SEOUL, April 24 (Korea Bizwire) – South Korea and the United States will hold working-level consultations later this week on a broad range of alliance issues including North Korea’s military threats, Seoul’s defense ministry said Monday. The two sides are scheduled to open the two-day Korea-U.S. Integrated Defense Dialogue (KIDD) meeting in Washington D.C. on [...]
SEOUL, April 21 (Korea Bizwire) – South Korean low-cost carriers Air Busan and T’way Air will set up new routes to Japanese cities as part of efforts to offset declines in demand from China, the companies said Friday. The number of Chinese travelers has sharply declined following the ban on all travel packages to South [...]
SEOUL, Apr. 21 (Korea Bizwire) — Losses incurred by South Korean retail chain Lotte Mart from business suspensions in China are being compounded by salary payments to local employees, industry sources said Thursday. Lotte Mart, a highly successful affiliate of Lotte Group, had to temporarily close 74 of its 99 shops in China in February [...]
SEOUL, Apr. 21 (Korea Bizwire) — South Korea has completed the process to provide a site for the deployment of the advanced U.S. Terminal High Altitude Area Defense system, the foreign ministry said Thursday. Since the official announcement of a decision to install a THAAD battery in South Korea, Seoul and Washington have been negotiating [...]
SEOUL, April 20 (Korea Bizwire) – Chinese online shoppers’ direct purchases from South Korea have not waned despite Beijing’s economic retaliations against Seoul, the latest statistics showed Thursday. According to the Beijing office of the Korea Trade-Investment Promotion Agency (KOTRA), South Korean products accounted for 13.6 percent of direct overseas purchases through China’s Tmall, the [...]
SEOUL, April 18 (Korea Bizwire) – South Korean companies doing business in China felt that current business conditions in the neighboring country have become the worst ever, due largely to toughened restrictions and market competition, a report showed Tuesday. The business sentiment index (BSI), a gauge of some 218 local companies’ assessment on business climate [...]
SEOUL, Apr. 17 (Korea Bizwire) — South Korean pop culture businesses have been seriously hurt by China’s retaliation against South Korea’s deployment of a U.S. anti-missile system, with more than 30 such cases reported over the past month alone, the culture ministry said Sunday. “A total of 31 damage cases were reported between March 16, [...]
SEOUL, Apr. 17 (Korea Bizwire) — South Korean duty-free shops’ sales fell 19 percent in March from a month earlier due to China’s retaliation against the deployment of a U.S. anti-missile system here, government data showed Sunday. Overall sales in domestic duty-free stores declined to 1.06 trillion won (US$930 million) in March from the previous [...]
SEOUL, April 14 (Korea Bizwire) – Struggling to cope with a sharp drop in Chinese visitors, local tourism organizations have stepped up efforts to release novel tour programs to woo Japanese and Southeast Asian visitors, government and industry sources said Friday. The South Korea tourism and hospitality sectors have been hit by the dearth in [...]
SEOUL, April 13 (Korea Bizwire) – The number of Chinese passengers traveling via Incheon International Airport in the first 10 days of this month dropped by 37 percent from a year ago amid a diplomatic row over the deployment of a U.S. missile defense system, its operator said Thursday. A total of 226,066 Chinese nationals [...]