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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[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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Seoulites celebrate coexistence at Wellness Seoul 2024
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[KH Explains] Can G-Star level up?
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[Lee Kyong-hee] Tone-deaf first lady causes chaos
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Wisewells provides everyday convenience
Wisewells is a company that produces beacons. A beacon is a short-distance wireless communication device that uses low-power Bluetooth technology. While Bluetooth transmits data bilaterally, these beacons send data in only one direction, eliminating the complexities involved in using Bluetooth. Due to their low power consumptions, beacons are also well-suited for use in IoT devices.Founded in 2013, Wisewells was selected to be an incubation company at the Gyeonggi Center for Creative Economy & I
Dec. 7, 2015
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LG sees new 5-in-1 vaccine as cash cow
LG Life Sciences, the biopharmaceuticals unit of LG Group, is emerging as a stronger player in the nation’s pharma industry as it gears up to export its newly developed 5-in-1 multifunctional vaccine Eupenta globally. “We are expecting to receive the World Health Organization’s prequalification (PQ) approval of the new vaccine within one to two weeks, becoming eligible to join the United Nation’s procurement bid for 5-in-1 vaccines as early as next year,” a LG Life Sciences spokesperson told The
Dec. 7, 2015
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Firms blast FTA compensation fund
The government is under fire for its proposal to collect 1 trillion won ($856.4 million) from the corporate sector for a fund to support the primary industries like agriculture that are likely to suffer once the Korea-China free trade agreement comes into effect.Many see it as a politically-motivated taxation that cannot be justified. According to the Ministry of Strategy and Finance, and the Ministry of Trade, Industry and Energy, the controversial “collaborative cooperation fund” will be creat
Dec. 7, 2015
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Cosmetics tycoon enjoys explosive growth
AmorePacific chairman Suh Kyung-bae is wrapping up another record year as his business and fortune continues to grow at an explosive pace.The country’s largest beauty products-maker, which has global brands such as Sulwhasoo and Laneige under its wing, is expected to post over $200 million in exports this year, the first time for a local cosmetics producer, according to the firm. AmorePacific chairman Seo Kyung-baeReceiving credit for this achievement, the chairman, who has turned his family’s c
Dec. 7, 2015
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Samsung unit to sell 1.2 tln won worth of shares
Samsung Engineering Co., the plant engineering unit of South Korea's top conglomerate Samsung Group, said Monday that it plans to raise 1.2 trillion won ($1.03 billion) by selling new shares in a bid to improve its financial status. In a regulatory filing, the Samsung unit said that it plans to sell 156 million shares for around 7,700 won, with the final pricing to be determined on Feb. 3. Lee Jae-yong, the group's heir apparent, will chip in up to 300 billion won for shares unsold after subsc
Dec. 7, 2015
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Surion chopper to be used by Korea forestry service
South Korea's sole aircraft manufacturer said Monday that it has signed a deal to sell its Surion chopper to the country's forestry service. The 20.5 billion won ($17.6 million) contract between Korea Aerospace Industries Ltd. and the Public Procurement Service calls for one helicopter to be delivered by the end of 2017. The company said that the sale marks the first time it will sell the rotary aircraft to the Korea Forest Service and could potentially lead to more orders down the line. Of t
Dec. 7, 2015
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AmorePacific's exports forecast to top $200m this year
South Korean beauty power house AmorePacific Co. is expected to log over US$200 million in exports this year, for the first time for a local cosmetics producer, on the back of brisk sales in China, according to data and industry officials Monday. AmorePacific exported cosmetics worth $182.52 million in the January-October period, the latest figures available by the Korean Customs Service showed. If the sales trend continues, the total amount is expected to exceed the $200-million mark this y
Dec. 7, 2015
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Mercedes-Benz, Maserati to recall 724 vehicles for defects
Mercedes-Benz and Maserati will recall 724 cars sold in South Korea for safety-related mechanical defects, the Ministry of Land, Infrastructure and Transport said Monday. German luxury carmaker Mercedes-Benz will make repairs on 721 S63 AMG 4Matic sedans for ignition problems. The defect has been determined to be caused by a program glitch in the electronic control unit that sometimes keeps fuel from flowing to the engine when the vehicle slows down. The drop in fuel can cause the ignition to
Dec. 7, 2015
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Korea's auto exports drop 3.5% on-year in Nov.
South Korea's automobile exports fell in November from a year earlier on weaker demand from emerging markets, the government said Monday. Outbound shipments of vehicles came to 263,687 units last month, down 3.5 percent from a year earlier, according to the Ministry of Trade, Industry and Energy. From the previous month, however, exports were up 5.6 percent. "Exports to the United States and the European Union did well, but demand in Russia, Latin America and other emerging economies caused ov
Dec. 7, 2015
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Daewoo Shipbuilding promises to repay maturing debt as scheduled
Daewoo Shipbuilding & Marine Engineering Co., a troubled local shipyard, said Monday that it will be able to repay debts maturing next year as scheduled. The shipbuilder said that 300 billion won ($257 million) in debt is due by April next year, with an additional 400 billion won set to mature in September. "There will be no problem in repaying maturing debts next year, as we are set to deliver some 80 percent of offshore facilities worth $20 billion next year," the company said. The shipbuil
Dec. 7, 2015
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LG Chem leads global EV battery market
South Korea's leading chemicals and electric vehicle battery maker LG Chem Co. and its local rival Samsung SDI Co. have outpaced global players in terms of strategy and execution in the electric vehicle battery industry, a report showed Monday. In a survey on eight EV battery manufacturers, LG Chem led the corporate assessment in the EV sector with a total score of 93.6, trailed by Panasonic Corp. of Japan with 90.2 and Samsung SDI with 87, according to the report by U.S. market tracker Navigan
Dec. 7, 2015
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Hyundai, Kia to see domestic sales top 1.2 mln this year
South Korea's top automaker Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. are expected to log domestic sales of more than 1.2 million this year, aided by rising demand for SUVs and newly launched sedans, industry data showed Monday. According to the data, the two automakers sold a combined 1.1 million units in the country in the first 11 months of the year. Hyundai Motor sold 632,000 units on its home turf through November, and Kia Motors shipped 474,000 units. Their annual dome
Dec. 7, 2015
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Korean firms suffer massive rating downgrades
A large number of South Korean companies have suffered credit rating downgrades this year due largely to poor performances stemming from protracted weak demand at home and abroad, market data showed Monday. Korea Ratings, one of the nation's big three credit appraisers, said it has cut the ratings on 58 companies by November, near the worst level since 1998 when the number hit 63 in the aftermath of the Asian financial crisis. Only eight companies' credit ratings were upgraded this year, it sa
Dec. 7, 2015
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Hanwha Group heir apparent promoted
Hanwha Group, South Korea’s ninth-largest business conglomerate, promoted the group’s heir apparent Kim Dong-kwan to executive director, the Seoul-based firm said Sunday. Hanwha Q Cells chief commercial officer Kim Dong-kwanKim, the eldest son of Hanwha Group chairman Kim Seung-youn, has been chief commercial officer at Hanwha Q Cells, the group’s solar power unit, since 2014. He is credited for spearheading the group’s solar growth strategy and playing a key role in the solar cell-maker’s turna
Dec. 6, 2015
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Samsung is most-loved brand in Russia
South Korean tech giant Samsung Electronics Co. was chosen as the most-loved brand in Russia for the fifth year in a row, a survey showed Sunday.In the survey by Russia-based Online Market Intelligence, Samsung Electronics garnered 20.1 percent of support from 1,500 respondents living in cities with over 1 million people in Russia. Japanese electronics company Sony followed with 9.6 percent, and U.S. tech behemoth Apple came next with 9.5 percent, OMI said. Germany sportswear company Adidas rank
Dec. 6, 2015
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AmorePacific chairman picked as Forbes Asia’s 2015 Businessman of the Year
AmorePacific chairman Suh Kyung-bae was selected as Forbes Asia’s 2015 Businessman of the Year on Thursday.In its latest issue released on Thursday, the magazine explained that Suh inherited his father’s company in 1997 and sold off affiliates unrelated to cosmetics, expanding the highly local Korean cosmetics industry overseas.It also added that the company, which owns around 20 major brands available in 14 countries, “is winning the hearts of China’s middle-class shoppers.”Suh Kyung-baeThe mag
Dec. 4, 2015
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Samsung kicks off biosimilar drug business
Samsung Group’s up-and-coming biosimilar drug business -- led by its biopharmaceutical R&D unit Samsung Bioepis -- has officially taken off with the introduction of its first self-developed biosimilar treatment in the South Korean market. Samsung Bioepis on Thursday began domestic sales of Brenzys, the firm’s biosimilar copy of Amgen and Pfizer’s blockbuster rheumatoid arthritis drug Enbrel (Etanercept), according to MSD Korea in charge of the drug’s local marketing and sales.A day later, the co
Dec. 4, 2015
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Korean aircraft maker inks partnership deal with Indonesian firm
South Korea's aircraft manufacturer Korea Aerospace Industries Ltd. signed a strategic cooperation agreement with an Indonesian aerospace company on Friday as part of efforts to expand its business in Indonesia's defense industry. The strategic partnership signed with state-run aerospace company PT Dirgantara Indonesia calls for the two aerospace manufacturers to forge tighter collaboration in the fields of munitions for the defense and private sectors as well as unmanned aerial vehicles, accor
Dec. 4, 2015
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Construction firms' domestic orders jump 35 pct in Nov.
South Korean construction companies racked up 35 percent more domestic orders in October than a year earlier, aided by a continued recovery in the local property market, data showed Friday.According to the data compiled by the Construction Association of Korea, local builders received 11.99 trillion won (US$10.3 billion) in October, which, however, represents a pullback from the previous month's record 20.41 trillion won worth of orders.Of the orders tallied, they bagged 2.79 trillion won worth
Dec. 4, 2015
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Samsung makes lowest number of executive promotions since 2009
South Korea's top conglomerate Samsung Group on Friday made the lowest number of executive promotions in six years as its flagship smartphone business and other affiliates are suffering a prolonged slump.Samsung Group said it has made 294 executive promotions, the lowest number since 2009, when the global economic crisis led the group to promote only 247. The group made 353 of such promotions last year.Earlier this week, Samsung Group announced its president-level reshuffle, appointing Koh Dong-
Dec. 4, 2015