Most Popular
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Seoul, Tokyo reboot joint maritime resource talks after 40-year freeze
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Host of Miss Korea apologizes for 'inappropriate question' about deepfake
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Korea to face another massive shortfall in tax revenue
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Global drama stars gather for 2024 Seoul International Drama Awards
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[Contribution] Turkmenistan celebrates the 33rd anniversary of its Independence
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SK hynix outpaces Samsung, Micron with more powerful AI chips
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Power of nostalgia brings K-pop legends back together
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North Korea unveiling uranium enrichment site a US election-conscious move: NIS
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[Photo news] Faker Mercedes
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'Shaman says president will die,' caller warns
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Hanwha pushes automotive business in U.S.
Hanwha Advanced Materials Corp.’s move to buy a Michigan-based car parts company is being seen by industry watchers as Hanwha Group’s attempt to expand its automotive business in the U.S. market. The group confirmed Tuesday that its material arm Hanwha Advanced Materials Corp. recently submitted a letter of intent to buy the U.S.-based automotive materials supplier Continental Structural Plastics. CSP is a supplier of lightweight materials to the U.S.’ big three automakers General Motors, Ford a
June 7, 2016
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Samsung SDS chief tries to assuage employees’ concerns over split-off plan
Amid mounting controversy over IT solutions firm Samsung SDS’ plan to split its businesses, its chief executive has asked his employees not to be swayed by speculations on the proposal.In posts on the company’s online bulletin board last week, Samsung SDS CEO Chung Yoo-sung told employees to “stay in your position, and continue to carry out your duties.”Samsung SDS CEO Chung Yoo-sung (Samsung SDS)The remarks seemed to be aimed at appeasing employees who could have been agitated by the latest dev
TechnologyJune 7, 2016
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[Photo News] LG premium washer hits global markets
LG Electronics said Tuesday that it would be releasing Twin Wash, a front-load washing machine with an optional washer, in 40 nations including Mexico, Colombia, China, Taiwan and Vietnam. (LGE)
TechnologyJune 7, 2016
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[News Focus] Steel industry faces rising credit risk on low cash
Unlike Korea’s shipping and shipbuilding industries, the domestic steelmakers may not face immediate credit risks given that their problems have more to do with overcapacity in the market.The government, therefore, put the steel industry on a different watch list last April, urging the companies to voluntarily and preemptively improve their finances by reducing costs associated with equipment and inventories to offset overcapacity. The financial regulator also suggested them to restructure via m
June 7, 2016
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Lotte Chemical bids to acquire Axiall in U.S.
Lotte Chemical, the petrochemicals unit of South Korea’s Lotte Group, said Tuesday that it has made an offer to buy U.S.-based chemicals producer Axiall Corp. with aims to expand its business portfolio and strengthen its footing in North America.The company said it submitted its bid to take over Axiall Corp. last Saturday. No further details were disclosed, including its offering price.Axiall Corp. is an Atlanta-based chemicals firm that specializes in producing integrated chlorovinyls and vinyl
June 7, 2016
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ZOIT releases smart fitness bike in China
The fitness software company ZOIT (CEO: Sung-Han Lee) announced on June 3 that it will be entering the Chinese market later this year with the release of a fitness bike that can be linked to smart devices. The fitness bike, developed in joint cooperation with a local health equipment company, is now in its final stages of completion. ZOIT made its debut in the simulated content industry back in 2007 with the release of a simulated horseback riding program in which users mount a mechanical horse
TechnologyJune 7, 2016
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Fed Chair Yellen says poor U.S. jobs report 'concerning'
PHILADELPHIA (AFP) -- Federal Reserve Chair Janet Yellen said Monday the dismal U.S. jobs report for May was "concerning" and "disappointing", but stressed she was still optimistic on the outlook for U.S. economic growth."One should never attach too much significance to any single monthly report," Yellen said, adding that the overall labor market situation has been "quite positive".Even so, in her first comments since Friday's monthly jobs market data shocked markets and sent the dollar tumbling
World BusinessJune 7, 2016
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Korean FM to visit Russia next week
South Korean Foreign Minister Yun Byung-se will visit Moscow next week for talks with his Russian counterpart on North Korea's nuclear weapons program and other issues, his ministry said Tuesday.Yun will head to the Russian capital on Sunday for a two-day trip and meet with Russian Foreign Minister Sergey Lavrov the following day, ministry spokesman Cho June-hyuck said in a press briefing.It will be Yun's first official visit to Russia since he took office in early 2013 and the first such visit
Foreign AffairsJune 7, 2016
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Korea opens K-pop academy in Mexico
South Korea has opened an academy in Mexico that allows locals to experience first-hand what it is like to be trained into a K-pop star, the Korean Cultural Center here said Tuesday.The Mexico K-pop Academy is sponsored by South Korea's Ministry of Culture, Sports and Tourism and is part of the programs offered at Instituto Nacional de Bellas Artes in Mexico City and the Korean Cultural Center in the city.The 10-week program is divided into two parts -- the first six weeks will be dedicated to l
PerformanceJune 7, 2016
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Korea funds project to construct multi-sports hall in Bhutan
South Korea has implemented a project to build a multi-sports hall in the Bhutanese capital of Thimphu as part of efforts to improve the sports infrastructure in the Himalayan kingdom and enhance friendship between the two countries, government officials said Tuesday.Officials from the state-run Korea Sports Promotion Foundation and the Bhutan Olympic Committee held a groundbreaking ceremony at Jungshina, Thimphu, on May 27 to mark the construction of the hall.Among participants to the ceremony
InternationalJune 7, 2016
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Public outrage at teacher’s rape
The gang rape of a female teacher in a remote island village in Shinan County, South Jeolla Province, is igniting fierce public outrage. The teacher’s rape by three locals has sparked criticism against the lack of safety measures and flagrant disregard for the rights of women and teachers in rural areas.The regional government’s homepage is being bombarded with comments on the case and incompetence of the local officials, which some say was the cause for the attack. (123RF)More than 300 messages
Social AffairsJune 7, 2016
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eBay Korea’s Auction, Gmarket expands O2O reach
E-commerce platforms Auction and Gmarket, run by eBay Korea, will expand their online-to-offline shopping services with a new delivery network launching in August, the company said Tuesday.Since its mobile launch in March 2011, Auction has continued to offer new services in the O2O market. Auction’s A.Tag service (eBay Korea)Last October, the e-commerce platform launched a new technology called A.Tag which allows shoppers to make additional purchases of a previously purchased product by touchin
IndustryJune 7, 2016
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11st opens second offline customer center
Online open market 11st, which was the first e-commerce operator here to create an offline customer service center, has opened its second center in Daegu, operator SK Planet said Tuesday.Called “V Center,” the center serves customers who want to return items for exchanges or refunds. The first center opened in Guro-gu, Seoul, in April, and the second Daegu branch opened on Tuesday. 11st V Center (SK Planet)According to SK Planet, V Center seeks to expand 11st’s interactions with customers -- bey
IndustryJune 7, 2016
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Koreans' rice consumption halves in 30 yrs
The annual rice consumption of the South Korean population has halved over the past three decades due mainly to changes in diet and eating habits, government data showed Tuesday.Per capita rice consumption in South Korea reached 62.9 kilograms per year in 2015, sharply down from the 128.1 kg tallied in 1985, according to the data compiled by Statistics Korea.South Koreans consumed 172.4 g of rice per day last year, also down 3.3 percent from a year earlier, indicating that they eat less than two
IndustryJune 7, 2016
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Korean bizmen's move to visit joint industrial park not proper: Seoul
South Korea said Tuesday it does not believe it is proper for local firms that ran factories at a joint industrial park in North Korea to visit the factory zone amid a tough sanctions regime imposed on Pyongyang.On Feb. 10, Seoul shut down the Kaesong Industrial Complex in the North's border city of the same name after the North's fourth nuclear test and long-range rocket launch earlier in the year.South Korean firms that ran factories there said they hope to visit the North to check their facil
North KoreaJune 7, 2016
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Minjoo head urges China to expand efforts to curb N.K. nukes
Kim Chong-in, the interim leader of South Korea's main opposition Minjoo Party of Korea, urged China to expand efforts to roll out more effective measures to curb Pyongyang's nuclear ambitions.During his meeting with Chinese Ambassador to South Korea Qiu Guohong, the lawmaker said despite the international sanctions against the North, Beijing still maintains certain economic ties with Pyongyang, adding such exchanges will limit the effectiveness of global economic pressure."China, which holds si
North KoreaJune 7, 2016
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Korean economy faces headwind, but domestic consumption cruises
The South Korean economy is facing a slowdown in the manufacturing sector and the overall economy stemming from protracted sluggish exports, but a steady upbeat trend of domestic consumption buffers a further slump, a state-run think tank said Tuesday."The recent fall in several production indicators implies a minor slowdown in overall economic activities," the Korea Development Institute said in its monthly evaluation of the country's economic conditions."Mining and manufacturing production and
June 7, 2016
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Korea again rejects Volkswagen's recall plan
South Korea's environment ministry said Tuesday it has again rejected Volkswagen's plan to recall its vehicles that fabricated emissions results, saying the local unit of the German carmaker did not admit to using a defeat device to trick vehicle testing.The Ministry of Environment disapproved the plan submitted by Audi Volkswagen Korea for not stipulating that the vehicles were equipped with what are called defeat devices, designed to manipulate emissions results.The carmaker's initial recall m
MobilityJune 7, 2016
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N.K. party officials visit Vietnam, Laos amid int'l sanctions regime
North Korean party officials have visited Vietnam and Laos, the North's state media said Tuesday, apparently as part of the North's diplomatic effort to break the international sanctions regime.The delegation, led by Choe Thae-bok, a vice chairman of the ruling party's central committee, arrived in Vientiane on Monday after visiting Vietnam for talks with the communist party's officials, according to the Korean Central News Agency.Choe held talks with Nguyen Phu Trong, general secretary of the C
North KoreaJune 7, 2016
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M&A deals dragging on
Merger and acquisition deals in Korea, previously expected to flourish thanks to industry-wide corporate restructurings, are actually dragging on due to little interest from potential buyers, industry sources said Tuesday.Early in January, mobile messaging app operating giant Kakao Corp.’s 1.87 trillion won ($1.57 billion) acquisition of Loen Entertainment, the top operator of online music in the local market, was expected to prompt the M&A market later this year.However, major deals that draw k
June 7, 2016