LG International, a South Korean trading company, said Friday that it will dispose of its remaining stake in GS Retail Co. to finance its overseas resource exploration and improve its financial health. LG plans to sell its 11.97 percent stake, or 9.21 million shares, in GS Retail, a local convenience chain operator, through a block deal after the close of the local stock market, the company said in a regulatory filing.The stake sale will lower LG’s stake in GS Retail to zero, said LG, the tradin

The world’s tallest hotel will open next year in the North Korean capital of Pyongyang as the impoverished totalitarian regime burdened by international sanctions seeks foreign currency through a boost in tourism.The 105-story, pyramid-shaped Ryugyong Hotel, whose foundations were poured almost three decades ago, will open partially in July or August, Kempinski AG Chief Executive Officer Reto Wittwer said Thursday at a forum in Seoul. The German luxury-hotel manager will be the first western hos

Major department stores will offer a huge discount for wine products in November when the nation’s big three players are scheduled to celebrate the anniversary of their foundation, respectively.The three department stores ― Lotte, Hyundai and Shinsegae ― have launched a fair or event which feature sales at a discount for wine from special vineyards.Lotte, which kicked off a seven-day wine fair on Friday, will provide consumers with premium wine products with a maximum discount of 90 percent.All

South Korea and India agreed on Friday to provide a combined $1.1 billion worth of financial support for their bilateral business cooperation, the finance ministry said.The agreement was signed during the finance minsters' meeting held in central Seoul earlier in the day between the two countries, according to the ministry.Under the agreement, both will provide the financial support through their own export-import banks over the next five years to companies seeking to join in infrastructure cons

SK Planet Co., an affiliate of South Korea's top mobile carrier SK Telecom Co., said Friday it has signed an agreement with Japan's largest game developer Sega to strengthen its mobile game business.Under the memorandum of understanding, the two companies will cooperate on marketing and distributing Sega's mobile games in the local market, SK Planet said in a press release. SK said it plans to release Sega's "The Clan Battle" early next year after introducing the mobile game at the upcoming G-St

The nation's top court has ruled that cattle born in other areas but raised in Hoengseong for a certain period of time can be labeled as "Hoengseong hanwoo," officials said Friday.Hoengseong is a rural area in Gangwon Province, about 137 kilometers east of Seoul, famous for its high-quality hanwoo beef.Hoengseong beef is recognized as a premium product, and usually fetches high prices.Annulling a lower court's guilty verdicts for three people, including a suspect surnamed Kim, for violating the

South Korean stocks opened higher Friday, led by gains in tech and auto shares, analysts said.   The benchmark Korea Composite Stock Price Index (KOSPI) rose 19.27 points, or 1.02 percent to 1,917.71 in the first 15 minutes of trading.    Shares gathered ground across the board, with market bellwether Samsung Electronics increasing 1.31 percent and chipmaker SK hynix adding 3.14 percent.   Top auto parts maker Hyundai Mobis gained 1.67 percent and its affiliate Kia Motors added 0.67 percent.   U

GM Korea, Ssangyong, Renault Samsung seen to be mapping out contingency plans

The popularity of cosmetic products and food made in Korea is growing in Asian countries. Exports of such products to China, Japan, Thailand, Vietnam, Indonesia, Philippines and Malaysia more than doubled during the past three years, according to the Korea Customs Service on Thursday. Cosmetics exports increased from about $216.73 million in 2008 to $485.11 million in 2011, and is expected to surpass $561 million this year, which would be a jump by 16 percent compared to last year. Exports to th