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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Pulmuone USA reports $88m in tofu sales
South Korean food company Pulmuone said its tofu sales in the US had reached $88 million last year, an on-year increase of about 11.1 percent.On the strength of growing consumer interest in the protein-rich food, the US tofu market has grown to $97 million, market data showed. According to Pulmuone USA, the company held 73.8 percent of the market share as of Dec. 3. The company said its sales target for the US tofu market was 100 billion won ($89.3 million). Currently, Pulmuone operates global s
Jan. 13, 2019
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[News Focus] Provincial makgeolli gains popularity via e-commerce
SEJONG -- Makgeolli has drawn wide attention at home and abroad over the past few years after a research report claimed the Korean alcoholic drink from fermented rice’s anti-cancer effect is about 20-fold higher than that of wine or beer.However, regardless of the effect against cancer, makgeolli devotees pick the traditional taste, originated from the Joseon Dynasty (1392-1910), for the reason of their steady drinking of it.Its flavor appeals to many inbound tourists as TV entertainment program
Jan. 13, 2019
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[Photo News] SK chief Chey holds talks with employees
SK Group Chairman Chey Tae-won (right) held talks with his employees at lunchtime at the conglomerate’s office in Jongno, Seoul, Tuesday last week, the company said Sunday in a press release. (SK)The “Happiness Talk,” attended by some 300 employees working at SK Supex and SK Innovation, was arranged as a way to enhance communication within the group, the firm said. (SK)Participants asked questions about topics such as paternity leave and work-life balance. In response, Chey offered to consider w
Jan. 13, 2019
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[Management in Korea] Being comfortable with complexity: New requirement for leaders
Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.More and more, executives are being asked not to merely lead enterprises, but to transform them -- to develop and implement radically new ideas regarding how the organization creates value, manages operations and fits into the larger economic landscape. Often, this need to transform comes from the emergenc
Jan. 13, 2019
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SK’s first combined CES presentation highlights mobility tech
SK Group said Sunday that the first combined presentation by its core affiliates -- including SK Innovation, SK Telecom and SK hynix -- showcasing the latest mobility technology at Consumer Electronics Show 2019 was a great success. This year’s CES, held last week in Las Vegas, drew about 180,000 spectators, according to organizers.Under the theme of “Innovative Mobility by SK,” the company hosted a booth on innovative mobility technologies. Participants in Consumer Electronics Show 2019 visit S
Jan. 13, 2019
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[Feature] Dawn delivery takes retail industry by storm
In recent years, South Korea’s door-to-door delivery service has evolved to allow customers to expect their parcels the very next day, or within 2 to 3 days at maximum. While much of this dynamic still stands, e-commerce companies and retail giants have rolled out a “dawn delivery” service, striving to cut down delivery times even further. Dawn delivery allows orders to be placed as late as midnight with deliveries guaranteed to arrive by 7 a.m. the next day. Daily necessities and perishable fre
Jan. 13, 2019
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Whiskey sales plunge for 10th consecutive year
South Korea’s whiskey sales have been on a downward turn for the past decade amid sluggish domestic consumption, industry data showed Sunday.According to industry data, the domestic sales of the spirit recorded some 1.49 million boxes, or 26 million bottles of 500 ml whiskey, last year, about 6.2 percent decrease from some 1.59 million boxes sold in 2017. After reaching a peak in 2008 when 2.84 million boxes were sold, the local whiskey market has been suffering from slowing demand for heavy liq
Jan. 13, 2019
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S. Korea opposes EU safeguard duties on steel imports
The South Korean government has voiced opposition against the European Union's safeguard duties on imported steel and asked for compensation, Seoul's trade ministry said Saturday.The Ministry of Trade, Industry and Energy said its officials held a bilateral meeting with counterparts from the EU in Brussels on Friday (local time) to object to the 25 percent tariffs on 23 categories of steel products that exceed the average of imports between 2015 and 2017. (Yonhap)The EU said the move, which is s
Jan. 12, 2019
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SKT partners SM Entertainment on AI-based technology for K-pop content
South Korea’s biggest mobile carrier SK Telecom has pledged to work with major K-pop agency S.M. Entertainment to use the former’s artificial intelligence technology in separating singers’ vocals from music records, the telecommunications company said Friday.According to SK Telecom, its chief technology officer Park Jin-hyo and S.M. Entertainment CEO Kim Youg-min signed a memorandum of understanding for partnership on the AI-based voice-separating technology during their meeting at the Consumer
Jan. 11, 2019
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Riot Games to independently broadcast LoL Champions Korea
Riot Games will become its own broadcaster for the biannual esports championship “LoL Champions Korea” starting this year, the company said Friday. Taking a step away from its former broadcaster partners OGN and Spotv, which have had the rights to broadcast LCK in the previous years, Riot Games is certain that its ownership of the game IP will outshine its novelty in the broadcasting area. “Our biggest strength is that we are the original developer and the IP owner of the game,” said producer Yi
Jan. 11, 2019
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Over 10 million visit internet cafes in Korea in 2018: The Log
Despite the growing mobile game market, more than 10 million people visited internet cafes, or PC rooms, in Korea last year, data showed Friday. Approximately 1.7 billion hours were spent playing games at internet cafes, up 3.9 percent from a year earlier, according to the latest report from statistics body The Log, which specializes in figures related to internet cafes. Broken down by The Log, if a person visits PC rooms at least once a week and around six times a month, spending 2.3 hou
Jan. 11, 2019
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Labor deal reached after FineTek workers' sit-in protest atop smokestack
The labor union of FineTek, a maker of display equipment, and the management reached a labor deal Friday after two workers staged a sit-in on top of a smokestack at a power plant for more than a year in protest of layoffs.Two of five FineTek unionized workers had been waging the protest atop the 75-meter smokestack at a combined heat and power plant in west Seoul for about 14 months, calling on the management to keep its promise on job security. (Yonhap)The workers went on a hunger strike last w
Jan. 11, 2019
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Samsung chief vows commitment to investment, job creation
Samsung Electronics Co. Vice Chairman Lee Jae-yong vowed Thursday that his company will fulfill its role as South Korea's flagship entity, hinting at efforts toward investment and job creation.Lee made the remarks during his meeting with Prime Minister Lee Nak-yon, who visited the tech giant's headquarters in Suwon, just south of Seoul, earlier in the day."(Vice Chairman Lee) deeply cares about job creation and ways to co-exist with small- and mid-sized companies," the prime minister told report
Jan. 10, 2019
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Convenience store food to be available for delivery: BGF Retail
Instant and prepared foods such as dosirak (boxed lunches), gimbab (seaweed and rice rolls) and sandwiches will soon be available for delivery from South Korea’s major convenience store chain, according to BGF Retail, which operates the CU chain. The company said Thursday that it has joined hands with Delivery Hero Korea, an operator of the popular delivery app service Yogiyo, to offer nationwide delivery services.The two signed a memorandum of understanding, agreeing to work together to expand
Jan. 10, 2019
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LG Chem to invest W1.2tr in battery plants in Nanjing
LG Chem plans to make an investment of 1.2 trillion won ($1.07 billion) to expand its battery plants in Nanjing, China by 2020 to respond to the growing demand for electric mobility, according to the firm on Thursday. Under the contract, the Korean battery maker is slated to make an investment of 600 billion won for cylindrical battery cells mainly used for digital devices and another 600 billion won for pouch battery cells used for electric cars. LG Chem’s battery plant in Nanjing, China (LG Ch
Jan. 10, 2019
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SsangYong aims to achieve turnaround in 2019 on SUV sales
SsangYong Motor Co., the South Korean unit of Indian carmaker Mahindra & Mahindra Ltd., is targeting a turnaround this year by promoting its sport-utility vehicles (SUVs). (Yonhap)In a media test-drive event held in Chuncheon, 85 kilometers east of Seoul, SsangYong Motor Chief Executive Choi Johng-sik said the carmaker will focus on achieving a 14 percent on-year jump in sales this year. "We are aiming to sell 163,000 vehicles this year and post a (net) profit," the top executive told reporters
Jan. 9, 2019
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LG Electronics sees 80% drop in Q4 profit
LG Electronics has reported an earnings shock for the fourth quarter, with an 80 percent on-year drop in operating profit for the quarter and a nearly 90 percent drop from the previous quarter, mainly weighed down by the tech firm’s lackluster smartphone and premium TV sales. The disappointing fourth-quarter performance in preliminary earnings announced late Tuesday also overshadowed the company’s yearly operating profit of 2.73 trillion won ($2.43 billion), the highest in 10 years. Total reven
Jan. 9, 2019
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No more needles -- Hugel patents patch-type BTX in Korea
Hugel, a South Korean botulinum toxin manufacturer, has completed the patent registration for its technology to develop patch-type BTX here, taking an innovative approach for an alternative to the conventional injection-type BTX.The biopharmaceutical firm announced Wednesday that it has secured and patented the technology to develop adhesive BTX patches with micro-needles coated with botulinum toxin. Although they may prickle, the company says they won’t hurt as much as a BTX injection. Stock i
Jan. 9, 2019
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Handok, Genexine secure majority stake in US biotech company
Korean pharma companies Handok and Genexine became joint majority stakeholders in US biopharmaceutical group Rezolute through a 50-50 joint investment of 28 billion won ($24.9 million), Handok announced Tuesday.Handok and its subsidiary Genexine now together hold 54 percent of Rezolute. The deal will allow the Korean pharma firms to acquire information about the work Rezolute has undertaken in biopharmaceutical development, and may also serve as a bridge to the US market. (Yonhap)Rezolute, estab
Jan. 9, 2019
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Trade minister to leave for UAE to support bids for Barakah plant
South Korean Trade Minister Sung Yun-mo is slated to leave for the United Arab Emirates on Saturday to discuss further partnerships with his counterparts in the energy sector as a follow-up to the summit in March of last year. The minister is also slated to express the government’s strong willingness to support the maintenance of the Barakah nuclear power plant should a Korean bidder win, ministry officials said Wednesday.During his stay, the minister, accompanied by CEOs of the Korea Hydro & Nu
Jan. 9, 2019