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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US FDA greenlights Celltrion’s chemical combination drug for HIV-1
South Korean biopharmaceutical company Celltrion said Monday that its first-ever chemical combination drug for use by patients with HIV-1 infection has been approved by the US Food and drug Administration. Developed by Celltrion, Temixys is a tablet-type drug that targets HIV-1, short for Human Immunodeficiency Virus Type 1. It is a next-generation modified drug combining the properties of GSK’s Zeffix (lamivudine) and Gilead Sciences’ Viread (tenofovir disoproxil fumarate).The newly-approved ta
Nov. 19, 2018
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LG Innotek begins production of compact refrigerators with thermoelectric modules
South Korean parts manufacturer LG Innotek has mass-produced compact refrigerators with thermoelectric modules, the firm said Monday. According to LG Innotek, the recently launched table-sized refrigerator LG Objet has been incorporated with thermoelectric modules. These modules are combined with the components of thermoelements, radiator panels and radiating fans, to replace the cooling compressor system.LG Innotek's thermoelectric modules (LG Innotek)By using thermoelectric semiconductor techn
Nov. 19, 2018
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E-mart to launch first overseas No Brand’s store in Philippines
South Korean retailer E-mart said Monday that its No Brand private-label products will enter the Philippines market via the brand’s first overseas store set to open in 2020. According to E-mart, the company signed a franchise contract for exports with the Philippines’ leading retailer Robinsons Retail on Friday. Under the deal, the company aims to open 25 No Brand stores and 25 Scentence beauty stores at major shopping malls and department stores in the Philippines by 2020. A No Brand store in G
Nov. 19, 2018
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Posco E&C selected as preferred bidder for Malaysia plant project
A Posco Engineering & Construction Co.-led consortium has been selected as the preferred bidder for a 600 billion-won ($533 million) project to build a gas-fired combined cycle power plant in Malaysia by early 2023, the builder said Monday.Malaysia's local property developer Tadmax Resources Bhd, the Selangor provincial government-linked Worldwide Holdings Bhd in Malaysia and South Korea's state-run utility Korea Electric Power Corp. have jointly selected the South Korean company as the preferr
Nov. 19, 2018
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Imported commercial car sales rise 15% in Oct. on higher demand
Sales of imported commercial vehicles rose 15 percent last month from a year earlier on increased demand, a local automobile association said Monday.The number of newly registered imported commercial vehicles rose to 343 units in October from 298 a year ago, the Korea Automobile Importers and Distributors Association said in a statement. The corporate logos of MAN, Mercedes-Benz, Volvo Trucks, Scania and Iveco (Yonhap)"Local demand for imported trucks, buses and vans remained steady though ther
Nov. 19, 2018
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E-Mart to open stores in Philippines
E-Mart Inc., South Korea's leading discount chain operator, said Monday its stores dedicated to selling the company's private-label products will open in the Philippines as it moves to expand its global presence.E-Mart signed an agreement with Robinsons Retail on Friday to open 25 No Brand outlets and 25 Scentence shops in the Southeast Asian country by 2020, according to the South Korean retailer.Scentence is E-Mart's beauty brand. This file photo, taken on April 5, 2018, shows a No Brand store
Nov. 19, 2018
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Brokerages cut listed firms' Q4 earnings outlook
South Korean brokerage houses have trimmed their fourth-quarter earnings forecasts for major listed firms due to slowing exports growth and weak domestic demand, a market tracker said Monday.As of Friday, local securities companies expect 121 companies listed on the main stock market to chalk up a combined operating income of 44.1 trillion won ($39 billion) for the October-December quarter, according to FnGuide.The forecast is up 15.5 percent from their operating profit a year earlier but down 3
Nov. 19, 2018
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Top 500 firms' social contributions soar 30% in 2017
ocial contributions by South Korea's 500 largest companies jumped more than 30 percent in 2017 thanks to more favorable political and other conditions, a report said Monday.Out of the top 500 firms by sales, 198 businesses contributed a combined 2.7 trillion won ($2.4 billion) to social activities last year, up 30.1 percent from the prior year, according to the report by the Federation of Korean Industries.The headquarters of the Federation of Korean Industries (Yonhap)The tally marks a drastic
Nov. 19, 2018
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FSC’s order puts brakes on Samsung heir’s succession
The decision by South Korea’s financial authority to suspend trading of Samsung BioLogics shares on the stock market last week not only deals a blow to the biotech company but also puts the brakes on a high-profile succession scheme for the conglomerate, controlled by descendants of the founder, industry watchers said Sunday. On Wednesday, the Financial Services Commission concluded that Samsung BioLogics had “arbitrarily interpreted the accounting rules and intentionally breached them in 2015.
Nov. 18, 2018
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KOEN supports young Pakistani patient with cleft lip, palate
Korea South-East Power Co. has donated 18 million won ($16,000) to a young patient from Pakistan with a cleft lip and palate as the first beneficiary of its medical social contribution service, the company said Sunday. The firm helped with the surgery expenses while paying a visit to the 7-month-old patient at the Dental Hospital of Gangneung-Wonju National University.The donation was part of the KOEN Miso-Dream project jointly launched with the Seoul Medical Service Foundation in April this yea
Nov. 18, 2018
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[Feature] Poor preparation or clickbait? Korean Black Friday draws criticism
For Kim Yo-han, a 32-year-old office worker in Seoul, November has always been the month to shop for products with big discounts offered on e-commerce websites. From high-tech gadgets to designer clothes from luxury brands, Korean e-commerce companies run up to 80 percent discount promotions this month, mimicking Black Friday in US and Singles Day in China. Limited price flash deals usually lead to a huge increase in sales and traffic, creating buzz among online shoppers. Korean e-commerce giant
Nov. 18, 2018
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Amid trade tensions, RCEP to open broader market access for Korea
Ongoing negotiations toward an ASEAN-led mega trade deal will benefit South Korea by opening doors to new export markets -- particularly the world’s fastest-growing economy, India.Negotiations for the Regional Comprehensive Economic Partnership, launched in 2012, involve 10 ASEAN members and six Asia-Pacific countries: Korea, Australia, China, India, Japan and New Zealand. On Wednesday last week, leaders of the 16 nations met in Singapore and agreed to finalize the trade deal in 2019. If conclud
Nov. 18, 2018
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Korea's mid-sized cosmetics firms report weak earnings in Q3
South Korea's mid-sized cosmetics companies suffered losses in the third quarter of this year as they strived to reform their business structures in the face of tough competition at home, industry sources said Sunday.Able C&C, which operates budget cosmetics brand Missha, swung to the red in the July-September period, posting a net loss of 9.4 billion won ($8.3 million), it said. Its sales dropped 12.1 percent to 73.1 billion won and operating income swung to loss of 13.2 billion won. (Yonhap)T
Nov. 18, 2018
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[On the Bar] Recent changes in accounting and audit practices in Korea
On the Bar is a regular column written by attorneys at Yoon & Yang LLC on various laws and regulations that affect running a business in Korea. The content provided here is general legal information. -- Ed.The Act on External Audit of Stock Companies has undergone numerous amendments since its enactment in 1981.The latest amendment, which took effect on Nov. 1 this year, contains the most sweeping reform measures affecting all stakeholders in the accounting industry -- companies, auditors and re
Nov. 18, 2018
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Conglomerates' spending on business assets jumps 10.9%
Affiliates and subsidiaries of South Korea’s top 30 conglomerates spent a combined 64.9 trillion won ($57.3 billion) on acquiring business assets, such as facilities and projects for research and development, in the first three quarters of this year, data showed Sunday. (Yonhap)The conglomerates’ volume of capital expenditure -- spending on tangible assets -- and operating expenses -- of intangible assets -- combined rose 10.9 percent compared to the first three quarters in 2017, according to d
Nov. 18, 2018
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[Newsmaker] Police refer venture firm head accused of porn distribution to prosecution
Police on Friday referred to the prosecution a venture company chief accused of abetting online circulation of obscene videos and cruelly assaulting company employees.Gyeonggi Nambu Provincial Police Agency recommended an indictment against Yang Jin-ho, chairman of robot developer K-Technology, who also owns two online file storage service providers.Police found more than 52,230 obscene and illegal files including spycam and revenge porn circulated via the sites since December 2013. Yang earned
Nov. 16, 2018
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Number of multiple home owners jumps 140,000 in a year
The number of people who own two or more houses has increased by 140,000 in a year, with the number of those owning five or more houses surpassing 110,000, data by Statistics Korea showed Friday.Meanwhile, 44.1 percent of households nationwide did not own a house, the data also showed. According to the home ownership statistics for 2017, a total of 14,964,000 people owned houses as of Nov. 1 last year. Of them 84.5 percent owned one home, while 15.5 percent owned two or more. (Yonhap)The number
Nov. 16, 2018
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Paris Baguette sells record No. of ‘Silky Roll Cake’
South Korean bakery chain Paris Baguette, operated by SPC, said Friday it sold 2,255,000 loaves of its Silky Roll Cake from October last year to September this year. This translates into 4.3 roll cakes sold every minute, with the combined length of the sold cake stretching some 541 kilometers, longer than the distance between Seoul and Jeju, the company said. The Silky Roll Cake has been a steady seller for the firm since 1988. Silky Roll Cake (Paris Baguette)The company said it plans to registe
Nov. 16, 2018
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FKI vice head urges WTO to address nontariff barriers
The World Trade Organization should tackle escalating nontariff barriers to stem the spread of protectionism and nationalism, the deputy head of South Korea's top business lobby said Friday.Kwon Tae-shin, vice chairman of the Federation of the Korean Industries, made the call during the globalization session of the Asia Pacific Economic Cooperation CEO Summit in Port Moresby, Papua New Guinea, the FKI said, which lobbies for the country's family-controlled conglomerates. "Populism and nationalis
Nov. 16, 2018
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Market remains split over Samsung BioLogics’ trading suspension
The stock trading suspension of Samsung BioLogics starting Thursday seemed to wrap up a chapter in the yearslong brawl over alleged accounting fraud, apparently with the defeat of the biotech company.Market observers, however, remained divided on the impact that the case may have on the domestic stock market and the biopharmaceutical industry. Some optimistically suggested that the sanction may act as a turning point for the Samsung Group affiliate to end the prolonged uncertainty factor.The dow
Nov. 15, 2018