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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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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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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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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Ban urges Korean firms to join sustainable development drive
U.N. Secretary-General Ban Ki-moon on Tuesday called for South Korean firms to step up efforts to achieve sustainable development. “The Korean industry is dynamic. Everybody agrees, and it is growing. I am here to call on you to be even more creative in your contributions to global progress,” Ban said during the U.N. Global Compact Korea Leaders Summit 2015 held in Seoul.Stressing that Korea is one of the highest emission-producing countries within the OECD, Ban urged business leaders to join th
May 19, 2015
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Korea, India to bolster ties in infrastructure, manufacturing
The leaders of South Korea and India vowed to promote closer economic ties when they attended the first CEO forum for the two countries in Seoul on Tuesday.“There is still huge room for growth in economic ties between the two countries, given their economic growth potential and complementary trade structure,” South Korean President Park Geun-hye said during her opening speech in the first Korea-India CEO Forum in Seoul on Tuesday.Business areas where Korea and India can create win-win partnershi
May 19, 2015
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[SUPER RICH] Koo Kwang-mo steps closer to LG inheritance
Koo Kwang-mo, son of LG Group chairman Koo Bon-moo, emerged as the heir-apparent of the 71.2 trillion won ($71 billion) conglomerate this week as it was revealed that he owns the largest number of company shares among contenders. Although he is the biological child of Heesung Group chairman Koo Bon-neung ― younger brother of Bon-moo ― he was adopted in order to inherit the group’s management. The LG founding clan has a strict patriarchal inheritance structure, granting exclusive rights to eldest
May 19, 2015
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[SUPER RICH] Korean superrich around the world
At a time when national borders are blurring, Korean superrich ― both citizens and emigrants ― are setting up shop around the world. As these overseas Koreans run their businesses, not only do they play a role in representing their roots from afar, but they also show that people can succeed after going through much hardship.JapanMany Korean and Korean emigrant businessmen work in other Asian countries, particularly in Japan and Southeast Asia. In the case of Korean-Japanese entrepreneurs, many c
May 19, 2015
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Korean market soars on social marketing success: Amway
BEIJING -- For U.S.-based global direct sales giant Amway, East Asia stands as a critical region housing the company’s top three markets -- China, South Korea and Japan.Though the popular perception is that China, backed by a massive consumer base, is Amway’s most important market, Korea in fact stands as the company’s top-valued market, according to Amway executive Sam Rehnborg, president of the Nutrilite Health Institute.Nutrilite Health Institute president Sam Rehnborg (Amway Korea)“Our No. 1
May 19, 2015
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Samsung C&T leads overseas nuclear exports
The Shin-Wolsong nuclear power plant No. 2 will start operations in July as Samsung C&T has nearly finished its construction through cutting-edge technology and safety precautions.The company said that it oversaw the construction of the plant as well as its nuclear steam supply system. Officials added that the testing of the plant in April ended successfully.The new Shin-Wolsong plant has an improved light-water reactor that can produce 1 million kilowatt of electricity per hour. It also has enh
May 19, 2015
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Samsung Heavy dismisses Indian shipbuilding tech
Samsung Heavy Industries president Park Dae-young reportedly talked down Indian shipbuilding capabilities after meeting Prime Minister Narendra Modi, visiting Seoul on Tuesday.“India’s shipbuilding technology lags far behind South Korea’s. It’s too early to worry about shipbuilding technology being leaked,” Park told reporters after the meeting in a Seoul hotel. India’s state-run shipping company Cochin Shipyard recently inked a deal with Samsung Heavy to win a tender issued by Gail, India’s sta
May 19, 2015
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Gov't identifies damage to 9 farm goods from FTAs
Producers of nine local farm goods have suffered damage from a rise in imports due to free trade agreements, becoming eligible for government support and compensation, the agriculture ministry said Tuesday. In a meeting in Seoul, the government committee on support for farmers recognized that the agricultural products were affected by a sudden increase in imports in 2014, according to the Ministry of Agriculture, Food and Rural Affairs. They include soybeans, potatoes, cherries, melons, grapes,
May 19, 2015
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AmorePacific chief 2nd best performer among global stock
The chief of AmorePacific Inc., South Korea's leading cosmetics maker, saw his stock asset value rise at the second fastest pace this year among billionaires around the globe, as the company's stunning performance in China drove up its shares, data showed Tuesday. Suh Kyung-bae's stock assets were estimated at US$10.63 billion as of Monday, up 93.3 percent from the beginning of this year, to jump 63 notches to rank 122nd place, according to Forbes Billionaire List. Suh has became South Korea
May 19, 2015
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Oceans minister promotes cruise industry
Oceans and Fisheries Minister Yoo Ki-june will visit Shanghai on Wednesday to host a sales and marketing event targeting Chinese travel agencies and port operators to attract more Chinese cruise travelers to Korea. “During the three-day visit, the minister will also make a presentation on policy changes and efforts for the nation’s cruise industry development in details,” said Kim Sang-ki from the marine policy department at the ministry.According to the ministry, it is the first time for the So
May 18, 2015
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POSCO bets on India as next growth engine
POSCO, South Korea’s largest steelmaker, is betting on India to fuel its growth.POSCO said it is ramping up efforts to develop more infrastructure and operations at the India office, aiming to meet the needs of the country’s rising demand for locally produced steel. POSCO India recently reshuffled its unit and integrated local offices to focus on “glocalization,” a practice of adapting a product or service specifically to each region or culture. The move is in line with POSCO CEO Kwon Oh-joon’s
May 18, 2015
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Airlines to hike fuel surcharge for int'l flights
South Korean air carriers are planning to raise fuel surcharges for international flights in June in tandem with a recent hike in jet oil prices, industry sources said Monday. Korean Air Lines Co. and Asiana Airlines Inc. -- the country's two top flight operators -- will hike the surcharge to $37 for one-way flights to the United States next month from the current $15, according to the sources. The extra fees on flights for Europe and Africa will go up to $36 in June from $15, while those to
May 18, 2015
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Alibaba launches shopping platform in S. Korea
Chinese e-commerce giant Alibaba Group on Monday opened a shopping platform in South Korea that promises local companies a chance to make headway in the world's second-largest economy, the government said. The launch of the business-to-consumer Tmall shopping platform is aimed at selling South Koreans agricultural and manufactured goods as well as tourism-related services, benefiting local companies, the finance ministry said. "Alibaba has pledged to provide comprehensive marketing and consult
May 18, 2015
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Daewoo Shipbuilding wins oil tanker deal from Greece
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. said Monday it has signed a deal to build two oil tankers for a Greek firm. Under the agreement with Maran Tankers Management, a unit of Greece's largest shipper, Angelicoussis Shipping Group, Daewoo Shipbuilding plans to deliver the tankers by early 2017, the company said in a press release. The financial terms of the contract were not disclosed. Daewoo Shipbuilding said it also signed a separate deal with Angelicoussis
May 18, 2015
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S. Korean airlines agree to replace all aged planes
South Korean airlines have voluntarily pledged to replace their old aircraft as part of efforts to boost passenger safety, the transportation ministry said Monday. According to the Ministry of Land, Infrastructure and Transport, the country's eight air carriers signed an agreement on Friday, in which they have voluntarily agreed to replace all their aircraft that are 20 years old or older. The move comes despite the fact that there currently is no limit on the age of an aircraft, the ministry
May 18, 2015
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Mobile network operators fail to keep up with policy
The nation’s telecom industry is once again failing to keep in step with the regulatory authority’s attempts to provide consumers with convenience.In April, the Korea Communications Commission announced that measures would be implemented to allow mobile phones on corporate contracts to be used in confirming the identity of the user.Although the KCC said that the new service would be made available from May, local carriers are far from ready for the move. In Korea, online financial and commercial
May 18, 2015
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S. Koreans required to report all overseas investments
All South Koreans should report their earnings from investments in overseas companies or real estate by June 1, with violators facing fines, the tax office said Monday.The new rule, which is part of the revised 2013 tax code, marks the first time the government has taken steps to get private citizens to report their overseas investments, the National Tax Service said.The move is expected to discourage tax evasion and expand the country tax base that can generate new revenue for the state, it add
May 18, 2015
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Korea to promote investment in foreign stocks, M&As
The Finance Ministry is considering increasing tax benefits for domestic investors in foreign stocks and funds in a reported bid to resolve problems from the Korean won’s strong position against major currencies, government sources said Sunday.According to some government officials, the ministry, in consultation with the Financial Services Commission, will come up with a comprehensive plan to increase investments by institutional and small investors in overseas stocks and bonds. Further, Korean
May 17, 2015
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[Graphic News] Household loans surge
The growth of commercial banks’ lending to the household sector climbed to its highest rate in seven years last month in the wake of the brisk trading in the real estate market, data showed Sunday.According to the Bank of Korea, banks’ outstanding household loans (including transferred mortgage loans) reached 579.1 trillion won ($534 billion) in April, posting an 8.46 trillion won increase from a month earlier.This marked the largest monthly increase since 2008. Economists cited home purchases a
May 17, 2015
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Korean start-ups wooed by China’s Silicon Valley
More than 100 tech-savvy Korean venture firms gathered last week at the Seoul-based start-up conference beGLOBAL SEOUL 2015, as an outlet for fostering new business, market expansion and sharing industry insights.Beijing-based startup accelerator TriBeluga, in its move to attract prospective Korean start-ups to China, joined hands with Chinese government officials for the introduction of Zhongguancun ― a tech district in Beijing, which the government hopes to foster as the Asian version of the C
May 17, 2015