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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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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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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Seoulites celebrate coexistence at Wellness Seoul 2024
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First lady’s Dior bag scandal to be at center of Assembly audit
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GS opens innovation center in Yeosu
The South Korean government launched a new creative economy innovation center in Yeosu, South Jeolla Province, Tuesday, in a bid to nurture new businesses in the nation’s agricultural sector, drive up growth in the biomass chemicals industry and expand tourism.The Ministry of Science, ICT and Future Planning joined hands with GS Group to open the 2,978-square-meter Jeonnam Creative Economy Innovation Center in the southern coastal city. GS Caltex, the group’s energy business arm, remodeled its t
June 2, 2015
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[SUPER RICH] Lee Jay-yong consolidates hold on Samsung
The stock market went frantic. Business analysts were excited. News of the merger between Cheil Industries and Samsung C&T ― two main pillars of Samsung Group ― revved up the business world through last week.But as time passed, the victor of the merger between a fashion-chemical company and construction-trading firm became very clear. According to news reports, Samsung Group vice chairman Lee Jay-yong saw his wealth increase by around 1 trillion won ($897 million) within a week, given his 23.23
June 2, 2015
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[SUPER RICH] Demographics of East Asian superrich
In East Asia, the middle-aged and elderly superrich run the show.Forbes recorded 358 billionaires in China, Taiwan, Hong Kong, Japan and South Korea combined, and most were middle-aged and elderly in their 40s to 70s, with differing rates of self-made billionaires and heirs.ChinaForbes recorded 221 billionaires in mainland China with their collective assets worth $773.3 billion. Of them, 96 superrich were in their 50s with collective assets of $285.6 billion, led by 51-year-old Jack Ma ― founder
June 2, 2015
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Hanwha Total under surveillance on safety
Hanwha Group’s new chemical affiliate Hanwha Total Petrochemicals is mired in safety controversies less than a month after being rebranded from Samsung.The Labor Ministry said Tuesday it lacked appropriate safety measures and “fell short of legal standards” at its factory in Daesan, South Chungcheong Province.The company is under surveillance after a construction worker died from a fall at the site on May 19. The ministry said it would decide whether to press charges within this month after the
June 2, 2015
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Budget airline charges for in-flight food
South Korean budget carrier Eastar Jet has begun charging passengers for meals on long-haul flights in a move that is expected to trigger other low-cost airlines to follow suit.Starting from Monday, the low cost airliner began charging for in-flight food and beverages, except drinking water, on its international flights lasting longer than three hours.“Eastar will continue to increase the range of services to accommodate our passengers by expanding the idea of selling food on all our flights and
June 2, 2015
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Korean webtoon market expanding rapidly: data
South Korea’s cartoon industry has been expanding rapidly thanks to the roaring popularity of Web-based cartoons, or webtoons, government data showed Monday.The market value of the once-faltering cartoon industry doubled to 758.2 billion won ($680.11 million) in 2012, compared to 436.2 billion won in 2005. The webtoon market is estimated at 171.9 billion won, according to the first state-sponsored report on the cartoon industry compiled by the Ministry of Culture, Sports and Tourism and state-ru
June 2, 2015
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Korean Air to provide code-sharing flights for Brazil
Korean Air Lines Co., South Korea's largest flag carrier, said Tuesday that it will provide code-sharing flights with a major Brazilian airline company for the latter's domestic lines in the South American country. Code-sharing flights allow one carrier to sell its tickets on the other's flights. It is aimed mostly at boosting revenue by increasing passenger seats and flight destinations without deploying its own airplanes.Korean Air said that it will provide code-sharing flights with Gol Linhas
June 2, 2015
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7 firms bid for Seoul downtown duty-free license
Seven companies have submitted bids to open two new duty-free stores in downtown Seoul, the customs agency said Monday, in what is seen as a major opportunity for retailers to boost sales amid anemic consumer spending.The seven bidders include market giants Hotel Lotte and HDC Shilla Duty Free, who are affiliated with Lotte Duty Free and Shilla Duty Free, respectively, according to a press release by the Korea Customs Service.Other companies who took part in the bid, the first for large corporat
June 1, 2015
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Hanwha spurs solar facility investments
Hanwha Group, the nation’s 10th largest conglomerate, unveiled its facility investment plan to turn the nation’s central region of Chungcheong into a solar business hub. “Hanwha Q Cells Korea will build a 1.5 gigawatt solar cell plant in Jincheon, North Chungcheong Province, by the end of this year,” the group said in a press release. The company, where Hanwha Corp. and Hanwha Chemical hold 41 percent and 30 percent stake each, will invest 350 billion won ($260 million) for the project to build
June 1, 2015
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Bae Yong-joon’s KeyEast joins duty-free bid
KeyEast Entertainment ― the South Korean entertainment agency led by Hallyu star Bae Yong-joon ― has entered the bid to open a new duty-free store in downtown Seoul, joining at least eight other firms competing for a single operating license to be granted to one small- or middle-sized enterprise. The agency said Sunday that it has formed a consortium with City Plus Co. ― a Korean duty-free shop operator with stores in Incheon and Cheongju International Airports ― and eight other local and China-
June 1, 2015
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Retail giants jump into urban duty-free bidding race
The heads of South Korea’s retail giants are in a fierce competition to win a license for an urban duty-free store in Seoul in a bid to grab their share of the lucrative industry. The Korea Customs Service, which manages the bidding, finished accepting bids for the two licenses to operate downtown duty-free stores on Monday.The list of the companies that announced their jumps into the bidding includes Lotte Duty Free, HDC Shilla, SK Networks, E-Land, Hanwha, Shinsegae Group and a joint venture o
June 1, 2015
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POSCO CEO mentoring students
POSCO chairman Kwon Oh-joon delivers a speech during a career coaching session titled ``Dream Bridge’’ for a group of students from the Baekhak Middle School in Gyeonggi Province. The event was held at the POSCO Center in Samseong-dong, southern Seoul, Monday. POSCO
June 1, 2015
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S. Korea's online shopping sales jump 22.7 pct on-year in April
South Korea's online shopping sales surged 22.7 percent on-year in April, fueled by brisk demand for communication devices and cosmetics, a government report showed Monday.Total transactions reached 4.33 trillion won ($3.89 billion) in April, compared with 3.53 trillion won a year earlier, the report by Statistics Korea said. Sales edged up about 0.6 percent from March's 4.3 trillion won.April marks the second consecutive month of on-month gains.Purchases made through smartphones, tablets and ot
June 1, 2015
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Lotte buys Manhattan hotel for $805m
Lotte Group said Sunday that it has sealed a deal to buy the New York Palace Hotel in Manhattan for $805 million from U.S. real estate management firm Northwood Investors.Hotel Lotte, one of the group’s core business units, plans to set up a new company in the United States to operate the hotel and complete the takeover by August. The deal, signed on Friday, marks the first time for Lotte to run a hotel in the heart of New York City.The New York Palace Hotel is a luxury hotel located in Midtown
May 31, 2015
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New DSME chief outlines full-fledged restructuring
The new head of Daewoo Shipbuilding & Marine Engineering, one of the nation’s big three shipbuilding and offshore firms, unveiled plans for a massive restructuring in its operating portfolio and a refocus on core operations after posting an operating loss for the first time in eight years in the first quarter of 2015.“We will focus on our core business ― merchant ship, special vessel and offshore plant segment in order to avoid dispersion of resources caused by business portfolio diversification
May 31, 2015
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[Photo News] Growth engine in Jeju
May 31, 2015
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[Weekender] ‘Vloggers’ at forefront of one-man media
Today, in a world where anyone can easily upload a video of themselves doing anything and everything, video blogging has become the new mode of self-expression.“Vloggers” ― or video bloggers, who film or live-stream their thoughts, ideas and interests, have become tremendously popular here in the past years. Some of them rack up fans just like K-pop celebrities, while others are earning significant income through broadcasting online.The genres vary, befitting the increasing influence of video co
May 29, 2015
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Energy firms expand use of smart tech
In South Korea ― one of the strongest IT powerhouses in the world ― information and communication technology is increasingly taking on a bigger role in drawing the local energy and resource sectors closer to users.The Korean government is actively cooperating with tech firms to make electricity monitoring and payments more convenient while also working to build new ICT-based infrastructure to provide households with real-time information regarding water use.The state-run Korea Electric Power Cor
May 29, 2015
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Nature Republic site priciest property in Korea
Budget cosmetic brand Nature Republic’s flagship store in Myeong-dong, central Seoul, was once again pegged as the priciest piece of real estate in the country, the Ministry of Land, Infrastructure and Transport said Thursday. According to the authority, the price of Chungmuro 1-ga 24-2, Jung-gu, Seoul, was appraised at 80.7 million won ($728,310) per square-meter, the highest in the country. The price is about a 5 percent jump from 77 million won assessed last year, and has topped the list for
May 28, 2015
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SK Innovation pledges reform
The CEO of SK Innovation, South Korea’s top oil refiner, on Thursday vowed to overcome difficulties facing the oil industry by overhauling its business structure. “Through reforming our business structure and profit routes, SK Innovation will turn the current industry crisis into an opportunity for growth. We will not waste a good crisis,” said company CEO Chung Chul-khil at a press conference in Seoul.Korean refiners ― which rely mainly on exports of its oil products for profit ― have been faci
May 28, 2015