The duty-free stores that have newly opened in Seoul have seen operating losses this year as heavy marketing costs in the highly competitive market eroded their profitability, their financial documents showed Wednesday. Five duty-frees stores opened new shops in the capital city after winning licenses in two bids -- one in July and the other in November 2015 -- in hopes of courting deep-pocketed Chinese customers, but none of them has reached the break-even point since opening. Shinsegae Duty Fr

Industry Nov. 16, 2016

South Korea's top 30 business groups reduced their workforces by 1.4 percent this year as they implemented cost-cutting measures amid a drawn-out slump, data showed Wednesday, despite the government's effort to spur employment.As of end-September, the combined workforce of 255 companies affiliated with the leading business groups came to 988,345, down 14,308 from the end of December, according to the data compiled by industry tracker CEO Score.Of the total family-controlled conglomerates, known

Nov. 16, 2016

South Korea's financial authorities have launched full-fledged preparations for the adoption of a new global accounting regulation on the insurance industry, officials said Wednesday.The International Accounting Standards Board is expected to set a schedule for the introduction of the International Financial Reporting Standards (IFRS) 4 Phase II during a meeting under way in London.Under the rule, insurers' liabilities will be assessed on the basis of their market value, instead of book value. I

Nov. 16, 2016

South Korea's finance minister reaffirmed on Wednesday that the Seoul government will take swift and firm action to ease rising market uncertainties stemming from the surprise victory of US President-elect Donald Trump."The South Korean economy will experience a negative impact from heightened uncertainties since the US presidential election as trade protectionism is widening and a possible US rate hike is imminent," Finance Minister Yoo Il-ho said in a ministerial meeting in Seoul. "The governm

Nov. 16, 2016

North Korea is showing no signs of preparations for an imminent nuclear or long-range missile test, a US website monitoring the communist nation said Tuesday.Satellite imagery of the North's Punggye-ri nuclear test site taken from Oct. 29-Nov. 9 shows continued low-level activity, but it appears that maintenance and minor excavation operations are taking place at the North and West Portals, 38 North said."There are no definitive indications that another test is imminent. However, the site remain

North Korea Nov. 16, 2016

The number of convenience stores in South Korea has surpassed 33,000 as of the end of October this year, marking a rapid growth since the opening of the first store 27 years ago, industry statistics showed Wednesday.The number indicates a significant increase from 28,994 counted at the end of last year.CU had the most with 10,634. Following were GS25 with 10,486 and Seven Eleven with 8,486. Japan-affiliated brand Mini Stop had 2,326, and With Me, a chain operated by Shinsegye Group, had 1,615.Th

Industry Nov. 16, 2016

A senior North Korean diplomat handling US affairs is set to hold talks with American experts in Europe, but the meeting is nothing out of the ordinary, South Korea's foreign ministry said."Our government is aware of the North Korean foreign ministry Director General for North American Affairs Choe Son-hui's layover at Beijing en route to a European country where a (non-governmental) track-two meeting with US experts is reportedly scheduled," ministry spokesman Cho June-hyuck said in a press bri

North Korea Nov. 16, 2016

South Korea's defense ministry is set to conclude a deal to acquire a site for an advanced US missile defense system from Lotte Group, a military source said Tuesday.The Ministry of National Defense has tentatively agreed to secure the Lotte Skyhill Country Club in the southeastern rural county of Seongju from the nation's fifth-largest conglomerate. The ministry suggested giving state-owned land near Seoul to Lotte in exchange for the golf course, a military official told Yonhap News Agency."Lo

Defense Nov. 15, 2016

A Seoul court on Tuesday ordered a local consumer goods producer to compensate up to 100 million won ($85,700) each to the victims of toxic humidifier sterilizer, in the first ruling made in favor of people who have taken legal action.In August 2014, a total of 13 victims affected by the use of the humidifier disinfectants from February 2008 to April 2011 filed a suit against the government and companies that produced the deadly products, seeking compensation for injuries or deaths caused.The Se

Social Affairs Nov. 15, 2016