Most Popular
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Thousands rally in Seoul to call for Yoon's resignation
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Suicide attempts spike among youth in Korea
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Opposition mulls delay of financial investment income tax
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Hezbollah leader Hassan Nasrallah is killed in Beirut strike, Israel's military says
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[Weekender] How Seongsu, once an industrial zone, has become ‘Seoul’s Brooklyn’
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Immigration policy must go beyond labor supply: experts
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‘Korea crossed the line too far’ disgraced singer’s lawyer cries foul after 3rd visa denial
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Nasrallah's killing reveals depth of Israel's Hezbollah penetration
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Korean American documentary ‘Free Chol Soo Lee' wins Emmy
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S. Korea to showcase Hyunmoo-5 ballistic missile on Armed Forces Day ceremony for 1st time
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SoftBank Ventures to invest W3b to Korea’s Meat Box
SoftBank Ventures Korea, the local venture capital arm of Japan’s SoftBank Group, on Wednesday announced that the company has decided to invest 3 billion won ($2.5 million) in Global Networks, an online business-to-business meat dealer. “Meat Box, Global Networks’ e-commerce platform, has abundant experience in livestock product distribution, on top of state-of-the-art information technology. It has secured a great deal of data and know-how already,” Edward Chung, a senior associate at the compa
TechnologyMarch 9, 2016
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Finance Ministry enforces measures against Eximbank on Moneual losses
The Ministry of Finance and Strategy has enforced a disciplinary measure against 57 employees of the Export-Import Bank of Korea for extending bad loans to Moneual and causing losses for the state-run bank, according to Korea Eximbank on Wednesday.“The bank’s internal auditors have been notified of the measure by the Finance Ministry against those employees, and the bank is following necessary procedures,” a spokesperson for Korea Eximbank said.“We, however, cannot yet reveal on the level of the
March 9, 2016
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POSCO may integrate processing centers in China
South Korea’s top steelmaker POSCO is reportedly pushing for integration of its processing centers in China by setting up a special team. “POSCO is planning to merge 12 processing centers in China into around three key divisions in order to save cost,” Money Today quoted an unnamed source as saying. “The company will first reduce the number of employees sent from headquarters in Korea instead of cutting local staff,” it reported. Currently, POSCO is operating 12 processing centers in China to pr
IndustryMarch 9, 2016
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Amgen withdraws patent suit against Samsung Bioepis
U.S.-based pharmaceutical giant Amgen has withdrawn its patent infringement suit against biosimilar developer Samsung Bioepis in Canada, clearing the way for the Korean drugmaker’s entry into the North American market. Last month, Amgen Canada withdrew its prohibition order request on Brenzys, Samsung’s biosimilar replication of Amgen’s original blockbuster rheumatoid arthritis treatment Enbrel (etanercept), according to Samsung Bioepis on Wednesday.In May 2015, Samsung Bioepis had submitted an
IndustryMarch 9, 2016
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Unionized pilots demand wage hike in joint protest
Asiana and Korean Air -- held a joint sit-in protest in front of Korean Air’s Seoul headquarters on Tuesday to demand pay increases at the firm. The rally was held a day after Korean Air announced it would resume pay negotiations with the union.The two sides have been locking horns over pay for months. With the two sides having failed to reach an agreement, the Korean Air pilots’ union has been protesting since Feb. 19.The pilots asked for a 37 percent raise, while Korean Air offered 1.9 percent
IndustryMarch 9, 2016
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Industrial output, domestic demand to show signs of slight recovery: government report
Korea's industrial production and domestic demand have remained sluggish in recent months, but they are expected to slightly recover later this year, the finance ministry said Wednesday.A protracted slump in the nation's exports is also expected to ease, while the recent government decision to extend the individual consumption tax cut may have a positive effect on domestic consumption, said the ministry in its latest economic assessment report called the Green Book.According to the report, retai
March 9, 2016
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Korean car exports shrink for four straight months
Korea's automobile exports shrank for four consecutive months in February due mainly to contracted demand from emerging markets amid fast-falling oil prices, the government said Wednesday.Outbound shipments of vehicles came to 192,276 units last month, down 8.1 percent from 209,148 units tallied a year earlier, according to the Ministry of Trade, Industry and Energy.The February figure narrowed from an 18.8 percent on-year plunge in January, the fastest decline since October 2010, but extended i
MobilityMarch 9, 2016
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Foreigners to receive tax refund after plastic surgery
Foreigners who receive plastic surgery and aesthetic treatment in Korea will receive a value added tax refund starting next month, the health ministry said Wednesday.The tax rebate will be given at special booths installed in the country's international airports when foreign patients submit a certificate issued by authorized medical institutions or dermatology clinics, according to the Ministry of Health and Welfare.Cosmetic operations and aesthetic services including liposuction, nasal surgery
IndustryMarch 9, 2016
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Korean powdered milk producers eye growing Chinese market
Korean powdered milk producers are in the midst of expanding their foothold in China, seeking to cash in on the growing popularity of imported dairy products among the increasingly health-conscious Chinese consumers, industry officials said Wednesday.The Korean milk companies also view the vast Chinese market as a new frontier to resolve their worsening inventory problems, they said. Korean powdered milk (Yonhap)Chinese purchases of foreign milk powder have grown rapidly since domestically produ
IndustryMarch 9, 2016
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Korea's M2 money supply grows at fast rate in January
Korea's M2 money supply grew at a fast clip in January, with the rise in liquidity of households and financial institutes picking up pace, central bank data showed Wednesday.The M2 came to 2,266.9 trillion won as of end-January, up 1.1 percent from revised 2,241.6 trillion won the previous month, according to preliminary data from the Bank of Korea (BOK). Bank of Korea (Yonhap)From a year earlier, the January tally marks an 8.1 percent increase, quickening from a 7.5 percent on-year gain in Dece
March 9, 2016
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Household debt rises at fast pace in Febuary
Household loans extended by local banks rose at a fast clip in February, quickening from a month earlier amid continued demand for home-backed loans, central bank data showed Wednesday.Outstanding household loans extended by local banks came to 644.2 trillion won ($530.77 billion) as of end-February, up 3 trillion won from the previous month, according to the data from the Bank of Korea (BOK). Apartment complex in Seoul (Yonhap)The 3 trillion-won gain far outpaces an average 0.9 trillion won on-
March 9, 2016
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PyeongChang inks Olympic sponsorship deals with LG affiliates
The organizing committee for the 2018 PyeongChang Winter Olympics announced Wednesday it has signed domestic sponsorship deals with affiliates of LG Group, one of Korea's largest conglomerates.In a statement, PyeongChang said it inked agreements with Serveone for construction services and HS Ad for brand creative services in a ceremony held at the LG Twins Towers in Seoul.Serveone will build the new headquarters for the organizing committee in PyeongChang, Gangwon Province, some 180 kilometers e
IndustryMarch 9, 2016
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Lee Se-dol, AlphaGo in tight first race (Live)
Ahead of a historic showdown between Go grandmaster Lee Se-dol and Google’s artificial intelligence program AlphaGo, tension filled the air of the venue, the Four Seasons Hotel in Seoul, on Wednesday. Mirroring the worldwide attention, some 300 journalists from around the world gathered at the battleground to witness what would become a new chapter in history of both Go and AI regardless of the outcome. Lee chose black stones to start the game first. It was an unexpected choice considering that
TechnologyMarch 9, 2016
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China appears to have implemented new U.N. sanctions on N. Korea
China appears to have already implemented new U.N. sanctions on North Korea, with daily shipments of bilateral trade in their border area declining by as much as 30 percent, a diplomatic source with knowledge of North Korea-China relations said Wednesday.China, North Korea's diplomatic and economic lifeline, backed new U.N. sanctions to punish the North for conducting its fourth nuclear test and launch of a long-range rocket this year.The new U.N. sanctions, which require all countries to inspec
North KoreaMarch 9, 2016
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Seoul to continue providing humanitarian aid to Pyongyang
South Korea said Wednesday that it will continue to provide humanitarian assistance to North Korea despite its fresh sanctions aimed at punishing the North for its nuke and missile programs.On Tuesday, Seoul unveiled a set of unilateral punitive actions against the North following tougher United Nations Security Council sanctions over Pyongyang's latest nuclear test and long-range rocket launch.The Ministry of Unification said that there is no change in its principle that Seoul will continue to
North KoreaMarch 9, 2016
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Korea, U.S. upgrading combined air operations command center
South Korea and the United States are upgrading their command center for combined air operations in a bid to intensify information sharing on North Korea, a military official said Wednesday.The overhaul of the Korean Air and Space Operations Center that kicked off last year will take several years to finish, the official said, asking not to be named."Currently, it is in the initial stages and redesign is underway," he noted. The KAOC, at the United States Force Korea's Osan Air Base, commands an
DefenseMarch 9, 2016
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K-pop set for foreign festival foray
An eclectic group of Korean musicians will be showcasing their music at festivals around the world this year. The state-run Korea Creative Content Agency is funding the performances of 12 groups for the K-pop Night Out stages at the music festival South by Southwest (SXSW) in the U.S., U.K. music festival The Great Escape and music trade show MIDEM in France. K-pop quartet Mamamoo, which has a large global following and will be performing at the SXSW K-Pop Night Out stage on March 16, hopes to
PerformanceMarch 9, 2016
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Bjork working on new album, this one happier
NEW YORK (AFP) - Bjork has revealed that she is working on a new album but, after last year's tortured heartache album “Vulnicura,” this one will be happier. The Icelandic experimental pop icon said she is working again with Alejandro Ghersi, the Venezuelan DJ better known as Arca, who helped create the beats layered behind the lush strings on “Vulnicura.” The 2015 album, which came after a four-year gap by Bjork, delved into her emotional journey as she split with her longtime partner, New York
PerformanceMarch 9, 2016
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1980s glam makes a Paris comeback as Chanel stays classy
PARIS (AFP) - It was back to the future on the Paris catwalks Tuesday as Chanel cleverly tweaked its back catalogue only for Saint Laurent to revive a look that some thought best forgotten. In what could be his last show for the label, designer Hedi Slimane -- the man credited with the skinny black jeans look and making grunge glam -- was judged to have given the brand “the finger” by parodying its founder Yves Saint Laurent's least glorious period. The hugely-influential Women’s Wear Daily was
Arts & DesignMarch 9, 2016
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South Korea’s hair-loss market growing fast
South Korea’s market for hair-loss-related products, including wigs, is estimated at 3 trillion won ($2.47 billion), industry sources said Wednesday, with the figure set to grow further.The number of people suffering from hair loss is estimated at one-fifth of the country’s population of 50 million, the sources said. A visitor scans catalogues at a recent convention on wigs and hair loss held in Seoul. (Yonhap)Hi-Mo, a leading South Korean maker of wigs, said its sales jumped 25.8 percent to 66
IndustryMarch 9, 2016