The South Korean government will map out a set of measures to help minimize any fallout from the shutdown of a jointly-run industrial complex in a North Korean border city, officials said Wednesday, with financial aid in store for firms operating there.　Earlier in the day, the South announced a complete shutdown of the Gaesong Industrial Complex in the North‘s border city of the same name, the last remaining symbol of inter-Korean reconciliation, in response to the North’s recent nuclear test an

TOKYO (AFP) - Japan announced fresh sanctions against North Korea on Wednesday for its latest rocket launch, including a total ban on shipping from the country and barring Pyongyang‘s nationals from entering.　Japan’s announcement comes after the UN Security Council strongly condemned Sunday‘s rocket launch and agreed to move quickly to impose new sanctions of its own.　“We have decided to take firm sanction steps,” Japanese Prime Minister Shinzo Abe told reporters of the latest move, which adds t

South Korea’s business community on Wednesday expressed hopes that the shutdown of an inter-Korean industrial park in the North’s border city will be lifted at an earlier date as it could wreak financial havoc on local firms operating there.　Earlier in the day, the South Korean government announced a complete shutdown of the Kaesong Industrial Complex in the North‘s border city of the same name, the last remaining symbol of inter-Korean reconciliation, in response to the North’s recent nuclear t

The net profit of Shinhan Financial Group, the nation’s largest banking group by assets, jumped to 2.37 trillion won ($1.9 billion) in 2015, a 14 percent increase from 2.08 trillion won in 2014, as result of increased deposits and strong performances of its non-banking sectors including securities and credit card, the company said in its regulatory filing. 　It was the second consecutive year for the financial giant to achieve more than 2 trillion won in net profit. 　“The performance resulted fro

A Hyundai Motor commercial has been picked as the favorite advertisement aired during the U.S most-watched sporting event Super Bowl 50, the automaker said Wednesday.　The commercial, “First Date,” which features the Korean automaker’s Genesis sedan, ranked first in a poll conducted by USA TODAY, a national American daily.　Hyundai Motor said that it is the first foreign automaker in decades to emerge top in USA TODAY’s Ad Meter, beating 63 other Super Bowl 50 commercials.  A screenshot of Hyundai

Samsung Electronics, the nation’s largest tech giant, is expected to reduce facility investment in its chip business in 2016 from a year ago, data showed Wednesday, just as rivals such as Intel do the opposite. 　According to the data compiled by industry tracker TrendForce, Samsung Electronics is estimated to spend $11.5 billion on capital expenditure, such as spending on facilities. The figure is a 15 percent drop from $13.5 billion in 2015.　Samsung is the market leader in the global dynamic ra

KT&G is expanding its business in Iran as the Islamic country is requesting more investment from Korea’s largest tobacco firm, company officials said Wednesday.　The Iranian market is drawing attention from global companies as international sanctions against its nuclear programs were lifted last month.　“Our Esse and Pine products are gaining a lot of popularity and our high pricing policy is boosting profitability,” said Bang Kyung-man, who heads global marketing in KT&G.A shop in Tehran sells KT

WASHINGTON - North Korea has restarted a plutonium reactor that could fuel a nuclear bomb and is seeking missile technology that could threaten the United States, Washington‘s top spy said Tuesday.　In an annual threat assessment, Director of National Intelligence James Clapper and senior military and intelligence officials singled out the authoritarian pariah state as a major and unpredictable menace.　Lieutenant General Vincent Stewart, the director of the Defense Intelligence Agency, joined Cla

As companies around the world rush to take on new business opportunities in post-sanctions Iran, South Korean builder GS E&C is out to regain its former presence in the country where it has built up a solid track record in the construction segment.　　The Iranian construction market has remained virtually untapped since international sanctions took effect in 2010.　Having successfully carried out major projects in Iran before, GS Group’s construction unit expects to gain an upper hand in winning fr

LG Life Sciences, the biopharmaceuticals unit of LG Group, is out to swiftly commercialize its self-developed diabetes treatment Zemiglo in new markets around the world. 　　In partnership with France-based pharmaceutical giant Sanofi and Mexico’s Stendhal, the Korean drugmaker is preparing to export its new drug to 104 countries where it has already received sales approval or is undertaking preceding processes.The LG Life Sciences headquarters in Seoul (LG Life Sciences)　LG Life Sciences is sched

Lotte Duty Free announced plans Wednesday to open a new store in Osaka, Japan, early next year, in addition to the Ginza branch also scheduled to open this year.　Lotte’s Osaka duty-free store is scheduled to span 4,400 square meters. It will be located on the sixth and seventh floors of the Bic Camera Namba store near Namba Station in Osaka.　The store, to be operated jointly with New Kansai International Airport Company, will feature a range of popular foreign fashion brands, perfumes, and fashi

South Korean beauty giant AmorePacific began offering immediate tax refunds to foreign nationals at select Aritaum, Innisfree and Etude stores in Seoul starting Thursday.　The service was launched in an aim to better serve Chinese consumers scheduled to visit Seoul during the Lunar New Year holidays, said AmorePacific.　The service is available at five Aritaum and six Innisfree stores in Myeong-dong and Gangnam; the Laneige flagship store in Myeong-dong; and six Etude stores in Sinchon, Jamsil, Do

Bodyfriend, a South Korean health care company that specializes in making automated massage chairs, has launched an upgraded rendition of its premium massage chair Pharaoh.　Dubbed the Pharaoh S, the massage chair is topped with Bodyfriend’s exclusive technologies and nine massage options tailored for different needs, including “sleep mode,” “student mode,” “hip-up mode” and “golf mode.”　The massage chair also automatically adjusts to the user’s body shape while enabling users to adjust the locat

LG Household and Healthcare introduced six types of automotive air fresheners featuring characters from KakaoTalk and Marvel this week.　The KakaoTalk stick-type air fresheners Neo, Frodo, Tube and Apeach, and are available in “orange blossom,” “cotton,” “blue sky” and “sweet berry” scents. A four-pack is priced at 12,900 won.　The Marvel stick refreshers feature Marvel heroes including Spider Man, the Hulk, Thor and Iron Man. A pack of two scented sticks, “cotton” and “sweetie fruity,” are priced

Beanpole, a fashion unit of Samsung C&T, has fused technology with fashion to launch a range of tech-savvy “smart accessories,” the company said.　The Beanpole Accessories range includes a number of backpacks, wallets, necklace-type card wallets and key rings, among others, coupled with smart functions that utilize near-field communication technology and a smartphone app.　A tiny NFC chip has been inserted into the right strap of Beanpole’s smart backpack, which connects to the Beanpole Accessorie

Caffe Bene opened a store at Hayat Mall, a mega shopping complex in Riyadh, Saudi Arabia this week.　Caffee Bene’s Hayat Mall store – its fifth in the country -- is located on the second floor of the major mall, which attracts about 10 million visitors each year. 　The brand said it plans to launch a number of desserts developed exclusively for the Saudi Arabian market, including its Apple Cinnamon Honey Bread and the Melting Island, bread served with Lebanese cream cheese, among other items.　Mean

Dole is offering a special promotion through its online shopping mall “Doleivery” in South Korea from Feb. 11 to Mar. 10.　Dole Korea plans to begin selling “Surprise Box in February” through its official online mall www.doleivery.co.kr starting next Thursday. 　The box offers one bundle of Sweetio bananas, a bundle of Lakatan bananas, two oranges and one grapefruit. The entire box is priced at 11,000 won and comes with free delivery. 　In addition, Dole Korea is offering a 5,000 won discount coupo

SK Innovation, the energy business holding unit of SK Group, is looking to bolster its petrochemicals business in its main export market China by pursuing more strategic partnerships along with mergers and acquisitions.　SK Innovation vice chairman and CEO Chung Chul-khil on Thursday visited SK Global Chemical’s main office in Shanghai and ordered the firm to step up its efforts to drive up its performance in the country.　“Despite rising concerns about the global economic downturn and slowdown of

Hanwha Group has officially embarked into the newly emerging fintech, or financial technology, industry in partnership with China’s leading peer-to-peer lending platform Dianrong.　　Hanwha said that Hanwha S&C, the group’s information technology unit, and Dianrong signed an agreement to establish an equal joint venture in Seoul Thursday.　The new joint venture, unnamed as of yet, will launch an open P2P marketplace lending service -- a modern service that matches lenders directly with borrowers on

HANWHA’S NEW YEAR CHARITY — Hanwha Corp. CEO Choi Yang-soo (right) and company officials deliver tteokguk, or rice cake soup, to elderly citizens at the Yurak Community Welfare Center in Sindang-dong, Seoul, Thursday. The firm also delivered lunchboxes to senior citizens living alone in the area as part of its charity efforts ahead of the Lunar New Year, known as Seollal in Korean. (Hanwha Group)