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Business
Cigarettes, soju may be pulled from discount stores
The Seoul Metropolitan Government is seeking to ban large discount stores from selling cigarettes, soju and some daily necessities as part of its moves to help protect mom-and-pop stores and traditional markets. “We’re now discussing measures to limit the types of goods sold at large retail chains and super-super markets…
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Hyundai Motor to abolish overnight shift
Hyundai Motor and its labor union have agreed to abolish the overnight shift and instead introduce two consecutive shifts per day with all workers to be off the lines by 1:10 a.m. at the latest, the automaker said Thursday. The decision came after the two parties held long discussions on…
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Business
Patent war escalates
Korean firms entangled in global battles Samsung Electronics’ recent setback in its intellectual property feud with Apple extends a disturbing streak of punches to the stomach Korean companies have taken in patent wrangling with foreign competitors. The scorch-the-earth fight between the two technology giants has raised questions on whether the…
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Business
Psy’s jackpot gets bigger
One song and one rapper is changing the image of K-pop. With his song “Gangnm Style” and its music video going viral through YouTube, Psy has found himself an overnight global celebrity. His music video, characterized by his “rodeo dance,” has attracted more than 55 million views in just over…
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Business
Hyundai chairman calls for enhancing ‘quality’
Hyundai Motor Group Chairman Chung Mong-koo called for the firm’s U.S. factories to improve product quality, Wednesday, so that customers are offered value for money, during an inspection of the automaker’s plant in the United States. The chairman flew to the U.S. on Monday to meet with executives in Los…
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Business
Hanwha gives up buying ING unit
Construction project in Iraq will continue as planned Upon the arrest of its chairman, Hanwha Group has virtually abandoned any intention of acquiring ING Life’s Southeast Asian business. Previously, the group had been competing with multinational life insurer AIA Group to take over the Southeast Asian arm of the Dutch…
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Business
Cash-strapped
Kakao Talk, Line struggling to find revenue models Social networking services (SNS) have cropped up like mushroom in Korea, but many have soon perished or lost their ground for a lack of solid and sustainable revenue model. The country’s leading SNS providers such as Cyworld, Kakao Talk, Line, and, My…
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Business
V-Society
How fraternity impacts business, politics Not many people knew about V-Society. Since its foundation in 2000 the fraternity of domestic business leaders and entrepreneurs has formed an extensive network of power, prosperity and position. Recently it was suddenly mentioned in the media and the trigger was Ahn Cheol-soo, a Seoul…
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Business
China’s hot money ebb away due to business slowdown
As China’s economic growth is slowing down, large amounts of hot money (international short-term fund for speculative purpose) leave for overseas. According to the latest statistics announced by The People’s Bank of China on Aug. 14, 3.9 billion yuan (674.4 billion won) among foreign reserves financial institutions within China possessed escaped…
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Business
Gamers pack Korean developers’ booths
COLOGNE, Germany — At one of the biggest games trade shows in the World, the booths of Korean game developers and exhibitors Nexon and NCsoft bustled. On the opening day of the four-day Gamescom 2012, taking place at the Koelnmesse exhibition center for the fourth consecutive year, the two firms…
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