Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Yoon set for talks with Marcos in Philippines
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Korean bands get their day in the sun, finally
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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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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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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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Celltrion CEO vows annual sales profit of W30tr as early as 2027
Celltrion CEO Seo Jeong-jin said at a shareholders meeting Tuesday that his company could reach 30 trillion won ($26.5 billion) in sales as soon as 2027. For 2020, he suggested a figure of 5 trillion won.Celltrion has yet to cross the threshold of 1 trillion won, although the company set its own best mark in 2018 with 982.1 billion won in sales profit, an increase of 33 billion won from the year before. Seo, while attending a business trip in Japan, connected via phone to speak to shareholders a
March 26, 2019
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Lotte Duty makes inroads into Australia, NZ
The duty-free arm of retail giant Lotte has opened new branches in Australia and New Zealand after acquiring five units from Australian duty-free operator JR Duty Free in August last year, the company said Monday.By opening four branches in Australia and one in New Zealand, the South Korean duty-free operator aims to expand its business and become No. 1 in the Oceania market in the next four years, the company added. The company plans to generate more than 200 billion won in sales from its new O
March 25, 2019
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[Photo News] Second-tallest building in Korea
The frameworks for Haeundae LCT The Sharp, a major urban development project involving two 85-story residential towers, and a 101-story tower overlooking Busan’s Haeundae Beach, have been completed, Posco Engineering & Construction said Monday. This marked the end to a tortuous 1,272 days since the buildings’ groundbreaking in October 2013. Construction for LCT sailed through foul winds between 2015 and 2017 due to accusations of illicit deals involving government-business collusion during impea
March 25, 2019
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South Korea prepares for international renewable energy conference
The South Korean government held a general meeting Monday to prepare for the 2019 International Renewable Energy Conference that will take place in October in Seoul. 123rfThe Ministry of Trade, Industry and Energy said it discussed progress and preparation for the biennial conference with a preparation committee formed in December 2017. The meeting was attended by 37 organizations, including regional governments, companies and public organizations. IREC is the world’s largest renewable energy ev
March 25, 2019
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HHI-DSME merger faces bumpy road ahead
Hyundai Heavy Industries faces many obstacles to acquire state-funded Daewoo Shipbuilding & Marine Engineering as it has to win approval from around 30 nations, including its Asian rivals and European clients. When the world’s two biggest shipyards are merged, their combined market share will be 21 percent, and above all, the market share of liquefied natural gas carriers would reach 63 percent. As for LNG vessels, orders are likely to rise further from 2020 due to environmental regulations of t
March 25, 2019
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Amorepacific hosts yearly marathon for breast cancer awareness
South Korean cosmetic giant Amorepacific hosted its yearly marathon in Busan on Sunday, seeking to raise public awareness on breast cancer.With some 5,000 participants, the event consisted of a three-kilometer course and a 10-kilometer course, as well as breast cancer tests, clinical consulting and various giveaways.The event, titled “Pink Run,” is held every year in five major cities across the country -- Busan, Daejeon, Gwangju, Daegu, and Seoul.The revenues made from ticket sales and donation
March 24, 2019
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GS E&C develops ‘Korea’s first’ ventilated air purifier system
South Korea’s leading builder GS Engineering & Construction Corp. has developed South Korea’s first built-in air purifying and ventilating system, named Sys Clein, to be installed in apartments and any other spaces from the second half of this year. The system integrates existing total heat exchange systems that ventilate the air while preserving the temperature with an air purifying function. Existing systems can only perform one of these tasks, but not the other.The Sys Clein system, developed
March 24, 2019
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[News Analysis] Overcoming Elliott hurdle, Hyundai heir tightens grip over W220tr empire
Tension ran high early Friday morning, just before Hyundai Motor’s annual general shareholders meeting at the carmaker’s headquarters in Yangjae, southern Seoul, and it showed on the faces of the executives.Highlighted in the media weeks earlier, the second battle between the South Korean auto giant and the US hedge fund Elliott was a must-win for Hyundai Motor, which had already suffered big as a result of an attack by Elliott a year earlier. Then, the US activist fund blocked a 10 trillion won
March 24, 2019
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Korea widens tax evasion crackdown on ‘Seungri scandal’
South Korea’s tax authorities have launched an industrywide tax evasion probe into local entertainment and nightclub businesses, fueled by scores of allegations surrounding K-pop star Seungri’s sex bribery scandal. The National Tax Service said Friday it had launched a crackdown on 21 nightlife businesses suspected of evading taxes. The NTS is to cooperate with prosecutors on obtaining warrants for search and confiscation, it added. (Yonhap)Though the NTS has yet to confirm, industry watchers s
March 24, 2019
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S. Korea aims to become No. 4 robotics player by 2023
South Korea plans to turn the nation’s robotics technology into a 15 trillion-won ($13.3 billion) industry, with the aim of becoming the fourth-largest player in the world by 2023. “Traditional manufacturing sectors can be transformed into future industries by making use of robots,” said President Moon Jae-in at a briefing session on the nation’s robot development strategy at the headquarters of Hyundai Robotics in Daegu, Friday. President Moon Jae-in demonstrates a robot at the headquarters of
March 22, 2019
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Samsung Biologics claims legality of accounting, vows future growth
SONGDO -- Samsung Biologics President and CEO Kim Tae-han on Friday reiterated the legality of the firm’s accounting practices at an annual shareholders meeting held in Songdo, Gyeonggi Province.“We deeply regret the supervision results of the Financial Services Commission. We believe our accounting was done within all legal boundaries. We apologize for any concerns the investigations have caused our shareholders,” Kim said.“Samsung Biologics will make its best efforts to prevent this issue from
March 22, 2019
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Hanjin KAL wins case to exclude KCGI proposals at shareholders meeting
Hanjin KAL, the holding company of South Korea's largest flag carrier, won a court disposition to exclude proposals made by a local activist from being put to a vote at its upcoming shareholders meeting, market watchers said Thursday.The company secured the legal victory against Korea Corporate Governance Improvement and its special purpose company that had forwarded a motion to secure the right to recommend an outside director to sit on the board and select the auditor. The fund also demanded r
March 21, 2019
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S-Oil apologizes for collusion, price-fixing
South Korean oil refiner S-Oil released an apology Thursday after pleading guilty to collusion and price-fixing in the process of providing oil to US forces in Korea. “S-Oil reached a settlement agreement with the (US) Department of Justice pertaining to charges against a violation of the US antitrust act during past bids for fuel supply to the US Forces Korea that have been under investigation,” said a spokesperson of the firm. The oil refiner added it deeply regrets the incident.The company sa
March 21, 2019
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Korea should be ready for US trade policy changes: KITA
South Korea needs to be ready for any implications associated with possible changes in US trade policy ahead of the US election next year, according to the Korea International Trade Association on Thursday. “This year is highly likely to be a watershed of the US trade policy that will determine the re-election of the President Donald Trump. Korean companies need to come up with countermeasures for both short-term implications in trade and possible changes in the mid- to long-term production netw
March 21, 2019
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SK Biopharmaceuticals marks first FDA approval
SK Biopharmaceuticals announced on Thursday that the US Food and Drug Administration has approved Sunosi, a novel drug that aims to improve wakefulness in adult patients with excessive daytime sleepiness.The drug was developed by Irish firm Jazz Pharmaceuticals using solriamfetol, a compound discovered by the South Korean firm. Sunosi can alleviate narcolepsy, the inability to control the sleep-wake cycle, or obstructive sleep apnea, in which people suffer pauses in breathing, disturbing their s
March 21, 2019
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Opposition grows to Hanjin, Lotte chiefs serving in director posts
Calls are growing to not name the CEOs of Hanjin Group and Lotte Group as executive directors of their key affiliates due to their past illegal activities.(Yonhap)In its report released on Wednesday, the Center for Good Corporate Governance, a local research institute, recommended that shareholders oppose the reappointment of Hanjin Group CEO Cho Yang-ho to be an executive director of Korean Air Lines Co. and of Lotte Group Chairman Shin Dong-bin to the top post at Lotte Chemical Corp."Cho is fa
March 20, 2019
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[Photo news] New taxi service launched
(Yonhap)South Korean Transportation Minister Kim Hyun-mee (back seat) takes a ride on Waygo Blue at a launch event held in Seoul, Wednesday. Waygo Blue, a cab-hailing service, is the first collaborative platform launched by Kakao with Tago Solutions, an operator of cab services, since their grand consensus earlier this month following heavy confrontation over claims of business interference. Waygo Blue aims to prevent drivers’ rejection of customers based on destination, while educating drivers
March 20, 2019
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[Photo news] Portable air purifier
(Yonhap)LG Electronics said Wednesday it will be releasing the LG PuriCare Mini Air Purifier, a portable air purifier, Friday. The air purifier certified by the Korea Air Cleaning Association is equipped with a PM1.0 sensor, Tornado Dual Fan and Dual Inverter. The device weighs 530 grams and can be charged with a USB type-C cable. Once fully charged, it can last for up to eight hours of usage and is advised to be used in small spaces around the user, like in a vehicle, the company said.
March 20, 2019
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SillaJen to issue W110b convertible bonds for R&D
SillaJen said Wednesday it will utilize 110 billion won ($97.3 million) worth convertible bonds that it plans to issue for testing the efficacy of its breakthrough oncolytic virus Pexa-Vec for various types of cancer, as well as develop another pipeline. The South Korean firm also seeks to establish a new research and development center in the capital region, for which it plans to hire more researchers. (Image captured from SillaJen website)A day earlier, SillaJen made a public disclosure that i
March 20, 2019
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Korea to shift all commercial vehicles to fuel cell energy by 2035
South Korea is slated to set a goal of entirely shifting commercial vehicles -- including trucks and construction machinery -- to run on fuel cell energy by 2035 in its efforts to address serious fine dust problems, according to plans released by Transport Minister-nominee Choi Jeong-ho. Hydrogen-powered trains are also expected to be commercialized after 2025. The ministry’s plan was released on Wednesday by Rep. Yoon Kwan-seok of the ruling Democratic Party of Korea, who received documents fro
March 20, 2019