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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Samsung unveils 'personalized AI' for all devices
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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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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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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Posco Daewoo to construct free solar plant in Myanmar
Posco Daewoo, the trading unit of Posco, held a groundbreaking ceremony for a solar plant that it will build for free of charge on an island in Myanmar in hopes of boosting ties with the country, the company said SundayThe latest project, put together at the request of Myanmar’s Ministry of Electricity and Energy, will offer electricity to some 1,000 households on Manaung Island, the company said.“We are delighted to be able to provide practical help to Myanmar. We also hope to forge a cooperati
Dec. 9, 2018
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Samsung becomes world's No. 1 advertiser last year
Samsung Electronics Co., the South Korean tech giant, was the world's largest advertiser last year, a global consulting firm has said.According to "The World's 100 Largest Advertisers" filed by Ad Age, Samsung pumped US$11.2 billion into its advertising and sales promotion in 2017, up 13 percent from the previous year. (Yonhap)The increased spending was to improve its image after the highly publicized recall in 2016 of its Galaxy Note 7 phones due to battery explosions, according to industry wat
Dec. 9, 2018
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Top biz group operating profits down if Samsung Elec, SK hynix are excluded
The operating profits of South Korea's listed companies belonging to the largest conglomerates contracted in the January-September period of this year if the numbers for Samsung Electronics Co. and SK hynix are excluded, a local business tracker said Sunday.The total for the 94 companies, not counting the two semiconductor manufacturers, declined by 3.3 trillion won ($2.94 billion) to 25.54 trillion won in the three quarters from 28.84 trillion won last year, Chaebul.com said. (Yonhap)The combin
Dec. 9, 2018
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Maker of radon-emitting mattresse refuses state arbitration decision
Daijin Bed Co., a South Korean mattress maker, has refused to accept the local consumer agency's call for it to compensate victims of products that contained a harmful radioactive substance, officials of the agency said Sunday.Late last month, the company told the Korea Consumer Agency that it could not follow the KCA's order to replace each victim's radon-containing mattress with a new one and offer 300,000 won ($265.7) in extra compensation for their emotional distress. (Yonhap)A total of 6,38
Dec. 9, 2018
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S. Korean shipbuilders fare well on surge of LNG carrier orders
South Korea's major shipyards have shown decent performances this year on the back of a surge in orders to build LNG carriers, industry data showed Sunday.For the year up to Thursday, 52 orders for LNG carriers were received by local entities, with Hyundai Heavy Industries Co. bagging the largest figure, or 25 orders, followed by 14 orders for Daewoo Shipbuilding and Marine Engineering Co. and 13 for Samsung Heavy Industries Co. (Yonhap)This is nearly five times larger than the figure for last y
Dec. 9, 2018
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Hyundai, Kia eco-friendly car sales jump 2.1-fold this year
Sales of eco-friendly cars made by Hyundai Motor Co. and its sister company Kia Motors Corp. jumped 2.1-fold in the first 11 months of this year, on strong domestic and overseas demand, industry data showed Sunday.The two flagship companies of Hyundai Motor Group, the world's fifth largest automotive conglomerate in terms of sales, reported selling 257,861 conventional hybrid electric vehicles, plug-in hybrid electric vehicles, pure electric vehicles and fuel cell electric vehicles. The Hyundai
Dec. 9, 2018
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Korean coffee imports expected to contract this year
South Korea is expected to import less coffee for the first time in six years in 2018 as demand for the beverage has been hit by sluggish economic growth, market watchers here said Sunday.In the January-October period, total imports of coffee stood at 121,019 tons, down 1,103 tons from a year earlier. This is the first on-year decrease since 2012. (Yonhap)Asia's fourth largest economy imported 82,446 tons of coffee in 2012, with this number rising to 115,837 tons in 2016.Observers said that tank
Dec. 9, 2018
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E-mart to acquire US food retailer Good Food Holdings for $270m
South Korean retail giant Shinsegae’s discount store chain E-mart said Friday that it is acquiring US food retailer Good Food Holdings for $270 million, the company’s first acquisition of an overseas company. E-mart said the acquisition is aimed at stabilizing its business operation in the US and expanding its presence in the country. Good Food Holdings runs three fresh food and beverage brands: Bristol Farms, Lazy Acres and Metropolitan Market. It has 24 stores across the western region of the
Dec. 7, 2018
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Samsung Electronics wins KITA’s top exporter award
Top exporters including Samsung Electronics, Pubg, L&F and Intellian Technologies on Friday received awards out of 1,264 exporters that have contributed to the nation’s achievement of $600 billion in exports this year. They received awards at an annual ceremony held by the Korea International Trade Association to mark the 55th Day of Trade. KITA CEO Kim Young-ju (Yonhap)The event was attended by President Moon Jae-in, Minister of Trade, Industry and Energy Sung Yun-mo, KITA CEO Kim Young-ju and
Dec. 7, 2018
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P&G Korea to pull out of South Korea’s sanitary pad market
The Korean unit of Proctor and Gamble, a household and personal care goods company, is pulling out from the domestic sanitary pad market, amid dwindling sales after the company was hit by a scandal involving potentially toxic pads. P&G Korea has decided to withdraw its sanitary pad brand Whisper, citing changing market trends, the characteristics of Korean consumers and its business portfolio. (P&G Korea)However, the company said it would not be leaving the diaper market, adding that it would s
Dec. 7, 2018
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Jeju's for-profit hospital protests ban on domestic patients: officials
The Greenland International Medical Center, conditionally approved earlier this week as South Korea's first for-profit hospital, has expressed an intent to take legal action over the Jeju provincial government's decision to ban South Korean patients from using the hospital, officials said Friday.Gov. Won Hee-ryong of the Jeju Special Self-Governing Province on Wednesday announced the approval of the Chinese-owned medical center as a for-profit hospital on condition that it caters only to foreign
Dec. 7, 2018
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Daewoo Shipbuilding wins W444b contract for submarine rescue vessel
Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Friday that it has won a 444 billion-won ($397 million) deal to build a submarine rescue vessel.Under the deal with the country's Defense Acquisition Program Administration, Daewoo Shipbuilding will deliver the vessel by the end of 2022.(Yonhap)It will be equipped with a deep-submergence rescue vehicle, which can operate at depths of up to 500 meters.The ship is designed to rescue sailors trapped in submarines, provide nav
Dec. 7, 2018
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More hospitality businesses depending on loans from non-banks: data
Close to 30 percent of accommodations and restaurants taking out loans received them from non-banking institutions in the third quarter this year, data from the Bank of Korea showed Friday, raising concerns about their risks from interest rate fluctuations.The loans by the hospitality industry totaled 54.55 trillion won ($48.64 billion) in the quarter ended in September, up 10.5 percent from a year ago. Among the lending, 16.33 trillion won was borrowed from non-banking institutions, a gain of 2
Dec. 7, 2018
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FM Global approves LG Hausys’ phenolic foam insulation as fire-protective
Construction material supplier LG Hausys’ phenolic foam, a high-functioning semi-noncombustible insulation, has been certified as fire-protective by global standards, the company said Thursday.The firm said its PF insulation received Factory Mutual Approval certified by FM Global on criteria testing fire-resistance for ceiling boards and wall panels. FM Global is an international property insurance and loss prevention engineering company based in the United States. LG Hausys engineers check phe
Dec. 7, 2018
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No more for-profit hospitals under current administration: health minister
The incumbent Moon Jae-in administration will never authorize the opening of another for-profit hospital, South Korea's welfare minister said Thursday, amid brewing controversy surrounding the first-ever such approval by the Jeju provincial government.On Wednesday, the Jeju Special Self-Governing Province gave a green light to a new Greenland International Hospital on condition that it caters only to foreign patients. Health and Welfare Minister Park Neung-hoo (Yonhap)"This approval is a unique
Dec. 6, 2018
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Samsung Welfare Foundation names tycoon's daughter as new chief
Samsung Welfare Foundation said Thursday it has named Lee Seo-hyun, a daughter of hospitalized Samsung Electronics Chairman Lee Kun-hee, as its new director.The new head of Samsung Welfare Foundation also stepped down from her position as president of the fashion division of Samsung C&T Corp., the de facto holding company of the family-controlled conglomerate Samsung. She will start her four-year term on Jan. 1. Lee Seo-hyun (Yonhap)Seo-hyun is the second daughter of Kun-hee, who has been bedrid
Dec. 6, 2018
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SK Group names first new CEO for SK hynix in six years
SK Group on Thursday appointed Lee Seok-hee as the CEO of SK hynix in its annual reshuffle, alongside new leaders named for SK Gas, SK Engineering & Construction and SK Global Chemical. “Lee has the leadership and world-class expertise in chipmaking, and has taken the posts as the heads of SK hynix’s R&D division, head of DRAM business unit, and COO. All in all, he is viewed as the right figure to secure sustainable competitiveness,” said SK Group in a statement. Park Sung-wook, who had led the
Dec. 6, 2018
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Some owners of conglomerates shy away from responsibility: watchdog
Members of families that control South Korea's eight conglomerates opted not to register themselves as board members in their affiliates, the antitrust watchdog said Thursday, a loophole seen as shying away from managerial responsibilities.The Fair Trade Commission said that as of May, none of the owners and their grown children were board members of affiliated companies of retail giant Shinsegae Group, food and entertainment giant CJ Group and six other conglomerates. (Yonhap)The watchdog said
Dec. 6, 2018
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Nuclear industry decline inevitable global trend: expert
The global nuclear industry has been declining in the face of a decreasing number of new reactors in recent years, leaving more room for growth in the decommissioning sector over the long term, a renowned energy consultant said Thursday. Mycle Schneider, the lead author of the World Nuclear Industry Status Report (WNISR), said the global energy landscape has been shifting toward renewable energies and that building new nuclear reactors is simply not competitive any more. Mycle Schneider, lead a
Dec. 6, 2018
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7 Chinese firms rank among top 10 innovative biz entities in Asia: survey
Seven out of the 10 most innovative tech companies in the Asia-Pacific region were from China, with four South Korean firms making it to the top 100 such enterprises, a survey by a global consulting firm showed Thursday.According to the "2018 Technology Fast 500 Asia Pacific" by Deloitte, Chinese open platform real estate listings provider Ke.com took the top spot by logging a 32,179 percent sales spike over the past three years. (Yonhap)Including Ke.com, China claimed the majority of the top 10
Dec. 6, 2018