Most Popular
-
1
Seoul Fireworks Festival ends smoothly, but leaves piles of trash
-
2
Military aircraft evacuating S. Koreans in Lebanon returns home
-
3
Yoon set for talks with Marcos in Philippines
-
4
[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
-
5
Can Jennie break the K-pop solo artist slump?
-
6
Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
-
7
[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
-
8
2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
-
9
First lady’s Dior bag scandal to be at center of Assembly audit
-
10
Firefighters’ 3,000 won meals spark nutrition concerns
-
Hyosung Heavy acquires Mitsubishi plant in US for $46m
In a major push to target the world’s largest power market, Hyosung Heavy Industries said Monday it has acquired Mitsubishi’s American electric power product plant in Tennessee for $46 million. The Japanese company’s Tennessee plant produces core-type ultrahigh voltage transformers used for the power generation industry. The transformers account for 95 percent of the total demand in the global transformer market, including North America, according to the company. Hyosung Heavy
Dec. 16, 2019
-
Instant porridge market gains steam in 3 years
With home meal replacement products gaining popularity in South Korea, the instant porridge market has also grown immensely -- twofold growth since 2015, and is estimated at over 88.5 billion won ($75.5 million) last year, according to data from Korea Agro-Fisheries & Food Trade Corp. Monday. The market for instant porridge has gradually expanded from 2015, when it was valued at 41 billion won, and grew to over 70.7 billion won in 2017, the data showed. Officials said that it will grow
Dec. 16, 2019
-
Celltrion secures rights for 11 generics in US
Celltrion, South Korea’s leading biosimilar manufacturer, announced Monday that it has acquired rights to a total of 11 generic chemical drugs in the US, the world’s biggest pharmaceutical market.The company has since early 2019 been pushing to expand its business portfolio to cover not only copies of patent-expired biologics drugs, but also generic copies of chemical drugs. Its subsidiary, Celltrion USA, has bought the rights for nine other generic copy drugs, other than the existin
Dec. 16, 2019
-
S. Korea, Japan begin high-level talks over trade war
South Korea and Japan started high-level talks in Tokyo on Monday as the first step to seek a breakthrough in settling their monthslong trade row that undermines bilateral economic ties and potentially disturbs international supply chains.The meeting marks the first of its kind since June 2016 and is crucial for dealing with their trade conflict. It is also the first official gathering of trade officials between the two Asian neighbors after Seoul conditionally suspended the termination of the G
Dec. 16, 2019
-
Korean panel makers tipped to log improved earnings next year
South Korea's display panel makers are expected to see improved earnings next year, with liquid crystal display panel prices likely to rebound and the companies' organic light-emitting diode display production capacity set to expand, analysts here said Monday. South Korea's two major display makers -- LG Display Co. and Samsung Display Co. -- have been struggling to make a profit this year due to falling LCD panel prices stemming from sluggish demand and a supply glut.LG Display posted an operat
Dec. 16, 2019
-
Finance ministry sets up task force on digital tax
South Korea's finance ministry said Monday it established a task force to consider a digital tax on advertising by global internet giants like Google and Facebook.The task force is manned by officials from the ministry as well as experts on the international tax system, according to the Ministry of Economy and Finance. The task force will join international discussions on the digital tax and map out South Korea's measures to levy the tax, according to the statement. South Korea has taken st
Dec. 16, 2019
-
Furniture retailers eye online biz amid consumer pattern change
Visiting traditional brick-and-mortar stores for furnishing shopping still remains mainstream as consumers tend to prefer a tactile experience when purchasing big furniture.As an increasing number of people are making purchases using the internet and mobile devices, furniture retailers have beefed up their e-commerce businesses so that customers can enjoy seamless experiences online and offline.According to data by Statistics Korea, an accumulated 2.45 trillion won ($2.06 billion) worth of purch
Dec. 16, 2019
-
Posco's reform tasks save W1.2tr so far
Posco has saved 1.2 trillion won ($1 billion) so far in the process of achieving 100 reform tasks highlighted by the firm’s chairman in November last year, the steelmaker said Sunday. The reform tasks included reinforcing premium steel product sales, enhancing cost competitiveness, establishing a growth foundation for energy materials and building a shared growth ecosystem based on fairness, transparency and ethics. The project was shared publicly in time for the 100-day anniversary o
Dec. 15, 2019
-
Diabetes association urges authorities to test metformin drugs for cancer-causing contaminant
Metformin, a drug used to treat Type 2 diabetes, was once heralded as a first-in-class treatment for which there was no substitute. Now it is sparking international concerns over a contaminant that may cause cancer.The debate has taken off in South Korea as well, and on Friday the Korean Diabetes Association urged the nation’s drug safety authority to test every drug containing metformin. The potentially carcinogenic impurity, called N-nitrosodimethylamine or NDMA, had previously been dete
Dec. 15, 2019
-
LG Group mourns death of honorary chairman
South Korea’s business world, government and the families over the weekend mourned the death of LG Group Honorary Chairman Koo Cha-kyung, who as the second-generation leader of the conglomerate, had led the rise of the group’s global expansion. Koo was 94 when he passed away from an illness on Saturday.At a funeral altar set up at an undisclosed hospital in Seoul, Koo’s second son Bon-neung, the chairman of Heesung Group, greeted mourners. The deceased’s fourth son, grand
Dec. 15, 2019
-
Japan sees exports to Korea fall, but Korean firms unaffected
Six months after Japan’s restrictions on exports to South Korea, its exports to Korea fell by 14 percent on-year, while South Korean export to Japan dropped by 7 percent, indicating Japan’s larger damage in outbound shipments, data showed Sunday. According to the governments and industries in two countries, from July to October, Japan’s export shipments to Korea came at around $15 billion, which fell by 14 percent on-year. Over the same period, South Korean export shi
Dec. 15, 2019
-
LG Uplus to invest W2.6tr after takeover of No. 1 cable TV operator
LG Uplus Corp., South Korea's No. 3 mobile carrier, on Sunday said that it plans to invest 2.6 trillion won ($2.2 billion) over the next five years to offer upgraded services after the country's science ministry approved its acquisition of the country's top cable TV operator.The Ministry of Science and ICT approved the telecom operator's acquisition of a 50 percent-plus-one-share stake in CJ Hello Co. from CJ ENM Co., a deal valued at 800 billion won. The acquisition will make LG Uplus the No. 2
Dec. 15, 2019
-
Govt. approves merger of LG Uplus-CJ Hello merger
The merger between South Korean mobile carrier LG Uplus Corp. and cable and budget phone operator CJ Hello Co. received final approval from the government Sunday in a development that could lead to more investment and growth in the local telecom and broadcasting sector.The conditional permission follows a detailed review of the market impact of the transaction, with emphasis placed on the benefits to the industry as a whole and improvements in rights and convenience for consumers, the Ministry o
Dec. 15, 2019
-
2 pending S. Korean WTO complaints affected by dispute-body impasse
Two out of South Korea's six complaints pending at the World Trade Organization will be left in limbo due to the suspended operation of its dispute settlement body, according to a local think tank Sunday.Earlier this week, the WTO Appellate Body shut down as it failed to meet the minimum quorum of three judges after the United States blocked the appointment of new ones in line with President Donald Trump's protectionism drive.Asia's No. 4 economy currently has six trade disputes pending at the G
Dec. 15, 2019
-
Samsung to supply 4G, 5G telecom solutions to Canada
Samsung Electronics Co. said Sunday it has won a deal to supply fourth-generation and fifth-generation network equipment to Videotron, a Canadian telecom firm."Starting in early 2020, Samsung will deliver 4G LTE-A solutions across Quebec and Ottawa," the company said in a statement."Samsung will increase efficiency in accelerating the expansion of 5G service coverage to match the pace with Canada's 5G commercial launch, which is expected to take place in late 2020," it added.
Dec. 15, 2019
-
Demand for luxury cars increasing in S. Korea: data
The demand for luxury cars in South Korea increased sharply in 2019 from a year earlier, data showed Sunday, despite the overall decrease in the sales of imported cars here.Sales of imported luxury cars with price tags of 300 million won ($255,972) or higher reached 360 units over the January-November period, posting a threefold growth on-year, according to the data compiled by the Korea Automobile Importers & Distributors Association. The number of cars with a 200 million-won level price ta
Dec. 15, 2019
-
KT to offer WiFi service with upgraded privacy protection
KT Corp., a major South Korean telecommunication company, said Sunday its WiFi service will have upgraded security with encryption-based privacy protection technology. KT said it will apply a technology that protects International Mobile Subscriber Identity for Android phones to its 130,000 wireless zones nationwide. IMSI is a unique number that identifies a subscriber in the wireless world. KT said its system will encrypt IMSI and will protect users' data on their mobile devices and at WiF
Dec. 15, 2019
-
LG honorary chairman dies at age 94
LG Group Honorary Chairman Koo Cha-kyung died Saturday at age 94, the company said. Born in 1925, Koo took the helm at LG at the age of 45 following the death of his father and LG founder, Koo In-hwoi, and led the conglomerate for 25 years. He handed over the group's leadership to his eldest son and late Chairman Koo Bon-moo, who died in May this year. Koo Cha-kyung is the grandfather of the current Chairman Koo Kwang-mo. As LG chairman, Koo put an emphasis on growing the conglomerate into
Dec. 14, 2019
-
Korea vows to localize materials used at bio drug production facilities
Korean biologics drug companies, including major players Celltrion and Samsung BioLogics, agreed Friday to localize materials for bio drug production. Incheon Metropolitan City hosted the event attended by some 110 personnel from the biologics industry. Incheon houses Korean biologics production facilities. Korea’s 1.69 trillion won ($1.4 billion) bio industry output in 2017 has climbed annually, and is anticipated to rake in well over 2 trillion won. However, 98 percent of the materials u
Dec. 13, 2019
-
Delivery Hero to acquire delivery app Baedal Minjok
Germany’s Delivery Hero, the operator of food delivery app Yogiyo here, is set to acquire its main Korean competitor Baedal Minjok, in the largest merger and acquisition deal of an internet startup in the country. Woowa Brothers, which runs the Baedal Mijok app, announced Friday that Delivery Hero will become its majority stakeholder with a stake of 87 percent, while setting the value of the firm at $4 billion. Delivery Hero is listed on the Frankfurt bourse and has been expanding its pres
Dec. 13, 2019