Bekei Korea launches Klavuu cosmetics brand　Bekei Korea, a cosmetics company specializing in developing pearl-based items, has launched South Korea’s first pearl cosmetics brand Klavuu.　Klavuu has introduced a new skin care lineup, including toners, serums, eye creams and facial creams, as well as a cleansing product lineup based on conchiolin, a protein found in pearls known to improve skin quality.　All of Klavuu’s products are infused with natural minerals and proteins found in high-quality, n

Industry Feb. 25, 2016

The Indian Chamber of Commerce in Korea has named Yoon Sock-joong, a former presidential secretary and public affairs minister at the Korean Embassy in the U.S., as its new secretary general.　Yoon, 57, will take over the chamber’s secretary general post formerly held by Chang Kook-hyun, the founding secretary general of the ICCK, starting from Feb. 1. Chang will continue to serve ICCK as senior advisor. Yoon Sock-joong (ICCK)　Yoon served as the embassy minister in the U.S. from 2005-2008 after w

Industry Feb. 24, 2016

A U.S.-based start-up claiming it can enable South Korean consumers to directly purchase gasoline and diesel fuel from overseas vendors has terminated its beta service one day after its official launch.　Jirm had opened its beta website -- www.jirm.com -- in Korea on Monday, referring to itself as the world’s first company to help consumers order fuel directly from Saudi Arabia at lower-than-market prices.Following legal issues raised by state authorities and industry officials, the firm shut dow

Industry Feb. 24, 2016

GS Caltex, South Korea’s second-largest oil refiner, is lending a hand in bringing the arts closer to the local community in Yeosu, South Jeolla Province, through its cultural center Yeulmaru.　In partnership with Yeosu City, the company established the arts facility in May 2012 aiming to provide local citizens with opportunities to enjoy diverse arts performances and exhibitions previously unavailable to those outside of Seoul. Yeulmaru (GS Caltex)　Yeulmaru, which translates to “a serene space f

Industry Feb. 24, 2016

Fresh concerns are rising over the expansion of illegal kickbacks offered by pharmaceutical companies to doctors in South Korea, as prosecutors have begun investigating the local arm of Swiss pharmaceutical giant Novartis on suspicions of bribery.　The Seoul Western District Prosecutor’s Office raided Novartis Korea on Monday, confiscating the company’s documents and checkbooks on allegations that it had handed out money and other kickbacks, known in the industry as “rebates,” to local doctors.　R

Industry Feb. 23, 2016

Although global oil prices have plunged to record-lows, many drivers in South Korea say they have not benefited from the corresponding falls in their daily fuel costs.An insignificant decline in local gasoline prices in an era of persistently low crude prices has led to growing public calls for the government to alter its taxation system.　The current scale and method of levying taxes on oil products prevents local retail fuel prices from falling in line with major drops in crude prices.(Yonhap)　

Industry Feb. 22, 2016

South Korea’s SK Group is pushing forward strategic mergers and acquisitions to bolster its pharmaceutical business, considered one of the key industries to lead the conglomerate’s future growth.　SK Holdings is close to finalizing its selection of at least two global contract manufacturers of active pharmaceutical ingredients (API) used in pharmaceutical production, presumably midsized firms from Europe and North America, for acquisitions, according to news reports and industry sources on Sunday

Industry Feb. 21, 2016

South Korea’s leading automaker Hyundai Motor is set to debut the pure electric version of the Ioniq next month at the International Electric Vehicle Expo 2016 in Jejudo Island, following the launch of the Ioniq hybrid in January.The green car expo is scheduled to take place at the International Convention Center Jeju from March 18-24.　　Hyundai has also begun receiving preorders of its new electric vehicle in Jeju, as part of a government-led program to subsidize some 4,000 electric vehicles tha

Mobility Feb. 21, 2016

Despite her busy schedule, Kim Na-eun, a 30-year-old office worker in Seoul, visits a skin care clinic every now and then, whenever she feels the need to rejuvenate, or allot some “proper attention” to her skin.　These days, though, her visits have stopped -- not because she has stopped investing in skin care, but since she now relies on a set of high-end self-aesthetic devices instead to look after her skin.　Ranging from a rechargeable sonic skin cleansing brush to a microcurrent-generating faci

Industry Feb. 11, 2016

South Korea’s business community on Wednesday expressed hopes that the shutdown of an inter-Korean industrial park in the North’s border city will be lifted at an earlier date as it could wreak financial havoc on local firms operating there.　Earlier in the day, the South Korean government announced a complete shutdown of the Kaesong Industrial Complex in the North‘s border city of the same name, the last remaining symbol of inter-Korean reconciliation, in response to the North’s recent nuclear t

Business Feb. 10, 2016

The net profit of Shinhan Financial Group, the nation’s largest banking group by assets, jumped to 2.37 trillion won ($1.9 billion) in 2015, a 14 percent increase from 2.08 trillion won in 2014, as result of increased deposits and strong performances of its non-banking sectors including securities and credit card, the company said in its regulatory filing. 　It was the second consecutive year for the financial giant to achieve more than 2 trillion won in net profit. 　“The performance resulted fro

Feb. 10, 2016

A Hyundai Motor commercial has been picked as the favorite advertisement aired during the U.S most-watched sporting event Super Bowl 50, the automaker said Wednesday.　The commercial, “First Date,” which features the Korean automaker’s Genesis sedan, ranked first in a poll conducted by USA TODAY, a national American daily.　Hyundai Motor said that it is the first foreign automaker in decades to emerge top in USA TODAY’s Ad Meter, beating 63 other Super Bowl 50 commercials.  A screenshot of Hyundai

Mobility Feb. 10, 2016