SEOUL, Sept. 4 (Korea Bizwire) — Lotte Duty Free, South Korea’s top duty-free operator, is considering withdrawing from Incheon International Airport, a company source said Monday, as the local duty-free industry is struggling to cope with the impact of a diplomatic row between Seoul and Beijing over the deployment of a U.S. missile defense system [...]
SEOUL, Sept. 1 (Korea Bizwire) – The number of South Koreans traveling to China continued to drop in August, with more people opting to fly to Japan or Southeast Asia instead, industry data showed Friday, as the ongoing diplomatic spat between Seoul and Beijing over the deployment of a U.S. missile defense system does not [...]
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) — Representatives of duty-free shops at Incheon Airport have called on the airport officials to consider dropping the price of rent temporarily amid China’s economic retaliation over the South Korean deployment of a THAAD anti-missile system, which has had a devastating impact on the local tourism industry. According to industry sources, [...]
SEOUL, Aug. 31 (Korea Bizwire) — Facing a bellicose northern neighbor that fires missiles, tests nukes and habitually threatens a war of annihilation, South Korea may look like a dangerous flashpoint to the eyes of outsiders. But the country has been inured, or resigned, to the perennial threats from North Korea for decades. So small [...]
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. 28 (Korea Bizwire) — For the past two months, Gangnam district has inspected around 50 cosmetic surgery facilities within its boundaries by sending out mystery shoppers. The aim of its covert operation was to “objectively measure the quality of the medical services offered and identify any problems and improve them in order to [...]
SEOUL, Aug. 28 (Korea Bizwire) — The Bank of Korea submitted a report to the Strategy and Finance Committee of the National Assembly today in which it predicted that this year’s economic growth would fall short of 3 percent despite the improving global economy and supplementary revisions made to the national budget. The central bank [...]
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 [...]