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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Ex-president's daughter investigated for drunk driving accident
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First lady’s Dior bag scandal to be at center of Assembly audit
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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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Seoulites celebrate coexistence at Wellness Seoul 2024
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S. Korea moving to reform chaebol after Lotte episode
The government and the ruling Saenuri Party are moving to reform the ownership structure of the country's family-run conglomerates amid public backlash over an escalating power struggle in Lotte Group, official sources said Wednesday.Lotte, South Korea's fifth-largest family-run business group, has drawn harsh condemnation and come under scrutiny after the two sons of group founder Shin Kyuk-ho and other family members have openly squabbled over control of the sprawling retail giant.Party inside
Aug. 5, 2015
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Wine tops list of alcoholic drink imports in H1
Wine was atop the list of South Korea's alcoholic beverage imports in the first half of this year, outpacing hard liquors for the first time, data showed Wednesday. Wine imports rose 5.5 percent on-year to $94.43 million in the January-June period, taking up the highest share of the total alcoholic drink imports at 24.9 percent, according to the data compiled by the Korea International Trade Association.It marks the sixth consecutive year that first-half wine imports have increased from a year e
Aug. 5, 2015
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Doosan E&C faces penalty for violating fair trade law
The Fair Trade Commission is expected to impose penalties on Doosan Engineering & Construction for violating the country’s fair subcontract transactions law, according to the firm’s regulatory filing Monday. The construction unit of Doosan Group is set to face limits in operations and be fined hundreds of millions of won for a number of accusations, including a delay of payments to subcontractors and illegal verbal contracts. The fair trade watchdog, however, has yet to decide the amount of the
Aug. 4, 2015
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[SUPER RICH] Saga of ‘strife of princes’ runs deep at Korean conglomerates
The fraternal feud surrounding the managerial rights of South Korean retail giant Lotte Group has made the headlines of every media outlet here for the past week. But this is not the first time the second or third generation of business tycoons have held blood-spat competition over the helm of a business empire. According to Chaebul.com, 18 of the country’s top 40 family-controlled South Korean conglomerates, better known as chaebol, have or are experiencing fraternal disputes in the generationa
Aug. 4, 2015
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Lotte feels pinch of family feud
Retail giant Lotte Group, caught in a mud-slinging battle between the founder’s two sons, is caught with a buyers’ boycott on one hand and a nose-diving market value on the other. Worse still, the group faces a tax probe on its affiliates.The Financial Consumer Agency on Tuesday declared a boycott of all Lotte affiliates, whose businesses include the sectors of financial, food and beverage, retail, tourism, construction and service.“The Lotte Group feud clearly shows that the conglomerate has no
Aug. 4, 2015
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Lotte CEOs pledge support for chairman
Lotte Group chairman Shin Dong-bin received a boost in his move to solidify his managerial power as CEOs of the group’s units and Japan-based Lotte Holdings’ CEO pledged their full support for his leadership amid an intensified power struggle with his elder brother. Lotte Group chairman Shin Dong-bin (second from left) visits a Lotte distribution center in Osan, Gyeonggi Province, Tuesday. (Lotte Group)CEOs of 37 Lotte Group units said the current 60-year-old chairman is a “competent chief” to l
Aug. 4, 2015
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[SUPER RICH] Lotte founder no stranger to fraternal feud
Lotte founder and general chairman Shin Kyuk-ho became both the protagonist and antagonist of a soap opera-ish family feud since July 27 when he tried to oust his second son from his business empire but instead was kicked out himself and became powerless. The family secrets and anecdotes revealed by his eldest son Shin Dong-joo in media interviews last week portray the 93-year-old as the “king” of the Lotte empire -- someone who can still slap his 60-year-old son, fire any top executive with th
Aug. 4, 2015
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Lotte Group chairman visits distribution center in Osan
Lotte Group chairman Shin Dong-bin pays a visit to a Lotte distribution center in Osan, Gyeonggi Province, Tuesday, in his efforts to ease public concerns of a leadership vacuum. Lotte Group
Aug. 4, 2015
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[Graphic News] Online shopping sales reach all-time high
The number of online shoppers in South Korea saw a sharp increase in June, largely as the recent outbreak of the Middle East respiratory syndrome drove people away from visiting large retail outlets.Online shopping volume reached roughly 4.43 trillion won ($3.78 billion) in June, up 26.6 percent over the same period last year, according to Statistics Korea on Monday.Online shopping sales took up 15.1 percent of the country’s total retail sales in June of this year, the highest recorded since off
Aug. 4, 2015
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S. Korea's air traffic drops in July on MERS impact
South Korea's air traffic slipped in July from a year ago due mainly to a plunge in international passengers amid concern over the Middle East Respiratory Syndrome outbreak, industry data showed Tuesday.The number of air passengers reached 6.81 million last month, down 6.5 percent from the 7.29 million posted the year before, according to the data.Domestic air traffic rose 5.3 percent on-year to 2.28 million last month, but the number of international passengers came to 4.54 million, down 15 per
Aug. 4, 2015
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[Graphic News] Korea sees current account surplus for 40th consecutive month
South Korea posted a surplus in its current account for the 40th consecutive month, data from the Bank of Korea showed Monday.The surplus was estimated at $12.9 billion in June, a 41.5 percent increase from the previous month.In the first half of 2015, the surplus was the highest recorded for the January-June period, at $52.3 billion.Experts, however, noted that the recent current account surplus is due to a higher rate of decline in imports as compared to exports.
Aug. 4, 2015
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Hyundai Oilbank promotes shared growth
SHARED GROWTH -- Seosan City mayor Lee Wan-seop (fourth from left) and Hyundai Oilbank staffers release a total of 150,000 baby rockfish into the sea near Samgilpo Port in South Chungcheong Province in the refiner’s effort to support the local fisheries industry. (Hyundai Oilbank)
Aug. 4, 2015
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KEPCO shares hit record high
Korea Electric Power Corp., the largest state-owned utility company, became the nation’s second-biggest company after Samsung Electronics in terms of market capitalization Monday, as its shares hit a record high of 52,200 won ($45). KEPCO’s share price rose four consecutive trading days, lifting the company’s market value to 33.1 trillion won. Hyundai Motor fell one notch to third place on the same day as its shares fell 1.5 percent to 91,400 won. The market value of the nation’s largest automak
Aug. 3, 2015
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Shipbuilders face sweeping overhaul
The country’s top three shipyards are readying for restructuring as they deal with a collective second-quarter operating loss of 4.7 trillion won ($4 billion), battered by ailing offshore businesses.The financially distressed players ― Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering ― are expected to step up slimming efforts in the second half of the year, including merging divisions, offloading noncore assets and suspending investment in new proje
Aug. 3, 2015
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Lotte chairman strives to soothe citizens over feud
Lotte Group chairman Shin Dong-bin on Monday met with group founder and general chairman Shin Kyuk-ho at Lotte Hotel in Seoul, fueling speculation that the “rebellious second son” is determined to mend ties with the infuriated father and placate the growing public anger about the irregular family feud at a major conglomerate.“The meeting was on friendly terms, with a smile on the face and ice-breaking conversations about Dong-bin’s business trip,” a source said explaining the dramatic encounter
Aug. 3, 2015
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Pyeongtaek Port to expand trade role amid China FTA
The nation’s fourth largest harbor, Pyeongtaek Port, is eyeing a bigger role in trade between South Korea and China following the official signing of a free trade agreement between the nations in June, an official from the Gyeonggi Pyeongtaek Port Corp. said Monday. Kim Jeong-hun, director of Gyeonggi Pyeongtaek Port Corp.“Following the FTA between Korea and China, Pyeongtaek Port’s role will be strengthened as it is the nearest port to China and a gateway to the central region of Korea,” said K
Aug. 3, 2015
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BAT Korea launches premium Dunhill
Dunhill Fine Cut Master. (BAT Korea)British American Tobacco Korea announced the world premiere of “Dunhill Fine Cut Master” in Korea on Monday, introducing the premium version of BAT’s superslim flagship “Dunhill Fine Cut.” The premium Dunhill contains over 40 percent “Z grade leaves,” which refers to the tobacco maker’s highest quality tobacco leaves. Z grade leaves are harvested and handpicked from five countries -- Brazil, Greece, Turkey, the United States and Zimbabwe -- where the growing
Aug. 3, 2015
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Korean pharmaceutical companies lag in research
South Korean pharmaceutical companies were found to be lagging behind in new product development, as global pharma firms have filed around three times more patents over the past four years, industry data showed Monday.Of the 1,754 patents filed in Korea since official monitoring began in March 2012, 1,310 were by international pharmaceutical companies whereas only 444 came from local firms, according to B2Pharm’s Green List Alert service, which publishes weekly reports on patent registrations an
Aug. 3, 2015
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Lotte heir vows all-out efforts to end family feud
Shin Dong-bin, the younger son and heir apparent of Lotte Group founder Shin Kyuk-ho, pledged Monday to do his best to resolve a bitter family conflict over control of the retail empire whose business spans from amusement parks and hotels to department stores in South Korea and Japan."This crisis should be swiftly resolved and normalized," Dong-bin told reporters after arriving in Seoul from Tokyo, pledging to do his best to contribute to South Korea's economic development.Dong-bin returned to S
Aug. 3, 2015
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CJ CGV aims to create over 1,000 ScreenX screens by 2020
South Korea's food and entertainment conglomerate CJ Group is aiming to create more than 1,000 "ScreenX" screens worldwide by 2020, a top company official said Monday."We're going to make this year the starting year for ScreenX to rise as a key platform of movies," Choi Byung-hwan, head of the CJ 4DPLEX Co., told reporters in the company's Los Angeles office."Setting this year as an inflection point, we plan to apply the ScreenX system to more than 1,000 screens around the world by 2020."The Scr
Aug. 3, 2015