SEOUL, Nov. 24 (Korea Bizwire) — Seoul’s defense ministry said Friday that it has no plan to hold talks with China over an advanced U.S. missile defense system deployed in South Korea. A local media outlet reported that China has officially asked South Korea to open military talks at an early date over the Terminal [...]
NEW YORK/WASHINGTON, Nov. 17 (Korea Bizwire) — South Korea’s ruling party leader appealed to the United States Thursday to ease its pressure on Seoul to amend their bilateral free trade agreement. Choo Mi-ae of the Democratic Party met with members of the Korea Caucus in Congress and pointed to Washington’s large surplus in services trade [...]
SEOUL, Nov. 14 (Korea Bizwire) — South Korean companies enjoyed increased sales during Chinese Singles’ Day over the weekend, signaling the end of China’s year-long THAAD retaliation. Sales at major duty-free stores including Lotte and Shilla increased by up to 30 percent among Chinese customers, while sales at online shopping giants Gmarket and Global Hmall nearly [...]
SEOUL, Nov. 10 (Korea Bizwire) – A Seoul court ruled Friday that a series of documents jointly drawn up with the United States for the deployment of a Terminal High Altitude Area Defense (THAAD) missile defense battery should remain confidential, as their disclosure would harm national interests. The Seoul Administrative Court delivered the verdict, rejecting [...]
SEJONG, Nov. 10 (Korea Bizwire) — When President Moon Jae-in took office after his victory in the unprecedented presidential by-election in May, he was confronted with tough challenges ranging from social upheaval caused by his predecessor to heightened regional diplomatic and military tensions. One of the biggest issues confronting the chief executive was finding a [...]
SEOUL, Nov. 9 (Korea Bizwire) – Expectations are running high ahead of a presidential summit between South Korea and China that China’s months-long economic retaliation over the politically charged THAAD anti-missile systems might be finally coming to an end. It was the agreement between foreign ministers from both countries last month to recover and improve the [...]
SEOUL, Nov. 9 (Korea Bizwire) – Asiana Airlines Inc., South Korea’s second-largest airline by sales, said Thursday its third-quarter net profit plunged 81percent, hit by lower demand from China. Its heavy dependence on travel demand from China and other Asian countries resulted in poor performance in the July-September period. Net profit for the three months nosedived to 28.8 billion won (US$26 million) from 152.6 billion won a year earlier, the company said [...]
SEOUL, Nov. 9 (Korea Bizwire) — Lotte Group’s giant construction project in Shenyang, China, could resume this month after a year of suspension as China pulls back on its retribution over a U.S. anti-missile defense system being deployed in South Korea, corporate sources said Thursday. Ambassador Noh Young-min, South Korea’s new envoy to Beijing, who [...]
SEOUL, Nov. 8 (Korea Bizwire) — South Korea’s major retailers are pumping up efforts to prepare for a potential inflow of Chinese tourists amid signs of a thaw in Sino-Korean relations, industry sources said Wednesday. Last week, Seoul and Beijing agreed to put bilateral ties back on track, setting aside their bitter row over the [...]
SEOUL, Nov. 3 (Korea Bizwire) — Local cosmetics companies are taking more aggressive approaches to win over foreign markets, as they gain confidence from easing tensions between South Korea and China, industry officials said Friday. AmorePacific, which suffered a drop in stock prices and exports due to Seoul’s diplomatic row with Beijing, is set on [...]