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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[Contribution] Turkmenistan celebrates the 33rd anniversary of its Independence
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Who's lying? Hybe vs. Min conflict continues to intensify
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[Photo news] Faker Mercedes
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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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'Shaman says president will die,' caller warns
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Park calls for fostering maritime industry into future growth dynamo
President Park Geun-hye on Tuesday called for fostering a new maritime industry and developing it into a future growth dynamo, underscoring that the maritime sector will present new economic opportunities for Asia's fourth-largest economy.In a video message at a ceremony marking Marine Day, Park also said that the nation, surrounded by the sea on three sides, should capitalize on its geographical features to fuel its growth momentum."(The country) should find a new maritime industry that is link
IndustryMay 31, 2016
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Bondholders OK HMM’s debt restructuring plan
Bondholders of Hyundai Merchant Marine have approved a debt restructuring proposal by the ailing shipper, clearing one of the major hurdles of its rehabilitation program. During three separate meetings Tuesday, bondholders gave the nod to HMM’s proposal on some 630 billion won ($529 million) debt to unanimously swap more than half of it for the shipper’s stocks. The remaining amount will be paid back after two years.“Above all, avoiding a court receivership is more favorable for us to collect ou
May 31, 2016
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LG Life Sciences to commercialize Humira biosimilar by 2018
LG Life Sciences on Tuesday said that it has begun phase III clinical trials for its new Humira biosimilar under development in South Korea, with plans to commercialize the drug in Korea and Japan by 2018. The Korean Ministry of Food and Drug Safety approved the final-stage clinical trials for LBAL, LG’s Humira biosimilar on May 27, prompting the company to begin its trials, said company spokesman Park Jun-hyoung.Developed by U.S. pharmaceutical giant AbbVie, Humira (adalimumab) is the world’s t
IndustryMay 31, 2016
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Samsung C&T to appeal share buyback price ruling
An appeal court on Tuesday ordered Samsung C&T, the fashion and trading unit of Samsung Group, to increase the stock buyback price proposed to shareholders who opposed its merger with Cheil Industries last year. Samsung C&T, the merged entity and de facto holding company of the nation’s largest conglomerate, said it would appeal the ruling overturning a lower court’s decision. Samsung C&T headquarters in Seoul (Yonhap)“After a thorough review of the court’s ruling, we plan to file an appeal wit
TechnologyMay 31, 2016
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Shilla tops new duty-free shops in daily sales
South Korea’s five newly licensed duty-free stores in Seoul are seeing steady improvements in their daily revenue, with HDC Shilla and Hanwha in the lead so far, the companies said Tuesday. HDC Shilla said its new duty-free store in Yongsan has been racking up some 1.1 billion won ($925,000) in daily sales since April. It opened on Mar. 25 as the first of the five new stores permitted to begin business this year.Hotel Shilla president and CEO Lee Boo-jin looks around Shilla I’Park Duty Free stor
IndustryMay 31, 2016
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Korea increases contribution to IDB trust funds for past 10 yrs
South Korea has contributed more than $100 million to trust funds operated by the Inter-America Development Bank for the past 10 years to help the region develop further, the finance minister said Tuesday.Asia's fourth-largest economy joined the IDB in 2005 and has made contributions to three trust funds -- the Knowledge Partnership Fund for Technology and Innovation, the Korea Poverty Reduction Fund and the Public Capacity Building Korea Fund for Economic Development. Finance Minister Yoo Il-ho
May 31, 2016
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[Photo News] LG supports community in Ethiopia
LG Electronics’ top executives, including CEO Cho Seong-jin, visit an Ethiopian village, 60 kilometers away from Addis Ababa, as part of the firm’s global corporate social responsibility programs last week. The tech firm has run the support program LG Hope Community there since 2012, helping villagers improve infrastructure and cultivate land. (LGE)
TechnologyMay 31, 2016
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Pastor gets 3 years for raping churchgoer
A pastor was handed down three years in prison by the Incheon District Court on Tuesday for raping a female member of his congregation.He was identified only by his last name, Sim, in the sentencing. According to the Incheon District Court, 35-year-old Sim claimed innocence as he and the 23-year-old churchgoer had supposedly had an existing romantic extramarital affair which involved mutually agreed sex. (123RF)On Jan. 4, Sim invited the victim to his house while his wife was away and raped the
Social AffairsMay 31, 2016
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Japan beats Korea in attracting foreign travelers in 2015
Japan beat South Korea in terms of attracting foreigners in 2015 as more travelers were encouraged to visit the island for shopping amid a cheaper yen and eased tax rules, a report showed Tuesday. The number of inbound tourists to South Korea had surpassed Japan's until 2014, but the trend reversed last year as Japan's tourism industry enjoyed a boom thanks to the cheaper local currency and a series of promotional efforts.In contrast, South Korea suffered a drop in inbound travelers in the wake
TravelMay 31, 2016
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Production continues to fall on gloomy outlook
Korea’s overall production and consumption fell last month on the back of slow manufacturing and retail sales, despite a slight pickup in the services industry led by the finance and insurance sectors, according to Statistics Korea on Tuesday.The index of all industry production, which tracks industrial production, services, public administration and construction, stood at 110.9 in April, down 0.8 percent from the month before.“Low production and an increase in finance reflect a change in activi
May 31, 2016
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Samsung rolls out storage product smaller than coin
Tech giant Samsung Electronics said Tuesday that it has started mass producing a compact solid-state drive that is three times faster -- but much smaller in size -- than the average SSD product.The new storage product, dubbed the Nonvolatile Memory Express PCle SSD, or NVMe SSD for short, features an extremely compact package containing all essential SSD components, including NAND flash memory, DRAM and controller, while delivering outstanding performance, according to the tech firm.The compact
TechnologyMay 31, 2016
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Daewoo Shipbuilding to cut wages, sell assets to stay afloat: report
Troubled South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering is seeking pay cuts and sales of subsidiaries as part of self-rescue efforts to stay afloat, a local news report said Tuesday.Based in Geoje in South Gyeongsang Province, the shipbuilder plans to slash 10-20 percent of the wages of executives, office workers and manufacturing employees, as well as to sell shipbuilding subsidiaries such as DSEC, Samwoo Heavy Industries, Shinhan Machinery and Welliv, Yonhap News Agency said
IndustryMay 31, 2016
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Salary gap may remain burden for SK Telecom in M&As
A steep salary gap may impede South Korea's top mobile carrier SK Telecom Co.'s post-merger integration efforts even if it obtains government approval for its proposed acquisition of CJ Hellovision, industry people said Tuesday.In the January-March quarter, SK Telecom's 4,184 employees received an average of 51 million won ($43,000) per person, almost four times higher than the average salary of 14 million won for CJ Hellovision's 1,109 workers, according to data from the Financial Supervisory S
IndustryMay 31, 2016
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Biz lobby group urges growth-friendly legislation
South Korea's business community appealed to the country's new parliament Tuesday to focus on easing regulations and facilitating a shift in the industrial structure."The term of the 20th National Assembly is when the formula of South Korea's economic growth is changing," Park Yong-maan, president of the Korea Chamber of Commerce and Industry, said as the business lobby group issued a list of suggestions for lawmakers. National Assembly (Yonhap)The new National Assembly began its four-year term
May 31, 2016
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Korean firms at joint industrial park boycott gov't support measures
South Korean firms suffering months-long financial damage from the shutdown of a joint industrial complex in North Korea expressed discontent with the latest government support measures on Tuesday, saying the partial aid is not enough to compensate for their losses. Seoul shut down the Gaeseong Industrial Complex in the North's border city of the same name on Feb. 10 in response to Pyongyang's January nuclear test and long-range rocket launch in February. Gaeseong Industrial Complex (Yonhap)In
IndustryMay 31, 2016
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Banks' loan delinquency rate edges up in April
The delinquency rate for loans extended by South Korean banks edged up in April from a month earlier as some loans extended to households and businesses turned sour, government data showed Tuesday. The average delinquency rate for bank loans stood at 0.64 percent at the end of April, up 0.01 percentage point from a month earlier, the Financial Supervisory Service said in a statement. Financial Supervisory Service (Yonhap)Year-on-year, the figure fell 0.12 percentage points from 0.76 percent, it
May 31, 2016
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Trust, core competitiveness of financial investment industry
Korea has one of the world’s most advanced capital markets both in quantitative and qualitative terms. It is the world’s 10th largest and has been classified by the Financial Times Stock Exchange as a developed market.The financial investment industry and the Financial Supervisory Service are working together to take the market further to the next level, especially since the Financial Investment Services and Capital Markets Act took effect in 2009. Their efforts include building a more innovativ
May 31, 2016
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Kakao launches chauffeur service in Korea
Mobile messenger operator Kakao started its chauffeur service, KakaoDriver, in Korea on Tuesday.Through the KakaoDriver mobile application, subscribers are able to use the chauffeur service, including requesting for the service as well as payment, according to the Korean company. Mobile messenger firm Kakao rolls out chauffeur service KakaoDriver in Korea on Tuesday. (Kakao)Smartphone users can use the service after they accept some terms and conditions and register their credit cards on the app
TechnologyMay 31, 2016
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Performance-linked pay system gains fame, along with opposition
The number of public firms introducing the government-proposed wage system based on workers' performance is growing at a faster rate than hoped for, despite growing labor opposition that might lead to legal battles.As of Tuesday, about 70 state-run firms and public organizations out of the total 120 that are required to introduce the new wage system have done so, well ahead of the June 30 deadline for state-run companies and the Dec. 31 deadline for public organizations set by the government, ac
IndustryMay 31, 2016
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Jodie Foster focuses on directing after 50 years in spotlight
SYDNEY (AFP) - Hollywood star Jodie Foster is setting her sights on directing more movies as she marks half a century in the spotlight, although has no plans to completely quit acting.The 53-year-old, in Sydney to promote her latest directorial effort “Money Monster” starring George Clooney and Julia Roberts, made her debut behind the camera in her 20s with “Little Man Tate” but has only directed a handful of films since.“It’s crazy. I started (directing) when I was 27 and I’ve only made four mo
FilmMay 31, 2016