E-Mart under scrutiny
Fair Trade Commission (FTC) investigators raided the Seoul headquarters of E-Mart, the country’s largest grocery chain, Monday, on suspicions over whether the retail giant dishonored its promise to reduce sales commissions imposed on small suppliers. E-Mart officials confirmed Tuesday that 16 FTC inspectors visited the company’s offices a day earlier in search of documents and […]
Seoul apartment prices fall steepest in 10 years
No rebound in sight for loal housing market The real estate market entered a deep slump following the global economic crisis in 2008 and still shows no sign of an imminent rebound. Homeowners, who borrowed money to buy houses during the property boom period from 2005 through 2007, are experiencing severe financial pain because they […]
Kia Motors’ Rio wins major design award
Kia Motors has won the International Design Excellence Awards (IDEA), one of the world’s three biggest design awards. Sold under the different name of the Rio overseas, the automaker’s popular compact car Pride won a bronze in the transportation category at the 2012 IDEA organized by the Industrial Design Society of America (IDSA). The IDSA […]
NTS rejects Lone Star’s refund demand
Tax authorities rejected Tuesday the demand by Lone Star Funds that they return 391.5 billion won (about $342 million) in capital gain taxes the U.S. buyout firm paid on earnings from its sale of the Korea Exchange Bank (KEB) earlier this year. The decision, which was widely expected, means the dispute will enter the long […]
Samsung feared to face sales ban on Galaxy S3
SEOUL, July 3 (Xinhua) — Samsung Electronics, the world’s largest handset maker, was feared to face sales ban on its flagship Galaxy S3 smartphone in the United States following the ruling that blocked sales of the Galaxy Nexus model, market watchers here said Tuesday. On Apple’s request, the U.S. District Court of California issued a […]
Old habits die hard
Despite housing slump, rich still bet on real estate The property market is in dire need of a boost, but wealthier Koreans keep the faith that there will be another huge payoff with a stubborn commitment to real estate. Not that they can afford to second-guess when real estate continues to account for the majority […]
Seoul weights impact of Iran oil ban
Korea halts oil imports from Iran Korea has halted crude imports from Iran in line with the sanctions led by the European Union (EU) aimed at thwarting Teheran’s nuclear ambitions, despite a warning from Iran that it would “reconsider” its relationship with Korea and imports of Korean products. The Ministry of Knowledge Economy said Sunday […]
Legacy of Jobs
Korean technology CEOs can’t stop talking about humanities It may seem difficult at first glance to find a connection between information technology industries and the studies of the humanities, but company chief executives are propagating the importance of culture to connect with employees, consumers and making products. The late Steve Jobs has stressed the importance […]
Pension fund sees crisis as opportunity
Now is the time to look beyond the crisis and try to find a new opportunity the head of the nation’s pension fund has said, by effectively managing the economic turmoil. At a speech to mark the opening of its office in London on June 21, National Pension Service (NPS) Chairman Jun Kwang- Woo called […]
Samsung has Google’s backing in fight against Apple
The intellectual property battle between Samsung Electronics and Apple may have hit a turning point as the Korean company now appears to have the support of Google, which competes with Apple for supremacy in mobile operating systems (MOS). Samsung and Google have a productive partnership in the technology sector. The former is now the world’s […]
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