SK moves to bolster pharma business

SK Holdings, the parent company of South Korea’s third-largest conglomerate SK Group, said Friday it has acquired a 100 percent stake in SK Biotek, a contract manufacturer of active pharmaceutical ingredients (API) used to produce chemical drugs.　At the same time, SK Biotek will issue new shares worth 40 billion won ($32.38 million) to expand its production facilities. The decisions were made during a company board meeting on Thursday.　SK’s holding company, at the apex of the group’s governance

IndustryFeb. 26, 2016

[Weekender] Online ‘salty-tech’ communities spice up thrifty consumerism

The word “frugality” has long had a poor reputation as its association with a similar word “stingy” has often bestowed a negative connotation on its meaning. However, in 2016, the word “frugality” has been rising in importance due to the prolonged economic difficulties that consumers are facing. The Bank of Korea’s consumer sentiment index hit an eight-month low in February, indicating that Korean consumers have become more frugal to adjust to the sluggish economy. Faced with cold hardship, comm

IndustryFeb. 26, 2016

[Weekender] An era of prosumers

People have transitioned from being consumers to prosumers more than ever today.Infact, the term prosumers -- coined by Alvin Toffler -- is now considered the apex of consumerism.The American writer and futurist noted in his 1980 book, “The Third Wave,” that prosumers -- people who produce many of their own goods and services -- will replace the declining number of pure consumers in the future.They truly influence the products, rather than bluntly picking up what the producers offer. Consumers b

IndustryFeb. 26, 2016

[Weekender] Moving away from brand consciousness

For Kim Min-sun, being a stylish person does not mean owning luxury designer bags. The 35-year-old office worker in Seoul does not feel a need to purchase high-end purses anymore, not just because of the hefty price tags but also because she no longer sees much value in them. “I think the time has come, when logo plays are not cool anymore,” she said. “It is the value of the product that matters now. I think more about what I really want instead of how to impress others by showing off luxury ite

IndustryFeb. 26, 2016

[Weekender] Rise of new consumers

For a long time, the needs of consumers have been overshadowed by technological improvements, conspicuous marketing strategies and other factors. Finally, they have returned to the center of business activities.But they are a rather new breed. Amid the global economic slowdown, consumers now opt for pragmatism. They do not opt to be stingy in their spending, but they are ditching spending on impractical things. When they shop, they calculate the cost efficiency of products. They swap “prettiness

IndustryFeb. 26, 2016

Foreigner-only casino to be built on Yeongjongdo Island by 2020

A consortium proposing the development of a casino-driven integrated resort on Yeongjongdo Island in Incheon has won the business license to do so, the Ministry of Culture, Sports and Tourism said Friday. The island is where Incheon International Airport is located. Inspire Integrated Resort, a special purpose company, jointly set up by U.S.-based casino operator Mohegan Sun, Incheon Airport and KCC, a leading Korean construction materials maker, won the heated bid, the ministry added. The compa

Feb. 26, 2016

Affordable yet stylish, quality cars matter for millennials

Tivoli, Ssangyong's compact SUV, was selected as the best family car in Belgium.　For marketers, the car industry is one of the most difficult sectors as no single factor determines customers’ decision to buy one of their biggest assets. While some consumers focus on the design of a car, others are obsessed with the emblem of luxury car brands. 　For those in their 20s and 30s whose wallets are relatively slim, price has been one of key factors that affects their car buying decision. However, mill

MobilityFeb. 26, 2016

CJ HelloVision shareholders approve merger with SK Broadband

Shareholders of CJ HelloVision, the nation’s No. 1 cable TV operator, on Friday approved the company’s planned merger with SK Broadband, the IPTV unit of SK Telecom. More than 97 percent of the participating investors voted in favor of the 1 trillion won ($823 million) deal despite heightened resistance from minority shareholders, rival companies and advocacy groups. CJ HelloVision CEO Kim Jin-seok responds to reporters after a shareholders meeting in Seoul on Friday. Yonhap“The two companies wi

TechnologyFeb. 26, 2016

Filibuster thrusts National Assembly into public spotlight

With legislative standoff persisting over the disputed counterterrorism bill, opposition lawmakers staging filibuster continued to make headlines on Friday for poignant speeches that resonated with their supporters. The unlimited speech relay serves as a rare opportunity to make their case before the national audience, particularly for political rookies and those excluded from their parties’ nomination list for the April general elections. Among them was Rep. Kim Hyun of The Minjoo Party of Kore

PoliticsFeb. 26, 2016

Draft U.N. resolution pushes for tighter sanctions on N.K.

The U.N. Security Council is pushing for mandatory cargo inspections, comprehensive arms embargo and a limited ban on mineral exports in the latest bout of measures designed to tighten its sanctions on North Korea over its latest nuclear and missile tests. Following nearly two months of grueling negotiations between Washington and Beijing, U.S. Ambassador to the U.N. Samantha Power presented a draft resolution on Thursday in New York. After circulating it to all 15 member states, the council is

North KoreaFeb. 26, 2016

Over half of Koreans negative about migrant workers

(Yonhap)More than half of Koreans have a negative attitude towards foreign workers residing here, a recent survey showed. In a survey by local pollster Gallup Korea, 54 percent of respondents said that the migration of foreign workers to Korea is “not a good thing.” The study was conducted on 1,500 Koreans aged 19 and above. Thirty-nine percent said that it is a “good thing,” which is significantly lower than the 57 percent average across the 69 countries that participated in this global survey.

Social AffairsFeb. 26, 2016

[David Ignatius] Apple fights wrong encryption case

　Apple’s chief executive Tim Cook is such a respected figure that it’s easy to overlook the basic problem with his argument about encryption: Cook is asserting that a private company and the interests of its customers should prevail over the public‘s interest as expressed by our courts.　The San Bernardino encryption case was the wrong one to fight. Apple doubled-down Thursday by asking a federal court to vacate its order that the company create a tool to unlock the iPhone of shooter Syed Rizwan

ViewpointsFeb. 26, 2016

[Eye] Coping with survivor’s guilt

Two days after the Sewol ferry sinking on April 16, 2014, took away 304 lives, mostly students on a school trip, one of the survivors was found dead in an apparent suicide.It was the vice principal of Danwon High School in Ansan, Gyeonggi Province, where most of the student victims had attended. He left a note saying he could not bear living while over 200 of his students were still missing. Since the Sewol tragedy, three other surviving students as well as Kim Dong-soo, 51, who saved more than

Social AffairsFeb. 26, 2016

Spending on private education hits record high in 2015

South Korea’s monthly spending on private education per child hit a record high in 2015, with seven out of 10 students taking private lessons, government data showed Friday.　According to the survey by Statistics Korea and the Ministry of Education, 68.8 percent of students across the nation received private tutoring last year, up 0.2 percent from a year earlier.(Yonhap)The average amount spent was 244,000 won ($197), up 1 percent from the previous year. However excluding those not receiving priv

Social AffairsFeb. 26, 2016