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Korea to tighten grip on global internet giants amid service complaints
[Eye Plus] Kukkiwon, mecca of taekwondo
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[Diana’s Table] Persimmon citrus salad
[Digital Simplicity] Why Korean gamers prefer biggest World of Warcraft ser...
[Photo News] Haehakbandodo returns to S. Korea for display at the National ...
Youn Yuh-jung wins Best Supporting Actress at Sunset Circle Awards
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Seoul shares likely to move in tight range next week
Coronavirus cases in military exceed 400 as 6 new cases reported

Today Retail

Japan's Uniqlo to close main outlet in S. Korea amid pandemic

Japanese fashion retailer Uniqlo will close its outlet in Seoul's popular shopping district next month, after a sharp fall in sales stemming from the new coronavirus outbreak and a trade dispute between Seoul and Tokyo. Uniqlo said on its website recently in Korean that its global flagship store in Myeongdong, central Seoul, will stop operating Jan. 31. The outlet is the second biggest in the world after one in New York. &nbs

Korea to tighten grip on global internet giants amid service complaints

A law revision set to take effect next week will tighten rules for data-hungry internet giants, such as Netflix Inc., amid growing calls for stable services. Earlier this week, the Cabinet passed an amendment to the ordinance of the Telecommunication Business Act, stipulating that online content service providers are responsible for providing stable services to users. The new rules set to take effect Dec. 10 apply to large online

Today
Technology
Court rules in favor of late Lotte chairman in gift tax case

A Seoul court ruled Friday in favor of Shin Kyuk-ho, the late founder of retail giant Lotte Group, in a lawsuit he filed against the tax authority over hundreds of billions of won of gift taxes. The Seoul Administrative Court ordered a district tax office to revoke 212.6 billion won (US$196 million) of gift taxes imposed on the honorary chairman of the nation's fifth-largest conglomerate, who died in January at the age of 99. The taxes were levied after the prosecution charged Shin with tax e

Dec 4, 2020
Industry
Popeyes to pack up after 26 years

Popeyes, a US-based fried chicken franchise, said Friday that it would cease to operate in South Korea, 26 years after it opened its first outlet in 1994. The Korean operator, TS Food & System, said its franchise contract with the US headquarters is set to end at the end of this year. Popeyes, which at one time owned over 200 outlets here, has been struggling against poor sales. With the COVID-19 pandemic the business faced even more difficulties, and the number of stores was reduced t

Dec 4, 2020
Retail
SK Chairman says ESG governance will help overcome environmental crisis

SK Group Chairman Chey Tae-won said Thursday that it was important to embrace environmental, social and corporate governance and nurture empathy to overcome the current environmental crisis. Speaking at Tokyo Forum 2020, an event held jointly by the Chey Institute for Advanced Studies and the University of Tokyo, he said people are now living in the Anthropocene Epoch, a time when human activity has begun having a major impact on the environment. Chey said the “world is in urgent need&r

Dec 4, 2020
Industry
Korea Ginseng teams up with International Vaccine Institute to develop immune booster

South Korea’s leading ginseng manufacturer, Korea Ginseng, has signed a memorandum of understanding with the International Vaccine Institute to develop an adjuvant -- an agent that can improve the performance of a vaccine. The two will work together to develop an adjuvant using Korea Ginseng’s popular red ginseng brand CheongKwanJang, the company said Friday. Korea Ginseng will provide 12 types of ginsenosides while the institute, a nonprofit organization that is working with vacci

Dec 4, 2020
Retail
Samsung conducts biggest personnel reshuffle in 3 years

Samsung Electronics on Friday announced a large-scale personnel reshuffle, the biggest in three years, owing to a strong performance this year despite the COVID-19 impact. The tech giant promoted a total of 214 executives, the largest number since 2017. “In spite of difficulty amid the global spread of COVID-19, the company timely responded to demand and raised efficiency in operations, which led to improved earnings from last year,” the company said in a statement. In the thir

Dec 4, 2020
Technology
Korea’s exports of COVID-19 diagnostic reagents notch W2.5tr

South Korea has a new export item. COVID-19 diagnostic reagents notched a 2.5 trillion won ($2.3 billion) performance up to end-November. Diagnostic reagents are among the most fundamental components of diagnostic testing assays. Simply put, it is critical to have a well-functioning reagent to accurately discern a COVID-19 infection. According to the Ministry of Food and Drug Safety and the Korea Customs Service on Friday, Korea had exported enough COVID-19 diagnostic reagents to cover 496.8

Dec 4, 2020
Industry
Samsung Electronics conducts reshuffle after strong Q3 results

Samsung Electronics Co., the world's leading smartphone and chipmaker, on Friday conducted a large-scale personnel reshuffle to reward employees after reporting robust third-quarter results. Samsung Electronics has promoted a total of 214 officials to higher positions to reflect their contributions to the company's stellar performance in the July-September period, the company said in a statement. In the first and biggest personnel changes in three years, 111 general managers were promoted as

Dec 4, 2020
Industry
[Monitor] Lease prices for Seoul apartments soar

Rise in average jeonse price for apartments in Seoul

Dec 4, 2020
Industry
[Graphic News] Some 84 percent of newspapers, magazines in crisis due to pandemic: survey

　Around 84 percent of local newspapers and magazines have experienced severe business difficulties due to the new coronavirus pandemic, a recent survey showed. 　According to the survey published by the Korea Press Foundation, 33.4 percent of newspaper and magazine companies said the management crisis was very severe, while 50.8 percent answered it was somewhat severe. 　Only 13.3 percent of respondents said the crisis was not that severe, while a mere 2.5 percent, most of which identified a

Dec 4, 2020
Business
Renault Samsung’s QM6 climbs sales chart

Renault Samsung Motors said Thursday its sports utility vehicle QM6 has climbed the sales chart to lead company’s performance this year. According to the automaker, the QM6 model sold 4,323 units in October, up 35.6 percent from the month before. The gasoline model, QM6 GDe, which has topped the mid-sized SUV market in South Korea for the second half of this year, takes 50.7 percent of the total sales of QM6, with 2,191 units, the automaker said. The rest is taken by QM6 LPe, which is

Dec 3, 2020
Transport
SKT CEO made vice chairman of SK hynix

With two new vice chairmen, SK Group gears up for ‘financial story’ of each affiliate based on ESG management

Dec 3, 2020
Technology
[Time to Play] Smilegate’s Magical Atelier, adorable but overly exclusive to target users

Just like how the idea of magic rails against common knowledge, Magical Atelier appears to defy the odds, being an unconventional game that transgresses the basic laws of typical Korean mobile games. For busy commuters, mobile games are supposed to be simple and easy to play. Also, they must include elements that can trigger competition among as many users as possible to guarantee profitability. Magical Atelier, developed by Smilegate, meets neither of the two criteria. Released in South K

Dec 3, 2020
Industry
Posco hits lithium jackpot in Argentina, accelerates EV battery material value chain

Posco Group said Thursday its salt lake in Argentina contains 13.5 million metric tons of lithium reserves, more than six times greater than initial calculation of 2.2 million tons. Based on the massive reserves, which are enough for 370 million electric vehicles, the group aims to establish a robust value chain of EV battery raw materials. According to the South Korean steel giant, the latest exploration of the Hombre Muerto salt lake in northern Argentina conducted with a US consulting firm

Dec 3, 2020
Industry

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