Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Yoon set for talks with Marcos in Philippines
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Can Jennie break the K-pop solo artist slump?
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Firefighters’ 3,000 won meals spark nutrition concerns
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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How will import process change with Japan’s whitelist exclusion of Korea?
South Korean manufacturers of cutting-edge electronic components are likely to face increasing costs and burden of securing hi-tech materials and parts from Japan following the decision to remove the country from its whitelist of entrusted trade partners. Korean companies that purchase any of the 1,194 items designated as strategic materials from Japan will now be required to submit extra documents including export approval, the final users’ covenants and reasons for imports. As many as 85
Aug. 2, 2019
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Uniqlo records 40 percent drop in sales, closes its Jongno 3-ga store
Amid the escalating trade dispute between Seoul and Toyko, Japanese fashion brand Uniqlo has seen its sales dwindle by 40 percent in South Korea as a result of an ongoing boycott of Japanese goods by Korean consumers, industry sources said Friday. According to the industry, Uniqlo’s sales nose-dived after July 11, when Uniqlo Chief Financial Officer Takeshi Okazaki said during an earnings press call that the impact of the boycott would be short-lived. Fast Retailing Co., which o
Aug. 2, 2019
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Japan takes Korea off list of trusted trade partners, effective Aug. 28
Japan resolved on Friday to remove South Korea from a “whitelist” of 27 countries that receive preferential trade treatment. Japanese Prime Minister Shinzo Abe convened a Cabinet meeting the same day to decide whether to revise the Export Trade Control Order and remove Korea from its list of trusted trading partners.The revised order will be signed by Minister of Economy, Trade and Industry Hiroshige Seko and co-signed by Abe. Seko said the revision would take effect Aug. 28.As of th
Aug. 2, 2019
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[Bio Startup] Bridge Biotherapeutics readies third IPO try after clinching mega deal
Korean biotech startup Bridge Biotherapeutics, established in 2015, has tried to go public twice on secondary bourse Kosdaq, both times unsuccessfully.The 18-man company’s “no research, development only” business model, albeit more common overseas, did not appeal to Korean regulators reviewing the soundness of the company’s fiscal portfolio. The regulators’ reception is hoped to have warmed up, however, after Bridge Biotherapeutics bagged a record license-out deal w
Aug. 1, 2019
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[News Focus] Hanwha Chemical-Q Cells merger draws eyes to heir, solar biz
A decision to have Hanwha Chemical Corp. absorb its wholly owned subsidiary Hanwha Q Cells & Advanced Materials drew market interest this week not just because of the move aimed to boost solar power business, but also the indication that the group may be laying the groundwork for a leadership transfer to the chairman’s son.Hanwha Q Cells & Advanced Materials is a global manufacturer of solar power modules and automotive lightweight materials.It has been led by Executive Vice Presid
Aug. 1, 2019
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Korean Air to place smaller jets on Japanese routes amid trade row
Korean Air Lines Co., South Korea's flag carrier, said Thursday it will begin placing smaller jets on several Japanese routes this month amid escalating trade tensions with Japan. The move is part of Korean Air's extended efforts to respond to a fall in Japan-bound routes after the neighbor implemented tighter restrictions on exports of key materials to Korea, in apparent retaliation against a series of South Korean court rulings last year over Japan's wartime forced labor.Japan is also se
Aug. 1, 2019
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Delta increases stake in Korean Air's parent firm
Delta Air Lines, Inc. said Thursday it has increased its stake in Hanjin KAL, the parent company of Korean Air Lines Co., in what it called a just investment. In a report to the bourse operator, the Korea Exchange, Delta said it increased its stake in Hanjin KAL to 5.13 percent from 4.3 percent. "The purpose of the investment is not aimed at affecting the management rights," the report said. In June, Delta announced it purchased the 4.3 percent stake in Hanjin KAL, and it would e
Aug. 1, 2019
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Despite earnings shock in Q2, Yuhan to rebound in H2: analysts
Despite Yuhan Corp.’s second-quarter earnings shock, analysts on Thursday predicted the company would make a turnaround in the second half of the year. Yuhan’s second-quarter report showed Wednesday that the company marked 355.7 billion won ($299 million) in quarterly revenue, a 7 percent fall from a year earlier. Operating profit dropped more than 98 percent to 444 million won, while net profit fell nearly 75 percent to 4.7 billion won.Analyst Sun Min-jung from Hana Financial Invest
Aug. 1, 2019
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LOT Polish Airlines to launch Seoul-Budapest route in Sept.
Poland’s flagship airline, LOT Polish Airlines, said Thursday that it would start operating direct flights between Seoul and Budapest in September. Starting Sept. 23, the airline will offer direct flights to and from Budapest three times a week on the Boeing 787 Dreamliner. The flight will take around 13 hours and passengers will have access to Korean in-flight entertainment and Korean-speaking flight attendants, the airline said.“The new route will meet the expectations of both Kore
Aug. 1, 2019
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Lotte, Shinsegae among top 10 retailers in Asia
South Korean retail conglomerates Lotte Group and Shinsegae Group ranked among the top 10 retailers in Asia, a list dominated by e-commerce companies, market data showed Thursday. According to market researcher Euromonitor International, which compiled a list of the top 100 retailers in Asia based on sales last year, Lotte ranked eighth and Shinsegae came in at No. 10, having respectively recorded $27.4 billion and $25.3 billion in sales. Chinese online marketplace Alibaba topped the l
Aug. 1, 2019
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13% fewer passengers fly to Japan in July
The number of passengers flying from South Korea to Japan significantly decreased this month amid ongoing trade tensions between the two countries, data showed Wednesday. The Transport Ministry data showed that from July 16 to 31, a total of 467,249 passengers departed for Japan from Incheon International Airport, down about 13.4 percent or 72,411 passengers compared with June 16 to 30. Amid an intensifying nationwide boycott targeting Japanese goods and travel to Japan, Korea’s
July 31, 2019
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Samsung BioLogics confirms 3rd consecutive deal with Belgium’s UCB
South Korea’s leading contract manufacturing organization Samsung BioLogics confirmed Wednesday it has signed its third consecutive deal with Belgium’s UCB, a rare case in the industry.On top of two other existing deals with the multinational biopharma firm, Samsung BioLogics will now also produce UCB’s anti-tau candidate to treat progressive supranuclear palsy, currently undergoing clinical trials.The agreement promises Samsung BioLogics a guaranteed fee of 40.3 billion won ($
July 31, 2019
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US anti-dumping duties add to pressure on Korean steel firms
South Korean midsized steel companies may face setbacks in the wake of the US move to raise anti-dumping duties on imported oil pipelines, amid global trade uncertainties and price surges in raw materials. According to the steel industry on Wednesday, the US Department of Commerce has imposed anti-dumping tariffs of 38.87 percent on local steel firm Nexteel and 22.7 percent on Seahsteel, effective June 14 for one year. As for other steel companies, the tariff rate was set at 29.89 perc
July 31, 2019
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Samsung Electronics Q2 net halves on weak chip prices, mobile slump
Samsung Electronics Co. said Wednesday its net profit tumbled 53.1 percent in the second quarter from a year earlier due to weak memory chip prices and a slump in the mobile business. The net profit for the world's largest chip and smartphone maker came to 5.18 trillion won ($4.4 billion) in the April-June period, compared with 11 trillion won a year earlier, the company said in a regulatory briefing. Its operating profit plunged 55.6 percent on-year to 6.59 trillion won, and sales slipped
July 31, 2019
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Home appliances boost LG’s record Q2 revenue
Despite lackluster smartphone sales, LG Electronics marked record second-quarter revenues, with its home appliances division propping up the company’s performance. LG said Tuesday that it marked consolidated revenue of 15.6 trillion won ($13.2 billion) and 652 billion won in operating profit between April and June, resulting in a 4.1 percent increase in revenue and 15 percent fall in operating profit on-year. The figures were led by performances from the home appliances and mobile communic
July 30, 2019
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South Korea ramps up efforts to protect industries from Japan's export curbs
With just a couple of days remaining for Japan’s decision on removing South Korea from its whitelist of trusted trade partners, the Seoul government and businesses are ratcheting up efforts to protect industries that could be potentially hit by the move.The chances are high that Japan could remove Korea from a whitelist of 27 countries that receive preferential trade treatment after Cabinet approval on Friday. If Korea is removed from the whitelist, domestic companies need to get separate
July 30, 2019
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S. Korean airlines reduce flights to Japan amid trade row
South Korean airlines have suspended services or plan to reduce the number of flights on some Japanese routes as outbound travel demand falls amid escalating trade tensions with the neighboring country. On July 30, Asiana Airlines said it will reduce the number of flights on the routes to Japanese destinations, such as Fukuoka, Osaka and Okinawa, starting from mid-September. Asiana is the latest among local airlines that have decided to readjust flight schedules to Japan as an
July 30, 2019
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[Advertorial] LS Cable & System replaces PVC cables with eco-friendly alternative
LS Cable & System announced Tuesday the launch of a series of safety-enhanced “green cables” that are eco-friendly and less vulnerable to fires.The newly developed HFIX+ cables replace existing polyvinyl chloride cables, and are more fire resistant by emitting less toxic gases when exposed to fires, the company said. According to the company, the current standards for fire resistant cables in South Korea are lower than that in other advanced countries. The company said its green
July 30, 2019
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Nongshim to sell ‘Non-frying Shin Ramyun’ in US
South Korean food company Nongshim said Tuesday it will be releasing its Non-frying Shin Ramyun product in the United States.It is currently in the process of sending out 50,000 boxes of the ramen -- amounting to 1.6 million packs -- to secure a sales network reaching major parts of the US between September and the year’s end.The new product applies air-drying technology to its flagship product, Shin Ramyun noodles, in order to provide a healthier, non-fried alternative to its famous ramen
July 30, 2019
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Korean Air to suspend Busan-Sapporo route amid trade tension
Korean Air, South Korea’s top carrier, said Monday it will suspend its Busan-Sapporo route from September as travel demand to Japan declines amid escalating trade tension between the two nations. The carrier plans to cease its three regular weekly flights between the Korean southern port city and the northeastern Japanese city beginning Sept. 3, a company spokeswoman said. “We will provide domestic flight services to bring those who have booked the Busan-Sapporo route to Incheon Inte
July 29, 2019