Online retailer Tryst boasts price competitiveness but has yet to overcome credibility issues A fresh online luxury retail channel is eying a slice of the pie in the conglomerate-dominated local market with price competitiveness and quality service. The launch of flash sale site Tryst on Wednesday, the first of its kind here, may be intriguing news for savvy Korean shoppers. The website can be...

The introduction of new online retail channels is expected to expand the size of the local luxury retail industry appealing to an increasing number of younger shoppers with affordable price and convenience, industry watchers said. Yet they face fierce competition from the market-dominant retail giants and are to overcome credibility concerns typically associated with e-commerce in the country. ...

Korea’s biggest conglomerate issues public pledge aiming to prop up partner firms Samsung Group on Wednesday pledged a number of measures including a 610 billion won ($558.7 million) fund, patent rights and improved payment systems to help promote growth in its smaller vendors and suppliers. Samsung signed an agreement at its Seocho headquarters outlining these and other efforts to become the s...

'Oil prices above $100 hurt global economy, demand outlook stable' The International Energy Agency maintained its outlook for global oil demand in 2011, while warning that prices above $100 a barrel are starting to hurt the global economy. Worldwide oil consumption will increase by 1.4 million barrels a day, or 1.6 percent, this year to average 89.4 million a day, the Paris-based adviser said T...

Korea Post named Kim Myong-ryong, 54, the organization’s former director of strategy and management, its new president, the Ministry of Knowledge Economy said Monday. Kim is an experienced public administrator whose career background covers multiple positions at the knowledge economy ministry ― formerly Ministry of Information and Communication ― and Korea Post. Born in Seoul, Kim earned his un...

Hyundai Motor Group’s steelmaker Hyundai Steel broke ground for the third blast furnace at its integrated steelworks in Dangjin, South Chungcheong Province on Tuesday. The company is injecting 3.26 trillion won ($2.89 billion) into the project, which is scheduled for completion in September 2013. The furnace will have an annual production capacity of 4 million metric tons, pushing the facility’...