• Lotte seeks to buy POSCO’s retail units

    Lotte Group, the country’s fifth largest family-controlled conglomerate specializing in retail and leisure industries, is in talks with POSCO to take over the world’s fourth largest steelmaker’s three retail units here and abroad, according to industry sources Tuesday. They include Diamond Plaza, a hybrid residential and commercial building in Vietnam,…

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  • Foreigner-only casinos to open in Saemangeum

    The government announced Tuesday that it will allow the building of foreigner-only casinos in Saemangeum from September 2013. The 400-square-kilometer-wide reclaimed tidal flat, about two-thirds the size of Seoul, is currently in the process of being transformed into an industrial park with tourism and leisure facilities. According to the Ministry…

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  • East Asia

    Entrepreneur Academy to foster Jobs’ spirit

    The Institute of Global Management (IGM) launched IGM Entrepreneur Academy (IEA) Monday to try and nurture innovative corporate leaders like Steve Jobs. It is the first school which offers programs for those who want to establish their own business with systematized curriculums and skilled professors including successful CEOs of major…

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  • East Asia

    Where is Korean economy heading?

    Foreign economists expect rebound to be possible in second half The outlook for the Korean economy has been murkier than ever due to lingering uncertainties caused by a myriad of downside risks, such as the prolonged eurozone debt crisis, concerns over the U.S. fiscal cliff and sluggish corporate investment here.…

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  • East Asia

    Bottom line comes first

    Korean firms need to focus more on fundamentals Korean companies have a more pessimistic outlook than their global counterparts about the world economy and the likelihood of its improvement, a sentiment that is affecting to further depress merger and acquisition (M&A) activities as well. According to Ernst & Young’s latest…

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  • East Asia

    Retailers leave China for Southeast Asia

    Department stores, discount store chains and other retailers, which rushed to set up presence in China over the past few years, are increasingly turning their eyes to Vietnam and other rapidly growing Southeast Asian nations. Some retailers have decided to downsize their operations in the world’s second largest economy, with…

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  • East Asia

    Year-end Soju War

    Liquor makers engage in fierce marketing battle Domestic soju makers are waging a full-scale war against one another in order to get the upper hand during the peak season. The heated competition comes as Koreans consume larger volumes of soju, traditional distilled liquor, in December compared to other months as…

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  • “Samsung mobile products occupy about 90 percent of market share in Nepal”

    Puskal Khatiwada, marketing manager of Samsung Mobiles in Kathmandu, talked about how Nepali consumers estiamate Samsung proudcts and future plan of the company to better meet the needs of people in Himalayan country in an interview with Bishnu Gautam. Q. Who do you think love to use Samsung mobiles and other…

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  • Korea, China agree to tap swap line for trade settlement

    South Korea’s central bank said Tuesday that it has agreed with its Chinese counterpart to support a trade settlement in the two countries’ currencies by using the existing bilateral currency swap line. In October last year, South Korea and China agreed to double their won-yuan swap line to 360 billion…

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  • East Asia

    Exodus?

    Goldman, HSBC scaling back operations here The government’s move to turn Seoul into an Asia financial hub is going adrift as a growing number of foreign financial firms are moving to either pull out of Korea or scale back their operations here. Foreign players are suffering from poor business performances…

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