Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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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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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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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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Yoon honors veterans of Korean War in trip to Philippines
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Number of firms on antitrust watchlist up in May
The number of business group affiliates subject to restrictions on mutual investments and loan guarantees rose in May from a month earlier, the antitrust watchdog said Friday.The Fair Trade Commission (FTC) said the number of firms on its watch list stood at 1,707 as of this month, up 11 from 1,696 on April 1. The firms belong to the country's 61 largest business groups.A total of 14 companies were added, with three being removed as they were merged with other affiliates or sold off.Seven busine
May 1, 2015
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Kolon ends legal fight with DuPont over trade secrets
Kolon Industries Inc., South Korea's top textile and chemical material maker, said Friday it has terminated a six-year legal battle with U.S. chemicals juggernaut DuPont Co. over an alleged trade secret theft.In February 2009, DuPont filed a lawsuit against Kolon, alleging its South Korean rival stole trade secrets involving aramid, a type of fiber used in making tires and bullet-proof vests, by hiring one of the U.S. company's retired engineers. Denying the charges, Kolon began an antitrust sui
May 1, 2015
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Chiefs of top 3 shipbuilders to gather in U.S. conference
The heads of the three major South Korean shipbuilders will attend the Offshore Technology Conference opening in Houston, Texas, from May 4-7, the companies said Thursday.Daewoo Shipbuilding & Marine Engineering Jung Sung-leep, Hyundai Heavy Industries chairman Choi Kil-seon and Samsung Heavy Industries president Park Dae-young are expected to hold meetings there for overseas market expansion and participate in sideline events.Most notable is Jung’s appearance, which will mark his first public e
April 30, 2015
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U.S. welcomes improved Seoul-Beijing ties: Lippert
U.S. Ambassador Mark Lippert has dismissed concerns that South Korea’s improved ties with China could alter the U.S.-Korea alliance, welcoming Seoul and Beijing’s closer economic cooperation.“The U.S. welcomes a better relationship between Beijing and Seoul,” Lippert said at the American Chamber of Commerce in Korea’s general membership meeting in Seoul on Thursday.South Korea has recently expanded ties with China by signing a bilateral free trade agreement and joining the China-led Asia Infrast
April 30, 2015
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KEPCO opens Jordan power plant
AMMAN ― In a deserted area 40 kilometers east from Amman, the capital city of Jordan, stands the world’s largest diesel engine power plant, the Amman Asia Power Plant. Thirty-eight diesel engines standing 50 meters tall can generate 573 megawatts in 30 minutes and are currently responsible of more than 14 percent of the country’s electricity demand. “The power plant is an important component of our government goal to meet the growing electricity demand. … This is a symbolic event showing the pro
April 30, 2015
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KCCI to host corporate photo contest
The Korea Chamber of Commerce and Industry began accepting applications for the second Korea Corporate Photography Contest on Thursday, the biggest photography contest in the country, under the theme of “Corporations, Life and People.”Anyone in and outside of Korea can submit a photograph from May 1 to Sept. 30. The only requirement is that the photographs must be related to corporations in some way. Participants can submit as many entries as they want via online registration. It costs 1,000 won
April 30, 2015
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Amway Korea recruiting for global internship program
Amway Korea, the Korean unit of the leading U.S.-based direct-sales company Amway, is recruiting undergraduate and graduate university students for its fifth Amway Korea Global Internship Program. The hiring process includes an initial application screening and a subsequent evaluation that includes a group debate and an interview conducted in both English and Korean.Those selected will work as Amway Korea interns for eight weeks from June 22 to Aug. 14. Each intern will be assigned to a departme
April 30, 2015
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Incheon Airport marks 10 years at the top
DEAD SEA, Jordan ― The global airport industry celebrated Incheon International Airport’s unprecedented achievement in airport services at the 2015 airport service quality award ceremony hosted by Airports Council International here on Tuesday.ACI, the biggest association of the world’s airports, hosted the annual event, following its announcement of the 2014 ASQ survey results and 2015 award recipients in February. The Korean airport was the best performer in the 2014 ASQ survey, the only globa
April 29, 2015
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Kumho Industrial creditors reject sole bidder’s offer
The fate of Kumho Industrial, the de facto holding firm of Kumho Asiana Group, is up in the air as creditors rejected the sole bidder’s price offer to acquire a controlling stake.On Tuesday, Korea Development Bank, the lead manager of the stake sale, and creditors of Kumho Industrial decided not to accept the final bid of 600.7 billion won ($561 million) made by Hoban Construction for a 57.5 percent stake, saying it was much lower than expected.Industry watchers have estimated the cost of acquis
April 29, 2015
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MLB stadiums deny Korean fried chicken deal
U.S. Major League Baseball stadiums and the food service operator Levy Restaurant dismissed as totally untrue claims by Korean firm Genesis BBQ that it had agreed to sell fried chicken with them, according to multiple sources.Fried chicken chain BBQ announced in a press conference in Seoul on Monday that it would enter the U.S. market with new openings at 92 sports stadiums, including the popular Dodgers Stadium in Los Angeles. The company added that it had inked a deal with Levy, which provides
April 29, 2015
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[Photo News] British supercar
A model poses next to McLaren’s 650S Spider supercar at the carmaker’s first South Korean showroom, which opened in Seoul on Wednesday. (McLaren Korea)
April 29, 2015
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Ikea Korea, Gangdong-gu sign MOU on store construction
Global home furnishing giant Ikea said it will sign an memorandum of understanding with the Gangdong-gu district office in southeastern Seoul on Thursday to cooperate in overseeing the construction of a new Ikea store inside the Godeok Commercial Multicomplex scheduled to open in 2017.Ikea Korea’s country retail manager Andre Schmidtgall and Gangdong-gu chief Lee Hae-sik will establish a mutual partnership to ensure the smooth establishment of the Ikea Gangdong store ― one of four new Ikea store
April 29, 2015
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Daewoo Shipbuilding releases patents to small companies
Daewoo Shipbuilding and Marine Engineering will make more than 100 shipbuilding-related patents available to small and medium-sized enterprises, company officials said Wednesday.Under the plans, DSME will open up 105 patented technologies related to vessels powered with liquefied natural gas to SMEs. The shipbuilder invested about 50 billion won ($47 million) into developing the technologies. The shipbuilder will sign a business contract with the South Gyeongsang Province branches of the Creativ
April 29, 2015
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Regulatory costs in S. Korea exceed 10 pct of GDP: report
The costs caused by regulations in South Korea topped 10 percent of gross domestic product, a business lobby said Wednesday, arguing that eased regulations could help result in stimulating job creation and economic growth. The regulatory cost is calculated by taking into consideration expenses related to market regulations, bureaucracy and tax policies. In particular, the cost from market regulations is based on a gap between national income under a regulation-free economy and the income under
April 29, 2015
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Kumho Industrial bid ends fruitless
The latest bid for controlling shares of Kumho Industrial Co., the de facto holding firm of Kumho Asiana Group, ended in vain, industry sources said Tuesday, as the sole bidder's offered price did not meet expectations.The decision came after Hoban Construction Co., a mid-sized local builder, made a solo final bid for the 57.5 percent stake in Kumho Industrial at 600.7 billion won (US$561 million). Kumho Asiana Group controls Asiana Airlines Inc., the country's No. 2 air carrier.According to sou
April 28, 2015
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GS Caltex runs programs to help community
GS Caltex has been organizing art therapy for children, a center for the elderly, scholarship funds for low-income students and other social contribution programs in South Korea. Since 2013, the nation’s second-largest oil refiner has been running the Maeum Toktok program, which provides psychological therapy through art, acting and dancing to children who have suffered from domestic and school violence. So far, more than 4,300 children have received the treatment. Starting this year, GS Caltex
April 28, 2015
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Hoban Construction sole bidder for Kumho Industrial
Hoban Construction, a mid-tier builder, has emerged as the sole bidder for a majority stake in Kumho Industrial, the de facto holding company of Kumho Asiana Group. “Hoban Construction is the only company which submitted a bid by the deadline,” an official of the state-run Korea Development Bank responsible for the deal said Tuesday. Detailed conditions of the acquisition deal including the bidding price have not been announced yet, but industry watchers estimate that a 57.48 percent stake in Ku
April 28, 2015
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[SUPER RICH] Superrich reap top dividends
At a time of low economic growth, dividends are rising as a means to promote a smooth economic circulation among the public.As Korean corporations generate more profit every year, foreign investors often mention that they receive too low returns, while ordinary Korean citizens criticize the superrich for receiving too high.But this year, the Korean government implemented a policy to expand dividends, increasing corporations’ dividend overall.Samsung GroupThe new policy has done well for Samsung
April 28, 2015
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[SUPER RICH] Chaebol battle it out in duty-free market
The battle for opening a single downtown duty-free shop is heating up under the watchful eyes of the chiefs of some of the nation’s largest conglomerates. The new duty-free store in central Seoul, whose license will be granted in July, is seen as a golden opportunity for local retail giants to open up a new revenue stream. While the domestic retail market is nearing saturation, the duty-free market has expanded rapidly in recent years, recording double-digit growth since 2010. Between 2010 and 2
April 28, 2015
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New road for Saudi oil minister
New road for Saudi oil minister Saudi Aramco board members including president and CEO Khalid A. Al-Falih (far right) and S-Oil CEO Nasser Al-Mahasher (left) attend an unveiling ceremony for the new 1.3 km-long “A. I. Naimi Road” named after Saudi Oil Minister Ali Al-Naimi (second from left) at S-Oil’s Onsan Refinery in Ulsan, last week. Aramco, Saudi Arabia’s state-run oil firm, is the majority shareholder of S-Oil.
April 28, 2015