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Tesco's South Korean crown jewel flawed by new regulations

Tesco Plc finally managed to open a near-3,000 sq meter super store in South Korea, its largest market outside Britain, after a seven-month delay by agreeing not to stock 15 items including radishes, mangoes and some cuts of local beef.Big-box retailers in South Korea such as Tesco and Costco Wholesale Corp are reluctantly bowing to government demands aimed at protecting local merchants -- including plans to fine the super stores if they set up without the consent of nearby local merchants.There are signs that Seoul's new restrictions could scare off investors."In my view, there is no longer much merit in investing in the South Korean market. Investment from (Tesco) headquarters will decrease," said Lee Seung-han, chairman of the Homeplus Group, Tesco's subsidiary in Korea.Not long after signing free trade agreements with the European Union and the United States which reduced the shelf price of products from fruit to wine, the South Korean government last year started tightening contro...

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  1. America’s Growing Tax Divide

    FBN’s Gerri Willis on the growing number of people who pay no federal income taxes, yet use government services paid with taxpayer money.

  2. Should Obama Embrace Occupy Wall Street?

    Democratic strategist Bernard Whitman argues the president can benefit from the support of the Wall Street protestors.

  3. Wall Street sit-in protest goes global

    (Adds Taiwan protests, paragraphs 10-12)MILAN, Oct 15 (Reuters) - Protesters worldwide geared up for a cry of rage on Saturday against bankers, financiers and politi...

  4. Police Arrest 100 Occupy Boston Protesters

    Tensions boiled over early Tuesday in downtown Boston, where police arrested about 100 protesters from the Occupy Boston movement after the group expanded its encamp...

  5. America’s Shrinking Middle Class

    FBN’s Gerri Willis on the declines in income and the need to help keep a strong American middle class.

  6. It's Time to Bring Back the Middle Class

    "The Macarena" was Billboard's number-one song in 1996. Fifteen years later, that song still gets stuck in my head. Also that year – "Braveheart" won the Oscar, Char...

  7. Wen says China set for five more fat years of growth

    By Zhou Xin and Koh Gui QingBEIJING (Reuters) - China is on course for another five years of robust growth although inflation threatens social stability and must be ...

  8. Special Report: Wall Street wannabe points to China's growth

    By Simon RabinovitchTIANJIN, China (Reuters) - Yujiapu does not roll off the tongue like Wall Street , but planners in the northern Chinese port city of Tianjin hope...

  9. Gap Turns to International, Online Growth to Boost Profitability

    ReutersGap ( GPS ) told investors on Thursday that it wants to grab a greater chunk of the $1.4 trillion global apparel market through international and digital expa...

  10. Income Gap Between the Classes Growing

    FBN's Bulls and Bears debate the disparity between the income and tax gap in America.

  11. US recession pummels incomes in many states-Census

    WASHINGTON (Reuters) - The economic recession thatofficially ended in 2009 pummeled people's earnings in manyU.S. states, with the Census reporting on Tuesday that t...

  12. Refrigerators and Income Inequality

    July 16, 2009 08:05 PM UTC by John StosselRefrigerators and Income InequalityCato’s Will Wilkinson has an interesting new paper out on economic inequality. In part, ...

  1. Mexican manufacturing: from sweatshops to high-tech motors

    Made in Mexico is increasingly more likely to mean cars than clothes as the country's manufacturing sector moves away from the low-skill, high-volume production line...

  2. 400,000 Workers Left Unions Last Year

    Miller & Long President Brett McMahon on the decline in union membership .

  3. Hong Kong 'Occupy' Protesters Ordered to Leave HSBC Encampment

    The Hong Kong high court on Monday ordered protesters occupying the ground floor of HSBC Holdings PLC's (HBC) headquarters to evict their encampment by the end of Au...

  4. Majority of Americans Still Believe the Rich Deserve their Wealth

    A lot has happened since 2008, especially in the national dialogue about economic inequality.There was the hot-button issue of whether CEOs, particularly those at ba...

  5. Workers Taking Lower-Paying Jobs

    FBN's Liz MacDonald breaks down the problems with U.S. job growth and quality.

  6. How is Corporate America Responding to the Occupy Movement?

    Doug Simon says results from a new study show Corporate America is taking notice of OWS.

  7. Jesse Jackson on Class Warfare in America

    Rev. Jesse Jackson reacts to the president’s State of the Union Address.

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