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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Seoul should engage Kim Jong-un’s elites for change, ex-North Korean diplomat says
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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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SK C&C sets up AI business division
SK Holdings C&C, the information technology solutions unit of SK Group, said Wednesday it has revamped its organization to renew commitment to its new growth engine businesses such as artificial intelligence and cloud services. The company said it has set up two new business divisions “Cloud Z” and “Aibril” that were named after its new brands for cloud and AI businesses, respectively. (Yonhap)The company also launched a new “Digital Marketing Division” that supports its clients in better using
TechnologyMay 18, 2016
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Yoon Mi-rae, Tiger JK, and Bizzy named ambassadors for Social Welfare Society
The Social Welfare Society appointed rapper Tiger JK, singer and rapper Yoon Mi-rae and rapper Bizzy as its honorary ambassadors on Tuesday. The married couple Tiger JK and Yoon, who have supported SWS for several years, will help raise awareness of the welfare society with Bizzy. From left, rapper Bizzy, Social Welfare Society president Rhie Yong-heung, singer and rapper Yoon Mi-rae and rapper Tiger JK pose at the ceremony which saw the appointment of the project group MFBTY as honorary ambass
PeopleMay 18, 2016
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[Photo News] Debut of sexiest Rolls-Royce ever
A female model poses inside the 2016 Rolls-Royce Dawn convertible at its launch event at the Banyan Tree Club & Spa Seoul on Wednesday. The British super luxury car maker expects its soft-top convertible to lead sales of its Korean unit this year. The price of the new Dawn starts from 449 million won ($379,704). (Yonhap)
MobilityMay 18, 2016
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Diesel cars losing popularity on fine dust concerns
Although diesel cars have retained the sales crown in Korean auto market over the past few years, signs of a slowdown are starting to show with consumers looking at wider options following a series of emissions scandals and the government’s push to regulate toxic nitrogen oxide emitted by diesel engines. Until last year, diesel-powered cars accounted for more than 50 percent of the local auto market after growing fast from 30 percent in 2010 thanks to its high fuel-efficiency and government back
MobilityMay 18, 2016
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Net profits of top 500 companies up 10.8% last year
The net profits of South Korea's top 500 companies increased 10.8 percent last year, data showed Wednesday, a sign of their belt-tightening and more efficient management amid economic difficulties.The combined net profits of the 500 companies stood at 96.6 trillion won ($81 billion) last year, up 10.8 percent from a year earlier, according to CEOScore, a website that tracks conglomerates, financial firms and state-run companies.The operating profits of those companies jumped 13.6 percent to 142.
May 18, 2016
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Consumers, companies press gov't for guidelines on household chemicals
Demand is growing from the public and corporations for the government to set a definitive guideline and regulations on household chemicals as fear deepens over their untested toxicity.The government on Tuesday announced that air and fabric freshener brand Febreze, manufactured by P&G Korea, is safe to use. P&G Korea air and fabric freshener brand Febreze (Yonhap)Consumers alarmed by the death-causing biocides in humidifier disinfectants had raised suspicions about the brand, forcing the environm
IndustryMay 18, 2016
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Daewoo Shipbuilding workers protest restructuring moves
Workers at the troubled Daewoo Shipbuilding & Marine Engineering are crying foul over heightened pressure from the government and its creditors to further cut jobs and sell more assets, industry sources said Wednesday.Daewoo Shipbuilding has been implementing large-scale self-restructuring measures since last year, including layoffs of 2,300 workers and asset sales, in return for financial assistance from its creditors led by state-run Korea Development Bank.But its creditors and the financial a
IndustryMay 18, 2016
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Korean firms sign 7 MOUs to build hospitals in Iran
Korean builders have signed a series of memorandums of understanding to build hospitals in Iran amid widening bilateral cooperation in the health care sector, the health ministry here said Wednesday.Samsung C&T, Hyundai Engineering & Construction and four other companies signed seven MOUs with Iranian medical schools to build seven medical centers with a combined 6,000 beds in Tehran during a business fair held in the Iranian capital on Saturday and Sunday, according to the Ministry of Health an
May 18, 2016
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Losses from overseas equity funds total 4.9 tln won over past 12 months
Valuation losses over the past year derived from overseas equity funds sold locally total 4.9 trillion won ($4.1 billion), due mainly to the meltdown in Chinese stocks this year, a private fund ratings company said Wednesday.Domestic and foreign investors injected a combined 2.550 trillion won into 2,872 overseas equity-linked fund products offered by local banks, brokerages and other financial institutions in the past 12 months through May 16, a spokeswoman from the Korea Fund Ratings Co. (KFR)
May 18, 2016
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NH-Amundi celebrates name change
Korean asset management company NH-CA Asset Management has changed its name, and celebrated it by holding a forum on global economy in Seoul on Wednesday.Now called NH-Amundi Asset Management, the nation’s seventh-largest asset management firm changed its name on May 1 in a bid to enhance its French parent company Amundi’s brand name and tap into its extensive global network.NH-Amundi was established as a joint venture in 2003 between NH Financial Group of Korea with a 70 percent stake and Amund
May 18, 2016
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[Photo News] Samsung mirror display
Samsung Electronics’ 55-inch mirror displays are installed Wednesday at a hair shop in Seoul. The high-tech display offers customized consultations for hair styling as well as improved viewing angles. Samsung plans to launch related display products from the third quarter this year. (Samsung Electronics)
TechnologyMay 18, 2016
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Korean start-up aims to dominate space for smartphone lock screens
An old habit sometimes becomes an inspiration for inventors or entrepreneurs to make achievements. For John Lee, the chief executive of reward-based mobile advertising platform operator Buzzvil, note-taking is a habit that has long served as a driving force behind his successful entrepreneurship which started early in his life.The CEO, a voluminous note-taker since he was grade school student, keeps more than 3,000 pieces of paper, on which he scribbled down his ideas and thoughts, at his home.J
TechnologyMay 18, 2016
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[Photo News] Fashion meets technology
Kolon Industries, KT and Nokia on Wednesday signed a memorandum of agreement in Seoul on codeveloping Internet of things-related fashion products and services incorporating 5G communications technology. The partnership will later expand into construction and home IoT products, officials said. From left: Kolon Industries Business Strategy Division Chief Oh Won-sun, KT Executive Vice President Kim Hyoung-wook, Nokia Market Unit Korea Head Andrew Cope, Kolon Industries Operation TARDIS Executive Vi
IndustryMay 18, 2016
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Luxury watchmakers turn to S. Korea as test bed
Korea is becoming a new test bed of Asia for luxury watchmakers, industry officials said Wednesday.Recently, two world-class watch manufacturers chose South Korea for the Asia debut of their new products. On Tuesday, Switzerland’s Roger Dubuis showcased its Black Velvet watch. Priced at 57 million won ($48,300). In March, another Swiss label, Panerai, opened its first store in South Korea. Company CEO Angelo Bonati came for the opening, reflecting his interest in the South Korean market.South Ko
IndustryMay 18, 2016
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Samsung, LG ramp up R&D spending in Q1
Korea’s top two tech giants spent more on research and development projects in the first quarter of the year, data showed Wednesday.No. 1 tech firm Samsung Electronics spent 3.81 trillion won ($3.2 billion) on R&D in the January-March period, accounting for 7.7 percent of its revenue, according to the company’s quarterly report.The figure marks a 0.3 percentage point rise from 7.4 percent posted a year earlier.The firm opened its R&D center -- Samsung Seoul R&D Campus -- in November 2015 to focu
IndustryMay 18, 2016
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Civic groups challenge constitutionality of personal data collection
Korean civic groups together filed a complaint Wednesday, challenging the constitutionality of the local authorities' collection of user information from mobile carriers without a warrant.The Lawyers for a Democratic Society, or Minbyun, said 500 people, including professors, filed the complaint with the Constitutional Court.Under the current law, local investigative authorities, such as police, prosecution and intelligence agency, can gather personal information of mobile carrier users without
Social AffairsMay 18, 2016
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Ex-World Cup stars named honorary ambassadors for U-20 tournament
Two former South Korean football stars were appointed honorary ambassadors for the 2017 FIFA U-20 World Cup on Wednesday. The organizing committee of the U-20 World Cup unveiled Park Ji-sung and Ahn Jung-hwan as new goodwill ambassadors for South Korea's first hosting of the FIFA tournament since 2007. The U-20 World Cup, which features 24 nations, will be played from May 20 to June 11, 2017, in Cheonan, Daejeon, Incheon, Jeju, Jeonju and Suwon. Park and Ahn are considered South Korean football
SoccerMay 18, 2016
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Korea posts record-breaking marine transport deficit
Korea posted its first quarterly deficit in marine transportation in a decade this year, central bank data showed Wednesday. In the first quarter this year, the country’s deficit in marine transport came to $67.6 million, according to the data from the Bank of Korea. Bank of Korea (Yonhap)The Q1 reading marks the first quarterly deficit since 2006 when the central bank began compiling the data. In January alone, the deficit reached $135.4 million to mark the largest-ever monthly amount.Marine tr
May 18, 2016
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Hyundai Motor‘s Genesis to launch G80 next month
Korea’s top automaker Hyundai Motor said Wednesday that its luxury brand Genesis will launch the G80 next month.The G80 is to be unveiled at an international motor show scheduled to open in South Korea’s second-largest city of Busan next month. Genesis’ EQ900 (Hyundai Motor)The carmaker said it expects the upcoming launch of the G80 to raise more awareness for the Genesis brand and eventually lead to more sales.In November 2015, the carmaker turned Genesis into a separate brand that does not car
IndustryMay 18, 2016
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BMW to recall 1,751 sedans for potential fuel pump defects
BMW Korea, the local unit of the German carmaker, will recall a combined 1,751 units of its 3 series and 4 series sedans for potential defects in the fuel pump, the Seoul government said Wednesday.A crack in the plating of the fuel pump may lead to an engine malfunction, causing the car to stop without warning, according to the Ministry of Land, Infrastructure and Transport. BMW 320dThe ministry said the South Korean authorities have been inspecting the case since March this year after 10 BMW se
IndustryMay 18, 2016