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Celebrities’ shopping malls punished for false hype

Celebrities’ shopping malls punished for false hype

Popular Internet shopping malls owned by entertainers were slapped with hefty fines for running fraudulent promotional campaigns to lure customers and for refusing to process legitimate refund claims, the fair trade regulator said Monday. The Fair Trade Commission (FTC) said six shopping malls were found guilty of violating the fair trade law and they were […]

Smartphones intimidate elderly

Smartphones intimidate elderly

Park Hyung-tae recently bought a Galaxy Note from Samsung Electronics, but it’s hard to imagine the 69-year-old using it without assistance from his children. “It’s very complicated to use. All I can do without the help of my children is make and receive calls and send text messages,” he complained adjusting his glasses. “Another problem […]

Immigration process for investors to be shortened

More foreign investors are expected to enjoy a shortened immigration process from Monday, as the financial authorities in cooperation with the justice ministry plan to expand the scope of beneficiaries of the finance investor express card system. Financial Hub Korea (Fn Hub Korea) said they have revised the system to allow more overseas investors to […]

Chaebol bosses’ stock wealth rising

Chaebol bosses’ stock wealth rising

Leading chaebol bosses are combining to make more in the stock market than the gross domestic product (GDP) of Bahrain, according to figures from a local think tank. The report by the Korea CXO Institute shows that the combined value of stocks held by the corporate owners of the country’s top 30 business groups reached […]

Restricted area

Restricted area

Chicken, pizza franchise stores to be banned from opening near existing outlets Fried chicken and pizza franchises will be banned from opening new stores within 800 meters and 1,500 meters respectively from existing chain outlets. This comes amid mounting complaints about excessive business expansion, the state fair trade regulator said Thursday. Such companies are also […]

Gov’t seeks to create more ‘Pororos’

Pororo the penguin is already a beloved television character for Korean children. It’s now also the mascot of government aspirations to foster the country’s service sector into a global power. Pororo, created nine years ago by Seoul-based animation studio Iconix Entertainment, has since been exported to 120 countries and generated 34.3 billion won in revenue […]

Consumer revolt

Firms, banks face series of class action suits for unfair pratices A sense of apprehension is taking hold at major finance and technology companies here as they brace for a wave of legal action by vengeful consumers, who feel they have been manipulated or ripped off. Backing some 40,000 plaintiffs, the Korea Consumer Agency (KCA) […]

SC Bank to press on with meritocracy

SC Bank to press on with meritocracy

The chief of Standard Chartered Bank in Korea hinted that the bank will soon introduce a performance-based wage system to build a more meritocratic corporate culture and turn SC into the nation’s best international lender. In an interview with The Korea Times last week, Richard Hill, CEO of the Korean arm of the U.K. banking […]

E-Mart under scrutiny

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

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 […]

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