The price of cosmetics is experiencing a downward trend on the back of a slowing industry and free trade agreements designed to ease the tariffs on such products.On Thursday, Shiseido of Japan said it would be lowering the prices of three top-selling sunscreen products from its Anessa line by 5,000 won ($4.60), starting next month. Stila, a U.S.-based cosmetics brand, has slashed prices on 120 products since last week, with discounts of up to 10 percent. Stila’s One Step Correct, which cost 62,0

South Korean stocks closed 1.12 percent higher on Thursday, spurred by the U.S. Fed's confirmation of its plan to maintain stimulus measures, analysts said. The local currency gained against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) surged22.45 points to 2,026.49. Trading volume was moderate at 414.3 million shares worth 4.09 trillion won (US$3.77 billion) with gainers outpacing losers 565 to 235."The anticipated automatic spending cuts by the United States had only

Apple CEO Tim Cook sought to reassure shareholders worried about the company's sagging stock price that the iPhone and iPad maker is on the verge of inventing more breakthrough products that will prove it hasn't lost its creative edge. ``The company is working as hard as ever, and we have some great stuff coming,'' Cook told shareholders Wednesday before taking their questions during Apple's annual meeting at its Cupertino, California, headquarters. True to Apple's secretive nature, Cook didn't

South Korean stocks traded 0.81 percent higher late Thursday morning fueled by gains in blue chip exporters, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 16.28 points to 2,020.32 as of 11:20 a.m.Blue chip exporters led the gain, with market behemoth Samsung Electronics advancing 1.31 percent and top chipmaker SK hynix adding 1.52 percent.Carmakers also gathered ground, with No. 1 player Hyundai Motor increasing 0.7 percent and its smaller affiliate Kia Motors cli

South Korea's industrial output shrank for the first time in five months in January amid worries that industrial activities might be slowing amid toughened economic conditions, a government report showed Thursday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries dropped 1.5 percent last month from a month earlier. It is the first on-month output contraction since August.The output still expanded 7.3 percent compared with a year e

South Korean stocks opened higher Thursday, tracking overnight Wall Street gains spurred by the U.S.Fed's confirmation of its plan to maintain stimulus measures, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) increased 14.59 points, or 0.73 percent, to 2,018.63 in the first 15 minutes of trading.Shares gathered ground across the board, with market behemoth Samsung Electronics adding 1.05 percent and top steelmaker POSCO gaining 0.28 percent. No. 1 carmaker Hyundai Motor mo

Park vows steps to further promote shared growth between big and small firms

Some insurance firms sign pact with dealers for cheaper premiums

This year is expected to see a jump in outbound mergers and acquisitions as more Korean companies look overseas, a prominent U.S.-based law firm said on Wednesday.“We’re bullish on the prospects of M&As for this year, and we don’t expect the trend to be temporary,” said Kim Sae-chin, a partner at Paul Hastings.Europe, the U.S. and China are expected to be the top destinations, along with Southeast Asia, he said. Local firms have been increasingly seeking overseas M&As to enhance their global rea

Hotel Lotte Co., the holding company of retail giant Lotte Group, is undergoing a tax investigation, industry sources said Wednesday. Company officials confirmed that inspectors from the National Tax Service are proceeding to examine the company’s financial documents at the hotel in downtown Seoul. They claimed the probe is part of a regular audit by the NTS. Industry sources, however, said the tax inspection of the affiliate of a chaebol, or family-controlled Korean conglomerates, could be link

Despite constant growth, Able C&C not bullish about overseas markets

Korea maintained a current account surplus for the 12th consecutive month thanks to increased exports, despite foreign exchange volatility due to currency wars ignited by Japan’s weak yen policy.The Bank of Korea said Wednesday that the current account, the broadest measure of the country’s foreign trade, recorded a surplus of $2.25 billion in January, with exports reaching $47.1 billion.This is mostly in part due to increased outbound shipments of telecommunication products, petrochemicals and

Citibank Korea and Standard Chartered Bank Korea have raised commission fees for loan services despite state regulators’ efforts to lower them, according to reports.Since the third quarter of 2012, state financial regulators have publicized a list of banks’ service fees, in an attempt to cut lending fees that are closely related to loan interest. However, the two foreign banks raised lending fees, largely surpassing those of their domestic counterparts. For mortgage loan services, fees were 0.41