Sales of red ginseng products more than doubled in late April from a year ago as Chinese shoppers went on a buying spree of the medicinal plant at duty free shops and department stores, the ginseng agency said Friday.Korea Ginseng Corp. said sales of its red ginseng products, including its flagship brand Junggwanjang, rose more than 60 percent to 13.7 billion won ($13.3 million) from April 25-29 compared with 8.3 billion won the same period of last year.Officials said the agency was banking on a

Industry May 2, 2014

A 10-year-old boy who owns a staggering 15.5 billion won ($15 million) was among South Korea’s stock-rich kids whose number was at its highest as conglomerate owners and their relatives gave away stocks as gifts to their children, data showed Friday.The data compiled by market research firm Chaebul.com showed there were 126 children aged 12 or below who held shares worth at least 100 million won at the end of April, up from 118 a year ago. The figure marks the highest-ever on record, the data sh

Industry May 2, 2014

Korea Gas Corp., South Korea’s state-run LNG provider, said Friday its unit KOGAS Canada LNG has sold 5 percent of its stake in the multinational joint venture LNG Canada as it tries to reduce its debts as demanded by the government.The stake sales to Shell Canada Energy, a unit of global energy firm Shell, lowered KOGAS Canada LNG’s stake in LNG Canada to 15 percent, the company said in a regulatory filing. The company did not reveal the amount of proceeds from the sale.“My company’s policy is

Industry May 2, 2014

South Korea’s tourism balance was in the red in March for the 22nd consecutive month as the strong home currency encouraged South Koreans to travel abroad, data showed Friday.The country’s tourism deficit stood at $21.6 million in March, continuing the negative trend since June 2012, according to the Korea Culture and Tourism Institute. The first-quarter tourism deficit, however, fell 34.7 percent to $720.1 million from $1.1 billion a year ago on increased spending by foreign tourists, including

Industry May 2, 2014

South Korea’s swaps market is pricing in bets for the first increase in benchmark borrowing costs since 2011 as central bank Gov. Lee Ju-yeol raises his guard against inflation.The one-year interest-rate swap, the fixed payment needed to receive the floating rate on three-month certificates of deposit, rose to 2.71 percent on April 23, the highest since Jan. 3. The Bank of Korea, which has held its seven-day repurchase rate at 2.50 percent since May, will lift it to 2.75 percent in the fourth qu

April 29, 2014

South Korea’s tech giant LG Electronics said Tuesday it made a net profit in the first quarter of 2014 following a net loss the previous year. Net profit came to 92.5 billion won ($89.5 million) in the January-March period, improving from the net loss of 63.4 billion won posted a year earlier, LG Electronics said in a regulatory filing. Revenue edged up 1.2 percent on-year to 14.2 trillion won, and operating profit surged 44.2 percent to 503.9 billion won, it said. For all of 2013, LG Electronic

Industry April 29, 2014

SK Telecom, the nation’s top mobile operator, said Tuesday its first-quarter net profit shed 22.7 percent from the same period a year ago, affected by business suspensions ordered by telecom authorities in the first quarter. Net profit came to 267.3 billion won ($259 million) in the January-March period, compared with the 345.9 billion won tallied a year earlier, SK Telecom said in a regulatory filing. Revenue rose 3.4 percent on-year to 4.2 trillion won, while the firm’s operating profit slippe

Industry April 29, 2014

Bannyeoaesu (Animal Water), a drinking water brand for pets, was launched on Monday, and will be released at major pet shops, veterinary clinics and online shopping malls in May. Animal Water is made with dissolved drinking water that is then enriched with minerals. Therefore, the water is “softer, more absorbable and nutritious,” the producer Paramishop said. According to the company’s examination of 200 dogs owned by active Internet users, the water reduced the odor of excrement and bad breath

Business April 29, 2014

Ruling Saenuri Party Rep. Chung Mong-joon, 63, the sixth son of the late Hyundai Group founder Chung Ju-yung, has successfully retained the title of richest lawmaker in Korea. A survey on the assets of 295 South Korean lawmakers in 2013 that was released by the government’s Civil Service Ethics Committee in March found the seventh-term lawmaker topping the list with a fortune of 2.04 trillion won ($1.97 billion). Most of his wealth came from his 10.15 percent stake in Hyundai Heavy Industries, a

Industry April 28, 2014

Despite praise for strengthened economic ties between Korea and the United States with a free trade agreement, U.S. President Barack Obama pointed out that there are still some sectors where American companies face a trade barrier. “Under the U.S.-Korea FTA, our trade has increased. These business leaders know concretely what this means. American companies are exporting more to Korea; Korean companies are exporting more to the U.S. So it’s a win-win for both countries,’’ Obama said during a roun

Industry April 27, 2014

LG Household & Healthcare, the nation’s largest consumer goods maker, confirmed on Wednesday that it is considering a bid for cosmetics company Elizabeth Arden to expand its beauty business overseas.“The company is reviewing a couple of beauty brands on sales, including U.S.-based Elizabeth Arden, but it has not decided yet whether it will join a bid or not,’’ a company spokesperson said. Industry watchers said the price tag of Elizabeth Arden would surpass 1 trillion won ($960 million) as the f

Industry April 23, 2014