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
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
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 […]
![[Novel] The Road to Shamawes ⑯](http://www.theasian.asia/wp-content/themes/city-desk/timthumb.php?src=http%3A%2F%2Fwww.theasian.asia%2Fwp-content%2Fuploads%2F2013%2F08%2FAshraf-2novel-news_9601.jpg&q=90&w=300&h=0&zc=1 "[Novel] The Road to Shamawes ⑯")
