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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Hanwha supports college start-ups
Hanwha Group announced Wednesday the launch of the Hanwha Membership Program to foster and support those who wish to operate a global start-up or work as single-person content creators.The program is intended to combine Hanwha’s global talent fostering program with entrepreneurially minded Korean college students and foreign exchange students who wish to work abroad (particularly in China) and innovative ideas across a variety of interests. The program does not put a limit on the students’ age o
Nov. 26, 2015
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Asiana's support for Chinese children
Executives and officials from Asiana Airlines pose with Indian schoolchildren after attending a charity event Wednesday to support poor children in New Delhi, India. (Asiana Airlines)
Nov. 26, 2015
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Tongyang ordered to compensate investors for issuing nonperforming debts
A Seoul court on Thursday ordered a local securities firm to compensate its investors for deceiving them into buying fraudulent corporate bonds and commercial papers. The Seoul Central District Court said Tongyang Securities Co. is to compensate six plaintiffs, out of 19 in total, amounts ranging from some 1.7 million won ($1,560) to 25 million won each. The company failed in the first round of restructuring on Aug. 20, 2013 but issued corporate bonds and recommended investment about a week l
Nov. 26, 2015
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Sales rise at department stores but down at discount outlets in Oct.
Sales at major department stores here rose in October amid a nationwide sales event, but major discount outlet chains suffered a slight drop in sales, government data showed Thursday. The combined sales of three major department store chains -- Hyundai, Lotte and Shinsegae -- surged 11.4 percent from a year earlier last month, according to the data compiled by the Ministry of Trade, Industry and Energy. The large on-year gain was partly attributed to the government-initiated spending promotio
Nov. 26, 2015
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Tonymoly to open cosmetics factory in China
South Korean cosmetics maker Tonymoly said Thursday it will invest $25 million to build a production line in China. The factory will be built in the eastern province of Zheziang next year and start mass production in 2017 to better reach Chinese customers. "The facility will improve the price competitiveness of our cosmetic products," the company said in a regulatory filing. Tonymoly has made an aggressive foray into China since its first launch last year, operating about 40 shops in major
Nov. 26, 2015
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Bank lending rates on household loans drop in Oct.
Bank lending rates on new household loans sank in October, central bank data showed Thursday, while local banks offered more on new deposits ahead of a possible U.S. rate hike. The average rate for new loans to households slipped 0.05 percentage point from the previous month to 3.06 percent in October, according to the Bank of Korea. October marked the fifth-consecutive month of decline since June, when the central bank announced a surprising rate cut, sending its policy rate to a record low
Nov. 26, 2015
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Manufacturing, mining sector shipments dip in 2014: report
South Korea's manufacturing and mining industry shipments contracted in 2014 mainly due to minus growth in the electronics and refined petroleum sectors, a government report showed Thursday. Statistics Korea said total shipments by companies with more than 10 employees topped 1,490 trillion won ($1.3 trillion), down 0.3 percent, or 4.4 trillion won, from the year before. The decrease is attributable to a 4.6-percent on-year drop in electronics and a 4.4-percent decrease in shipments from local
Nov. 26, 2015
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2DELLO, handmade accessory store under hallyu Stars’ radar
Accessories worn by hallyu celebrities have been a subject of great interest since the rise of the Korean Wave. Some devoted fans even come to Korea to personally buy accessories worn by their favorite stars.2DELLO, a handcrafted accessory specialty store run by copresidents Hwang Min-soo and Song Sung-ho has risen in popularity as stars such as Lee Min-ho and Lee Jong-suk wore its products. They offer over 200 different handmade bracelets, necklaces and hand pins.“We used to outsource productio
Nov. 26, 2015
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SK Telecom cuts advert spending in belt-tightening
South Korea's No. 1 mobile carrier SK Telecom Co. has reduced its spending on advertisements through September this year, data showed Thursday, in line with its efforts to recoup losses from a government-led policy aimed at lowering cell phone users' bills. The mobile carrier spent 132.2 billion won ($116 million) on advertisements in the January-September period, down 15 percent from the 156 billion won posted a year earlier, industry data showed. SK Telecom said earlier its third-quarter net
Nov. 26, 2015
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Samsung's Seoul R&D center set to open this month
South Korea's top tech firm Samsung Electronics Co. said Thursday it plans to open its first research center in Seoul later this month, which will focus on the software and design sectors. The new center, dubbed "Samsung Seoul R&D Campus," is capable of accommodating 7,000 workers. The first batch of 5,000 employees will be relocated to the facility on Nov. 30, it said. The new R&D center project, which first began in 2012, was focused on establishing a university-like environment on the 330,0
Nov. 26, 2015
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Oil refiners' operating income forecast to top 5 tln won this year
South Korea's oil refiners, led by SK Innovation Co., are likely to see their operating income exceed the 5 trillion-won ($4.4 billion) mark this year on the back of improved cracking margins and an increased portion of high-end products, industry sources said Thursday. The four refiners -- SK Innovation, GS Caltex Co., S-Oil Corp. and Hyundai Oilbank Co. -- have already logged an operating income of 4.05 trillion won in total in the first nine months of the year, according to the sources. Th
Nov. 26, 2015
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Samsung mass-produces 128-GB DRAM module
Global chipmaker Samsung Electronics Co. said Thursday it has started the mass production of the industry's first 128-gigabyte dynamic random access memory modules for servers with enhanced capacity and speed. The latest development is double the capacity of the 64-GB DRAM module that Samsung launched in August last year. Samsung said the latest 128-GB DRAM module beats other rivals also in speed and power efficiency, providing optimal solutions for servers and data centers. The module is comp
Nov. 26, 2015
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Korea orders Volkswagen to recall 125,000 vehicles
South Korea's environment ministry said Thursday that it has ordered a recall of over 125,000 Volkswagen vehicles sold in South Korea after it found that the German carmaker had fabricated emissions results. The decision was based on more than a month-long investigation of six vehicle models sold here by Volkswagen and its luxury brand Audi, which was sparked by the September revelation in the U.S. that it had cheated on emissions tests. The environment ministry said that the Tiguan equipped
Nov. 26, 2015
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Corporate reform needs speed and transparency
Financial regulators and creditor banks here have been picking up the pace toward restructuring an increasing number of unprofitable companies saddled with heavy debts.Earlier this month, the country’s financial watchdog announced a list of 175 small and medium enterprises to be subject to workout programs or closed down. About 200 underperforming large firms are now undergoing the final phase of credit risk assessments by their major lenders.Government officials have prodded local banks and oth
Nov. 26, 2015
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Officials, experts discuss FEZ development
Government officials, corporate executives and investment experts gathered at the Korean Free Economic Zones Business Day 2015 in Seoul on Wednesday to discuss ways to attract more foreign investment and international firms to the areas. Some 200 representatives including the commissioners of Korea’s seven free economic zones ― Daegu Gyeongbuk, East coast, Busan-Jinhae, Incheon, Chungbuk, Gwangyang and Yellow Sea ― as well as officials from embassies and chambers of commerce attended the meeting
Nov. 25, 2015
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Hyundai founder paves way for inter-Korean business ties
One of the biggest achievements of late Hyundai Group founder Chung Ju-yung in his lifetime was his commitment to inter-Korean relations. Tycoon Chung was the first mover in developing and launching inter-Korean economic projects, including the tour program to the scenic Mount Geumgangsan in the North. Many Koreans still remember Chung’s historic visit to the North via the Demilitarized Zone with a herd of cattle in 1998, three years before he passed away. The watershed event gave a boost to eco
Nov. 25, 2015
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Tongyang Life reaps unexpected profits
Tongyang Life Insurance announced this week that it has already exceeded the 2015 profit goal by over 9 percent in the first nine months, recording 153.2 billion won ($134 million) net profit end-September.The company had set a target of 140.5 billion won for the entire year.According to its consolidated financial statement, Tongyang Life saw 3.6 trillion won in sales, with 190.0 billion won in operating profits during the period. The headquarters of Tongyang Life Insurance in Seoul Tongyang Lif
Nov. 25, 2015
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Korean, Vietnamese agencies ink certification agreement
The Korea Testing Laboratory and Vietnam’s Quality Assurance and Testing Center 3 signed an agreement on electromagnetic compatibility and recognizing the results of electric safety tests at Singapore’s Genting Hotel Jurong on Nov. 19, KTL officials said.KTL president Lee Won-bok signed the agreement with Vietnam’s QUATESET3 during the 16th annual Asia Network Forum to make it easier for Korean companies to enter the growing Vietnamese market.According to the agreement, Korean companies’ KTL tes
Nov. 25, 2015
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Daesung wins 2 U.K. environmental awards
Daesung Group announced Tuesday that it has won two International Green Apple Awards for its eco-friendly energy plants.The Green Apple Awards, which recognize green companies, organizations and people, are environmental awards officially recognized by the EU Commission and the Royal Society for the Encouragement of Arts, Manufacturers and Commerce.Daesung Group won the Asian Green Champion for SolaWin and the Gold Award for a landfill gas-to-energy system in Bancheon-ri, Daegu. The awards were
Nov. 25, 2015
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[Photo News] S-Oil science fellowship
S-OIL SCIENCE FELLOWSHIP — The S-Oil Science Prodigy and Culture Foundation awards four young Korean scientists in the fields of physics and chemistry with fellowships worth 130 million won ($114,000) during a ceremony held Wednesday in Seoul. Founded by S-Oil in 2011, the SSPCF awards scientists in differing scientific disciplines every year — alternating between recognizing those in physics and science; and those in mathematics, biology and geology. (S-Oil)
Nov. 25, 2015