Korean conglomerate Samsung reported a second straight quarter of falling operating profits. Operating profits fell 3.3% from this time last year. This was primarily due to sluggish high-end phone sales and increasing competition from Chinese handset makers. Financial experts also look to Samsung’s over-reliance on handset sales and are saying that the company should look for a different growth model.
Yesterday, Obama returned 9 Korean royal seals during his visit with President Park Geun-Hye. He then became the first US President to tour Gyeongbok Palace, the famed royal residence of the Joseon Dynasty. The Korean government has been making extra efforts to locate and recover missing cultural treasures in recent years.
Three of the seals were state seals and the other six were ceremonial seals. The three state seals were used directly by former kings of the Korean Empire and Joseon Dynasty. The Hwangjejibo seal, dating back to 1897, was used by King Gojong after establishing the first post-Joseon kingdom. It is known as the Seal of the Emperor.
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According to the New York Times, 31,000 Koreans die each year of causes related to accidents (fires, car accidents,…). that’s the highest rate among OECD countries. Many things are done hastily and with an overly minimized-cost. From the tourists eyes, Seoul is a wonderful place to live. And it is. But there are many everyday safety concerns that the government needs to enforce – speeding public buses that run red lights to maintain schedules, delivery bikes that disobey traffic lights, drive on the sidewalk, and often on the wrong side of the road. The Sewol ferry boat accident is a heart breaking tragedy of what happens when safety is overlooked and unchecked by the government on a large scale. Continue reading
Marriages in South Korea are down for the second year in a row. The average age of men getting married is up to 32.2 and 29.6 for women. A total of 26,000 people were married in Korea last year. The number of mixed weddings between Koreans and foreigners is also down for the third year in a row .
If you’re interested in specialty cafes that serve drinks and desserts beyond a latte and a bagel, check out this story at the Korea Times. The article has some great pictures too.
My favorite: green tea adzuki bean sherbet.
As we enjoy shopping at Amazon, Koreans also enjoy shopping at large online retailers. 27 online malls were rated by the Seoul Electronic Commerce Center, a division within the Seoul Metropolitan Government. According to the Korea Times, consumer protection, consumer satisfaction, and complaint management, were the key factors in determining rank. GS Shopping Mall came in first and Nonghyup came in last. Continue reading
While some enjoy the local beers like Hite and OB, many say the flavors are too simple and too similar. The updated Liquor Tax Law intends to fix that, going live on April 1, and allowing small to medium sized beer makers to enter the market. In the past, makers had to have a capacity of more than 150kL in order to sell their beer outside of a pub. It now stands at 75kL.
The tax rate was also cut by 20%. Experts believe that prices will quickly fall and consumers will win big. Continue reading