SEOUL, Dec. 11 (Korea Bizwire) — A growing number of South Koreans shopping at overseas online malls are picking Chinese sites, a tally from a credit card firm indicated Tuesday. Purchase records from Nov. 1-26, compiled by the big data center at Shinhan Card, showed a 9.8 percent increase from last year in the monetary [...]
SEOUL, Oct. 23 (Korea Bizwire) — More than 40,000 South Koreans fell prey to crime overseas in the 2013-2017 period, and the number of such cases has been rising annually, a lawmaker said Tuesday, citing a National Police Agency report. The report, submitted to Rep. Kim Young-woo of the main opposition Liberty Korea Party by [...]
SEOUL, Oct. 2 (Korea Bizwire) — Overseas resource development projects exceeding 100 billion won (US$89.96 million) will be put through rigorous pre-assessment, a step meant to avoid indiscriminate investment and financial losses, officials said Tuesday. Bills approved by the Cabinet stipulate that such high-cost projects by the Korea National Oil Corp. (KNOC), in which state [...]
SEOUL, Jul. 24 (Korea Bizwire) — A case against a former engineer who was punished for making a direct purchase of a medical equipment from overseas to help treat her young daughter suffering from diabetes was dropped by prosecutors. A new law is currently in the works to remove any legal ambiguity. Kim Kyung-jin, a [...]
SEOUL, Jul. 11 (Korea Bizwire) — South Korea’s No. 1 duty-free shop Lotte Duty Free is ramping up efforts to expand its presence in the global market in the face of fierce competition at home, industry sources said Wednesday. The duty-free chain, operated by Hotel Lotte Co., opened a new airport outlet in Nha Trang, [...]
SEOUL, May 30 (Korea Bizwire) — BTS has developed into a worldwide sensation after topping the Billboard 200 Chart, and companies are rushing in to take full commercial advantage of the Korean boyband’s success. International fans of BTS have been visiting domestic online shopping platforms while concerts showcasing the K-pop stars have been selling out [...]
SEOUL, May 30 (Korea Bizwire) — The number of South Korean food service firms in foreign countries rose 2.7 percent in 2017 from a year earlier, but their profitability deteriorated sharply due mainly to stiffer competition, a survey showed Wednesday. The survey released by the Korea Foodservice Industry Research Institute showed that 193 South Korean [...]
SEOUL, Dec. 28 (Korea Bizwire) – Overseas units of South Korean companies lost money in 2015 for the first time since the global financial crisis due mainly to a slowdown in global demand, a report said Wednesday. About 6,000 wholly owned subsidiaries in foreign countries registered an average net loss of US$700,000 last year, the [...]
SEOUL, Dec. 6 (Korea Bizwire) – South Korean households’ overseas spending rose 16.8 percent in the third quarter from a year earlier on increased outbound travel to foreign countries, the central bank said Tuesday. South Korean households spent 8.21 trillion won (US$7 billion) overseas in the July-September period, compared with 7.03 trillion won in the [...]
SEOUL/SEJONG, Jan. 28 (Korea Bizwire) – South Korea’s finance minister said Thursday that the government will make determined efforts to help companies make headway into untapped overseas markets like Iran, and revive exports as Asia’s fourth largest economy strives keep alive its economic momentum in the coming months. “We are facing challenges as uncertainties are [...]