Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Yoon set for talks with Marcos in Philippines
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Can Jennie break the K-pop solo artist slump?
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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[KH Explains] Can G-Star level up?
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Shinsegae jumps into cosmetics manufacturing business
Shinsegae International, a luxury fashion unit of retail giant Shinsegae Group, Wednesday announced its advancement into the cosmetics industry by collaborating with Italian beauty product maker Intercos. Shinsegae, famous for acquiring the exclusive distribution rights of a slew of global high-end perfume brands here, expects to pierce the luxury market with its own brand, while Intercos is hoping to get a strong foothold in the Asian market, the company said. Intercos is a globally leading ori
Dec. 23, 2015
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Oil price likely to sink even lower
Oil prices, which have already hit the lowest mark in a decade, could fall further in the first half of next year, partly due to the resumption of Iranian supply, officials and experts here said Wednesday.At a forum hosted by the Trade Ministry, experts forecast that the benchmark oil price could hover around $40-$50 a barrel next year. However, it could fall rapidly when Iran increases its oil exports in the wake of the lifting of international sanctions, they said. (Yonhap)It may take some tim
Dec. 23, 2015
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Hanwha E&C opens 50th library for the disabled
Hanwha Engineering and Construction opened its 50th “Kkumegreen Library” at the Seoul Eden Welfare Center for the Disabled on Wednesday, company officials said.Attending the opening event was Hanwha E&C CEO Choi Kwang-ho and around 30 company executives and welfare center employees.The Kkumegreen Library project is a social welfare program by Hanwha held in collaboration with the Seoul Association of Welfare Institutes for the Disabled. Hanwha E&C CEO Choi Kwang-ho (second from left) helps make
Dec. 23, 2015
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SK’s hemophilia drug begins EU approval process
SK Chemicals, the pharmaceutical unit of South Korea’s SK Group, said Wednesday it has submitted its self-developed hemophilia drug NBP601 for review and subsequent approval by the European Medicines Agency. The announcement, which comes as SK awaits the drug’s approval from the U.S. Food and Drug Administration, draws the company a step closer toward commercializing the recombinant DNA drug in global markets. SK Chemicals` hemophilia drug NBP601 (SK Chemicals) Lifted by the positive sales outlo
Dec. 23, 2015
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Hyundai Rotem develops high-speed transfer system for steel press
Hyundai Rotem, a plant equipment manufacturing affiliate of Hyundai Motor Group, said Wednesday it has successfully developed its own high-speed panel transfer system for use in tandem press lines. The system was unveiled to the public for the first time Tuesday during a presentation ceremony in Busan. A tandem press line is a machine that combines several press machines used for cutting and bending steel plates. Hyundai’s new system feeds panels into the tandem press 20 percent faster than thos
Dec. 23, 2015
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[Photo News] Roche Korea awarded for family-friendly work culture
AWARD FOR FAMILY-FRIENDLY WORK CULTURE — Roche Korea, the local affiliate of Swiss pharmaceutical giant Roche, was recognized Tuesday by the South Korean Ministry of Gender Equality and Family for its excellence in sustaining a family-friendly work culture. The company offers a number of employee benefits including flexible working hours, structural and financial child support and favorable policies for working mothers, among others. (Roche Korea)
Dec. 23, 2015
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South Korea revives Universal Studio theme park project
South Korea on Tuesday announced a consortium involving Chinese investors as a preferred bidder to build a theme park in partnership with U.S.-based Universal Parks and Resorts, reviving the project after a three-year hiatus.The state-run Korea Water Resources Corporation (K-Water) said it chose the multinational consortium consisting of Daewoo Engineering & Construction and Dohwa Engineering of Korea as well as China State Construction Engineering Corporation, China's largest construction compa
Dec. 23, 2015
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New climate deal could boost nuclear energy
As the new global climate accord reached in Paris earlier this month emphasized the role of nuclear energy in reducing greenhouse gas emissions, the state-run Korea Hydro & Nuclear Power Co. hosted a forum in Seoul on Tuesday to discuss the future of clean energy in preparation for the post-fossil fuel era. Organized by the Korea Atomic Industrial Forum, the discussion-driven event covered such agendas as the role of nuclear power in a low-carbon economy and Korea’s strategies to achieve its emi
Dec. 23, 2015
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[SUPER RICH] Female superrich, East vs. West
There are more successful female entrepreneurs in Asia than in Western Europe and North America, according to new research from HSBC and market research firm Scorpio Partnership.The study, found that 51 per cent of female entrepreneurs surveyed in Asia have a net worth of more than $15 million, compared with 33 per cent surveyed in the West.The research is based on interviews with more than 2,800 business owners with a personal wealth of more than $1 million. It found that 40 per cent of entrepr
Dec. 22, 2015
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Hyundai wins Vietnamese bridge construction deal
Hyundai Development Co. on Tuesday announced that it has won a 92.7 billion won ($78.9 million) contract to build Hung Ha Bridge in northern Vietnam.The project is the company’s first overseas deal this year, and the third after it resumed overseas operations in 2014. According to HDC, the project consists of constructing a 2.1 kilometer-bridge and another 4.1 kilometer-four lane road linking Hung Yen and Ha Nam. The three-year construction will kick off with a groundbreaking ceremony in Februar
Dec. 22, 2015
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Hyundai displays design philosophy
“Helio Curve” by Reuben MargoliCan an automotive company show its design philosophy through art?Hyundai Motor Group’s answer to the question is now on display at the “SIM: Sculpture in Motion” exhibition at the Dongdaemun Design Plaza in downtown Seoul until Jan. 10. Aimed at promoting its fluidic sculpture design philosophy, two pieces of internationally acclaimed installation art are on display at the Allim 2 exhibition hall reflecting the aesthetic catchphrase of the company. The first piece,
Dec. 22, 2015
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Doosan chairman’s ‘human-oriented’ management hits snag
On Monday, Doosan Group officially put its prestigious machine tool business unit on the market. Despite the government’s plea to retain 51 percent stake to thwart attempts by foreign funds to buy it ― as the machine tools business is considered one of the country’s basic industries ― Doosan declined and said it would look for new owners to overcome its internal difficulties. Doosan Group chairman Park Yong-mann. YonhapIndustrial observers assume the company will be sold for around 1 trillion wo
Dec. 22, 2015
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Lotte celebrates topping-out of Korea’s tallest building
South Korea’s retail giant Lotte Group held a symbolic topping-out ceremony Tuesday afternoon to mark the approaching completion of the Lotte World Tower, the tallest building in the country located in Jamsil, southeastern Seoul. Lotte Corp. placed the last crossbeam on the roof of the 123-story skyscraper amid much fanfare with some 200 high officials in attendance, including Lotte chairman Shin Dong-bin and Seoul City mayor Park Won-soon. A ridge beam is placed on the roof of Lotte World Tower
Dec. 22, 2015
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DSME employees to purchase new company shares
Daewoo Shipbuilding & Marine Engineering employees are planning to purchase new shares to be issued by the company as part of its ongoing restructuring efforts to improve its liquidity, DSME said Tuesday. The South Korean shipyard is planning to issue new stocks worth 2 trillion won ($1.7 billion) as it seeks to recover from mass deficits linked to a global economic downturn that has led to sharp falls in shipbuilding demand. The DSME headquarters in Seoul (Yonhap) Some 80 percent of DSME emplo
Dec. 22, 2015
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Shake Shack Burger to enter Korea in 2016
Shake Shack Burger, New York City’s most famous roadside burger joint, is coming to South Korea next year, the company announced Tuesday. Under a licensing partnership with Korea’s leading food giant SPC Group, Shake Shack Enterprise International plans to open its first Seoul branch in 2016, with plans to launch a total of 25 outlets in the country by 2025.(SPC Group) “We’ve heard from fans in South Korea for years that they’d like us to bring Shake Shack to their hometown, and we’re absolutely
Dec. 22, 2015
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Hanwha Galleria set for partial opening of duty-free store
Hanwha Galleria, a retail unit of South Korean conglomerate Hanwha, said Tuesday it will partially open its first duty-free store at 63 City Building in downtown Seoul next week. Hanwha Galleria plans to open 60 percent of the proposed space in the gold-tinted skyscraper in Yeouido, a must-stop destination among Chinese tourists, on Dec. 28 before a full opening in June. The pre-opening will showcase 369 brands, including cosmetics, watches and jewelry, on four floors, with nearly half of them b
Dec. 22, 2015
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Daewoo Shipbuilding set to sell 500 bln won new stocks
Shareholders of Daewoo Shipbuilding & Marine Engineering Co., a financially troubled shipbuilder, approved a proposal on Tuesday to increase the ceiling of new stock issuance, the latest in a series of steps to improve its shaky financial status.The shipbuilder plans to sell 414 billion won ($353 million) worth of new stocks, and may increase the figure to 1 trillion won depending on market conditions, it said.The new shares will be sold for 5,050 won each. Shares of Daewoo Shipbuilding closed a
Dec. 22, 2015
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Geographic advantage, low-cost rent drive port-based industrial park development
Located at the center of maritime transportation networks in Northeast Asia, South Korea’s port-oriented industrial parks offer a business-friendly environment and strong logistics networks for local and foreign firms. “Thanks to Korean ports that provide highly developed logistics services connected to Asia’s main ports in China and Japan, the companies operating at industrial parks in the hinterland areas of major ports can effectively transport their products to destinations to the neighbo
Dec. 21, 2015
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[Newsmaker] With biotech, Samsung heir aims to emulate father’s chip success
Samsung Electronics vice chairman and heir apparent Lee Jae-yong is betting big on biotechnology, a move reminiscent of his father, chairman Lee Kun-hee’s entry into the chip business almost 40 years ago. In the 1970s, there was widespread skepticism about Samsung’s entry in the chip market that was dominated by U.S. and Japanese companies. But the company poured resources into ramping up quality chips at cheaper prices. Now the company is the No. 1 player in memory chips and the business unit
Dec. 21, 2015
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[Profile] Joo Hyung-hwan, Trade, industry and energy minister nominee
The Trade, Industry and Energy Minister nominee Joo Hyung-hwan is expected to boost the country’s sluggish exports with his abundant experience in formulating economic policies. As the incumbent vice finance minister, Joo overlooked the finance strategy section, including his position at the International Bank for Reconstruction and Development. Joo Hyung-hwan, Trade, industry and energy minister nomineeHe has also worked at the presidential office back and forth since 2003, which added a politi
Dec. 21, 2015