BUSAN ― Kohler, a U.S. supplier of high-end plumbing products, is hoping to see a 300 percent sales growth in the South Korean market next year, said Kohler Novita executive Choi Jae-kwan. “Designers of townhouses and luxury hotels are visiting our Busan showroom to use the premium Kohler products for their interiors,” Choi said during an event celebrating the launch of the company’s new toilet brand Veil. Kohler Novita executive Choi Jae-kwan (Kohler)The Wisconsin-based company, which describes

Major South Korean pharmaceutical companies may soon face a heavy penalty, with the Seoul Regional Tax Office investigating into charges of their tax evasion using illegal sales practices, according to industry sources. Seoul’s tax probe came after the National Tax Service found out irregular activities by some drug manufacturers during their regular tax audit that began last year. Jeil Pharmaceutical, Green Cross, Ahngook Pharm, Daewoong Pharmaceutical, Ildong Pharmaceutical and Dong-A ST are a

Swedish furniture giant IKEA on Wednesday apologized over what it said was a poor choice of words in naming the eastern body of water of the Korean Peninsula. “We apologize for the naming of the East Sea on the world map (sold at IKEA stores),” IKEA Korea retail manager Andre Schmidtgall said during a press conference at the Seoul outlet in Gwangmyeong, Gyeonggi Province.“We’re in close contact with our product development team at the headquarters in Sweden to make modifications,” he said.In the

Seoul apartments that cost more than 1 billion won ($910,000) in jeonse deposits, or lump-sum rentals, jumped fivefold in the past five years, a South Korean realtor said Tuesday. Rent deposits of about 11,432 apartments among 1.2 million jeonse leases in Seoul surpassed 1 billion won, an increase of 479 percent from 2,385 apartments in 2009, according to data released by Real Estate Serve.Apartments in Seoul’s posh Gangnam district accounted for most of them at 54 percent, followed by Seocho di

SPC Group, best known for its Paris Baguette bakery franchise, is planning to launch the artisan bakery in Malaysia starting with an initial opening in the first half of next year, SPC officials said Friday.The country’s leading confectionary brand, in partnership with Naza Corporation Holdings ― one of the largest privately owned conglomerates in Malaysia ― is planning to open up to 30 outlets in the country by 2019. “We are confident that Malaysians will be receptive to new food and beverage c

South Korea’s tax revenue from sales of goods such as alcohol and cigarettes reached more than 55 trillion won ($50 billion) in 2012, the Korea Tax Association said Thursday.State revenue from taxes levied on the so-called “sin products” accounted for 27 percent of the total, and was almost the same amount as value-added taxes, the country’s main source of income, collected during the same period. Its revenue from value-added taxes, or consumption taxes, stood at 55.7 trillion won. This has rais

Hyundai Heavy Industries vice president Kim Jong-do (second from right) shakes hands with Ali R. Al-Jarwan (second from left), CEO of ADMA-OPCO, an Abu Dhabi-based marine operating company, after signing a 2.1 trillion won offshore construction project deal in Abu Dhabi, UAE, Tuesday. (Hyundai Heavy)Hyundai Heavy Industries, the world’s largest shipbuilder, has inked a 2 trillion won ($1.94 billion) contract to develop Abu Dhabi’s Nasr oil field, the company said Wednesday.Hyundai signed the dea

Shares of South Korean entertainment agencies soared on Tuesday buoyed by expectations that the free trade agreement with China could bring an economic bonanza to Asia’s fourth-largest economy. Shares of SM Entertainment ― one of Korea’s three largest show business companies ― jumped by 7.82 percent and was traded at 29,650 won ($27.25) in the morning. The stock closed at 29,200 won per share. YG and JYP Entertainment also saw big gains, being traded at 42,100 won and 4,280 won, an increase of 4

Tesco, the world’s No. 3 retailer, is considering selling off its South Korean operations under Homeplus to rein in its accounting crisis, local reports said Monday.The reports said the firm would have European investment bank Credit Suisse review the spinoff plans for its Asian operations, including South Korea. This is not the first rumor of a potential selloff of Homeplus, but the current claims are supported by Tesco’s new CEO Dave Lewis examining ways to raise funds following the discovery

South Korean consumer goods makers are in fierce competition to woo Chinese consumers on China’s “Singles Day” on Nov. 11, the Chinese version of Black Friday, the largest shopping day in the U.S.They are aggressively offering special deals for Chinese consumers who seek Korean goods to buy on Singles Day on Chinese e-commerce websites, including Tmall Global, the online marketplace of Alibaba Group. The website of Tmall Global, a direct-buying platform for Chinese consumers looking to buy forei

With the surging rise of the “Hallyu Wave” ― especially the unprecedented popularity of K-pop globally ― local entertainment agencies have been riding high for some years now. However, concerned at its sustainability amid future uncertainties, they now appear to be tactically diversifying their business portfolios.In particular, South Korea’s top three entertainment agencies ― YG Entertainment, SM Entertainment and JYP Entertainment ― who have been the driving force behind this cultural sweep.As

Singer-actor Jung Ji-hoon, better known as Rain, posted a selfie with fellow actors in SBS rom-com “My Lovely Girl” on Instagram on Thursday. 　In the photo, Rain strikes a friendly pose with actress Cha Ye-ryeon and singer-actor Alex.  Jung Ji-hoon (left), Cha Ye-ryeon (center) and Alex. (Jung's Instagram)　With the selfie Jung wrote, “The hyeong (elder brother) who is so like the youngest brother,” pointing at Alex. 　Directed by Park Hyung-gi and written by No Ji-seol, My Lovely Girl stars sever

King Willem-Alexander of the Netherlands (left), South Korean President Park Geun-hye (center) and Queen Maxima attend a banquet hosted by the Dutch King in Seoul on Tuesday. (Yonhap)President Park Geun-hye on Tuesday attended a banquet in Seoul hosted by King Willem-Alexander of the Netherlands during his four-day state visit.King Willem-Alexander’s wife, Queen Maxima, and leaders of South Korean businesses and politics attended the banquet, Cheong Wa Dae said.The royal pair, on their third day

KakaoTalk, the leading South Korean messenger app, is introducing a mobile money transfer service on Nov. 11, local banks said Tuesday. Bank Wallet Kakao, which is connected to its namesake messaging app with 35 million users, will allow users to transfer up to 100,000 won ($93) per transaction to friends and store up to 500,000 won in the account. The new cash service is jointly offered by the nation’s 16 major banks, including KB Kookmin, Shinhan, Hana, Woori, NongHyup, Industrial Bank of Kore

The emir of Qatar arrived in South Korea on Tuesday for summit talks with South Korean President Park Geun-hye on energy and construction issues.Sheikh Tamim bin Hamad Al Thani landed at Seoul Air Base in Seongnam, Gyeonggi Province, for a two-day state visit marking 40 years since the two countries established diplomatic ties, Cheong Wa Dae said.By Suk Gee-hyun(monicasuk@heraldcorp.com)

The National Tax Service is planning to strengthen its legal team by adding a group of attorneys to assist in corporate litigation, the nation’s tax office said Monday. The overhaul comes after the tax agency lost some major high-profile lawsuits, leading it to incur losses of up to 717.9 billion won ($667.3 million) last year.The renewed legal team will focus on fighting legal battles against major law firms, while its original tax collection duties will be outsourced to another division, the t

Korean food and retail giants are competing to open modern hansik restaurants as Korean cuisine gains popularity among health-conscious foodies. Armed with enough cash to make hefty investments, big names in the food and retail sectors, including Shinsegae, E-Land and CJ Group, have thrown their hats into the ring in recent years with restaurants combining style and mass-market appeal.These restaurants are all promoting the use of fresh ingredients.A front-runner in the hansik restaurant competi

Hana Bank president Kim Jong-jun said on Thursday that he would resign next month as the bank’s merger with the Korea Exchange Bank is imminent. Kim had vowed to step down when Hana’s plan to merge with KEB was finalized, adding that he would fulfill his commitments as the bank president regardless of the decision.“I’ve decided to step down for the company’s development in a timely manner for Hana and KEB’s joint board meeting for the merger,” Kim said in a statement. “I hope executives from bot

The stock market has played an instrumental role in creating the wealth of most South Korean billionaires.Suh Kyung-bae, 51, chairman of South Korean cosmetics-maker AmorePacific Group, is one such business tycoon who joined the big leagues of wealth thanks to a dramatic upturn in his stock values. Last week, the stock price of AmorePacific, the nation’s top cosmetics manufacturer, surpassed the 2.5 million won ($2,375) mark for the first time in its history, making Suh the second-wealthiest man

SHANGHAI ― AmorePacific Group, a leading South Korean beauty goods maker, said that it will aim to increase sales ninefold in China by 2020.The group chairman Suh Kyung-bae said Wednesday that this was in line with its new vision to become the top cosmetics brand in Asia and the world.“We will strive to become the No. 1 in Asia by 2020, and ultimately the global No. 1 in the future, from being Korea’s No. 1 beauty products maker,” Suh said during an opening ceremony for its new plant in Shanghai