BUSAN ― Kohler, a U.S. supplier of high-end plumbing products, is hoping to see a 300 percent sales growth in the South Korean market next year, said Kohler Novita executive Choi Jae-kwan. “Designers of townhouses and luxury hotels are visiting our Busan showroom to use the premium Kohler products for their interiors,” Choi said during an event celebrating the launch of the company’s new toilet brand Veil. Kohler Novita executive Choi Jae-kwan (Kohler)The Wisconsin-based company, which describes

Industry Nov. 24, 2014

Swedish furniture giant IKEA on Wednesday apologized over what it said was a poor choice of words in naming the eastern body of water of the Korean Peninsula. “We apologize for the naming of the East Sea on the world map (sold at IKEA stores),” IKEA Korea retail manager Andre Schmidtgall said during a press conference at the Seoul outlet in Gwangmyeong, Gyeonggi Province.“We’re in close contact with our product development team at the headquarters in Sweden to make modifications,” he said.In the

Industry Nov. 19, 2014

SPC Group, best known for its Paris Baguette bakery franchise, is planning to launch the artisan bakery in Malaysia starting with an initial opening in the first half of next year, SPC officials said Friday.The country’s leading confectionary brand, in partnership with Naza Corporation Holdings ― one of the largest privately owned conglomerates in Malaysia ― is planning to open up to 30 outlets in the country by 2019. “We are confident that Malaysians will be receptive to new food and beverage c

Industry Nov. 14, 2014

South Korea’s tax revenue from sales of goods such as alcohol and cigarettes reached more than 55 trillion won ($50 billion) in 2012, the Korea Tax Association said Thursday.State revenue from taxes levied on the so-called “sin products” accounted for 27 percent of the total, and was almost the same amount as value-added taxes, the country’s main source of income, collected during the same period. Its revenue from value-added taxes, or consumption taxes, stood at 55.7 trillion won. This has rais

Nov. 13, 2014

Hyundai Heavy Industries vice president Kim Jong-do (second from right) shakes hands with Ali R. Al-Jarwan (second from left), CEO of ADMA-OPCO, an Abu Dhabi-based marine operating company, after signing a 2.1 trillion won offshore construction project deal in Abu Dhabi, UAE, Tuesday. (Hyundai Heavy)Hyundai Heavy Industries, the world’s largest shipbuilder, has inked a 2 trillion won ($1.94 billion) contract to develop Abu Dhabi’s Nasr oil field, the company said Wednesday.Hyundai signed the dea

Industry Nov. 12, 2014

Tesco, the world’s No. 3 retailer, is considering selling off its South Korean operations under Homeplus to rein in its accounting crisis, local reports said Monday.The reports said the firm would have European investment bank Credit Suisse review the spinoff plans for its Asian operations, including South Korea. This is not the first rumor of a potential selloff of Homeplus, but the current claims are supported by Tesco’s new CEO Dave Lewis examining ways to raise funds following the discovery

Industry Nov. 10, 2014

South Korean consumer goods makers are in fierce competition to woo Chinese consumers on China’s “Singles Day” on Nov. 11, the Chinese version of Black Friday, the largest shopping day in the U.S.They are aggressively offering special deals for Chinese consumers who seek Korean goods to buy on Singles Day on Chinese e-commerce websites, including Tmall Global, the online marketplace of Alibaba Group. The website of Tmall Global, a direct-buying platform for Chinese consumers looking to buy forei

Industry Nov. 9, 2014

With the surging rise of the “Hallyu Wave” ― especially the unprecedented popularity of K-pop globally ― local entertainment agencies have been riding high for some years now. However, concerned at its sustainability amid future uncertainties, they now appear to be tactically diversifying their business portfolios.In particular, South Korea’s top three entertainment agencies ― YG Entertainment, SM Entertainment and JYP Entertainment ― who have been the driving force behind this cultural sweep.As

Industry Nov. 6, 2014

Singer-actor Jung Ji-hoon, better known as Rain, posted a selfie with fellow actors in SBS rom-com “My Lovely Girl” on Instagram on Thursday. 　In the photo, Rain strikes a friendly pose with actress Cha Ye-ryeon and singer-actor Alex.  Jung Ji-hoon (left), Cha Ye-ryeon (center) and Alex. (Jung's Instagram)　With the selfie Jung wrote, “The hyeong (elder brother) who is so like the youngest brother,” pointing at Alex. 　Directed by Park Hyung-gi and written by No Ji-seol, My Lovely Girl stars sever

Nov. 6, 2014

King Willem-Alexander of the Netherlands (left), South Korean President Park Geun-hye (center) and Queen Maxima attend a banquet hosted by the Dutch King in Seoul on Tuesday. (Yonhap)President Park Geun-hye on Tuesday attended a banquet in Seoul hosted by King Willem-Alexander of the Netherlands during his four-day state visit.King Willem-Alexander’s wife, Queen Maxima, and leaders of South Korean businesses and politics attended the banquet, Cheong Wa Dae said.The royal pair, on their third day

Politics Nov. 4, 2014

KakaoTalk, the leading South Korean messenger app, is introducing a mobile money transfer service on Nov. 11, local banks said Tuesday. Bank Wallet Kakao, which is connected to its namesake messaging app with 35 million users, will allow users to transfer up to 100,000 won ($93) per transaction to friends and store up to 500,000 won in the account. The new cash service is jointly offered by the nation’s 16 major banks, including KB Kookmin, Shinhan, Hana, Woori, NongHyup, Industrial Bank of Kore

Nov. 4, 2014

The emir of Qatar arrived in South Korea on Tuesday for summit talks with South Korean President Park Geun-hye on energy and construction issues.Sheikh Tamim bin Hamad Al Thani landed at Seoul Air Base in Seongnam, Gyeonggi Province, for a two-day state visit marking 40 years since the two countries established diplomatic ties, Cheong Wa Dae said.By Suk Gee-hyun(monicasuk@heraldcorp.com)

Politics Nov. 4, 2014