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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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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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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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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Korea reports 8.5% rise in suicide rate
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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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KAI's bid to export Surion chopper to Philippines apparently fails
Korea Aerospace Industries, South Korea's sole aircraft manufacturer, has apparently failed in its bid to export its Surion choppers to the Philippines, an official at Seoul's arms procurement agency said Saturday.Late last year, the Manila government informed the South Korean embassy in the Philippines that it had opted to purchase the US-made UH-60 Black Hawk helicopter, the official said on condition of anonymity. Surion choppers (Yonhap)The apparent failure came after a MUH-1 Marineon -- the
Jan. 5, 2019
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Coupang opens Apple brand store
South Korean e-commerce company Coupang said Friday that it had become an authorized online reseller of Apple products. Apple products such as the iPad Pro, new MacBook models and the Apple Watch Series 4, can be now found in Coupang’s Apple brand store where customers can use Coupang’s One-Touch Payment and receive rapid delivery via Coupang’s RocketDelivery service from January. Coupang is known for its extensive customer reach and record for maintaining the industry’s best customer service. A
Jan. 4, 2019
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Air Busan kicks off first Busan-Singapore route
South Korean low-cost carrier Air Busan said Friday that it will operate a flight route connecting Busan and Singapore until Jan. 29. It is the first attempt for a budget carrier to operate the Busan-Singapore route. Air Busan said the flights were scheduled for every Tuesday and Friday, departing Gimhae International Airport at 6:15 p.m and arriving in Singapore at 11:15 p.m. Returning flights will leave Singapore at 12:15 a.m. and arrive here at 7:20 a.m. on the following day.The temporary fli
Jan. 4, 2019
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NXC CEO confirms Nexon sale rumor
NXC CEO Kim Jung-ju on Friday acknowledged widespread industry speculation that Nexon, South Korea’s biggest game developer and a subsidiary of NXC, is up for sale.“I am contemplating various ways to back up Nexon in becoming a more globally competitive firm,” Kim said in a statement.He also said that he would “jump into new challenges, without growing complacent,” indirectly admitting to the disposal plan.Kim Jung-ju (NXC)A day earlier, local media was abuzz with reports of Kim’s plans to put o
Jan. 4, 2019
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Celltrion's biosimilar products expanding presence in Europe
Truxima, Remsima and Herzuma -- Korean biosimilars for the treatment of different cancers and autoimmune disease -- are setting their own records in European market share, according to Celltrion Healthcare, the marketing and distribution arm of South Korean biosimilar maker Celltrion.Standing out in terms of market expansion speed has been Truxima, the firm’s Rituxan biosimilar used to treat blood cancer, which launched in Europe in 2017 and recorded 35 percent market share in the third quarter
Jan. 4, 2019
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Samsung Electronics opens fine dust research institute
Samsung Electronics said Friday that it has opened a research institute dedicated to fine dust issues, seeking to resolve related social problems through research and development.The institute was established within Samsung Advanced Institute of Technology, with SAIT Deputy President Hwang Sung-woo named as its director. (Yonhap)“Based on SAIT’s technology and infrastructure, the institute will develop high precision subminiature sensors to detect fine dust particles. It will also work on new te
Jan. 4, 2019
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[Weekender] A new year dreaming of abundance
It cannot be explained scientifically in today’s hypermodern society. But for hundreds of years, Koreans have pinned high hopes on the new year by reinterpreting the symbolic significance of each of the 12 zodiac animals. And this year, Koreans celebrate the Year of the Pig, which symbolizes abundance, luck and fecundity. According to Chinese astrology, the pig is the 12th animal in the 12-year zodiac cycle, and it is a good year to make money and build one’s fortune -- just like the plump image
Jan. 3, 2019
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Korea to toughen rules on AI, chip technology leaks
The South Korean government vowed Thursday to toughen regulations against leaks of the nation’s key technologies, including artificial intelligence, chips and panels, amid growing concerns that Korea may lose industrial competitiveness to rivals without the proper protection of its core technologies.During a Thursday meeting presided by Prime Minister Lee Nak-yon, the government released a set of measures to prevent leaks of the nations’ industrial technologies. (Yonhap)The key aspect of the me
Jan. 3, 2019
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Industry restless upon reports of Nexon being up for sale
Shock waves rocked the gaming industry and local market on Thursday upon news reports that nearly half of South Korea’s biggest game company, Nexon, is up for sale.Kim Jung-ju, founder and biggest stakeholder in Nexon’s holding company, NXC, has begun the process of selling the estimated 10 trillion won ($8.9 billion) in shares he and his wife own, the Korea Economic Daily reported. Kim has appointed Deutsche Bank and Morgan Stanley to jointly supervise the sales, the report stated, adding the n
Jan. 3, 2019
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Top groups' New Year's speeches focus on 'customer, growth, global'
South Korea's 10 largest business groups have stressed such buzzwords as "customer, growth and global" in their New Year's speeches, a corporate tracker said Thursday.The most frequently used word in their New Year's speeches was customer (58 times), followed by growth (41 times) and global (35 times), according to CEO Score. (Yonhap)Other top 10 keywords include value (30 times), market (29 times), competition (28 times), novelty (27 times) and innovation (25 times).The three most often used ke
Jan. 3, 2019
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Korean businesses vow to face 2019 with toughness, innovation
Putting a tough year behind them, a year full of accusations of unfair business practices and shortcomings in performance, South Korea’s leading business groups are vowing stringent measures to overcome the challenges that lie ahead in 2019. They say they will make ceaseless efforts to achieve innovation, hopefully on the back of a more favorable regulatory environment.The chiefs of major companies released their New Year’s speeches and corporate messages on the first business day of 2019, messa
Jan. 2, 2019
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Korea’s export growth to slow down in Q1
The state-run Korea Trade-Investment Promotion Agency (Kotra) predicted the nation’s export growth would slow down in the first quarter of this year due to the possibility of prolonged trade conflicts between the US and China and growing uncertainties in Europe in the wake of Brexit. Kotra said Wednesday the nation’s export leading indicator dropped 5.5 points to 52.1 points in the first quarter of this year from the previous quarter, based on a survey done on around 2,200 foreign buyers and exp
Jan. 2, 2019
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Online shopping hits record high in November
The total value of online shopping in South Korea reached a record high in November, government data showed Wednesday, in the latest sign that a growing number of South Koreans are using computers or mobile devices to buy things ranging from clothes to electronic goods.Total online transactions reached 10.62 trillion won ($9.5 billion) in November, up 22.1 percent from a year earlier, according to the data compiled by Statistics Korea. (Yonhap)The reading marked the highest amount since January
Jan. 2, 2019
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Shilla Duty Free to open store at Gimpo Airport
Shilla Duty Free, operated by Hotel Shilla, will open its store at Gimpo Airport on Jan. 9, expanding its presence to all three major airports in Korea, including Incheon and Jeju. (Shilla Duty Free)Shilla announced Wednesday that the new 730-square-meter duty-free store at Gimpo Airport will have a selection of some 100 brands of liquor and tobacco and some 30 brands of fashion and cosmetics, targeting business travelers.Those who fly through Gimpo are mostly traveling for business, according
Jan. 2, 2019
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Hyundai Rotem wins W150.8b subway car order in Egypt
Hyundai Rotem Co., a South Korean railway system and plant equipment maker, said Wednesday it has received a 150.8 billion-won ($135 million) order to build subway cars for Egypt. This virtual image provided by Hyundai Rotem shows the subway cars that the company will build for Egypt`s National Authority for Tunnels by 2021. (Yonhap)In the deal signed with Egypt's National Authority for Tunnels, Hyundai Rotem will deliver 48 subway cars by 2021 and provide maintenance and repair services for the
Jan. 2, 2019
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Hyundai aims to sell 7.6M vehicles in 2019
Hyundai Motor Group, South Korea's biggest carmaker by sales, said Wednesday it is aiming to sell 7.6 million vehicles this year by focusing on major markets, such as the United States and China.In 2019, Hyundai Motor Co. and its affiliate Kia Motors Corp.will strive to sell 4.68 million vehicles and 2.92 million units, respectively, in global markets, the companies said in separate regulatory filings. Hyundai Motor Co. and Kia Motors Corp. headquarters in southern Seoul (Yonhap)In the January-N
Jan. 2, 2019
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Chips, petrochemicals help Korea’s exports hit record high in 2018
South Korea’s exports set a new high of $600 billion in 2018 mainly driven by a strong performance in chips, petrochemicals and machinery, according to the government on Tuesday. The Ministry of Trade, Industry and Energy said the nation’s trade volume hit a record high of $1.1 trillion, having a trade surplus of $70 billion. Exports stood at $605 billion, up 5.5 percent from 2017, and imports recorded $534 billion, an 11 percent rise during the same period. Chip exports played a key role in exp
Jan. 1, 2019
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Antitrust chief calls for measures to protect smaller firms
South Korea's antitrust chief called on Monday for comprehensive measures to fundamentally address lingering unfair business practices between large companies and their smaller subcontractors.Kim Sang-jo, the chairman of the Fair Trade Commission, did not elaborate on what actions he planned to take, although the watchdog has consistently warned that big retailers would pay punitive damages of up to three times the losses incurred by smaller partners in cases of illegal business practices.These
Dec. 31, 2018
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Revised Korea-US free trade pact to take effect
South Korea said Monday that the revised free trade agreement with the United States is set to take effect this week, a move that could improve commerce and investment, and further deepen bilateral relations.The two sides are scheduled to exchange a written notification Tuesday that they have completed domestic procedures for the implementation of an updated arrangement, the Ministry of Trade, Industry and Energy said. (Yonhap)The move comes after Seoul and Washington carried out negotiations on
Dec. 31, 2018
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Southeast Asian food gains popularity in food-delivery market
South Koreans show a marked preference for Southeast Asian food when ordering in, according to data released Monday. Food-delivery company Delivery Hero Korea said the number of orders for Southeast Asian dishes showed a whopping 875 percent increase this year compared with last year. The company manages Yogiyo, one of the leading mobile applications for food-delivery service. (Yonhap)Among types of Southeast Asian cuisine, the Vietnamese dish bun cha enjoyed strong sales, as did fried spring ro
Dec. 31, 2018