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Sat, July 22, 2017 | 15:38

Biz & Tech > Light industries >

Price of IQOS HEETS may go up

The price of Phillip Morris’s IQOS HEETS may rise here, following the government’s decision to impose a higher tax on heat-not-burn (HNB) cigarettes. This move will also weigh on British American Tobacco (BAT), given the firm also plans to launch its HNB glo cigarettes Aug. 10. According to industry officials, Friday, the government and the National Assembly have agreed to ra...

Light industries | 2017-07-21 16:20

Shinsegae uncertain about Starfield Cheongna

Shinsegae Group has recently decided to reconsider its plan to build a Starfield shopping complex in Cheongna International City in Incheon, industry officials said Wednesday. The move seems to cast further gloom over the future of the free economic zone, which has suffered from declining foreign investment for years. Last month, the retail giant requested the Incheon Metropo...

Light industries | 2017-07-21 09:58

Coupang's express delivery ruled legitimate

Coupang won the lawsuit against logistics firms regarding its express delivery service, according to the court, Thursday. The Seoul Central District Court ruled this week that Coupang’s express delivery service, dubbed “Rocket Delivery,” does not violate any laws because it is only a part of the business selling products.

Light industries | 2017-07-20 16:56

Orion vice chairwoman indicted for embezzlement

Orion Group Vice Chairwoman Lee Hwa-kyung has been indicted for embezzling 400 million won ($356,000) through appropriating artwork, prosecutors and the conglomerate said Wednesday. Chairman Dam Chul-gon, Lee’s husband, had earlier been acquitted after also being charged with embezzlement in addition to tax evasion. Dam married Lee, the daughter of the late Tongyang Group fou...

Light industries | 2017-07-19 17:11

Prosecutors track slush funds of KAI chief

The prosecution is widening its investigation into Korea Aerospace Industries (KAI) President and CEO Ha Sung-yong over his alleged slush fund and the firm’s attempt to destroy evidence. Concerns have sprung up over its alleged unfair business practices with subcontractors. “We have obtained information that the KAI bought an eraser program to delete evidence left on PCs and ...

Light industries | 2017-07-19 16:40

Shinsegae to open giant shopping complex in Goyang

Shinsegae Group, a retail giant in South Korea, said Tuesday it will open its third shopping mall in the northern outskirts of Seoul next month, offering a variety of options for shopping, leisure and culinary experiences. Starfield Goyang, a two-story building with four underground floors covering an area spanning 365,000 square meters in the city of the same name, will open...

Light industries | 2017-07-18 10:15

Why do chief executives mistreat drivers?

Chong Kun Dang Chairman Lee Jang-han is drawing disdain for his repeated verbal abuse of personal drivers over the years. Despite his apology late last week, criticism of him shows little sign of subsiding. Chairman Lee is by no means alone in mistreating his aides, particularly personal drivers, in the country’s business circle. Watching the case, a few other businessmen mig...

Light industries | 2017-07-16 16:49

Mister Donut expected to shut down in Korea after lawsuit

Mister Donut is expected to stop operating in Korea after a court ordered its Korean operator to stop using the brand, according to industry officials Sunday. SDK2, a unit of Korean construction group SDK, has run Mister Donut’s Korean stores since July 2014, after signing a franchise contract with a Hong Kong subsidiary of Duskin, which owns the Japanese-based doughnut chain...

Light industries | 2017-07-16 15:56

Chong Kun Dang chief under fire for misconduct

Shares of Chong Kun Dang Pharmaceutical and other affiliates have been battered by the escalating scandal implicating its chairman’s verbal abuse of his personal drivers over the years. Analysts say the misconduct by Chairman Lee Jang-han will tarnish the image of one of Korea’s largest pharmaceutical companies and adversely affect its sales. In order to contain the growing p...

Light industries | 2017-07-14 16:41

Shinsegae goes after CU, GS25, 7-Eleven

Shinsegae Group will invest 300 billion won ($261 million) over the next three years to nurture its struggling convenience store unit to market leader status ahead of CU, GS25 and 7-Eleven, Korea’s second-largest retailer said Thursday. Shinsegae said it will foster With Me as its next growth engine amid the rapidly growing convenience store market, powered by the soaring num...

Light industries | 2017-07-13 16:31

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Park's impeachment