Coffee houses are ubiquitous here; it’s not difficult to find several different coffee houses in one building or even two of the same franchise on a single street. Figures from AC Neilson show that coffee houses have steadily increased their share of the coffee market, seeing a rise from 28 percent in 2007 to 37 percent last year, and over 30 percent growth in annual sales in the same period.Not surprisingly, a vast number of coffee products and flavors are introduced into the market every year,

South Korean stocks closed 0.57 percent lower Monday, as policy uncertainties on monetary easing by the United States and Japan dented investor sentiment, analysts said. The local currency rose slightly against the U.S. dollar.   The benchmark Korea Composite Stock Price Index (KOSPI) retreated 11.48 points to finish at 1,989.57. Trading volume was light at 322.9 million shares worth 3.62 trillion won (US$3.20 billion) with decliners far outnumbering gainers 578 to 262.  "A credible voice from p

Samsung Electronics Co., the world's top memory chip maker, maintained its share of the global chip market at more than 10 percent in the first quarter on the back of growth in system semiconductors, industry data showed Monday.According to the data compiled by market information provider iSupply, Samsung accounted for 10.5 percent or US$7.77 billion of the global semiconductor market in the January-March period to rank second among the world's major chip makers. Samsung Electronics garnered a 1

Some executives of CJ Group attempted to destroy evidence ahead of a prosecution raid over the food and entertainment conglomerate's alleged creation of a slush fund, a prosecution official said Monday.Two weeks ago, a team of prosecutors and investigators raided the headquarters and offices of CJ and the houses of several executives to collect evidence of suspicions that it had created an overseas slush fund worth 7 billion won ($6.2 million) and brought the money into the country. The group ha

The economic participation rate for South Korean females in their 20s exceeded that of their male counterparts for the fourth consecutive quarter in 2013, data showed Monday, as more women received college education.According to the data by Statistics Korea, the economic participation rate among women in their 20s stood at 61 percent in the January-March period, compared to 60.7 percent for men in the same age group.The economic participation rate refers to the portion of the population that is

South Korean stocks opened slightly lower Monday, dented by poor U.S. consumer spending data reflecting a slow economic recovery, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) lost 1.15 points, or 0.06 percent, to 1,999.90 in the first 15 minutes of trading. Shipping lines and financial firms drove down the shares.Leading player Hanjin Shipping fell more than 2 percent, with No. 1 brokerage house Samsung Securities slipping 1.2 percent. U.S. consumer spending posted the

South Korea issued a preliminary warning for a possible power shortage Monday, signaling the start of what is expected to be a long streak of difficulties created by a recent shutdown of nuclear reactors.The warning was issued after the country's power reserve level temporarily dipped to under 4.5 million kilowatts, according to the Korea Power Exchange, the state-run distributor of electricity. A level 2 warning is issued when the power reserve falls below 4 million kilowatts.The Korea Electric

South Korea's consumer prices grew at the slowest pace in nearly 14 years in May, indicating that inflation remains in a quite stable mode, a government report showed Monday.The country's consumer prices index rose 1 percent on-year in May, slowing from a 1.2 percent on-year gain in the previous month, according to the report by Statistics Korea. The figure was the slowest growth since September 1999 when it increased 0.8 percent on-year. It also represented the seventh straight month since Nove

Chairman Kang to lose ownership of his group of companies

Japan’s loss of economic momentum could be negative for Korean market

Fewer people are buying equipment for outdoor activities over fears of a deadly tick-borne virus.According to multiple retailers, sales of outdoor products such as hiking boots and climbing equipment have shrunk since the national disease control agency issued a public alert last month after the death of the country’s second infected patient.“It’s quite uncommon to see camping equipment and outdoor gear’s sales drop before the summer vacation season,” an official from a local retail store was qu

The nation’s top financial regulator decided to issue an institutional warning against Woori Bank for its failure to properly monitor a withdrawal of a large amount of money from the bank, sources said on Sunday.The Financial Services Commission will punish the bank and its executive as the lender failed to follow a regulation calling for a mandatory report to financial authorities about a withdrawal of 300 million won or more, the sources said.Former Mirae Savings Bank chairman Kim Chan-kyung,