-
Business
[Indonesia Report] Samsung hits new sales record in Indonesian market
Samsung, one of world’s largest electronic companies, perceived opportunity to expand its market in Indonesia. Country with more than 230 million population, growing economy with GDP of 6,5 percent in 2011 and large market for electronic consumers makes Indonesia a potential market for the South Korea’s giant electronic company. UK…
Read More » -
AMCHAM to face tax audit
After slapping the European Union Chamber of Commerce in Korea (EUCCK) with a huge fine over unpaid taxes, the National Tax Service (NTS) is highly likely to conduct a tax audit against commerce representatives of other countries, sources said Monday. While tax authorities are vague about their next actions, they…
Read More » -
Business
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…
Read More » -
Business
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…
Read More » -
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…
Read More » -
Business
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…
Read More » -
Business
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…
Read More » -
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…
Read More » -
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,…
Read More » -
Business
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…
Read More »