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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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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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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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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'Will AI steal my job?' Koreans among nationalities feeling most threatened by AI
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Ocean ministry wants new English name of Korean fish cakes
South Korea's ocean ministry said Sunday it will hold a contest to find a new English name for Korean-style fish cakes to promote the processed seafood around the globe.The Ministry of Oceans and Fisheries said the move is intended to find a better English name that represents the unique texture and taste of South Korean fish cakes. Exports of Korean fish cakes, called "eomuk" here, came to $57 million in 2017, up 18 percent from $48 million two years ago, ministry data showed, with th
May 26, 2019
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Court rejects arrest warrant for Samsung BioLogics CEO
A Seoul court on Saturday rejected an arrest warrant for the head of Samsung BioLogics Co., who is under suspicion of abetting the destruction of evidence related to an accounting scandal.The Seoul Central District Court said "there is room for dispute" over Samsung BioLogics CEO Kim Tae-han's supposed role in destroying evidence of the company's alleged window dressing in 2015. The court, however, approved arrest warrants for two vice presidents of Samsung Electronics Co.,
May 25, 2019
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Lotte Group inks deals to sell 2 financial units
Lotte Group signed deals to sell off its credit card unit and non-life insurer as part of efforts to meet regulatory requirements, with the combined value of the transactions roughly 1.7 trillion won ($1.43 billion), industry sources said Friday. According to the sources, retail-focused Lotte Group agreed to sell 80 percent of Lotte Card Co. to a Woori Bank-MBK Partners consortium for 1.3 trillion won. Woori Bank will own some 20 percent in the credit card firm, while the private equity fund wil
May 24, 2019
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Posco begins collective bargaining with union
Posco, South Korea's top steelmaker, said Friday it has started this year's collective bargaining with its union.The union has made various requests to the management, including a base pay increase and an extension of the retirement age. Posco currently has two labor unions, but the one affiliated with the Federation of Korean Trade Union is recognized as the representing union with more than 6,600 members after receiving approval from the National Labor Relations Commission last December.
May 24, 2019
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Diageo Korea introduces fully paid family leave for employees
Diageo Korea, the South Korean unit of the liquor maker, said Friday it will offer fully paid family leave for employees from July. This is in line with the headquarters’ global family leave policy, introduced as part of efforts to become a leading employer in the area of gender equality in the workplace and to create a more inclusive corporate culture, according to the company. Both female and male employees will benefit from paid family leave of up to 26 weeks and four weeks.&
May 24, 2019
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[Eye Plus] Green magic blooms in heart of Seoul
Farming in the densely populated city of Seoul is nothing new. Many urban farmers make use of vacant spaces on top of apartment buildings, schools and public buildings to grow vegetables. Some rent privately owned spaces to start their own green experiments. As of 2017, Seoul had 170 hectares of these farms, about the size of 238 soccer fields combined. In 2011, the figure was 29 hectares. The Seoul Metropolitan Government is a key backer of this growing urban farming trend.Earlier this year, it
May 24, 2019
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Blizzard receives award for youth support
Game publisher Blizzard Entertainment Korea received an award from the state-run Korea Student Aid Foundation on Thursday for supporting youths. Blizzard -- known for hit games “Starcraft,” “World of Warcraft,” “Hearthstone” and “Overwatch” -- has been providing scholarships and overseas training for youths who dream of careers in information technology and games.Since 2014, it has run the corporate social responsibility program Realize Your Dream
May 23, 2019
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‘Competition laws should be more flexible in digital era’
The South Korean antitrust watchdog will be more flexible in enforcing competition laws with the emergence of new services and products in the digital era, its chief said following a meeting with large companies Thursday. Fair Trade Commission Chairman Kim Sang-jo held a closed-door policy meeting with top executives from 15 companies, including Hanjin, CJ, Kumho Asiana, Kolon, OCI and Kakao -- the nation’s largest companies ranking from 11th to 34th by assets.This is the fourth time Kim h
May 23, 2019
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K-water hosts global forum to address water scarcity
DAEJEON -- Scientists, government officials and representatives of global environmental organizations gathered in Daejeon City on Thursday to discuss water shortage around the world and possible response measures at the 2019 International Drought Forum.Organized jointly by Korea Water Resources Corp., or K-water, the South Korean Ministry of Environment and Asia Water Council, the forum running through Friday touches upon a range of issues related to water scarcity, such as countermeasures by gl
May 23, 2019
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Hyundai Heavy Industries wins two LNG vessel deals worth $390m
The world’s largest shipbuilder Hyundai Heavy Industries said Thursday it has obtained two additional orders to build liquefied natural gas carriers, bringing its total number of orders to five so far this year. HHI revealed that a deal had been made with an unnamed European shipping company for two LNG vessels valued at $390 million in total. The vessels will have 180,000 cubic meters in capacity and will be delivered by HHI’s Ulsan headquarters in 2022.The vessels will be equipped
May 23, 2019
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Ministry, municipalities in talks to attract foreign investors for projects worth $1.8 billion
South Korea is negotiating with foreign investors over new investment projects valued at $1.8 billion, according to the government. On Wednesday, the Ministry of Trade, Industry and Energy held a foreign investment policy meeting with 17 regional governments and seven free economic zones. Such meetings are held every quarter to monitor foreign investment and address challenges. The ministry said regional governments and free economic zones are in talks with foreign investors for 29 new inve
May 22, 2019
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Kogas strives to improve workplace safety
Korea Gas Corp. said Wednesday it is carrying out activities to improve workplace safety and prevent industrial accidents, along with regional communities and partner companies. The state-run natural gas company designates the fourth day of every month as the “day of safety inspections.” On the day, it holds campaigns to improve safety awareness among its employees and the public, in collaboration with regional governments and public organizations. It has also formed a team of 1
May 22, 2019
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Prosecutors seek arrest warrant for Samsung BioLogics CEO in accounting scandal
Prosecutors on Wednesday sought an arrest warrant for Samsung BioLogics CEO Kim Tae-han as part of their probe into allegations of accounting fraud at the company. Kim is suspected of ordering its employees to destroy evidence related to alleged fraudulent accounting, the Seoul Central District Prosecutors’ Office said. They also sought warrants to arrest two Samsung Electronics Co. vice presidents on similar allegations. Prosecutors have been looking into allegations that Samsung Bio
May 22, 2019
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Samsung heir meets former US President George W. Bush
Samsung Electronics heir apparent and Vice Chairman Lee Jae-yong met former US President George W. Bush, in Seoul on Wednesday. They met at a hotel in central Seoul on the first day of the former American president’s visit to Seoul. Lee reportedly asked for advice given the changing global economic environment and shared his vision for Samsung’s growth with Bush during a 30-minute closed-door meeting. Bush arrived in Seoul at around 3 p.m. Samsung and the Bush family built clos
May 22, 2019
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[News Focus] What does Allergan gain from suit against Daewoong?
Botox-maker Allergan has teamed up with South Korea’s Medytox in suing Daewoong Pharmaceutical and its US partner Evolus, challenging the latter’s legitimacy in sourcing botulinum toxin. Allergan accuses Daewoong of misappropriating trade secrets through a former Medytox researcher who allegedly stole BTX samples and transferred them to Daewoong.This brawl that has been building up since 2016 reached its climax this month, when the United States International Trade Commission ordered
May 22, 2019
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Hyundai E&C clinches $2.45b plant deal in Iraq
Hyundai Engineering & Construction has clinched a $2.45 billion deal to build a seawater processing facility in Iraq, marking its first overseas contract this year, officials said.The South Korean builder on Wednesday signed a letter of intent with the state-run Basra Oil Co. for a 49-month project to build a seawater supply plant in the southern state of Basra.Once completed, the facility will be capable of supplying 5 million barrels of fresh water per day, contributing to increasing crude
May 22, 2019
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US e-cigarette brand Juul lands in Korea
Despite government efforts to curb smoking, the tobacco industry here and abroad has been advancing with new innovative products, the latest being US e-cigarette maker Juul Labs that formally launched here Wednesday.Juul claims that that its vape pens will hit the local market Friday, challenging the tobacco market here which has recently been led by heat-not-burn tobacco devices. It is the American startup’s first Asia-Pacific entry since it was launched in 2017.In the US, Juul acco
May 22, 2019
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Posco upgrades benefit sharing incentives for business partners
South Korea’s largest steelmaker Posco will be upgrading its benefit sharing system, expanding opportunities for small and medium-sized enterprises and increasing performance compensations, the company said Thursday.Pioneered by Posco in 2004, benefit sharing system is a joint cooperation between corporates and SMEs that provides a win-win scenario for both parties. Not only can SMEs utilize technologies of large corporates, but corporates can also improve its materials and secure a stable
May 22, 2019
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South Korea seeks to become bio-health powerhouse, invest W4tr in bio big data
South Korea has chosen the bio-health industry as one of its three new target growth engines, alongside non-memory chips and future mobility. Through the industry, it aims to capture a 6 percent global market share, reach $50 billion in exports and create 300,000 jobs by 2030. “Bio-health will continue to grow and develop,” said President Moon Jae-in on Wednesday at a ceremony to proclaim the nation’s bio-health vision in Osong Bio Valley, North Chungcheong Province, attended b
May 22, 2019
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Posco to invest W1tr in fostering aspiring startups
South Korea’s largest steelmaker Posco said Tuesday it plans to invest 1 trillion won ($838 million) to nurture promising domestic startups.The core aim of the project is to establish an industrial complex, called Venture Valley, for startups that will aid firms in research and development. It will also launch a startup fund, called Venture Fund, to help a slew of firms in association with the Ministry of SMEs and Startups and the Korean Venture Capital Association.Some 200 billion won will be i
May 21, 2019