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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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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Japan holding firm ousts Lotte chief
Lotte Group chairman Shin Dong-bin on Wednesday was evicted from his executive position at Kojyunsya -- the virtual holding company of Lotte Group in Korea and Japan -- which could deal a blow to his plans of being the sole leader of the 90 trillion won ($78 billion) business enterprise. He was replaced by Tetsu Isobe as a new board director, while his elder brother SDJ Corporation chairman Shin Dong-joo was appointed representative director of Kojyunsya at the five-member shareholders meeting i
Oct. 14, 2015
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Korea to give monthly stipends to young farmers
The South Korean government has announced it will disburse 800,000 won ($693) each month to young farmers starting next year.The Ministry of Agriculture, Food and Rural Affairs said it will select 300 youths at a farming contest and financially support them for two years for their farming business.This is the first time that the government is providing assistance to young farmers.The government added that youths who do not farm four years after receiving assistance will be required to reimburse
Oct. 14, 2015
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[NEWS ANALYSIS] Elder brother ups ante in Lotte feud
Lotte Group founder’s first son Shin Dong-joo is stepping up his counterattack against younger brother and group chairman Shin Dong-bin, who he believes stole his legitimate crown in the succession process.The underdog gained momentum when Kojyunsya, the virtual holding company of Lotte Holdings in control of Lotte affiliates in Korea and Japan, supported his move to expel the chairman from its board at a shareholders meeting on Wednesday in Tokyo.But it remains to be seen whether the older brot
Oct. 14, 2015
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[Photo News] Innovation Award
INNOVATION AWARD -- POSCO chairman and CEO Kwon Oh-joon (left) received the Steelie Award for “Innovation of the year” for the company’s lean duplex stainless steel with super ductility using a strip-casting process at the 49th annual conference of the World Steel Association held in Chicago on Monday (local time). POSCO
Oct. 14, 2015
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Siemens hopes to utilize S. Korea's creative-economy vision
German industrial giant Siemens AG said Wednesday it hopes to seek opportunities from South Korea's latest industry strategy and that it is ready to bring digitalization to Asia's fourth-largest economy. "Technological leadership has driven Korea's and Germany's economic success in the past," Siemens CEO Joe Kaeser said in a forum in Seoul. "Both countries have a highly skilled workforce and powerful R&D ecosystems. "Korea has world-leading ICT companies and excellent data infrastructures. Ger
Oct. 14, 2015
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Participants in Korea Black Friday event report spike in sales: data
Retailers taking part in a nationwide consumption-promoting campaign have reported a jump in sales, data showed Wednesday, pointing to its positive impact on spurring domestic demand. According to the data by 92 retailers, sales rose from Oct. 1 through Sunday, with many expressing satisfaction with the first ever nationwide sales event, the Ministry of Trade, Industry and Energy said. The government and large retailers organized the Korean version of Black Friday shopping season in the United
Oct. 14, 2015
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Seoul hosts foreign investment event to showcase biz merits
South Korea is hosting a foreign investment week event to highlight potential business opportunities in the country, the government said Wednesday.The three-day event, scheduled to run through Thursday, aims to show the attractiveness of Asia's fourth largest economy for investment, as the country pushes to ratify the free trade agreement with China, the Ministry of Trade, Industry and Energy said.The FTA with the world's No. 2 economy will allow the country to become a Northeast Asian business
Oct. 14, 2015
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SK E&C wins 525 bln-won order from Kuwait
South Korean construction firm SK Engineering & Construction Co. said Wednesday it has won a 525 billion-won ($456 million) order to build an oil refining facility in Kuwait.Under the deal with the Kuwait National Petroleum Company, SK Engineering will take part in the $1.5 billion deal. Another South Korean firm Hyundai Construction & Engineering Co. and Italy-based Saipem SpA also participated in the project. SK E&C will take up 30 percent of the amount.Kuwait is seeking to build the world's l
Oct. 14, 2015
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KAI’s major projects in hot water
Korea Aerospace Industries, the country’s sole aircraft manufacturer, is struggling as recent audits have put the brakes on its major chopper and fighter jet projects.The latest controversy sparked Monday after an audit report noted that KAI collected at least 54.7 billion won ($47.9 million) in unjust profits while manufacturing a new fleet of indigenously produced light helicopter Surion for the country’s military. The Board of Audit and Inspection said that KAI falsified development costs to
Oct. 13, 2015
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Songdo benchmarked around the world
The creation of the Incheon Free Economic Zone in 2003 raised a few eyebrows, but after 12 years it has become a benchmark model around the world. According to IFEZ authorities, the development of the zone in Songdo, Incheon, has become an export item itself.From the development project of the knowledge-based city in Yachay, Ecuador, to similar cities in Indonesia, Vietnam, Columbia and others, know-how on development and management of a “Ubiquitous City,” such as Songdo, has been exported to th
Oct. 13, 2015
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Korea-China FTA industrial complex to boost free trade effect
Aiming to boost the Korea-China free trade agreement’s effects, the Trade Ministry has announced that industrial complexes that will oversee development, investment attraction and management will be established. The 4.5 square-kilometer space inside the Saemangeum-Gunsan Free Economic Zone of North Jeolla Province was selected as the first location for the Korea-China FTA Industrial Complex in June. The SGFEZ is already scheduled to host 81 companies once it gradually opens from 2017. Japanese c
Oct. 13, 2015
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RCEP negotiations underway in Busan with fresh urgency
A new round of negotiations for a free trade pact linking 16 nations across Asia and Oceania has taken off in South Korea with a fresh sense of urgency, following the conclusion of the U.S.-led Trans-Pacific Partnership last week. The 10th round of talks on the Regional Comprehensive Economic Partnership kicked off in Busan on Monday, with some 700 officials from the 16 countries in attendance. The talks will conclude Friday. Officials representing the 16 countries participating in the RCEP — a
Oct. 13, 2015
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UPS expands worldwide express delivery service
United Parcel Service announced Tuesday that it has significantly expanded its UPS Worldwide Express service to newly include 41,000 global postal codes, more than half of which are based in the Asia-Pacific region. The expanded service, to become officially available starting Oct. 19, offers guaranteed-delivery options -- 10 a.m., 12 noon or 2 p.m. based on the destination -- for customers who previously had only end-of-day guarantees. A UPS delivery plane (UPS) It is the “largest one-time ex
Oct. 13, 2015
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S. Korea's ICT exports hit yearly high in Sept.
South Korea's exports of information communication technology products rose to a record high for 2015 in September, fueled by increased shipments of flagship items, government data showed Tuesday. Outbound shipments of ICT products amounted to US$15.9 billion last month, up 1.6 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy. The increase marks the second month in a row that outbound shipments of ICT products rose on-year. Imports also
Oct. 13, 2015
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Lotte chief has weak grip on affiliates
The chief of South Korean retail giant Lotte Group owns relatively small stakes in the group's key affiliates compared to those held by his family members amid an ongoing power struggle with his brother over the country's No. 5 conglomerate, data showed Tuesday. Lotte Group Chairman Shin Dong-bin and his elder brother Dong-joo have been involved in a succession feud with the latter set to wage a legal battle against his younger brother to win back control over the conglomerate whose business po
Oct. 13, 2015
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[Newsmaker] Lotte chairman hits back in rekindled family feud
Lotte Group chairman Shin Dong-bin speaks during a news conference at Lotte Duty Free’s logistics center in Incheon on Monday. Lotte GroupLotte Group chairman Shin Dong-bin on Monday slammed his father and elder brother for dragging him into another family spat over the company’s management and putting the 90 trillion won ($79 billion) business empire in danger.“Let me tell you one thing about what happened over the weekend,” the chairman said in a news conference at Lotte Duty Free Store’s logi
Oct. 12, 2015
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Hyundai shows Mexican art at Tate Modern
Hyundai Motor, South Korea’s leading automaker, has joined hands with London-based art gallery Tate Modern to showcase the work of Mexican conceptual artist and sculptor Abraham Cruzvillegas. The company held a ceremony at the Tate Modern on Tuesday to mark the opening of its inaugural exhibit “Hyundai Commission 2015,” which will display “Empty Lot,” an installation artwork by Cruzvillegas, at the gallery starting from Wednesday and going until April 3.Abraham Cruzvillegas: Empty Lot/Abraham Cr
Oct. 12, 2015
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CJ mulling Coway acquisition
CJ Group is reviewing plans to acquire a majority stake in Coway, South Korea’s leading water purifier-maker, joining a slew of potential foreign investors who have expressed interest in the takeover bid valued at around 3 trillion won ($2.6 billion), according to industry sources Monday.CJ is set to join the preliminary bidding Thursday to purchase Seoul-based private equity fund MBK Partners’ 30.9 percent stake in Coway, having chosen Deutsche Securities to guide its efforts, investment bankin
Oct. 12, 2015
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GS E&C completes huge hospital project in Singapore
South Korea’s leading builder GS Engineering & Construction has completed a hospital project worth 600 billion won ($524 million) in Singapore, the company said Monday. The Ng Teng Fong General Hospital in Jurong, Singapore.(GS E&C)The 237,000-square-meter Ng Teng Fong General Hospital consists of three wards that can hold 1,100 beds and is 16 stories at its highest. In 2012, GS E&C became the sole company to sign a contract with the Singapore Ministry of Health to build the hospital wards in th
Oct. 12, 2015
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Sebang Group chairman stresses stronger competitiveness
Sebang Group, a South Korean midsized conglomerate specializing in logistics services, celebrated its 50th anniversary on Sept. 11. Established in 1965 by founder Lee Eui-soon, the group has grown into a global name with 16 affiliates. One of its key affiliates is Sebang Global Battery -- widely known for its Rocket battery brand. During a ceremony with all employees in attendance, chairman Lee Sang-woong stressed the need to further strengthen the group’s competitiveness. “Mongolian warrior Gen
Oct. 12, 2015