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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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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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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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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Injured captain Son Heung-min dropped from nat'l team for World Cup qualifiers
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Kepco chief positive about Saudi Arabia’s nuclear bid
With a month to go before Saudi Arabia shortlists bidders for its nuclear power plants, the chief of South Korea’s state-run utility company Kepco believes preparation for the bid is going well. Saudi Arabia plans to build two power plants -- a total of 2.8 gigawatts -- with an investment of $12 billion by 2030. It is currently reviewing five consortium bidders, including a Korea Electric Power Corp.-led consortium, US-based Westinghouse Electric Corp., China General Nuclear Power Group, a Frenc
Jan. 30, 2019
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LG Electronics, Naver sign MOU on robot R&D
South Korean home appliance maker LG Electronics Inc. and portal operator Naver Corp. on Wednesday agreed to jointly develop an advanced guidance robot based on the high-tech mobility platform. LG Electronics and Naver's R&D subsidiary signed a memorandum of understanding to collaborate on research and development of robot technology, expanding on their discussions made during the recent Consumer Electronics Show in Las Vegas. (Yonhap)Under the agreement, the two Korean companies will explore wa
Jan. 30, 2019
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Ilpoom Jinro 1924 gift set released for Lunar New Year
HiteJinro will be releasing premium a soju gift set for the upcoming holiday, the company said Wednesday.In a promotion using the latest consumer trend favoring “sohwakhaeg,” or “small but fully satisfactory,” the firm said it has designed the gift set to cater to premium soju demand at a reasonable price.(HiteJinro)The gift set will consist of two 375-milliliter bottles of Ilpoom Jinro 1924, a premium line of soju, as well as two shot glasses and two rocks glasses. The gift set will also contai
Jan. 30, 2019
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Hyundai Heavy bags 320b won order for 3 oil carriers
Hyundai Heavy Industries Co., the world's top shipbuilder by sales, said Wednesday that it has clinched a 320 billion won ($286 million) deal to build three very large crude carriers.Under the deal with a European shipping firm, Hyundai Heavy will deliver the vessels, 330 meters long and 60 meters wide each, starting in the second half of 2020, the company said.Hyundai Heavy and its two affiliates are aiming to win $15.9 billion worth of shipbuilding deals this year, up 21 percent from a year ea
Jan. 30, 2019
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Korean Air swings to net loss in 2018 on strong won
Korean Air Lines Co. said Tuesday it swung to a net loss in 2018 from a year earlier due to hefty foreign-exchange losses. The South Korean flag carrier posted a net loss of 167.59 billion won (US$150 million), after a net profit of 801.9 billion won a year earlier, the company said in a statement. (Yonhap) As the US dollar rose to 1,118.1 won at the end of 2018 from 1,071.4 won at the end-2017, foreign-exchange translation losses reached 363.6 billion won and it cut into the annual earni
Jan. 29, 2019
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Oracle reaffirms plan to build massive data center in Korea within this year
Global software giant Oracle reaffirmed Tuesday its plan to establish a massive data center in South Korea by the end of this year, as the data management provider seeks to expand its presence in the country’s cloud services market. During a meeting with reporters in Seoul, Oracle Korea CEO Kim Hyung-rae said the data center would be established as planned within this year. Oracle had announced its plans last year as other global tech companies made forays into Korea’s cloud services market.
Jan. 29, 2019
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Korea vows better incentives to attract foreign companies with high-end technologies
South Korea will be more active in attracting foreign companies with high-end technologies, offering better incentives and improved regulations, according to the government Tuesday. “We will focus on attracting foreign companies that can upgrade the nation’s traditional manufacturing sectors -- petrochemicals, high-end manufacturing, materials and automobiles -- by integrating with new services and technologies,” said Lee Ho-joon, chief of investment policy division at the Ministry of Trade, Ind
Jan. 29, 2019
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IBK Securities mired in hiring scandal
State-run IBK Securities has been hit by a hiring scandal, as several employees have been indicted by the prosecution over charges of manipulating interview scores of certain candidates and alleged gender discrimination in the hiring process, reports said Tuesday. According to prosecutors, a 50-year-old executive director surnamed Park was indicted over allegations of violating the equal employment law, which promotes gender equality in hiring, and for obstructing business. Three others who had
Jan. 29, 2019
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Coupang reaches 1.7 million deliveries in a day
Coupang has recently set a new record for single-day delivery, bringing 1.7 million items to households in a day. It is a record-breaking figure for both daily and weekly deliveries in South Korea, the company said.(Coupang)There are also other records set within Coupang. Marketplace, a new feature in Coupang that allows direct interaction between buyers and sellers, has seen a 92 percent growth. Its weekly sales reached the highest since its establishment, attracting attention from many in the
Jan. 29, 2019
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Jin Air 2018 net profit plunges 44% on high fuel costs
Jin Air Co., the budget carrier unit of Korean Air Lines Co., said Monday its net profit plunged 44 percent last year from a year earlier on high fuel costs and lower demand from Japan. Net profit for the whole of 2018 fell to 41.8 billion won ($37 million) from 74.1 billion won a year earlier, the company said in a statement. “An increase in jet fuel prices and an earthquake in Sapporo and a typhoon in Osaka in September affected the fourth-quarter results,” a company s
Jan. 28, 2019
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Aramco to become second-largest shareholder of Hyundai Oilbank
Saudi Aramco will become the second-largest shareholder of Hyundai Oilbank with the purchase of an up to 19.9 percent stake in the Korean firm.Hyundai Oilbank said Monday it had signed an investment deal with Aramco, with the expectation of raising up to 1.8 trillion won ($1.6 billion) in a pre-initial public offering round. Aramco estimated the firm’s value to be 10 trillion won and set the value of each share at around 36,000 won. A pre-IPO round enables investors to participate in growing a f
Jan. 28, 2019
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Coway aims to attract 2 million customers in Southeast Asia by 2020
South Korea’s leading water and air purifier maker Coway announced Monday a plan to attract 2 million customers in Southeast Asia by 2020, amid its high popularity in the overseas markets. During an event celebrating the company’s achievement of securing 1 million units sold last year, Coway CEO Lee Hae-sun unveiled the company’s overseas expansion plan.Coway CEO Lee Hae-sun (fourth from right) poses with Coway Malaysia executives and employees for a photo during an event held in Kuala Lumpur, M
Jan. 28, 2019
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With advanced electronic labeling system, Rainus seeks to expand into overseas markets
South Korean tech firm Rainus has pledged to expand into the European and Japanese markets by capitalizing on the company’s advanced automated system to help retailers better manage consumer items. Rainus CEO Kim Hyun-hak said the company will attract overseas consumers with its electronic information label technology. Combined with wireless communications and display technology, the electronic information labels show product information efficiently and accurately. As the electronic labels allow
Jan. 28, 2019
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Korean rice consumption falls to all-time low in 2018
Per capita rice consumption in South Korea dropped to a record low in 2018, data showed Monday, although the rate of decrease slowed compared with recent years on the back of the popularity of ready-to-eat meals.According to the data by Statistics Korea, the average annual consumption of rice per person came to 61 kilograms last year, down from 61.8 kg posted in 2017. (Yonhap)Rice is a key staple food for Koreans, but its consumption has been on a decline since 1980, when it reached 132.7 kg. T
Jan. 28, 2019
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Delivery services for daily necessities on rise
Home delivery services for essentials and easy-to-eat meals have risen amid an increase in the number of one-person households and dual-income families, industry sources said Monday.Kwangdong Pharmaceutial Co., a distributor of the bottled water Samdasu, said it has launched a mobile app that delivers its products conveniently to a buyer. Samdasu is the country's No. 1 water brand based on the southern resort island of Jeju. (Yonhap)Daily average transactions through the app have more than doub
Jan. 28, 2019
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Hyundai Merchant becomes co-owner of Busan terminal with PSA
South Korean shipping line Hyundai Merchant Marine Co. secured a 50 percent stake in a Busan terminal for a joint ownership with Singapore-based PSA International, the ocean ministry said Monday.The Ministry of Oceans and Fisheries said Hyundai bought back the stake of the Hyundai Pusan New-Port Terminal, the operating firm of the terminal, which it sold off in its restructuring process in 2016. (Ministry of Oceans and Fisheries)Hyundai Merchant Marine will also have the right to name the CEO of
Jan. 28, 2019
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Major commercial banks to adopt shorter working hours this year
South Korea's leading lenders have wrapped up their labor deals for the new year that aim to help employees better strike a balance between work and their personal lives, industry watchers said Monday.Late last week, the labor and the management of KB Kookmin Bank reached a deal on wages and other working terms after monthslong wrangling that caused a strike for the first time in 19 years. (Yonhap)With the deal, Kookmin became the final entity among the country's five banks that include Shinhan
Jan. 28, 2019
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Korea's LNG imports hit new high in 2018
South Korea's imports of liquefied natural gas reached an all-time high in 2018 amid a spike in purchases from the United States, industry data showed Monday.The country's LNG imports totaled 44.04 million tons last year, up 17.3 percent from the prior year and a new record high, according to the data from industry sources and the Korea International Trade Association. (Yonhap)Qatar was South Korea's largest LNG import source, accounting for 32.4 percent of the total. Australia came next with 17
Jan. 28, 2019
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Facebook agrees to pay SK Broadband network fee: reports
Following a yearslong dispute with South Korea’s internet service providers over network maintenance fees, Facebook has reportedly agreed to pay SK Broadband for using its server to secure faster internet connection to the social networking service. According to the government and business sources here, Facebook and SK Broadband have reached an agreement that requires the global tech giant to offer a hefty sum of money for using the local telecom company’s cache server. While details of the de
Jan. 27, 2019
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How much will 5G service cost?
With South Koreas’ mobile carriers gearing up to nationwide their fifth-generation networks for regular consumers as early as March, they face a dilemma over whether to charge more for the faster new service. The country’s three telecom giants -- SK Telecom, KT and LG Uplus -- began operating 5G networks for a select group of businesses last month. But the big three have remained mute about how much they would charge when the first 5G smart phones roll out in the first quarter of this year. Wh
Jan. 27, 2019