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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'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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First lady’s Dior bag scandal to be at center of Assembly audit
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Seoulites celebrate coexistence at Wellness Seoul 2024
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Korean Air heiress seeks to dismiss nut rage lawsuit in U.S.
Heather Cho, the oldest daughter of Korean Air chairman Cho Yang-ho, has asked a U.S. court to dismiss a lawsuit involving an onboard tantrum dubbed “nut rage” on Tuesday, saying the case should be handled by a court in Korea. (Yonhap)“It is more appropriate to hold a plea in Korea as all parties related to the case are Korean nationals and investigations were also conducted in the country,” an attorney representing Cho said. The motion comes months after a flight attendant who was harassed by
July 14, 2015
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[Graphic News] Inbound remittance surpasses outbound transfers
Foreign remittance sent to Korea surpassed money going abroad, data showed Tuesday. According to data from KB Financial Group and World Bank, the amount of money wired from abroad to Korea in 2014 was $6.48 billion, eclipsing the $5.8 billion wired out of the country.By country, the most money was wired to Korea from the United States with $2.96 billion, followed by Japan with $1.71 billion. The two countries made up 71.3 percent of all money being wired to Korea.The next three countries in ter
July 14, 2015
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Samsung Electro-Mechanics to spin off non-core biz lines
Samsung Electro-Mechanics Co., a South Korean industrial parts maker under the country's No. 1 conglomerate Samsung Group, said Tuesday it will spin off a handful of its product lines to focus on its mainstay businesses.Under the move, Samsung Electro-Mechanics will offload businesses, including the Electronic Shelf Label, a price-displaying system installed on shelves in stores, and tuners that are used to receive digital broadcasting."Our company decided to transfer the related staff and asset
July 14, 2015
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KEPCO inks deal to set up micro grid in Canada
South Korea's state-run power company said Tuesday that it has signed a deal to set up a micro grid in Canada, marking the first time it will make inroads into the North American market.The $11.7 million contract signed with PowerStream Inc. includes an option to participate in updating the Canadian partner's conventional supervisory control and data acquisition systems, Korea Electric Power Corp. said.Micro grids are localized grids that can be operated autonomously from nationwide power networ
July 14, 2015
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S. Korea to turn Busan into world's No. 2 transshipment port
South Korea plans to transform Busan into the world's No. 2 transshipment cargo port by 2020 by building up infrastructure and streamlining operations, the government said Tuesday.The move could enable the country's largest sea port to outstrip Hong Kong for the second place slot among the world's transshipment harbors and place it below Singapore, the Ministry of Ocean and Fisheries said.Transshipment refers to the handling of containers and cargo at an intermediate destination before they are
July 14, 2015
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Hyundai, Kia cut sales target by 10 pct amid bleak outlooks: sources
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. have lowered their annual sales target for this year "internally" by around 10 percent in the face of less demand and intensifying competition that have resulted in a sharp fall in sales in major economies including China, sources close to the matter said Tuesday.In its 2015 business plan unveiled earlier this year, the two South Korean car making giants aimed to sell a combined 8.2 million cars at home and abroad, which is 2.5 percent
July 14, 2015
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Probe zeroes in on negligence at heart of Hanwha explosion
A police officer enters a Hanwha Chemical plant in Ulsan as part of an investigation into a deadly explosion there on July 4. (Yonhap) Officials clean up the debris from the explosion at the Hanwha Chemical plant in Ulsan on July 7. (Yonhap)The investigation into the deadly explosion at Hanwha Chemical Corp. is pointing to long-established negligence and lax safety management as the cause of The investigation into the deadly explosion at Hanwha Chemical Corp. is pointing to long-established negl
July 13, 2015
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Hyundai chief stresses risk management in hard times
Hyundai Motor Group chairman Chung Mong-koo on Monday admitted that his company is facing hard times and called for all-in efforts to boost global sales. “It is true that we are facing hard times in many ways, but this cannot be an excuse. We need to, and can, overcome them and become stronger by doing so,” Chung said at the meeting of representatives of 60 overseas branches of Hyundai and Kia at the company’s headquarters in Yangjae-dong, southern Seoul. “We always need to find the solution in
July 13, 2015
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Robot-makers tap Chinese market
The Korea Trade Promotion Corp., Korea Institute for Robot Industry Advancement and the Korea Association of Robot Industry held a robot trade show in Shanghai from July 10-13, arranging business meetings between 13 domestic companies and 30 Chinese firms. The event was held during the China International Robot Show 2015, where 750 global robot-makers showed off their latest technologies.Six Korean businessmen also had the chance to hold pinpoint meetings with Panda Group, the sixth-largest IT a
July 13, 2015
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Samsung gauges foreign investors’ decisions on merger proposal
Samsung C&T is thoroughly gauging the decisions of foreign investors, most of whom finished their absentee voting last week on the company’s planned merger with Cheil Industries, the de facto holding company of Samsung Group. With the voting results to be revealed at a shareholders meeting Friday, their decisions are expected to play a key role in determining the crucial 8.9 trillion won ($7.93 billion) merger for the nation’s largest conglomerate’s management transfer to a new generation. Forei
July 13, 2015
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Analysts paint rosy picture for duty-free bid winners
Analysts on Monday raised their target prices on shares of high-profile bid winners who will operate duty-free stores in downtown Seoul, citing that the retail giants secured a new growth engine amid sluggish domestic demand and rising competition.The upgrades in the target prices of the retail firms reflects expectations that the new stores will give a boost to the world‘s largest duty-free market, accounting for 13 percent of global revenues from duty-free shops in 2014. “The urban duty-free b
July 13, 2015
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[Graphic News] Six Korean banks listed on global top 100
Six South Korean banks are on the list of the world’s top 100 banks, data showed Sunday.KDB Financial Group, KB Financial Group, Shinhan Financial Group, Hana Financial Group, Woori Financial Group and NongHyup Financial Group made the top 100 global bank list, according to British-based financial industry tracker The Banker.The highest-ranked Korean bank was KDB Financial Group at 62nd place, up 16 notches from last year. KB Financial Group followed in 65th place.Shinhan Financial Group ranked
July 13, 2015
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Probe reveals negligence at heart of Hanwha explosion
The investigation into the deadly explosion at Hanwha Chemical Corp. is pointing to long-established negligence and lax safety management as the cause of the deadly accident. Since the explosion took the lives of six workers of the Hanwha subcontractor -- Hyundai Environment -- on July 3, the authorities have been probing into the accident. A number of officials from both companies including the chiefs of Hyundai Environment and Hanwha Chemical’s safety team are under suspicion of being respons
July 13, 2015
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Biz groups urged to adopt flexible working system
A major business lobby group said Monday that it will push for diverse efforts to encourage its member companies to adopt a flexible working system that it expects could result in more leisure time for workers and eventually more consumer spending down the road. In a related move, the Federation of Korean Industries, which represents the interest of large conglomerates, said it will send an official notice to heads of its member companies to adopt the flexible working system in a way that would
July 13, 2015
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Samsung woos shareholder support with ad blitz
Samsung C&T Corp. conducted a massive advertisement blitz to drum up shareholder support for a proposed merger with another unit of Samsung Group on Monday, days ahead of a crucial shareholder meeting.Samsung C&T shareholders are scheduled to meet on Friday to cast ballots on Cheil Industries Inc.'s proposal to take over the builder in an all-stock deal. Cheil Industries is the de facto holding firm of the top family-controlled conglomerate in South Korea."We desperately ask shareholders of Sams
July 13, 2015
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Tobacco tax revenue jumps 38% in H1
Tax revenue from tobacco sales grew 38 percent in six months after the government-led tobacco price hike, while the sales volume dropped considerably, the Finance Ministry data revealed Sunday. In the January-June period, the government collected about 4.3 trillion won ($3.8 billion) in tax revenue from tobacco sales, up 1.2 trillion won from a year earlier. During the same period, cigarette sales dropped 28.3 percent due to the drastic tobacco tax hike that started on Jan. 1. After the new ciga
July 12, 2015
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JTI launches neon Camel
Camel Color Neon Edition. (JTI Korea)Japan Tobacco International Korea on Sunday launched the latest limited edition of Camel in iconic neon packing designs. Camel Color Neon Edition comes in four neon colors ― blue, yellow, pink and green and dark blue ― under the slogan “As bold as you want.”“Camel Color Neon Edition will provide opportunities for creative self-expression with Camel’s classic smooth taste and high-quality tobacco at a reasonable price,” JTI Korea’s manager said.“Whether you ar
July 12, 2015
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Retail, tourism industries step up efforts to attract overseas tourists
South Korea’s tourism and retail industries are pulling out all stops to bring back tourists as the Middle East respiratory syndrome death toll remains flat with no new cases recently.(Yonhap)In order to revive the markets hit hardest by the MERS outbreak, the tourism, aviation and retail industries are working together to win back Chinese and Japanese tourists by holding events and inviting foreign tourism officials to ease worries and revive interest in Korean tourism.South Korea’s second larg
July 12, 2015
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Samsung leads Chinese smart TV market for 10 quarters
Samsung Electronics, which leads the global TV market, scored first in China’s smart TV market for 10 quarters in a row, data showed Sunday.According to market research institute GfK, Samsung Electronics was in the lead with 20.8 percent of market share in the Chinese smart TV market in the second quarter this year.Following closely behind are China’s Hisense with 14.1 percent of the market share, as well as China’s Skyworth and Japan’s Sharp, which each have 11.8 percent of total market share.S
July 12, 2015
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SMEs should set up industrial park in China for NK ties
South Korea's small and medium enterprises should try to create an industrial park in northeastern China to bypass international sanctions and expand business ties with North Korea, a state-run think tank said Sunday.In its latest report on the North Korean economy, the Korea Development Institute said Pyongyang has been sending more workers to China to earn more hard currency, which local companies can capitalize on.North Korea's dispatch of workers to China has increased since Seoul blocked al
July 12, 2015