SEOUL, Sept. 5 (Korea Bizwire) — A report released by the Korea Customs Service on September 4 revealed that 8,607 of 9,853 counterfeit goods seized were made in China. The yearly report on the black market for counterfeit goods stated that the total number of counterfeit goods seized by the agency declined by 3 percent [...]
SEOUL, Sept. 1 (Korea Bizwire) – South Korea has asked China to remove economic sanctions imposed on South Korea due to the diplomatic row over the deployment of a U.S. missile defense system here, the Ministry of Trade, Industry and Energy said Friday. China has been retaliating economically against South Korea since early this year [...]
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. 30 (Korea Bizwire) — The chairman of Kumho Asiana Group, parent of Kumho Tire Co., on Wednesday submitted a revised proposal to creditors over the use of the tiremaker’s brand, an industry source said Wednesday. The revised proposal by Kumho Asiana Chairman Park Sam-koo came as the creditors, led by state-run Korea Development [...]
SEOUL, Aug. 24 (Korea Bizwire) — President Moon Jae-in’s top security advisor said Thursday that the temporary deployment of four additional launchers of a U.S. missile defense system is expected to be completed “in the near future.” Chung Eui-yong, the chief of the National Security Office, made the remarks during a parliamentary budget committee session [...]
SEOUL, Aug. 24 (Korea Bizwire) — According to the “Beijing Youth Daily” on August 23, a Beijing city government task force ordered the removal of Lotte Mart generators in Juixianqiao and Yangqiao on the grounds of excessive energy use last year. To add insult to injury, the Beijing paper reported that the city had recently [...]
SEJONG, Aug. 23 (Korea Bizwire) — South Korea’s exports to Vietnam surged nearly 50 percent in the first seven months of 2017, customs data showed Wednesday, an increase that is likely to put the Southeast Asian country among the top three shipment destinations for locally made goods. According to Korea Customs Service, exports to Vietnam [...]
SEOUL, Aug. 21 (Korea Bizwire) – The domestic shipbuilding industry was engulfed in a wave of low spirits as shipping publication “Tradewinds” and eBest Investment and Securities (eBest) both reported that French company CMA CGM had signed a letter of intent with two Chinese shipbuilding firms for nine container ships. The reason for the Korean [...]
BEIJING, Aug. 20 (Korea Bizwire) — A Chinese sign that read “Hanguocheng,” meaning South Korean food court, on the building of a restaurant mall in Wangjing, the once prosperous Koreatown in northeastern Beijing, has been replaced by “Meishijie,” or Gourmet food street. The change reflects an ever-rising anti-South Korean sentiment in China amid the current [...]
CHEONGJU, Aug. 17 (Korea Bizwire) – Geopolitical tensions are having a real effect on the Korean economy as North Chungcheong Province announced on August 15 that the low-cost carrier Eastar Jet had abandoned its plans to resume flight operations from Chungcheong International Airport to five Chinese cities. Since the cooling of relations between China and [...]