SEOUL, March 31 (Korea Bizwire) — There’s a new coinage emerging amongst South Korean consumers that literally translates into “f— it expense.” The origin of sibal (the four-letter word) biyong (expense or cost) goes back to November 28 of last year, when a local Twitter user (satuki_yami) defined the term as an expense that could [...]
SEOUL, Feb. 3 (Korea Bizwire) – A boycott is perhaps the most effective way for consumers to protest against a company’s malpractice or alleged misconduct. The practice is also common in Korea, with several big-name companies facing boycotts in recent years. Oxy Reckitt Benckiser was confronted with nationwide rage for selling deadly humidifier sterilizers that [...]
SEOUL, Korea, Mar 21 (Korea Bizwire) — Domestic prices of imported toys for toddlers and children are much higher than those charged outside Korea, nearly by twice in some cases. Such price differential is way too extreme even when all the tariff duties on imported toys (0-8%), value-added taxes (10%) and distributors’ margins, which usually [...]