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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[Graphic News] Korea's per capita income to top $40,000 in 2023
South Korea will reach a per capita gross national income of $40,000 in 2023 if Korea continues low growth, data showed Monday.According to the Korea Economic Research Institute, the OECD predicted that if South Korea’s potential growth rate falls to 2.9 percent, it would take 17 years for the per capita GNI to rise from $20,000 to $40,000. South Korea reached $20,000 in 2006.This is longer than the OECD average, which was 13.6 years. Among the G7 nations, Japan, Italy and Britain took eight, 13
July 27, 2015
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N.K. leader urges young people to inherit patriotism in meeting of war veterans
North Korean leader Kim Jong-un has urged young people to inherit the spirit of defending their country shown by fallen soldiers and war veterans as the North is set to mark the 62nd anniversary of the end of the 1950-53 Korean war, the North's media said Sunday.The armistice that ended the Korean War was signed on July 27, 1953, leaving South and North Korea technically in a state of war.The North has designated the date as "Victory Day."At the 4th National Conference of War Veterans held on Sa
July 26, 2015
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Ottogi releases noodle brand
Ottogi has joined the competition to sell the dry noodle version of jajangmyeon with its release of “Jin Jjajang.” Jin Jjajang, with a strong, smoky flavor, reproduces the soft, chewy texture of the noodles commonly found in Chinese restaurants, as well as the deep taste of jajang from olden times by adding pork and ginger in its black bean paste and onion sauce.The product has beef-flavored powder, onion, cabbage, potatoes and soy protein flakes, and comes with a liquid flavoring instead of the
July 26, 2015
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Retailers slash prices to soften MERS blow
South Korea’s major retailers are holding massive events in a bid to rekindle sales and vitalize consumer sentiment, which was seriously hit by the outbreak of the Middle East respiratory syndrome between late May and early July. Shoppers flock to grab bargains at a Black Shopping Day event held by Lotte Department Store at BEXCO in Haeundae, Busan, Friday. (Yonhap)Department stores and discount outlet chains are slashing prices of luxury and fashion items to clear out their inventory while duty
July 26, 2015
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Asiana Airlines sued over burns
Asiana Airlines Inc., South Korea's second-largest flag carrier, has been sued for allegedly causing serious burns to a female passenger on board one of its planes last year.The passenger in her mid-30s, identified only by her last name Jang, has filed a lawsuit seeking 200 million won ($171,000) in damages from the airline and a flight attendant on board the plane from Incheon, South Korea's main gateway west of Seoul, to Paris on March 17 last year, according to Jang's attorney. (Yonhap)Durin
July 26, 2015
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Top 10 conglomerates' market cap slumps 40 tln won this year
South Korea's 10 biggest business conglomerates saw their combined market cap fall 40 trillion won($34 billion) from the beginning of the year as their share prices tumbled on earnings concerns, market data showed Sunday.The business groups' market cap totaled 679.6 trillion won as of July 23, falling 40.1 trillion won, or 5.57 percent from Jan. 2, the first trading day of the year, according to the data by market tracker Chaebul.com.The portion of their market cap also dropped by 8.3 percentage
July 26, 2015
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Chinese firms encourage 100,000 tourists to visit S. Korea
Two Chinese companies have launched a joint promotional campaign that aims to entice some 100,000 Chinese tourists to visit South Korea within 100 days, a state-run newspaper reported Saturday, joining efforts by South Korea to revive its tourism industry hit by an outbreak of MERS. The campaign was launched on Friday by Wanda Tourism, an affiliate of Chinese property conglomerate Dalian Wanda Group, and Tongcheng Network Technology Co., an online travel agency, the China Daily reported. The cam
July 25, 2015
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Park urges business heads to lead creative economy
President Park Geun-hye on Friday invited 17 business leaders to Cheong Wa Dae to celebrate the completion of creative economy centers nationwide and ask their active support in the future operation. As part of a government-led initiative, a total of 17 Centers for Creative Economy and Innovation have been launched over the past year aiming to nurture competitive start-ups across industries in partnership with big conglomerates. (Yonhap)A combined 2 trillion won ($1.7 billion) will be poured int
July 24, 2015
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SK innovation center boosts start-ups
DAEJEON -- The Daejeon Creative Economy Innovation Center, jointly established by SK Group and the South Korean government in a bid to nurture local start-ups, is helping to accelerate the growth and expansion of promising venture firms.Located at KAIST, one of Korea’s most prestigious universities focused on science and technology research and development, the center opened its doors in October 2014 aiming to help information and communications technology-focused start-ups commercialize their t
July 24, 2015
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NPS under pressure to reform after Samsung-Elliott battle
Following is the last in a four-part series featuring the battle between Samsung C&T and Elliott Associates over the Korean builder’s merger with Cheil Industries and its implications. ― Ed. The National Pension Service is facing growing pressure to reform its decision-making process after it participated in a crucial vote on a $8 billion merger deal between Samsung C&T and Cheil Industries last Friday.The NPS, the nation’s largest investor with assets of 500 trillion won ($430 billion), voted
July 24, 2015
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Hyundai Steel’s operating profit soars
Hyundai Steel’s second-quarter operating profit jumped 18.3 percent on-year to record 424.5 billion won ($363.5 million), buoyed by the construction market showing signs of recovery.Although higher than a year ago, the figures released Friday fell short of projections of 446.5 billion won by seven major local stock firms, including Samsung Securities and Korea Investment & Securities. The steelmaker posted 3.7 trillion won in sales, down 11.3 percent, as price-competitive Chinese products caused
July 24, 2015
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Kia Motors' net tumbles over 27 pct in Q2
Kia Motors Corp., South Korea's No. 2 carmaker, said Friday its second-quarter earnings plunged more than 27 percent from a year earlier on weak sales at home and abroad.Net income came to 746.5 billion won ($642.92 million) in the April-June period, down 27.1 percent from a year earlier, the company said in its regulatory filing.Operating profit also sank 15.5 percent on-year to 650.7 billion won, but sales edged up 3.2 percent to 12.44 trillion won.Kia Motors, the smaller affiliate of industry
July 24, 2015
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KFC launches Hawaiian Burger
U.S.-based fast food chain KFC launched the new Hawaiian Burger in South Korea on Wednesday in celebration of the summer season.The new burger features a spicy chicken filet, a thick slice of canned pineapple and fresh lettuce, topped with white pine sauce for a zesty taste.To celebrate the launch of the new product, KFC is holding a number of promotional events for customers who purchase the new Hawaiian Burger.Customers who buy the burger will receive one Petitzel, a watery jelly dessert made
July 23, 2015
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Electrolux launches Masterpiece home appliance line
Sweden-based home appliances manufacturer Electrolux launched its new premium small home appliances lineup in Korea on Wednesday.Electrolux’s Masterpiece Collection features an immersion blender, food processor and jug blender. The three-piece collection comes after three years of development and was inspired by the company’s professional appliance lineup. The collection’s three products have been equipped with the so-called “power tilt” technology, which “uses the forces of gravity to shift the
July 23, 2015
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Caffe Bene launches colorful, fruity menus
South Korean coffee chain Caffe Bene has launched a number of new seasonal drinks and cakes to meet the public’s increasing demands for colorful, eye-catching products made with fresh fruits.The coffee chain has introduced seven types of new fruit juices as part of its so-called rainbow drinks lineup. The red-colored Cherry Shower mixes fresh cherries with carbonated water. The orange-colored Grapefruit Sunset combines grapefruit extract with orange juice.The yellow-colored mango juice is made w
July 23, 2015
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Hyundai to pay first interim dividend
Hyundai Motor decided Thursday to pay out 269 billion won ($231 million) to shareholders as its first-ever interim dividend in a move to raise its dividend payment to global standards.The carmaker said in a regulatory filing that it will pay a cash dividend of 1,000 won per share. It paid 3,000 won per share in dividends to individual shareholders late last year, which was 54 percent higher than the previous year.Hyundai has been struggling to adopt shareholder-friendly policies since its stock
July 23, 2015
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Daewoo E&C to start Gimpo apartment sales
Daewoo Engineering & Construction, a major South Korean builder, said Thursday it would begin allotting the Prugio apartment complex, named the “Gimpo Pungmu 2nd Prugio,” in Gimpo, Gyeonggi Province. Prugio is the apartment brand name of Daewoo E&C. Located within walking distance to Pungmu subway station on a line connected to subway lines 5 and 9 and the Incheon Airport Railroad, residents can travel to Yeouido, Seoul, in 20 minutes when the line opens in 2018.The complex will offer a total of
July 23, 2015
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Montblanc goes young, tech-savvy
Sylvain Costof, managing director of Montblanc KoreaMontblanc Korea CEO on Thursday announced that the Swiss luxury maker is set to win the hearts of younger customers with high-tech devices and a wider range of products in order to achieve its planned double-digit growth here. This will start with the launch of a digital watch strap in August, followed by the introduction of 400 items and aggressive online marketing tailored to tech-savvy and contemporary clientele, said Sylvain Costof, managin
July 23, 2015
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KCCI chief calls for defense against foreign hedge funds
JEJUDO ISLAND ― A top business leader called for defense measures against activist foreign shareholders seeking short-term gains.Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry, said Wednesday night that companies should seek to equally protect the interests of large and small shareholders. “But we need to think twice about whether we even have to protect hedge funds that attack us just for quick profits and margins,” Park said at a news conference on the sidelines of the
July 23, 2015
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Homeplus extends community service program nationwide
Homeplus announced that it will extend its “Sharing Plus Community Service” to all 140 of its outlets in Korea.“Sharing Plus Community Service” is a community service program where families and Homeplus employees come together to help out the disadvantaged in their area, such as the elderly, disabled and children in their local children’s center.Homeplus has operated the program in 12 of its outlets since December and seen participation of 495 people from 218 families through 43 sessions of comm
July 23, 2015