SEOUL, Feb.1 (Korea Bizwire) - LG Electronics Inc. was more profitable than Samsung Electronics Co. in the home appliance business in 2015 despite a huge gap in their overall revenue, industry data showed Sunday. According to the data, LG’s home entertainment and home appliance & air solution divisions chalked up an operating profit of 1.04 trillion [...]
SEOUL, Jan.29 (Korea Bizwire) – According to a report from the Joongang Ilbo, a Korean daily journal, the main beneficiaries of higher cigarette prices have turned out to be foreign tobacco companies. Despite a rise in prices at the beginning of 2015, cigarette imports have actually increased. Smokers returned to their addiction soon after the [...]
SEOUL, Jan. 29 (Korea Bizwire) – The Korean cosmetic industry has grown fast thanks to eager Chinese consumers, but the K-beauty boom has given rise to another booming business in the key market: counterfeits. Over the past years, Korean cosmetics have become frequent and common targets in the black market as they have gained popularity [...]
SEOUL, Jan.28 (Korea Bizwire) – Data shows that imports of food and medication from 57 countries that are members of the Organization of Islamic Cooperation (OIC) have more than doubled over the past 10 years. However, Korean exports to OIC countries are still negligible, raising the issue of halal assurance in the food and medication [...]
SEJONG, Jan.28 (Korea Bizwire) – A new iteration of the Korea Grand Sale, a shopping festival targeting foreigners visiting Korea, will be held during the month of February. The Ministry of Culture, Sports and Tourism and the Visit Korea committee announced that the Korea Grand Sale will be held from February 1 to February 29 [...]
SEOUL, Jan.27 (Korea Bizwire) – As LG Electronics announced the performance of its Mobile Communications (MC) business division (in charge of smartphones) for the fourth quarter of 2015, the industry response can be summed up as “It wasn’t bad, but the future seems dark”. The MC division reported a loss of 43.8 billion won in [...]
SEOUL, Jan.26 (Korea Bizwire) – The Chinese Spring Festival, which is the biggest holiday in China, and the period when the most Chinese people travel abroad, will start in two weeks. As Chinese tourists are known for clearing out the shelves when shopping, nearby countries such as Korea and Japan are looking forward to the [...]
SEOUL, Jan.26 (Korea Bizwire) – More consumers seem to be trying to save money by teaching themselves new skills in the new year. According to the online shopping site TMON (www.tmon.co.kr), sales of exercising tools, also known as ‘New Year’s resolution products’, increased 51 percent compared to the same period last year. Sales of steppers [...]
SEOUL, Jan.25 (Korea Bizwire) – The Korean Trade Promotion Corporation (KOTRA) announced that it published a report on ‘99 Innovative Products of the World’, which introduces innovative products produced by various small and medium-sized companies all over the world. One of the most noticeable products is ‘Strati’, a 3D-printed electric car, which will be manufactured [...]
SEOUL, Jan. 25 (Korea Bizwire) – Samsung Electronics Co. said Monday that Chinese home appliance maker Haier Group’s takeover of the household appliance business of U.S.-based General Electric will not have a great impact on its performance over the short term. In mid-January, Haier said it will purchase GE’s home appliance business for US$5.4 billion, [...]