The retail arm of E-Land Group said it has agreed to sell a majority stake to a consortium as part of its efforts to reduce financial burdens and restructure the company ahead of its planned public listing early next year.According to the company on Tuesday, E-Land Retail is set to sell 69 percent of its shares for 600 billion won ($531 million) to a consortium including Curious Partners. Dongbu Securities is managing the deal.“The deal is not complete yet, but we expect it to be closed before t

Beer sales made up more than half of liquor sales at a major supermarket chain here, according to data Tuesday. Figures from retailer E-mart showed that sales of beer made up 55 percent of all liquor sales in April, up from 51 percent in March. Last month was the first time that beer made up more than half of all liquor sales.  A shopper browses imported beer at a department store in Seoul. (Yonhap)“People are increasingly avoiding large drinking parties and strong liquor,” said a spokesperson f

The cereal and granola market in Korea is rapidly expanding -- by more than 20 percent annually, according to a discount retailer Monday.E-mart said sales of cereal products at its stores rose by 23.5 percent on-year in 2016, and 29.7 percent in the first quarter of 2017. Meanwhile, other meal replacement products, such as bread and instant noodles, saw declining sales of 7.3 percent and 17.8 percent, respectively. Fruits & Granola by Peacock is sold at E-mart (E-mart)The discount retailer credi

Tobacco companies operating in Korea and smokers are wary, as the upcoming presidential election raises the possibility of another tax hike on cigarettes here.With the exception of Hong Joon-pyo of the conservative Liberty Korea Party, none of the major candidates have explicitly promised a cut in the unpopular spike in cigarette prices that went into effect in 2015.  (Yonhap)Although other candidates such as front-runner Moon Jae-in of the liberal Democratic Party of Korea have said they are re

Luxury brands including Balenciaga and Ferragamo are seeing falling profits in Korea as savvy consumers increasingly buy luxury items directly from overseas or during outlet sales.According to filings with the Financial Supervisory Service, several companies saw significant decreases in profits in 2016.  (Yonhap)Ferragamo Korea’s operating profit fell 12 percent on-year to reach 5.9 billion won ($5.2 million), while Fendi Korea’s operating profit fell 11 percent. Dior suffered losses coming to 8

Korea’s largest air carrier Korean Air said Wednesday that it is continuing to expand its social responsibility efforts, utilizing resources to help those in need all over the world.Outside of Korea, the company uses its expertise as an international carrier to send emergency supplies to areas hit by natural disasters.Korean Air conducts a one-day cafe event with volunteers recruited via social media (Korean Air)On April 12, Korean Air sent bottled water on a cargo carrier headed to Lima, Peru,

Lotte Group Chairman Shin Dong-bin is poised firm his grip on his family’s conglomerate, following decision of the group’s four major units Wednesday to merge their investment entities into a central holding company.According to industry analysts, the Shin family is expected to acquire nearly 50 percent of the shares of the newly created holding company. Shin himself will hold 10.56 percent of the shares in the holding company, as his existing stakes in the four Lotte units are converted into st

Lotte Group announced Wednesday that it would be shifting toward a holding company structure, combining the investment entities of its four major units into a single holding company.Lotte Confectionery, Lotte Shopping, Lotte Chilsung Beverage and Lotte Food called separate meetings of its boards of directors to vote on decisions to split into investment and business entities, and to combine the investment entities together.(Yonhap)“The decision follows through on the promise to restructure gover

US-based logistics company UPS will acquire local logistics firm Logen to expand its presence in the Korean market, according to news reports Wednesday.UPS is said to have agreed to a 270 billion won ($240.2 million) deal with Baring Private Equity Asia to acquire 100 percent of Logen’s shares.  Employees sort packages at UPS Korea’s Docksan Center. (UPS)A spokesperson for UPS declined to comment on the deal when reached by The Korea Herald.This will be UPS’ second foray into the Korean logistic

The top executive of the International Air Transport Association encouraged South Korea to ratify an international agreement laying out the legal responsibilities following incidents with unruly passengers on flights.“We encourage Korea to sign MP14,” IATA Director General Alexandre de Juniac told reporters Monday at the 2017 IATA Safety and Flight Ops Conference ongoing at the Grand Hyatt Seoul. IATA Director General and CEO Alexandre de Juniac speaks at the 2017 IATA Safety and Flight Ops Conf

North Korea's defense chief said Monday that "precise and advanced striking means" have already been deployed to strike the United States and its followers. Pak Yong-sik, minister of armed forces, made the comment in a key meeting on the eve of the anniversary of the foundation of North Korea's military, according to the North's official Korean Central News Agency."Our nuclear weapons capable of striking US military bases in Asia-Pacific areas and the US homeland are fully prepared to be fired f

WASHINGTON -- With a budget deadline looming, President Donald Trump plans a whirlwind of activities seeking to highlight accomplishments while putting fresh pressure on congressional Democrats to pay for a wall on the US-Mexico border, even if that pressure risks a possible government shutdown. Trump approaches the symbolic 100-day mark for his administration this coming week juggling a renewed health care push and his demands that a must-pass government funding bill should include money for th

WASHINGTON -- Nikki Haley, the US ambassador to the United Nations, isn't ruling out a US strike against North Korea if Pyongyang tests another nuclear device.  Nikki Haley, the US ambassador to the United Nations (Yonhap)Haley spoke on several television networks Monday morning, praising China's involvement in trying to pressure North Korea to cease missile testing and criticized its leader, Kim Jong-un, as unstable and paranoid. Haley told NBC's "Today Show" that "we are not going to do someth

ATHENS -- Representatives of Greece's international creditors are due in Athens to restart talks on further cutbacks required under the country's bailout deal. A European Commission spokesman says that the officials are returning to Athens on Monday, and will aim to reach a preliminary deal "as soon as possible." Margaritis Schinas said that the negotiations are expected to start Tuesday, and should last several days. Greece has already agreed to further slash pensions in 2019, and drastically e

Asiana Airlines Inc. said Monday it will receive its first A350-900 aircraft this week to strengthen service on its international routes starting next month.Asiana, South Korea's second-biggest passenger carrier by sales, will put the wide-body jet that can seat 311 people initially on the Incheon-Manila route from May 15, the company said in a statement. A350 for Asiana Airlines (Asiana Airlines)The carrier originally planned to assign the twin-engine airplane made extensively with lightweight

Creditors of Kumho Tire Co. will discuss several issues with Qingdao Doublestar Co., wrapping up the deal to sell the South Korean tiremaker to the Chinese company, main creditor Korea Development Bank said Monday. Kumho Tire (Yonhap)Last month, Qingdao Doublestar signed a 955 billion won (US$830 million) deal to acquire a 42-percent stake in Kumho Tire in a deal that will help it turn into China's biggest tiremaker.  But creditor banks and Qingdao Doublestar couldn't start talks to finalize the

Presidential front-runner Moon Jae-in on Monday announced the details of his longstanding pledge to move the presidential office to downtown Seoul to improve communication with the public.During a press conference, the nominee of the liberal Democratic Party unveiled the plan and announced the launch of two committees to handle the relocation and related city overhaul project if he is elected on May 9.Moon Jae-in at a rally in Cheonan, South Chungcheong Province Monday (Yonhap)Moon has long argu

E-commerce company Coupang said Monday that it has launched a new service that provides three-day shipping for products purchased directly from overseas through its platform.Called “Rocket Jikgu,” the service covers over 80,000 products from 3,500 brands that include food, beauty, health and personal care products. When the products are purchased through Coupang, delivery from the United States is guaranteed within three days. Rocket Jikgu (Coupang)Coupang already offers directly sourced product

Hypermarket chain Homeplus said Monday it plans to open 10 rooftop futsal fields by the end of the year.Working in partnership with sports marketing company HM Sports, Homeplus opened its first rooftop futsal, or five-a-side soccer, field atop its branch in Suwon, Gyeonggi Province, last May. Open to futsal clubs and locals, the field drew more than 14,000 children in the following 10 months, according to the company. Children take part in a soccer class at the futsal park atop Homeplus’ Ilsan b

Lotte Duty Free may be stripped off its license to operate its branch in southern Seoul by the Korea Customs Service if Lotte Group Chairman Shin Dong-bin is found guilty of bribery.According to a KCS spokesman Monday, in the event of a guilty verdict the license will be revoked “according to the guidelines set forth at the time of the tender.”Chairman Shin is currently on trial after being indicted for giving 7 billion won ($6.2 million) last May to organizations run by former President Park Ge