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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Firefighters’ 3,000 won meals spark nutrition concerns
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Can Jennie break the K-pop solo artist slump?
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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Hyundai Home Shopping to launch 24/7 channel in Australia
Hyundai Home Shopping will start running an around-the-clock TV channel in Australia next month, a first for a South Korean home shopping business even as an increasing number of its rivals are tapping overseas markets.After making an AU$45 million ($31.65 million) investment in December last year to establish ASN, the home shopping operator said it would launch Open Shop on Aug. 1 on Channel 75. To ensure high broadcasting standards, the company has partnered with Seven Network, Australia&rsquo
July 4, 2019
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Japan says curbs on exports to S. Korea due to broken pledge
TOKYO (AP) -- Prime Minister Shinzo Abe says Japan cannot give South Korean exports preferential treatment because the country is not abiding by an agreement regarding wartime issues that Japan insists have been resolved. Abe was objecting Wednesday to criticism over escalating tensions between the two neighbors amid disputes over Koreans forced to work as laborers during World War II.He was defending a decision announced Monday to impose restrictions on Japan’s exports of semiconduct
July 3, 2019
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Realty investments of Korean conglomerates near W40tr
The total real estate investments of South Korean conglomerates slid slightly to 39.6 trillion won ($33.80 billion) as of end-2018, corporate business performance reviewer CEO Score said Tuesday. The aggregated business and audit reports of 59 conglomerates showed that Lotte Group topped the list ahead of Samsung Group, it said.Lotte Group had 4.4 trillion won worth of real estate holdings for investment purposes as of last year, up 12.6 percent on-year. It spent 70.2 billion won in acquiring mo
July 3, 2019
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German commerce chamber begins female empowerment program
The Korean-German Chamber of Commerce and Industry said Wednesday its female leadership group Women in Korea kicked off the second generation of its mentorship program. KGCCI started the mentorship program in 2018 with 14 mentors who are international and Korean C-level female executives in Korea and 16 mentees who are female employees in the middle management of KGCCI’s member companies. The second generation of the WIR mentorship program has more than doubled the number of participa
July 3, 2019
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Posco becomes first Korean firm to join WEF’s Lighthouse Network
Steelmaker Posco said Wednesday it has become the first South Korean company to be included among 10 leading firms joining the World Economic Forum’s global Lighthouse Network. The Lighthouse Network consists of facilities of leading manufacturers, dubbed “Lighthouse Factories,” in various industries across the world, which are advanced in applying technologies of the “fourth industrial revolution” -- such as the internet of things, artificial intelligence and big d
July 3, 2019
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Govt revokes permit for gene therapy drug Invossa
South Korea's drug authorities on Wednesday revoked its permit for the gene therapy drug Invossa for mislabeling and the false reporting of an ingredient used.The Ministry of Food and Drug Safety said it made the final decision banning the production and sales of Invossa after it canceled the license for the drug made by Kolon Life Science in late May and ordered the suspension of sales in April. The ban officially goes into effect next Tuesday.Kolon Life acknowledged that a substance in the joi
July 3, 2019
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KNOC, GS Energy become first in Korea to produce oil in UAE
The state-run Korea National Oil Corporation and GS Energy have become the first South Korean companies to start oil production in the United Arab Emirates, together with the state-run Abu Dhabi National Oil Company. On Tuesday, KNOC and GS Energy held a ceremony with ADNOC in Abu Dhabi to celebrate the commencement of commercial oil production in oil fields in Haliba, located in east Abu Dhabi. The event was attended by KNOC CEO Yang Su-yeong, GS Energy CEO Huh Yong-soo and ADNOC CEO Sultan Ahm
July 2, 2019
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Posco estimated to lose W4b from power outages
Steelmaker Posco said Tuesday it reactivated five furnaces that were shut down at its Gwangyang steel mill due to a blackout the day before. On Monday, the company halted the operation of five furnaces at its steel mill due to a power failure. Posco said all the five furnaces have returned to normal operations and all other major production facilities are running as usual. The blackout is estimated to temporarily increase fixed costs by at least 40 billion won ($34 million) due to reduced p
July 2, 2019
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Workforce for chips, display industries to reach 165,000 by 2027
The South Korean government projects that the nation’s future industries would require 165,000 workers by 2027, vowing to address skills shortages by training workers through higher education and public projects. On Tuesday, the Ministry of Trade, Industry and Energy said its survey results revealed a growing need for manpower in five future industries, including next-generation chips, advanced display panels, internet of things-based home appliances, augmented reality and virtual reality
July 2, 2019
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[News Focus] ToolGen, Genexine seek to smooth path for merger
ToolGen and Genexine -- to be called ToolGenexine after merger -- held a strategy briefing for the media and investors earlier this week in an attempt to pacify their concerned shareholders. The merger of the biotech companies, announced June 19, has stirred up mixed sentiments in the domestic bio industry. One side heralded it as a rare case of bio firms forging ties rather than the more common business model of a traditional chemical pharma firm acquiring a smaller biotech startup with innovat
July 2, 2019
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Korea eyes WTO suit over Japan’s move against Korean chips
South Korean government will sternly deal with Japan’s move to restrict exports of high-tech materials to Korean chip and display makers, and is considering filing a lawsuit with the World Trade Organization against the neighboring country, the Ministry of Trade, Industry and Energy announced Monday. “The government will seek stern measures including legal measures in terms of international and domestic laws, including filing a complaint with the WTO.” said Trade Min
July 1, 2019
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Samyang’s bestselling spicy chicken ramen sales top W1tr
South Korean food manufacturer Samyang Foods said Monday that its bestselling instant noodle Buldak Spicy Chicken Ramen recorded accumulated sales of 1 trillion won ($863 million), seven years after its launch. According to the company, the sales of its spicy chicken ramen brand shot up from 100 billion won in 2016 to 282 billion won as of last year. Following the successful hit of the brand, the company developed and launched Carbo Buldak Spicy Chicken Ramen, which set another record
July 1, 2019
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Samsung SDI CEO calls for innovative corporate culture
In celebration of the company’s 49th anniversary, the chief of Samsung SDI urged staff on Monday to secure exclusive battery technology by creating an innovative corporate culture.“We can achieve sustainable growth only if we build (and) innovate corporate culture at a time of intensifying market competition for leadership in the future,” said Jun Young-hyun, CEO and president of Samsung SDI, a battery making unit under Samsung Electronics. “Through our innovative DNA, wh
July 1, 2019
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Jungheung Group becomes largest shareholder of Herald Corp.
Jungheung Group, a major South Korean construction conglomerate based in Gwangju, announced Monday that it has become the largest shareholder of Herald Corp., the parent company of The Korea Herald and The Herald Business.As part of its strategy to diversify its construction-focused business, Jungheung completed acquisition of 47.8 percent stake in Herald Corp. late last month, pledging to innovate with the Seoul-based media company through strategic investments. Upon inauguration as the new cha
July 1, 2019
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Eximbank under pressure to boycott coal finance
South Korea’s official export credit agency Export-Import Bank of Korea is under pressure from international environmental activists to halt its financing of coal power plants, amid a growing global campaign to tackle climate change and air pollution. On Sunday, Greenpeace Korea shone a laser light on the headquarters building of the Export-Import Bank of Korea in Seoul, displaying messages that read, “Stop investing in coal-fired plants” and “President Moon Jae-in, when
July 1, 2019
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Yuhan Corp. licenses out NASH pipeline to Boehringer Ingelheim for $870m
Korean pharma company Yuhan Corp. said through a regulatory filing Monday that it has clinched a deal worth $870 million to license out its nonalcoholic steatohepatitis (NASH) pipeline to global biopharma firm Boehringer Ingelheim for joint research and development purpose. Yuhan and Boehringer Ingelheim’s collaboration aims to develop first-in-class dual agonist for NASH and related liver diseases that combines GLP-1 and FGF21 activity in one molecule, the companies said. “This mol
July 1, 2019
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99% of workers at Homeplus now permanent employees
South Korean discount chain Homeplus said Monday that it has granted permanent employment status to 14,283 contract workers at its stores, who account for some 62 percent of all workers at Homeplus, Homeplus Stores and Homeplus Holdings. The change means Homeplus employs only 1 percent of its workers, or 228 individuals, on a contract basis, according to the company.Homeplus said having 99 percent of its employees, or 22,900 individuals, hold full-time permanent status was a meaningful ste
July 1, 2019
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[Trending in Pairs] When CCTVs do more than catch thieves
For many, the main purpose of installing a surveillance camera is to prevent theft and strengthen security.But the closed-circuit TVs can now play a significant role beyond such a purpose, as the latest models connected with artificial intelligence software help retailers develop data-driven strategies and increase sales by using video-based analytics.According to Hanwha Techwin, a South Korean total security solutions provider that manufactures surveillance cameras for video analytic solutions
July 1, 2019
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Busan Air begins to have employees take breath alcohol tests before duty
Air Busan Co., a budget carrier unit of Asiana Airlines Inc., began Monday to implement an electronic system to have its flight crew, mechanics and other employees involved in its core aviation operations take a self-administered breath alcohol test before flights or ground service, the company said.All of the company's establishments are subject to the system, developed by the airline, and it marks the first time in the country's aviation industry that such a system has been introduced. Under t
July 1, 2019
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[Bio Startup] Avellino Labs aims to set example for Kosdaq listing of US firms
Thinking of undergoing vision-sharpening surgery but scared if things would go awry as you grow older? Taking cue of such concerns among people contemplating lasik surgery, genetic services provider Avellino Labs, headquartered in Palo Alto, California, has developed a DNA diagnostic kit which the company claims has protected 1,108 people from blindness as of June 2019 from the 743,969 patients thus far tested.With the addition of coming keratoconus test, Avellino Labs can help millions of
June 30, 2019