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Artistry zooms in on Korea’s beauty industry

IndustrySept 30, 2015

　Local and international cosmetics experts gathered in Seoul on Wednesday to discuss South Korea’s burgeoning beauty industry and culture, dubbed “K-beauty,” at the “K-Beauty Close-up” event hosted by global skin care brand Artistry.　“Korean women are highly interested in skin care and hold strict standards in regards to choosing their skin care products,” said Kim Malewitz, Artistry’s global beauty marketing director.Sulli of K-pop girl group f(x) speaks during Artistry’s “K-Beauty Close-up” ev
Korea’s expansive FTA network creates new investment opportunities

IndustrySept 29, 2015

　An Italian company that supplies cosmetics to global beauty brands such as L’Oreal and Estee Lauder has recently decided to build a $1.3 million innovation center in South Korea, and plans to expand such investments to make inroads into the Chinese market. 　A Chinese distribution giant has also decided to invest $40 million in a local animation production company to expand its business and reenter the Chinese market. Lee Kwan-sup, South Korea`s first vice minister of trade, industry and energy
N. Korea claims sanctions hinder development goals

North KoreaSept 28, 2015

North Korea‘s top diplomat has claimed that economic sanctions could hinder development goals as he accused the United States of harboring a hostile policy against the communist country.Foreign Minister Ri Su-yong said in a U.N. summit Sunday that the adoption of the sustainable development agenda at the U.N. is a meaningful event, but he warned that development goals “will not be attained” if economic sanctions imposed on some countries are left intact.　On Friday, member states of the U.N. adop
Shell says it will cease Alaska offshore Arctic drilling

World BusinessSept 28, 2015

Royal Dutch Shell will cease exploration in Arctic waters off Alaska‘s coast following disappointing results from an exploratory well backed by billions in investment and years of work. 　The announcement was a huge blow to Shell, which was counting on offshore drilling in Alaska to help it drive future revenue. Environmentalists, however, had tried repeatedly to block the project and welcomed the news.　　Shell has spent upward of $7 billion on Arctic offshore exploration, including $2.1 billion
Park proposes boosting cooperation with Denmark over Arctic routes

Foreign affairsSept 28, 2015

　President Park Geun-hye has proposed that South Korea and Denmark strengthen cooperation in utilizing Arctic shipping routes, which are becoming more viable as the ice in the region continues to melt due to climate change.　Park made the offer during summit talks with Danish Prime Minister Lars Lokke Rasmussen on Sunday on the sidelines of the U.N. General Assembly in New York, according to Cheong Wa Dae, South Korea‘s presidential office. South Korea’s president Park Geun-hye (left) shakes hand
'Super blood moon' shines bright across the world

World NewsSept 28, 2015

Skygazers were treated to a rare astronomical event Monday when a swollen “supermoon” and lunar eclipse combined for the first time in decades, showing Earth‘s satellite bathed in blood-red light.The celestial show, visible from the Americas, Europe, Africa, west Asia and the east Pacific, was the result of the sun, Earth and a larger-than-life, extra-bright moon lining up for just over an hour.The start of total lunar eclipse to a blood moon is seen in the dark sky in Essen, western Germany, on
Chinese ambassador calls for deepening economic ties with N. Korea

North KoreaSept 28, 2015

A Chinese envoy has urged more Chinese companies to make inroads into the North Korean market, while calling for deepening economic and trade ties with North Korea. 　Li Jinjun, China‘s ambassador to North Korea, made the remarks on Thursday as he visited an annual trade fair in Pyongyang, in which about 110 Chinese firms took part, according to the Chinese Embassy in the North on Monday. 　Li urged the Chinese companies to “better understand and enter into the North Korean market.” 　The Chinese a
Ruling, opposition parties narrow differences over election rules

PoliticsSept 28, 2015

Heads of the ruling and major opposition parties in South Korea said Monday that they made some headway in their negotiations on election rules and other details ahead of next year‘s general election.　Earlier in the day, Kim Moo-sung, chairman of the ruling Saenuri Party, and Moon Jae-in, head of the opposition New Politics Alliance for Democracy (NPAD), held a meeting in the southeastern port city of Busan and announced a series of agreements related to election rules before the general electio
Nigerian leader vows to address double taxation avoidance issue

Foreign affairsSept 28, 2015

Nigerian President Muhammadu Buhari has vowed to make efforts to quickly resolve the issue of double taxation avoidance with South Korea.　South Korea and Nigeria signed a double taxation avoidance agreement in 2006 to help boost two-way investment and trade, though the West African country has yet to complete its domestic procedures.　Buhari made the pledge during summit talks with South Korean President Park Geun-hye on Sunday on the sidelines of the U.N. General Assembly in New York, according
Pakistani PM says willing to set up industrial complex for S. Korea

Foreign affairsSept 28, 2015

Pakistani Prime Minister Nawaz Sharif has said he is willing to set up an industrial complex exclusively for South Korean companies to help facilitate their investment in Pakistan.He also said he is pleased with increased investments by South Korean companies. South Korean investment in Pakistan reached an accumulated US$100 million as of last year. Two-way trade amounted to $1.17 billion for last year alone.　Sharif made the comment in summit talks with South Korean President Park Geun-hye on Su
Pro-secession parties in Catalonia win landmark vote

World NewsSept 28, 2015

　Pro-secession parties pushing for Spain‘s northeastern Catalonia region to break away and form a new Mediterranean nation won a landmark vote Sunday by capturing a regional parliamentary majority, setting up a possible showdown over independence with the central government in Madrid.　　With 99 percent of the vote counted, the ``Together for Yes’‘ group of secessionists from across a broad political spectrum had 62 seats in the 135-member regional parliament. 　 Supporters of the Junts Pel Si or
Oil prices ease in Asia

World BusinessSept 28, 2015

Oil prices fell in Asia Monday as investors looked for further clues about the health of the Chinese and U.S. economies, the world‘s top crude consumers.　U.S. benchmark West Texas Intermediate for November delivery eased 48 cents to $45.22 and Brent crude for November dipped 47 cents to $48.13.(123rf)　Markets were rocked last week by news that a key gauge of manufacturing activity in China fell to a six-and-a-half-year low in September, the latest sign of slowdown in growth for the world’s secon
Park stresses importance of education for sustainable development

Foreign affairsSept 28, 2015

President Park Geun-hye on Sunday stressed the importance of education in setting up an effective and inclusive system to achieve sustainable development.　Park said South Korea drastically expanded investment in education as it was pushing for industrialization in the 1970s, which in turn created decent jobs and resulted in inclusive growth.　South Korea‘s education fervor helped transform the country into Asia’s fourth-largest economy from the ashes of the 1950-53 Korean War.　Park made the comme
Hyundai Motor's market share in emerging markets up in Aug.

TransportSept 28, 2015

Hyundai Motor Co. saw its market share in Brazil, Russia and other emerging markets grow in August from a year earlier, industry data showed Monday, raising hopes that demand might be recovering from a protracted slump.　According to the data made available by each country, Hyundai Motor sold a combined 72,302 cars in four emerging markets -- Brazil, Russia, India and Mexico. The sales are up 8.1 percent from a year earlier.　Hyundai Motor’s car sales accounted for 10.8 percent of the　672,254 cars
Putin heads for U.N. showdown with Obama over Syria

World NewsSept 28, 2015

Russian President Vladimir Putin squared up for a titanic clash Monday with his U.S. rival Barack Obama at the United Nations as the Kremlin leader pushes for a new coalition against the Islamic State.　Putin and Obama are due to make competing speeches before the U.N. General Assembly in New York, and will come face-to-face for their first official meeting in over two years at a time of high tension. In this photo released on April 25, 2015, by a militant website, young boys known as the "lion c