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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Who's lying? Hybe vs. Min conflict continues to intensify
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[Contribution] Turkmenistan celebrates the 33rd anniversary of its Independence
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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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Seoul should engage Kim Jong-un’s elites for change, ex-North Korean diplomat says
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Korea seeks inclusion in MSCI‘s review list of developed market indexes
Ahead of a key decision by MSCI, the index provider, on the potential inclusion of Korea in its developed market index, analysts here are showing mixed prospects. Asia’s fourth-largest economy was taken off the review list for a potential upgrade to developed market by New York-based MSCI in 2014, having been added to the list in 2008. Some analysts see a bigger chance for Korea Exchange to get back on the list of the top grade of global market indices which is expected to be announced on June 1
May 23, 2016
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Ex-Paris Croissant CEO loses appeal on unfair dismissal suit
An appellate court on Thursday ruled against Jung Tae-soo, former CEO of Paris Croissant, a bakery and cafe chain under the SPC Group, who claimed that he was unfairly sacked by the company.The Seoul High Court said in its ruling that the evidence was insufficient to support Jung’s claims. Jung took the CEO position of Paris Croissant in March 2013 but stepped down from the post in May 2014 on accusations that he abused his position, for example by using corporate credit cards for personal purpo
IndustryMay 23, 2016
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Seoul shares end higher on bio, tech gains
South Korean stocks closed marginally higher Monday on advances in the bio and tech industries. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index gained 7.58 points, or 0.39 percent, to 1,955.25. Trade volume totaled 393.8 million shares worth 4.01 trillion won ($3.3 billion), with gainers outnumbering losers 403 to 392. (Yonhap)Individuals sold a net 67.8 billion won worth of stocks, while foreigners and institutional investors scooped up shares val
May 23, 2016
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Osstem Implant bets on emerging markets for growth
In the world of dental implants, Korea is an outlier. Nearly 250 out of every 10,000 people in the population receive such treatment here, putting Korea at the top of the world in implant penetration. Getting an implant costs just $1,000-$1,500 (1.3 million won-1.8 million won) in this country with per capita income of $27,340. Credit for the popularity of one of the most expensive dentistry procedures goes to Osstem Implant. Osstem Implant‘s dental implant productsThe company, formed in 1997 by
May 23, 2016
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N.K. nukes prompt Seoul to further tighten sanctions on Pyongyang
South Korea has tightened the screw on North Korea by slapping tougher unilateral sanctions over the North's recent nuclear and missile tests, adding to its punitive actions taken in 2010 in response to the North's attacks.On May 24, 2010, Seoul slapped comprehensive sanctions on North Korea to punish it for the torpedoing of the South Korean warship Cheonan two months earlier. The 2010 punitive measures excluded operations at the joint industrial park in North Korea's border city of Kaesong and
North KoreaMay 23, 2016
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More N.K. restaurant staff in China escape for possible defection: source
An unknown small number of North Korean restaurant staff have recently escaped their workplace in China for possible defections to South Korea, a source familiar to inter-Korean affairs said Monday.The North Koreans are moving to a third country after working at a North Korea-run restaurant in an unspecified city in China, according to the source.If confirmed, the case comes in the wake of the April mass defection by 13 North Korean workers who used to work at a restaurant in the Chinese eastern
North KoreaMay 23, 2016
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Insurers advised to pay suicide insurance money as promised
South Korea's financial authorities on Monday urged life insurance companies to pay insurance money to the bereaved family of a person who commits suicide as promised in the policy.The Financial Supervisory Service's recommendation comes on the heels of a ruling on May 12 by the Supreme Court that ordered a life insurance company to pay promised insurance money to the bereaved family of a policyholder who killed himself.Local life insurers have often refused to make full payments of insurance mo
Social AffairsMay 23, 2016
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Tesla in talks with Mando for self-driving cars: report
Korean parts-maker Mando Corp. has partnered with Tesla Motors to jointly develop key technologies for the automaker’s future autonomous vehicles, according to local reports Monday. Mando began developing fail-safety technologies for the U.S. electric carmaker’s autonomous vehicles in the second half of last year, Maeil Business Newspaper reported.(Bloomberg)The fail-safety technology allows a car to continue its self-driving mode even in times of emergency without requiring drivers to take the
BusinessMay 23, 2016
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POSCO strengthens ties with carmakers for premium steel sales
There are a couple of things in common among Ssangyong Motor’s Tivoli Air, Renault Samsung’s SM6 and GM Korea’s all-new Malibu. They are new cars gaining high attention in the market from the preorder stage and they have also adopted steel sheets made by POSCO for their car bodies.“The growing popularity of the new cars by the three Korean automakers this year gives a boost to sales of the company’s high value-added automotive steel products,” a POSCO spokesperson said. POSCO chairman Kwon Oh-jo
MobilityMay 23, 2016
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Madonna, Stevie Wonder pay tribute to Prince at Billboard
Madonna closed Sunday's Billboard Music Awards paying tribute to Prince with the help of Stevie Wonder, ending the night with “Purple Rain.” Wearing a shiny purple suit, Madonna kicked off the tribute with a version of “Nothing Compares 2 U,” which Prince wrote and Sinead O’Connor recorded. She sat in a large purple chair and was teary-eyed as she sang the song, as videos and photos of Prince were projected behind her. Wonder, who wore a purple scarf, later joined her for “Purple Rain” as the au
PerformanceMay 23, 2016
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Fraud or common practice?
If a painting displayed in a gallery was not painted by the artist who signed it, what are viewers to make of it? Such is the controversy that currently surrounds celebrity singer and painter Cho Young-nam, who is in hot water over allegations he hired a ghost painter to create his works for about seven years. In face of mounting criticism, Cho canceled his concerts and a solo gallery exhibition scheduled to open last week. Last Monday, a 61-year-old painter surnamed Song claimed he had paint
PerformanceMay 23, 2016
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Korea sees first biopharma trade surplus in 6 years
South Korea recorded a trade surplus in biopharmaceutical products last year led by a sharp growth in Celltrion’s overseas sales, the Ministry of Food and Drug Safety said Monday.Korea’s biopharmaceutical exports rose 37.4 percent on-year to $892.4 million in 2015, while biopharma imports declined by 15.8 percent on-year to $738.22 million last year, according to the ministry data.(123RF)It marks Korea’s first biopharma trade surplus in six years, with exports exceeding imports by $71.02 million
IndustryMay 23, 2016
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Foreign capital outflows expected on U.S. rate rise
Shares in Korea and other emerging markets are forecast to lose ground as foreign investors are likely to pull out their funds ahead of a possible rate rise in the U.S. next month, analysts said Monday.The global market is anxiously awaiting the next Federal Reserve meeting on June 14-15 when the U.S. central bank will decide whether to raise or keep its rate steady, depending on market data especially its job rate.In a meeting last month, members of the Federal Open Market Committee sent the mo
May 23, 2016
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SC Bank Korea promotes My Plus account
Standard Chartered Bank Korea said it will give out gifts to those who make a new My Plus bank account and deposit more than 1 million won ($845) by the end of May.The British banking group’s Korean unit said it will offer mobile coupons for Starbucks to the first 1,000 customers who subscribe to the savings account as part of the first anniversary celebration of the launch of My Plus. Models promote the “My Plus” bank account. (SC Bank Korea)The bank launched My Plus account in May last year an
May 23, 2016
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Chinese market share of Hyundai, Kia tops 9 pct in April
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. saw their combined shares in China surpass 9 percent for the first time this year in April, the companies said Monday.The two Korean carmakers sold a combined 146,378 cars in April in China, up 0.1 percent from a year earlier, according to the data provided by the companies.The combined share by Hyundai and Kia in the world's largest auto market stood at 9.2 percent in April, compared with 8.2 percent in March, the data showed.The data
IndustryMay 23, 2016
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With no room to maneuver, BOK might be at standstill
Korea's central bank appears to be fast running out of options for its key rate with a looming U.S. rate hike and the country's sluggish economy crippling its move in either direction, experts noted Monday.The Bank of Korea (BOK) has stood pat on its key rate after sending it to a record low of 1.5 percent in June 2015. Bank of Korea (Yonhap)The experts said the bank might be forced to again extend its wait-and-see mode for another month in June, not by necessity but by its lack of options. The
May 23, 2016
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Nearly half of foreign travelers revisited Korea in 2015
Nearly half of foreigners revisited Korea last year, with the Japanese becoming the most frequent travelers to the nation, a survey by the Ministry of Culture, Sports and Tourism showed Monday. According to the 2015 survey conducted at major gateways on 12,900 visitors to the nation, 46.1 percent of the respondents said they had visited Korea more than once. Among them, 78.7 percent of Japanese were returning visitors, while the corresponding figure for Chinese travelers, the biggest tourist gro
TravelMay 23, 2016
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Hyundai to unveil 50 cars at motor show in Busan
Hyundai Motor Co., Korea's top automaker, said Monday that it plans to unveil a total of 50 cars at a motor show to be held in Korea's second-largest city of Busan next month.Among cars to be unveiled at the motor show include the G80, which will be renamed from the Genesis DH, and the RM16, an upgraded version of the RM15 coupe concept.The RM16, a midship-engined car based on Hyundai's Veloster, has a lighter and stronger frame using aluminum and carbon fiber.Hyundai's luxury brand Genesis is s
IndustryMay 23, 2016
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Firms mull removing antimicrobial agents from cleaning products
Korean beauty and household product manufacturers said Monday they are considering taking out antimicrobial substances from all products, in the latest response to aggravating toxic chemical fears. The nation’s two largest cosmetic giants -- Amore Pacific and LG Household & Health -- are seeking ways to get rid of CMIT and MIT, ingredients that have been linked to an ongoing deadly humidifier disinfectant case.The government approves the use of the two substances for washable cleaning products,
IndustryMay 23, 2016
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Samsung, LG to boast display leadership at U.S. trade show
Korean display-makers Samsung Display and LG Display will flex their technological muscles at SID’s Display Week 2016, an annual trade show to be held from Tuesday to Thursday, in San Francisco.The display business unit of Samsung Group will showcase a host of futuristic products including organic light-emitting diode displays that can be rolled or folded, OLED displays for virtual reality gadgets and vehicles, and hologram technology. Samsung Display will showcase a rollable display at the SID
TechnologyMay 23, 2016