Italian fashion brand Gucci is closing both of its outlets from Shilla Duty Free in Incheon International Airport to move to Lotte Duty Free, a decision slapping Shilla for giving exclusive favors to the brand’s rival Louis Vuitton.Gucci is said to have complained to Shilla over the lower commission fee and favorable spots the Hotel Shilla affiliate gave to Louis Vuitton. The 10 to 20 percent of c

The Korean economy expanded at a slower pace than estimated by the central bank in the first quarter on weak domestic demand.The gross domestic product grew 1.3 percent in the January-March period, falling short of the 1.4 percent estimate made in April, the Bank of Korea said Wednesday. Though the strongest performance in three quarters, the lower than expected figure reflects domestic demand mak

Kia Motors Corp., Korea’s second-largest automaker, announced plans last week to raise output at its Georgia plant by 20 percent, underscoring the U.S. industry’s biggest market-share gain this year.Kia, an affiliate of Hyundai Motor Co., raised its U.S. share 0.8 percentage points to 3.8 percent through May, topping gains of 0.7 point for General Motors Co. and 0.6 point for Hyundai, according to

High-end vehicles lead foreign carmakers’ charge in Korean marketBuoyed by a growing love for sports cars by the well-to-do, foreign luxury car brands are upping their share of the domestic car market.Auto analysts say more are turning to exotic options accompanying fast, topless thrills often with luxury amenities like rain-sensing windshield wipers and automatic climate control with pollen filte

Korea launches task force to enforce strict origin managementLack of strict origin management by the government is making it difficult for local exporters to take advantage of preferential tax treatment they are entitled to once the Korea-EU free trade agreement goes into effect on July 1.Only one-quarter of local companies eligible for tax benefits from the trade deal have attained certificates p

CJ Group, the country’s largest food company, is bidding to take over Japan’s biggest food-additive maker, Hayashibara, reportedly in consortium with Japanese private equity firm Unison Capital.CJ confirmed the bidding scheduled for July but declined to comment on its consortium with Unison capital.Acquiring Hayashibara is part of CJ Group’s plan to expand into amino acids and other biochemical fo

Global corporations should pursue revenue opportunities in such clean technologies as solar cells and smart-grids to keep up with the trend toward a low-carbon economy, said Gil Forer, the head of Ernst & Young’s global cleantech unit.Forer said corporations should take advantage of transformational opportunities and adopt clean technologies.“A number of factors including the growth in world popul

Chang denies advice on corrupt investment in Busan Savings BankThe snowballing lobby scandal involving Busan Savings Bank is taking a new twist as two scholarship foundations threatened to sue an asset management agency, claiming that it advised them to invest in the failing bank.The private Pohang University of Science and Technology and Samsung Dream Scholarship Foundation said they would file a

The interest payment burden on household debt has reached 480,000 won ($447) per head annually, the Bank of Korea said, revealing the exceedingly high level of loans and credit card bills taken up by the private sector.The figure from this March is the second-highest level after it reached a record high of 485,838 won for the one-year period ending last March.The central bank said private loans fr