall said [...]
SEOUL, Sept. 23 (Korea Bizwire) – South Korea’s small-scale cosmetics firms are targeting niche markets by launching made-to-order manufacturing for other firms, a way of expanding their businesses without the cost of having to develop their own brands and marketing them, industry officials said Friday. K-beauty has caught on globally, allowing these companies to gain [...]
SEOUL, Sept. 23 (Korea Bizwire) – South Korean companies’ exports of mobile handsets, including smartphones, to China dropped by more than 27 percent in the first eight months of the year from a year earlier amid the rising presence of Chinese rivals there, a report said Friday. According to the Institute for Information & Communications [...]
SEOUL, Sept. 22 (Korea Bizwire) – The local affiliates of Phillip Morris and British American Tobacco (BAT) were found to have evaded over 200 billion won ($181 million) in taxes from inventory profits when the Korean government raised the tax levied on cigarettes by roughly 2,000 won in January 2015. According to Korea’s Board of [...]
SEOUL, Sept. 22 (Korea Bizwire) – The head of Britain-based Reckitt Benckiser formally apologized over its toxic humidifier sterilizers that claimed many lives in South Korea, a parliamentary special committee probing the scandal said Thursday. The so-called Oxy humidifier disinfectant case came to light after four pregnant women died of unknown lung problems in 2011. [...]
SEOUL, Sept. 21 (Korea Bizwire) – Hyundai Department Store Co. said Wednesday it will open Seoul’s largest outlet in a new skyscraper to be built in the financial district of Yeouido by 2020. Hyundai Department Store said it has been selected as a preferred bidder to build its latest shopping facility in the new skyscraper [...]