South Korea's department store market is expected to top 30 trillion won ($25.6 billion) for the first time this year, industry watchers forecast Wednesday.The landmark figure will likely be reached 86 years after the peninsula's first department store opened in Seoul in 1930. Shoppers visit Shinsegae Department Store in the Gangnam district, which has partially opened after its renovation, on Feb. 25, 2016. (Yonhap)The watchers said domestic department stores have managed to emerge from years o

A growing number of people are shifting their preference from cheap instant coffee to brewed coffee and other types of coffee products, industry data showed Wednesday, prompting coffee makers to develop high-quality products.The instant coffee retail market was valued at 1.07 trillion won ($913 million) in 2015, down from 1.26 trillion won in 2013 and 1.14 trillion won in 2014, according to the data by the Korea Agro-Fisheries & Food Trade Corporation.  Dongsuh Foods Co., South Korea's leading i

South Korea's trade minister pledged Wednesday to swiftly take measures in case US President-elect Donald Trump takes protectionist measures against Seoul.Trade, Industry and Energy Minister Joo Hyung-hwan made the comments in an inaugural session of a consultative body set up between the government and private experts to better deal with trade issues with the US.His comments came amid concerns that Trump could strengthen protectionism. Trump has denounced the free trade pact between South Korea

South Korea and Japan signed a pact on Wednesday to share military intelligence to better counter mounting missile and nuclear threats from North Korea. Defense Minister Han Min-koo and Japanese Ambassador to Seoul Yasumasa Nagamine officially signed the General Security of Military Information Agreement at the defense ministry in Seoul. The final signing comes less than a month after discussions resumed on Oct. 27, following a hiatus of four years. They tentatively signed the pact last week. On

Prosecutors on Wednesday raided Samsung's headquarters and South Korea's state-run pension fund over allegations that the presidential office influenced the pension fund's decision to back Samsung's merger plan last year.The National Pension Service (NPS) -- which held an 11.6 percent stake in Samsung C&T Corp. and a 5 percent stake in Cheil Industries Inc. -- played a key role in the two units' merger.Prosecutors are investigating whether President Park Geun-hye pressured the state fund to supp

Small-size home appliances are growing in popularity in South Korea amid the increasing number of single-member households, a local manufacturer said Wednesday.Dongbu Daewoo Electronics Co. said it has so far sold more than 2 million refrigerators, washers and other products targeting consumers living alone. A model poses for a photo, provided by Dongbu Daewoo Electronics Co., to mark the sale of 2 million products for single-member households. (Yonhap)The number of single-person households here

Kim Moo-sung, former head of the ruling Saenuri Party, said Wednesday he will seek the impeachment of President Park Geun-hye over the ongoing influence-peddling scandal.Kim, considered a key potential presidential contender, also said he will not run for the presidency, but instead focus on normalizing the country in the wake of the current crisis."Park has betrayed the people and Saenuri and seriously violated the Constitution," Kim said.Three opposition parties earlier decided to seek the imp

US President-elect Donald Trump said Tuesday he's "seriously considering" retired Marine Corps Gen. James Mattis for defense secretary.Trump made the remark in a meeting with the New York Times, a reporter with the paper said in a Twitter posting.The remark suggests the former Central Command commander is almost certain to get the job.Mattis emerged as the No. 1 candidate to lead the Pentagon as Trump said he had a "very impressive" meeting with him Saturday and lauded him as "the real deal" and

The US government has approved a proposed sale to South Korea of an anti-missile system designed to protect large aircraft, according to the Defense Security Cooperation Agency.South Korea has requested to buy Large Aircraft Infrared Countermeasures (LAIRCM) systems for up to four aerial refueling tanker aircraft, and the State Department approved the sale, the agency said in a statement.The estimated cost is $141 million, it said.The LAIRCM system, manufactured by Northrop Grumman, is designed

South Korea said it has confirmed the outbreak of highly pathogenic bird flu cases at two poultry farms on Tuesday, increasing the number of confirmed H5N6 avian influenza (AI) virus cases in the nation to four. The Ministry of Food, Agriculture and Rural Affairs said the H5N6 AI virus was discovered at a duck farm in Cheongju, North Chungcheong Province, and at another duck farm in Muan, South Jeolla Province. The veterinary authorities said some 22,000 ducks have been culled in Muan, 385 kilom

테슬라가 드디어 한국에 온다. 신세계 측에 따르면, 미국 전기자동차 회사 테슬라는 빠르면 11월 말경 스타필드 하남에 쇼룸을 정식 개장할 것으로 보인다. 미국 뿐 아니라 중국과 일본에서 전기 자동차의 인기를 선도하고 있는 테슬라의 일본 매장을 찾아가 보았다. 테슬라의 일본 매장은 도쿄 중심부인 아오야마에 위치해 있다.  일본 도쿄의 테슬라 쇼룸 (박가영/코리아헤럴드)1층에는 테슬라의 SUV Model X가 전시되어 있다. 자동으로 상하로 열리는 문이 특징인 Model X가 전시되어 있다.  쇼룸 1층 (박가영/코리아헤럴드) 쇼룸 1층의 Suv Model X (박가영/코리아헤럴드)2층에는 테슬라의 스케이트보드 모양의 샤시가 전시되어 있다. Model S와 Model X에 공통으로 쓰이는 이 샤시 한 중간엔 배터리가 있으며, 전통적인 자동차에 비해 매우 간단한 구조로 생겼다. 쇼룸 2층 (박가영/코리아헤럴드)2층 벽면에 인터액티브 모니터가 설치되어 인테리어와 차체의 색상을 바꿔 볼 수

Samsung Electronics Co. has said there has been no confirmed cases of faulty batteries with the Galaxy S7 smartphone, amid foreign media reports that some of the devices caught fire while charging. The statement by Samsung's American unit, issued last Friday, came as Samsung is trying to limit the damage done by the unprecedented discontinuation of the Galaxy Note 7 over safety concerns. "Samsung stands behind the quality and safety of the Galaxy S7 family. There have been no confirmed cases of

South Korea, which is engulfed in the whirlwind of an influence-peddling scandal involving President Park Geun-hye's confidante, was 19th in the world rankings for the rule of law out of 113 surveyed countries this year, an international report said Tuesday. The ranking from the 2016 Rule of Law Index compiled by the World Justice Project (WJP) is an eight-notch drop from last year. The WJP, a U.S.-based independent group working to advance the rule of law globally, compiles the index every year

China is apparently dragging its feet in punishing those involved in the sinking of a South Korean Coast Guard vessel which took place during a crackdown on illegal fishing, Seoul officials and observers said Tuesday.In early October, the 4.5-ton speed boat that was engaged in an operation to capture fishing boats operating illegally in waters off the country's west coast sank when a larger Chinese vessel rear-ended it. There were no casualties in the incident that the Coast Guard views as an "i

South Korea's financial authorities announced a package of measures Tuesday aimed at enhancing the global competitiveness of the local derivative market.Since introducing derivative products two decades ago, South Korea has been a leading player in the field among Asian economies. A computer-generated imagery of a exchange-traded note (ETN). (Yonhap)But its market remains heavily dependent on stock index-linked instruments.The volume of such products traded here last year accounted for 68.9 perc

South Korea's deficit in the trade of intellectual property rights narrowed in the second quarter from a year earlier on reduced shortfalls from the trademark and franchise sector, the central bank said Tuesday.In the April-June period, South Korea posted a trade deficit ofUS$160 million in intellectual property rights, compared with $580 million a year earlier, showed data from the Bank of Korea (BOK).South Korea exported $2.34 billion and imported $2.5 billion in intellectual property rights i

An opposition lawmaker alleged Tuesday that Choi Soon-sil, the scandal-ridden confidante to President Park Geun-hye, illicitly helped Lockheed Martin Corp. of the United States win South Korean defense projects.Rep. An Min-suk of the Democratic Party said the defense company bankrolled a study abroad trip for the children of a Korean national security official some years ago. The figure in return introduced Choi to the firm, the lawmaker said during an interview with MBC Radio."I have received a

Total sales for South Korean companies dropped for two straight years in 2015 from a year earlier amid a protracted economic slump and low oil prices, government data showed Tuesday.The combined sales from 12,181 companies, excluding financial firms, reached 2.16 trillion won ($1.84 billion) last year, down 3.2 percent from a year earlier, according to the data compiled by Statistics Korea. It is based on a survey of 12,460 companies with more than 50 regular workers and a paid-in capital of mor

The annual number of people visiting the country's four main royal palaces and Jongmyo Shrine is expected to surpass the 10-million mark for the first time later this week, the cultural authorities said Tuesday. The four palaces are Gyeongbok, Changdeok, Changgyeong and Deoksu. The Jongmyo Shrine is a place where the kings of the Joseon Dynasty (1392-1910) conducted ancestral memorial ceremonies. They are all in Seoul.   Hyangwonjeong pavilion in Gyeongbokgung palace. (Yonhap)"The number of visi

Prosecutors on Tuesday raided a local university suspected of having given unlawful favors to the daughter of President Park Geun-hye's close friend who is at the center of an influence-peddling scandal roiling the country.The prosecution team looking into the scandal said it raided some 20 offices at Ewha Womans University in western Seoul and confiscated computer hard drives, cell phones and documents related to admissions in 2015. The president's and admissions offices, as well as three homes