Most Popular
-
1
Slew of top K-pop stars ready to return from military
-
2
S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
-
3
Military aircraft evacuating S. Koreans in Lebanon returns home
-
4
Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
-
5
BTS-themed moon jar to be unveiled on Hangeul Day
-
6
Samsung unveils 'personalized AI' for all devices
-
7
Market uncertain on Korea's October rate cut despite slowed inflation
-
8
1,430 minors investigated for drug offenses from 2018 to 2023: police
-
9
Special counsel bill to probe first lady scrapped
-
10
Korean bands get their day in the sun, finally
-
[On the Bar] GDPR compliance basics: What businesses need to know
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 European Union’s General Data Protection Regulation 2016/679, popularly known as GDPR, was adopted in 2016 and took effect May 25, 2018. GDPR differs in many ways from Korean statutes such as the Personal Information Protection Act and tends to be vague about the tasks required of those wh
Oct. 3, 2018
-
Nuclear phase-out plan to jack up electricity purchase cost by 11% by 2030: govt. report
South Korea's plan to phase out nuclear reactors will increase its electricity purchase cost by 11 percent by 2030, a government report showed on Wednesday.Since taking office in May last year, President Moon Jae-in has pledged to close atomic power plants gradually and increase the ratio of renewable energy to 20 percent by 2030.The new energy policy has raised concerns that reduced dependence on coal and nuclear power and the still high production costs of renewable energy could lead to higher
Oct. 3, 2018
-
Korean Air introduces useful mileage tip
South Korea’s leading air carrier Korean Air has introduced ways to efficiently use its mileage system, Korean Air SkyPass. According to Korean Air, miles earned on the air carrier or partner airlines after July 1, 2008 are valid for 10 years from the date of the travel and can be used until Dec. 31 on the 10th year. (Korean Air)The period is relatively longer than other airlines, such as Singapore Airlines, where mileage usually expires in three years. For American Airlines, United Airlines an
Oct. 2, 2018
-
Hyosung Chairman Cho seeks expansion in China’s lucrative apparel market
Hyosung Chairman and CEO Cho Hyun-joon attended a textile exhibition in Shanghai and met with clients in a bid to cement the company’s position as the world’s leading textile company, the company said Monday.Cho’s attendance of the exhibition comes amid the company’s aggressive efforts to dominate the global textile market, following visits to Vietnam and India earlier this year. Hyosung Chairman and CEO Cho Hyun-joon (center) visits a client’s booth to examine latest trends during Intertextile
Oct. 1, 2018
-
KT&G to open heat-not-burn cigarette Lil flagship store
South Korea’s leading cigarette maker KT&G said Monday it will open Lil Minimalium on Wednesday, a flagship store dedicated to its heat-not-burn cigarette Lil. Located near subway Line No. 9 Sinnonhyeon Station in the bustling Gangnam district, the store will operate as a place for customers to not only experience and purchase the device, but also to try different accessories for Lil such as cases and pouches, KT&G said. KT&G’s Lil Minimalium flagship store is dedicated to its heat-not-burn e-c
Oct. 1, 2018
-
Dongwon F&B enters pet food market
Dongwon F&B, Dongwon Group’s food division, said Monday that it has launched pet food for dogs, in a first for the company. According to the company, Nutriplan pet food for dogs comes in two varieties: one features tuna and ginseng powder and the other contains tuna and krill shrimp. (Dongwon F&B)Both products contain tuna, the main product of Dongwon F&B, which is a good source of protein and omega-3 for dogs, the company said. All the ingredients, including ginseng powder and krill, were made
Oct. 1, 2018
-
Olive Young’s Gangnam store attracts 5 million visitors
Olive Young, CJ Group’s health and beauty drugstore brand, said Monday that its flagship store in Gangnam has attracted 5 million visitors since it opened last year.Its Gangnam store opened in September 2017 at a four-story building located near subway Line No. 2 Gangnam Station. Its third-quarter sales this year increased by 39 percent on-year, the company said, posting the second greatest sales among its stores. Olive Young Gangnam store (Olive Young)While the Olive Young Myeong-dong store re
Oct. 1, 2018
-
Calls persist for Google, Apple to face stricter tax regulations in Korea
Calls continue to grow in South Korea to enforce tax laws more strictly for global tech firms such as Google, Facebook and Apple, as concerns have been raised over ambiguities critics say may create an uneven playing field for local tech firms. For example, Google Korea and Korean tech giant Naver are estimated to have reported similar sales figures of around 4.7 trillion won ($4.23 billion) last year. The US tech giant paid only 20 billion won in corporate taxes, while Naver paid 423 billion wo
Oct. 1, 2018
-
LS Cable & System to supply high-voltage cables for Hornsea Project Two
LS Cable & System said on Monday that it had signed a contract with the Denmark-based power company Orsted to supply high-voltage cables for the world’s largest offshore wind farm, Hornsea Project Two.Under the contract, LS Cable will supply 350 kilometers of onshore high-voltage cables, including 400-kilovolt cables, by 2021.Hornsea Project Two will be located 89 kilometers off the Yorkshire coast in the UK. When operational in 2022, it will be capable of supplying electricity to well over 1.3
Oct. 1, 2018
-
Philip Morris files suit against Seoul govt. for information disclosure
Philip Morris Korea Inc. said it filed a suit against the Seoul government on Monday, demanding the disclosure of detailed information on its recent announcement over research on harmful substances found in alternative tobacco products. In June, the Ministry of Food and Drug Safety said five cancer-causing substances were found in heat-not-burn tobacco products sold in the local market, with the level of tar detected in some of them exceeding that of conventional cigarettes. The ministry made th
Oct. 1, 2018
-
Ediya Coffee hosts annual music event in Busan
Korean coffee shop chain Ediya Coffee hosted the eighth Ediya Music Festa this year, an annual music event held since 2011 in appreciation of its customers and franchise operators, officials said Sunday.Over 12,000 people attended the event in Busan on Saturday, which featured performances by popular musicians including Hong Jin-young, Lee Eun-mi, Haha & Skull, Dok2 & The Quiett, Ailee and Kim Yeon-woo. Participants attend the eighth Ediya Music Festa in Busan on Saturday. (Ediya Coffee)On the s
Sept. 30, 2018
-
Global luxury hotel chains phasing out plastic straws to help reduce pollution
Global luxury hotel chains operating in South Korea are moving actively to phase out plastic straws, replacing them with those made of paper, industry sources said Sunday.The move comes as hotels with operations all around the world are taking the lead to reduce plastic waste, which is generating considerable attention in the country and around the globe. (Grand Ambassador Seoul)Grand Ambassador Seoul said it has replaced plastic straws with paper ones despite the change being more costly for it
Sept. 30, 2018
-
[Management in Korea] Looking beyond the first day in hiring external executives
Management in Korea is a regular column written by members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.Korean companies have long relied on promoting leaders from within. While there are many benefits to this talent strategy, it often falls short when organizations need leaders with new competencies and experiences. This is why in the face of the widespread changes reshaping the global economy, Korean companies
Sept. 30, 2018
-
Brand value of leisure firms up, liquor makers down amid new working hours
The brand value of South Korean leisure-related companies improved in the third quarter following the government's new policy to cut work hours, data showed Sunday, while that of liquor firms lost ground.South Korea earlier reduced its maximum working hours to 40 hours plus 12 hours of overtime per week from 68 hours in July to reduce chronic overwork.According to the data compiled by Brand Stock, leisure, healthcare and resort companies mostly saw their brand value gain ground following the cha
Sept. 30, 2018
-
LG family members summarily indicted for tax evasion
Prosecutors charged two LG Group executives Friday for helping its owning family dodge capital gains taxes. Fourteen family members, including the father of Chairman Koo Kwang-mo, were summarily indicted.The executives, former and current financial team leaders, helped the owning family members evade 15.6 billion won ($14 million) in taxes when they sold off their stakes in LG International to LG Corp., the holding company of the nation's fourth-largest business group, the prosecution said. (Yon
Sept. 28, 2018
-
Amorepacific opens total beauty solution store Aritaum Live Gangnam
South Korean cosmetics giant Amorepacific opened total beauty solution store Aritaum Live Gangnam on Friday. Aritaum Live Gangnam (Amorepacific)Located near subway Line No. 2’s Gangnam Station, the company said the store will attract customers with a variety of premium brands including Laneige, Iope, Mammonde and Hanyul and daily beauty brands such as Happy Bath and Plesia, and discover differentiated beauty experience events. Customers can also find non-Amorepacific cosmetics brand products, a
Sept. 28, 2018
-
E-Mart signs lease to open PK Market in downtown LA
Retail giant Shinsegae Group’s discount chain operator E-Mart said Friday that it has signed a lease in Los Angeles and will open its premium “grocerant” store-restaurant PK Market there in the second half of 2019. Building in LA where PK Market will enter (E-Mart)According to the company, it has signed a 10-year lease for a 4,803-square-meter space occupying three floors of a six-story building at 712 South Olive Street in downtown Los Angeles. The site was originally built in 1917 as home to t
Sept. 28, 2018
-
KAI loses multi-billion dollar training jet contract to Boeing
Korean aircraft manufacturer KAI has lost a multibillion dollar contract to build next-generation training aircraft for the US Air Force, thwarting its plans to expand exports, the company said Friday.With hopes to win the lucrative project, KAI had formed a consortium with the US’ Lockheed Martin to replace 350 units of the aging T-38 jets.The local stock market instantly reacted, with KAI’s shares sliding 28.5 percent to 35,750 won ($32.30) per share compared to the previous day’s close as of
Sept. 28, 2018
-
E-Mart to open premium grocery store in LA next year
E-Mart Inc., South Korea's largest discount hypermarket chain by sales, said Friday it will launch the first outlet of its premium grocery store in Los Angeles next year, the latest in a series of moves to expand its presence abroad.E-Mart has signed a 10-year contract to lease three floors of a six-story building in downtown LA with a plan to open the 3,104-square-meter grocery shop named PK Market in the second half of next year, it said. This image provided by E-Mart Inc. shows an artist`s re
Sept. 28, 2018
-
[Monitor] Korea’s corporate entertainment expenses drop W245b after anti-graft law
Corporate entertainment expenses at South Korean companies declined by more than 200 billion won ($180 million) from 2015 to 2016, as a result of the anti-graft law that took effect on Sept. 28, 2016.According to corporate entertainment expenses calculated based on corporate tax records, companies spent a total of 10.6 trillion won for entertainment purposes in 2016.It marks a decrease of 245.1 billion won from a total of 10.89 trillion won in entertainment expenses observed in 2015, prior to th
Sept. 27, 2018