The evaluation process for awarding duty-free licenses will be led by nongovernment experts instead of the Korea Customs Service in order to improve fairness and transparency, according to the Finance Ministry on Wednesday.The Strategy and Finance Ministry released the first round of revisions to the duty-free license evaluation process, with the changes reflecting criticisms of biased and unfair evaluations in the past, as revealed by the Audit Board in July.  (Yonhap)Since last year, the Korea

Industry Sept. 27, 2017

South Korea’s largest hotel and entertainment complex Seoul Dragon City is set to open on Oct. 1. It is also dubbed Korea’s first “hotelplex,” as it combines four hotels.  Seung Man-ho, CEO of Seobu T&D, speaks to reporters at Seoul Dragon City on Wednesday. (Seoul Dragon City)“We are building Korea’s first hospitality landmark,” said Jerome Stubert, the cluster general manager of Seoul Dragon City, at a press conference Wednesday.The gigantic three-tower complex is an ambitious 500 billion won

Industry Sept. 27, 2017

With its expertise in connecting people through telecommunications, connectivity has been at the core of other aspects of businesses promoted and operated by KT. A notable move is the healthcare sector, with KT taking its healthcare solutions to far-flung regions like Africa, Russia and Kazakhstan. By introducing connectivity between healthcare centers and remote regions, KT‘s healthcare solutions are aimed at bringing patients in rural areas into the mainstream healthcare system. KT exhibits it

Technology Sept. 27, 2017

Hite Jinro’s Jinro soju retained its title as the world’s top-selling spirit brand by volume for the 16th consecutive year, according to the company Tuesday.According to the UK-based magazine Drinks International, Jinro soju was the No. 1 selling spirit brand in 2016 with 73.9 million 9-liter cases sold.  (Hite Jinro)This is more than double the amount sold by the runner-up, Indian whisky Officer’s Choice from Allied Blenders and Distillers, which sold 32.9 million cases.Local rival Lotte Liquor

Industry Sept. 26, 2017

After a prolonged and messy fight to buy back Kumho Tire, Kumho Asiana Chairman Park Sam-koo has given up his right of first refusal over the tire company and has decided to step down from executive management.  (Yonhap)“Chairman Park has decided to resign from his management position and give up his right of first refusal to prevent any interference with the business normalization of Kumho Tire,” said Kumho Tire’s lead creditor Korea Development Bank on Tuesday.The announcement brings Kumho Tir

Industry Sept. 26, 2017

Production of health food products and home meal replacements rose significantly in 2016, as Koreans are cooking less at home and focusing on healthy living, according to data released Monday.According to the Food and Drug Safety Ministry, products in the home meal replacement category rose in production across the board. Production of ready-to-cook and ready-to-eat products rose from 1.04 trillion won ($920.5 million) to 1.55 trillion won, while boxed meals like those sold at convenience stores

Industry Sept. 25, 2017

McDonald’s Korea said Monday that it will be cooperating with the Korea Food Safety Association to run an independent nationwide safety check on its stores.(McDonald's)The inspections, to cover 80 items including compliance with food sanitation laws, store facilities, employee sanitation and ingredient inventory management, will come as part of McDonald‘s previously announced plans to strengthen safety at its stores following allegations of products leading to adverse health effects.The unannoun

Industry Sept. 25, 2017

A decision by the Labor Ministry to order bakery chain Paris Baguette to directly hire bakers working at the brand’s franchise outlets is facing strong resistance from politicians and franchise operators who say that such a decision would impose a massive financial burden on companies that use workers hired by a third party. On Thursday, the government said that it considered Paris Baguette to be illegally supervising bakers at its franchise stores who had been dispatched by partner firms. Under

Industry Sept. 22, 2017

E-mart's home meal replacement brand Peacock is entering the overseas market beginning with Hong Kong and the United States this month, the discount retailer chain said Thursday.Although Peacock products have been sold overseas in the past through limited-time promotions, this is the first time that it has been officially delivered as a brand to overseas retail chains.Peacock products are on display at a Market Place by Jasons outlet at the K11 mall in the Tsim Sha Tsui district, Hong Kong. (E-m

Industry Sept. 21, 2017

The hotly debated hike plan for consumption taxes on heat-not-burn tobacco products is likely to be discussed in the finance committee of the National Assembly on Thursday, as industry watchers speculate on whether the bill will be able to pass within the month.If the finance committee sends an amendment to the floor, it could be passed by the full legislature on Sept. 28. IQOS from Philip Morris International (PMI)“It has not been put on the official agenda yet, but people in the industry are s

Industry Sept. 20, 2017

Hanjin Group’s chief executive was questioned by police Tuesday regarding allegations that he used company funds to renovate his private home.Cho Yang-ho, who heads the group that runs Korean Air, appeared at the National Police Agency for questioning. He told reporters before the session that he would “fully cooperate with the investigation.” Cho Yang-ho, Hanjin Group’s chief executive, appears for questioning at the National Police Agency in Seoul on Tuesday. (Yonhap)Cho is suspected of using

Industry Sept. 19, 2017

Cosmetics brand Laneige, run by Amorepacific, will be sold at the multi-shop brand Sephora in North America starting Saturday, according to Amorepacific on Tuesday.Laneige products will be available through 144 Sephora stores across the US along with 74 stores in Canada, according to the company. An outdoor ad promotes Laneige‘s launch in the US (Amorepacific)Sephora stores in Canada have been carrying Laneige since September 2015.The brand previously launched in the US through the retailer Targ

Industry Sept. 19, 2017

Low-cost carrier Air Seoul said Tuesday that it will begin servicing flights to Kalibo starting in December, becoming the only Korean airline to provide direct flights there.　Kalibo Airport in the Philippines serves mainly as a gateway to tourist-heavy Boracay. Tickets to Kalibo will be available for reservation starting in October, with flights beginning Dec. 22 in time for the winter tourist season. An Air Seoul plane (Air Seoul)　Air Seoul will fly to Kalibo from Incheon Airport four times wee

Industry Sept. 19, 2017

The fair trade watchdog has begun looking into allegations that the nation‘s second-largest air carrier demanded unfair financial investments from a company that supplies the airline’s in-flight meals. According to LSG Sky Chefs, a catering company run by German airline Lufthansa, the company filed a complaint with the Fair Trade Commission claiming that Asiana demanded the company invest in bonds with warrants from Kumho Holdings in exchange for a contract extension.When LSG Sky Chefs refused,

Industry Sept. 18, 2017

Amorepacific‘s self-developed mobile point-of-sale system has been recognized at the 2017 e-Asia Awards, according to the company Monday.The mobile POS system allows store employees to scan customer and product information and complete transactions with just one mobile device.  Amorepacific IT professional Hwang Yoon-sung (left) and Gary Gong, director at the Taiwan Institute for Information Industry at the e-Asia Awards in Taipei on Sept. 13. (Amorepacific)It was chosen as the winner in the “Cr

Industry Sept. 18, 2017