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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Can Jennie break the K-pop solo artist slump?
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Yoon set for talks with Marcos in Philippines
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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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Ex-president's daughter investigated for drunk driving accident
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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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Kumho Tire workers strike over new wage system
Unionized workers at Kumho Tire Co., South Korea's second-biggest tire maker, began their first all-out strike in three years on Monday after they failed to agree with the management on adopting a wage peak system.Workers at Kumho Tire's three production facilities, including the one in Gwangju, 329 kilometers south of Seoul, started an eight-hour strike at 6:30 a.m., industry sources said.The management has been making efforts to adopt the wage peak system ahead of the extension of the retireme
Aug. 17, 2015
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Business leaders behind Korea’s economic success
Korean companies and their leaders have been one of the biggest contributors to the transformation of Korea, once one of the poorest countries in the world, into a donor nation for the past 70 years after liberation in 1945.Partnering with the military government, which launched the nation’s first five-year economic development plan in 1962, the first generation of Korean chaebol leaders exerted strong leadership to build the foundation of businesses from scratch, while linking their business pr
Aug. 16, 2015
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SK chairman prepares for comeback
SK Group chairman Chey Tae-won, who was released from prison Friday through a presidential pardon, held key meetings at the group’s headquarters in downtown Seoul over the weekend in his efforts to normalize operations and lend a hand in reviving the Korean economy as promised, according to group officials Sunday. Chey took the first steps toward resuming his chairman duties on Saturday, the day after his release, by meeting with SK SUPEX Council chairman Kim Chang-geun and key officials at SK’s
Aug. 16, 2015
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Korea-Japan rivalry deepens in global markets
For decades, the Korea-Japan rivalry has favored Korean firms and helped them secure a firm footing in global markets. In the past, they were desperate to mimic the success of big Japanese names such as Sony and Toyota. But over time, companies like Samsung and Hyundai appealed with quality products at cheaper prices, gobbling up their Japanese rivals’ market shares. Today Korean and Japanese firms compete head-on across almost all industries. And when it comes to information technology, Koreans
Aug. 16, 2015
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Samsung founder’s first son dies at 84
Samsung Group founder’s eldest son Lee Maeng-hee, father of CJ Group chairman Lee Jay-hyun, died Friday at age 84. He had been hospitalized at a Beijing hospital after his lung cancer spread to other parts of his body. The late Lee was often called the “ill-fated prince” of the Samsung empire.His father Lee Byung-chull had originally designated him as his successor in the early 1960s. However, Maeng-hee clashed with his father on issues including his aggressive management style, which led the gr
Aug. 16, 2015
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LG Chem signs battery supply deal with Chinese carmaker
LG Chem Ltd., South Korea's leading chemicals and battery maker, said Sunday that it has signed a deal to supply electric vehicle batteries to a leading Chinese carmaker. Under the contract, LG Chem will supply Changan Automobile Co. with batteries for its next-generation plug-in hybrid electric vehicle, whose mass production is scheduled to start in 2016, the South Korean company said.LG Chem didn't disclose how many batteries it will supply per year.A state-run company, Changan Automobile is C
Aug. 16, 2015
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Hyundai, Kia's China slump to worsen with Tianjin blast
South Korea's top carmaker Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. are likely to be hit hard by a recent explosion in a Chinese port city, industry watchers said Sunday, amid existing hardships from low sales in the world's No. 1 auto market.On Wednesday, a series of explosions at the Ruihai warehouse in China's northeastern port city of Tianjin wiped out some 4,100 Hyundai units, including its high-end models that are not produced in South Korea. Industry watchers say Hyund
Aug. 16, 2015
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Brokerages' H1 earnings soar on active stock trading
South Korean securities companies saw their first-half earnings jump from a year earlier thanks to active stock trading, industry sources said Sunday.According to the sources, KDB Daewoo Securities Co. reported last week that its net profit spiked 134 percent on-year to 229.4 billion won ($195 million) in the first half due mainly to increased fee income.Samsung Securities Co. said its first-half net income came to 207.8 billion won, more than 4 times the bottom line a year earlier.NH Investment
Aug. 16, 2015
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Hyundai's damage from Chinese explosion estimated at 160 bln won
South Korea's top carmaker Hyundai Motor is estimated to have lost 160 billion won ($136 million) from huge explosions in China's northeast port city of Tianjin, industry watchers said Friday.China Central Television said the blasts involved a shipment of explosives at the Ruihai warehouse in Tianjin, and occurred around 11:30 p.m. on Wednesday. The exact cause was not immediately known.Hyundai had parked around 4,000 automobiles at the site, including Genesis and Equus luxury sedans.While Hyund
Aug. 14, 2015
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Nepa opens new store in Chamonix, France
South Korean outdoor clothing brand Nepa has opened a new flagship store in Chamonix, France, in a bid to expand its global business.Nepa has become the first Korean outdoor brand to operate a store at Chamonix, considered as a hub of the world’s winter sports. Here, the company is looking to “develop products fit for local European customers and newly emerge as a global brand.”Nepa’s new store was established by remodeling Chamonix’s historic pub, Le Chouca ― considered as one of the city’s key
Aug. 13, 2015
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Nespresso launches new Touch Collection
Leading coffee machine brand Nespresso has launched a new collection of premium coffee mugs designed by renowned Berlin-based design studio Geckeler Michels.Made with black ceramic surrounded by a soft silicone ring, the new cups were designed not only for aesthetic appeal but also shaped to enhance and express the aroma and flavor of Nespresso coffees, the company said.“The inner shapes are conceived to guarantee a fluid flow of coffee into the cup and a beautifully refined ‘crema’ every time,”
Aug. 13, 2015
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MCM opens pop-up store in Hongdae
MCM, a German luxury leather goods brand, has opened a new pop-up store in the bustling neighborhood of Hongdae in Seoul, aiming to become a leader in not only fashion but also cultural promotion.The store is housing MCM’s culture and arts project, aka the Kunst Project, until December. The first two floors will sell the brand’s products while the third floor has been transformed into a space displaying the works of star photographer Oh Joong-suk.Since its opening on Aug. 7, the store has attrac
Aug. 13, 2015
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Twosome Place introduces new premium desserts
Twosome Place, a coffee franchise operated by CJ Foodville, is introducing its premium dessert lineup across all its stores nationwide.The new desserts consist of three types of mini cakes and three types of fruit tarts, including the Petit Mango Cake ― made by layering mangos, passion fruit, raspberry and custard cream ― and the Chocolate Cheesecake, wedged in with cream cheese and caramel.Popular tartes include the Strawberry Yogurt Tarte ― made with fresh cream, Greek yogurt mousse and strawb
Aug. 13, 2015
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Sulwhasoo launches brightening cushion foundation
Leading South Korean cosmetics company AmorePacific’s Sulwhasoo has launched a special deluxe edition of its popular Perfecting Cushion Brightening introduced in March. The newly-introduced edition consists of the original cushion product plus two refills, and was launched as a value pack for the summer season when cushion foundations are used more frequently, according to the company. The foundation uses magnolia and nacre extracts as its core ingredients, helping to brighten the skin tone for
Aug. 13, 2015
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‘Starbucks RTD not a spinoff anymore’
Starbucks Ready-to-Drink products clearly targeted people who wanted a sip of Starbucks coffee when they are not around the outlets.However, it has grown into an independent category, earning heaps of fans who want to enjoy quality coffee at home, work or outdoors. Though the company declined to disclose the individual sales volume in 39 countries selling Starbucks RTD, the total sales of Channel Development Business – which includes the RTD portfolio-- amount to $1.5 billion and keeps growing.
Aug. 13, 2015
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[Newsmaker] New momentum has KAI flying high
Korea Aerospace Industries is flying high. The country’s sole aircraft manufacturer is enjoying its best ever year, with solid first-half earnings and its share price up 150 percent since January, and analysts forecast a positive outlook for the second half. This is the result of a profit increase in the firm’s exports of military planes, production of aircraft components and winning of various defense deals, which are the three pillars of the company’s revenue sources, analysts said Wednesday.
Aug. 13, 2015
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McDonald’s offers customizable gourmet burger
McDonald’s Korea is getting a makeover with a customizable gourmet burger and how it is ordered and served in a bid to attract customers who seek a new dining experience, the fast food restaurant chain said on Wednesday.The new menu item dubbed “Signature Burger” offers customers options to build their own burger with over 20 ingredients. A McDonald’s Korea staff member serves the new “Signature Burger” to customers at its Sinchon store in Seoul, Wednesday. (McDonald’s Korea)“The signature burge
Aug. 13, 2015
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Businesses welcome pardon of SK chairman
President Park Geun-hye granted special pardons Thursday to 14 convicted businessmen including SK Group chairman Chey Tae-won and some 6,500 people to mark the 70th anniversary of Korea’s Liberation Day on Aug. 15. The Liberation Day pardons for the high-profile business tycoons are aimed at propping up the sagging economy, hit hard by the outbreak of the Middle East respiratory syndrome, and a protracted slump in exports. “I have decided to grant special pardons in order to help forge national
Aug. 13, 2015
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Biz circle hails pardons for convicted businessmen
South Korea's business community welcomed special presidential pardons granted to convicted business leaders on Thursday, saying that it will join government efforts in boosting the domestic economy. Some still expressed disappointment with what they see as the smaller-than-expected scale of the special pardons for business people, apparently citing the exclusion of a high-profile business leader from amnesty. President Park Geun-hye granted special pardons to 14 businessmen and more than 6,5
Aug. 13, 2015
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Japan's Lotte Holdings wholly owns investment arms
Tokyo-based Lotte Holdings owns a 100 percent stake in investment units in Japan that are believed to be at the apex of the retail giant Lotte Group's complex ownership structure, a report showed Thursday. Lotte Holdings, the ostensible holding company of Lotte affiliates in Japan and Korea, holds a 100 percent stake in some 12 subsidiaries of the investment company, dubbed "L Investment Company," according to the report compiled by South Korea's Lotte Group. Shin Dong-bin, the chairman of Seo
Aug. 13, 2015