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  Jewelry, watches drive luxury sales rebound in Korea SEOUL, October 21 (AJP) - Jewelry and watches are driving a sharp recovery in South Korea's luxury goods market this year, according to industry data released Monday. Three major department stores reported overall luxury sales rebounded this year, with quarterly growth rates around 10 percent. The market expanded 22.3 percent in 2022 and 5.8 percent in 2023. Hyundai Department Store saw jewelry sales increase 33.5 percent, 29.9 percent and 33.4 percent in the first three quar October 21, 2024
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  Seoul summons Russian envoy over North Korea's alleged troop deployment SEOUL, October 21 (AJP) - The Foreign Ministry here on Monday called in Russian Ambassador to Seoul Georgy Zinoviev to lodge a formal complaint over North Korea's alleged troop deployment to Russa to support its war in Ukraine. First Vice Minister of Foreign Affairs Kim Hong-kyun expressed concerns over the deepening military alliance between the two countries, from military equipment to troop deployment, which violates the UN resolutions. Zinoviev said he has "carefully October 21, 2024
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  Pyongyang stays mum over reports of North Korean soldiers in Russia SEOUL, October 21 (AJP) - North Korea has remained silent about recent allegations regarding its troop deployment in support of the war in Ukraine. The National Intelligence Service (NIS) here said last Friday that North Korea decided to dispatch around 12,000 troops to support Russia and has already begun deploying its first batch of special forces troops to the far eastern Russian city of Vladivostok, where they are being prepared to join the frontline. As of Monday, neither N October 21, 2024
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  KB Kookmin Bank opens two new branches in India SEOUL, October 21 (AJP) - KB Kookmin Bank opened new branches in Chennai and Pune, two key economic hubs in India, on Monday. With these additions, the bank now operates three branches in India, including its Gurugram branch, which opened in 2019. This expansion follows four months after the Reserve Bank of India granted final approval for the new branches in June. The Korean bank explained that Chennai serves as a commercial and manufacturing hub in southern India. Pune in weste October 21, 2024
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  Court rejects Young Poong's injunction against Korea Zinc buyback SEOUL, October 21 (AJP) - The Seoul Central District Court on Monday once again dismissed an injunction filed by Young Poong Corp. to block Korea Zinc from acquiring its own shares in the ongoing battle for control of the world's largest zinc smelter. Young Poong, Korea Zinc's largest shareholder, along with private equity firm MBK Partners, recently increased their stake in the company from 33.13 percent to 38.47 percent through a public tender offer that concluded on Oct. October 21, 2024
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  OPINION: What does China want from next US president? SEOUL, October 21 (AJP) - During a Taiwan National Day speech on Oct. 10, Taiwanese president Lai Ching-te said that Taipei was determined to defend Taiwan's sovereignty against "annexation and encroachment," and emphasized that "China has no right to represent Taiwan." China's response was swift. Less than a week after Lai's provocative speech, a record 153 Chinese war planes swarmed and surrounded Taiwan during a Chinese military exercise over 24 ho October 21, 2024
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  New evidence suggests North Korea's alleged troop deployment to support Russia's war in Ukraine SEOUL, October 20 (AJP) - Fresh evidence suggests North Korea's alleged troop deployment to support Russia's war in Ukraine. Russia is reportedly preparing to supply military gear to North Korean soldiers deployed on its territory, according to a CNN report on Saturday. North Korean recruits have been instructed to "fill out a questionnaire providing their sizing for hats, headgear, uniforms, and shoes," it said. Discovered by Ukrainian authorities, the questionnai October 20, 2024
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  North Korea deploys 12,000 troops to support Russia's war in Ukraine, spy agency says SEOUL, October 18 (AJP) - North Korea has been deploying a large number of troops to assist Russia's war in Ukraine, the National Intelligence Service said Friday. The spy agency said, "North Korea has recently decided to send a total of 12,000 troops, including special forces, in four brigades to the Ukraine war." The deployment marks the first time the renegade country has sent ground forces on such a large scale. President Yoon Suk Yeol immediately called up t October 18, 2024
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  Online lender K-Bank delays IPO, citing weak demand SEOUL, October 18 (AJP) - K-Bank, a Korean internet-only bank, on Friday postponed its initial public offering (IPO) to next year due to insufficient demand from institutional investors. The bank announced that it had submitted a withdrawal notice to the Financial Services Commission regarding its KOSPI listing, originally scheduled for late this month. The bank cited insufficient demand during the recent institutional investor book-building process. "With a total of 82 m October 18, 2024
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  Korea to require e-commerce businesses to pay sellers within 20 days SEOUL, October 18 (AJP) - The Korean government plans to require e-commerce businesses to pay sales proceeds to sellers within 20 days after a consumer confirms a purchase, the Korea Fair Trade Commission announced Friday. The FTC also plans to require them to deposit at least half of the sales proceeds in financial institutions to ensure that sellers can recover some of their money if a platform goes bankrupt. The FTC announced these law revisions as part of efforts to prevent e October 18, 2024