Most Popular
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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Military aircraft evacuating S. Koreans in Lebanon returns home
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BTS-themed moon jar to be unveiled on Hangeul Day
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Market uncertain on Korea's October rate cut despite slowed inflation
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Special counsel bill to probe first lady scrapped
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Korean bands get their day in the sun, finally
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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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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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Korea reports 8.5% rise in suicide rate
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Posco becomes first in steel industry to obtain EPD certification
Posco has become the first company in the domestic steel industry to obtain Environmental Product Declaration certification from the Ministry of Environment, the firm said Sunday.Five products from Posco -- plates, wire rods, plated steel sheets (HGI), giga steel (980DP), and high corrosion-resistant steel plates -- have all gained certification for seven environmental indicators, including carbon footprint, resource footprint, ozone layer influence, acid rain, eutrophication, photochemical smog
Jan. 27, 2019
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Top 10 chaebol groups’ stock assets rise by W2tr in January
The owners of South Korea’s top 10 chaebol groups saw their stock value rise by about 2 trillion won ($1.7 billion) this month to reach 30.17 trillion won, industry data showed Sunday. According to Chaebul.com, which tracks conglomerates here, the figure was up 8.3 percent from 27.8 trillion won at the end of last year. Individually, the value of stocks held by Samsung Electronics Chairman Lee Kun-hee rose to 15.1 trillion won, up 11.5 percent from 13.6 trillion won at the end of last year. Lee,
Jan. 27, 2019
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Duty-free sales from Japanese visitors up despite military tension
South Korean duty-free stores saw their sales from Japanese consumers rise sharply on-year in January despite the on-going military tension between the two countries, apparently on the back of the strong Japanese yen, industry sources said Sunday.Sales from Japanese consumers at a Lotte Duty Free shop in Seoul's central shopping district of Myeongdong shot up 31 percent on-year in the first 20 days of January, the sources said. Overall, combined growth increased 15 percent posted over the cited
Jan. 27, 2019
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SK chief stresses businesses’ role of generating social value at Davos forum
SK Group Chairman Chey Tae-won stressed the role of businesses in creating a sustainable economy in a discussion session on the sidelines of the World Economic Forum in Davos, Switzerland, the company said Friday.At a session jointly hosted by Boston Consulting Group, the head of South Korea’s second-largest conglomerate shared his experience of pursuing ways to promote the sharing economy nationwide by facilitating tangible and intangible assets held by his companies.Taking an example of SK Inn
Jan. 25, 2019
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KGCCI holds forum on economic prospect of Korea
The Korean-German Chamber of Commerce and Industry hosted a forum Thursday to discuss the prospects for the nation’s economic growth.The speakers at the forum shared the view that the economic partnership between the two nations should move forward to adopt the “fourth industrial revolution.” During the forum, Stephan Auer, German Ambassador to Korea, said, “The most important growth engine in our bilateral business cooperation could soon become the fourth industrial revolution with its various
Jan. 25, 2019
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[Weekender] For you, anything: Children put on pedestals
Baby care products have usually taken up only a small section at department stores in South Korea, with a handful of baby care stores filling about half a floor.But brands for babies and toddlers have recently expanded their territories at many of the major department stores here, which have traditionally targeted affluent women in their 40s as their main customers.(AP)Buoyed by demand from parents looking further upmarket in selecting goods for their children, Lotte Department Store, has filled
Jan. 24, 2019
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Netflix has no plan to raise prices for Korea
Netflix said Thursday it has not considered raising its prices in South Korea, amid concerns over whether the streaming service giant would extend its biggest-ever price hike in the US to the Korean market. “Do we have any plans for price increase? Simple answer is no,” said Jessica Lee, vice president of Netflix Asia Pacific Communications, during a press conference in Seoul, where the streaming service had celebrated the launch of its first Korean-produced online series, “Kingdom.” Last we
Jan. 24, 2019
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[Weekender] When 1-year-olds learn coding
South Korean parents’ enthusiasm for child education goes back as far as the moment they are born. It is common for parents to wonder whether they are doing enough for their children, and whether they are giving them as many opportunities possible to ignite their hidden genius. Such is the sentiment that propels the infants and toddlers’ educative playthings markets in Korea, which now has toys for 1-year-olds to play with to learn how to code. The difference in the niche yet lucrative market fo
Jan. 24, 2019
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[News Focus] Debate brews over dual-class stock system
A debate is brewing in South Korea over the idea of introducing a dual-class stock structure, with proponents supporting it for the sake of startups and innovative businesses, while critics worry that such a system would invite abuse by conglomerates.In a dual-class stock structure, a single company can issue different classes of shares -- for instance, class A shares could be reserved for founders and executives and carry more voting power while class B shareholders could have limited voting ri
Jan. 24, 2019
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CheongKwanJang opens cooking classes for foreigners
Korean Ginseng Corporation, known for producing Korean red ginseng under the brand CheongKwanJang, has opened cooking classes for foreigners as a way of promoting Korean red ginseng.The classes comprise of well-known Korean cuisine specialists teaching how to make authentic Korean dishes such as samgyetang or tteok galbi. To match the theme of the class, all the dishes add red ginseng as a twist.Participants in CheongKwanJang cooking classes learn how to make dishes with red ginseng. (KGC)The cl
Jan. 24, 2019
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Homeplus joins European Marketing Distribution alliance
South Korean discount chain operator Homeplus has joined Europe’s largest retail alliance, the firm said Thursday, in a first for an Asian retailer. As a member of the European Marketing Distribution, Homeplus aims to deliver goods imported from the EU to Korean consumers at affordable prices while aiding Korean manufacturers in entering the European market, the company said in a statement. Homeplus CEO Im Il-soon (left) and European Marketing Distribution Managing Director Philippe Gruyters (r
Jan. 24, 2019
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New public-private alliance formed for ASEAN market
Leaders from Korea’s major business associations and the Presidential Committee on New Southern Policy gathered Thursday to form an alliance to help Korean entrepreneurs seek better opportunities in the emerging ASEAN market. The business alliance for ASEAN comprises 21 key business associations, including the Korea International Trade Association, the Korea Chamber of Commerce and Industry, the Korea Trade-Investment Promotion Agency, the Korea Federation of Banks and the International Contract
Jan. 24, 2019
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SK hynix Q4 net up 6% in Q4, posts record profit in 2018
SK hynix Inc. said Thursday its fourth-quarter net rose 6 percent from a year earlier, which fell below the market expectation in the wake of slowing demand for memory chips and falling global sales prices. The net profit for the world's No. 2 memory chip producer came to 3.4 trillion won ($3 billion) in the October-December period, compared with 3.2 trillion won posted a year, the company said in a regulatory filing. (SK hynix)Its sales gained 10 percent on-year to 9.9 trillion won, while opera
Jan. 24, 2019
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LG Uplus sole winner in number portability this year
LG Uplus Corp., the smallest of South Korea's three mobile carriers, has emerged as the sole winner in number portability this year on aggressive marketing, industry data showed Thursday.LG Uplus posted a net increase of more than 3,600 new subscribers, who transferred from other carriers, during the first 18 business days of the year, according to the data by the Korea Telecommunications Operators Association. (Yonhap)In contrast, industry leader SK Telecom Co. recorded a net decline of nearly
Jan. 24, 2019
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[News Focus] Debate over securities transactions tax grows
Amid South Korea’s efforts to revitalize the economy, debate over whether to lift the securities transaction tax has been rekindled, with the government, lawmakers, and the financial sector divided over the consequences.The issue regained attention after ruling Democratic Party Chairman Lee Hae-chan said, “It is time we take it up as an agenda item,” in response to a request to either lift or cut the tax in a rare meeting with financial firm representatives on Jan. 15. “There are various factors
Jan. 23, 2019
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Samsung Display develops world’s first UHD OLED panels for laptops
Samsung Display said Wednesday that it has developed the world’s first ultrahigh definition organic light-emitting diode display, as the company makes its foray into the premium laptop market.According to Samsung Display, the 15.6-inch UHD OLED panel will enter mass production next month. The new ultrahigh resolution display will be optimized for gaming, graphic design and video streaming, the company said. The news comes as the display giant is trying to expand into laptop markets after emergin
Jan. 23, 2019
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Dumplings, pizza most popular ready-made foods in Korea: data
Around 60 percent of South Korean households purchased ready-made food over the past year, with dumplings and pizza being the most popular, data showed Wednesday.According to the findings by the Ministry of Agriculture, Food and Rural Affairs, the two dishes were the most popular ready-made food products, followed by instant noodles and gimbap, a rice roll in sheets of dried seaweed. (Yonhap)The survey was conducted on 2,021 households from July to August last year. It also made a deeper study
Jan. 23, 2019
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Refiners' exports hit record high in 2018
Exports of oil and related goods by South Korean refiners reached an all-time high last year on strong demand and higher oil prices, industry data showed Wednesday.The four oil refiners in South Korea -- SK Energy, GS Caltex, S-Oil and Hyundai Oilbank -- shipped 494 million barrels of petroleum products, up 4.6 percent from a year earlier, according to data compiled by the Korea Petroleum Association. (Yonhap)In terms of value, exports of oil and related goods reached $39.96 billion, surging 33
Jan. 23, 2019
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GS Caltex, LG team up for EV charging stations
Seeking the efficient utilization of existing infrastructure for new technologies, GS Caltex and LG Electronics have agreed to work together to provide various next-generation charging services at gas stations, the companies said Tuesday.The two sealed a memorandum of agreement to build energy and mobility convergence charging stations, which will have all the previous services offered by GS Caltex-run gas stations. New services will encompass electric vehicle charging, rental and maintenance. L
Jan. 22, 2019
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Spam hits sales record in Korea
Spam, a well-known brand of canned cooked meat and a popular South Korean holiday gift, has attained 4 trillion won ($3.54 billion) in cumulative sales since its launch 32 years ago.CJ CheilJedang said Wednesday that it had sold around 1.2 billion 200-gram cans of Spam in the product’s history -- the equivalent of 24 cans for each person in Korea. Spam has become an indispensable item in Korean households. (Yonhap)Spam was introduced to Korea by the US army during the Korean War, and domestic pr
Jan. 22, 2019