Most Popular
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Slew of top K-pop stars ready to return from military
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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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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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[Robert Fouser] Why the US election looks so close
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Special counsel bill to probe first lady scrapped
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US tariff move adds uncertainty to Korean automakers
The US latest tariff move has added uncertainty to the Korean automobile companies already facing a decline in sales in its largest export destination. The US Department of Commerce recently sought opinions from interested parties pursuant to Section 232 to determine the national security impacts of automobile imports. This is a follow-up measure to the President Donald Trump ordering it last month to review whether it can impose up to 25 percent tariff on imported cars. Industry watchers have r
June 3, 2018
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Korean biopharma firms seek new business opportunities at US biotech convention
South Korea’s major biopharmaceutical companies have headed to Boston this week to take part in the 2018 Bio International Convention, with aims to promote their technologies to interested partners and potentially strike new deals. The four-day conference, which kicks off Monday, is considered one of the world’s biggest biotech and pharma industry events. This year’s edition is taking place in Boston, a hub of top-class biotech research institutes, healthcare corporations, startups and investors
June 3, 2018
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S. Korean steel makers to enjoy potential benefits from N. Korea: analysts
South Korean steel makers could see benefits from North Korea's possible economic opening following the planned summit between US President Donald Trump and North Korean leader Kim Jong-un, analysts here said Sunday.Trump said after a meeting with Kim's top envoy at the White House that he will meet with Kim in Singapore on June 12 to discuss the dismantlement of the North's nuclear weapons program.The historic summit, if all goes well, could eventually help North Korea embrace an economic openi
June 3, 2018
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Daelim revokes W2tln deal with Iranian oil company in wake
Daelim Industrial Co., a major construction firm here, has canceled a construction deal worth 2.2 trillion won (US$2 billion) with an Iranian oil refining company in the wake of the United States' renewed sanctions against the Middle Eastern country, the South Korean firm said Friday.Daelim disclosed the cancellation of the deal with Esfahan Oil Refining Company in a report to the financial watchdog Financial Supervisory Service. The deal, signed in March last year, was designed to improve and
June 1, 2018
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FEZ authorities call for continued tax benefits for foreign investors
Chiefs of Korean free economic zone authorities gathered Friday to urge the Seoul government to maintain tax benefits given to foreign investors in the districts, amid a move to revise preferential treatment for foreign businesses. During a meeting in Osong, North Chungcheong Province, the heads of seven FEZs across the country -- Incheon, Busan-Jinhae, Gwangyang Bay Area, Daegu-Gyeongbuk, Yellow Sea, East Coast and Chungbuk -- said that if the government makes revisions to minimize the tax bene
June 1, 2018
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Korean Air, Delta JV open 370 routes to 192 US cities
A business venture between Korean Air Lines Co. and Delta Air Lines Inc. has allowed local travelers to fly on 370 routes to 192 cities in the United States since its launch last month, the South Korean carrier said Friday.On May 1, the two airlines launched the joint venture that permits Korean passengers to use multiple routes when moving in the US by availing themselves of flights offered by either Korean Air or Delta Air, a company spokeswoman said over the phone.Until a month ago, Korean Ai
June 1, 2018
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Ramen expo to invite North Korean ramen to Seoul
The Korea International Noodle Expo 2018, the nation’s biggest celebration of instant noodles, has announced it will specially create a zone for products from North Korea.KBS Media, the host of the expo, said Friday that, “In line with the mood for peace created by the South-North summit, we have prepared a special exhibition of North Korean food.”The special zone, named Okryugwan after the famous North Korean naengmyeon restaurant, will showcase instant ramen from the North. Representative Nort
June 1, 2018
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First labor union formed at Samsung Electronics
The first labor union has been formed at Samsung Electronics Co., according to a company official and industry sources on Thursday, as prosecutors widen a probe into the company’s alleged sabotage of efforts to form a labor union.Two Samsung Electronics employees submitted a labor union establishment application to the Ministry of Employment and Labor.The ministry’s branch office in Anyang, about 20 kilometers south of Seoul, approved the application in February, industry sources said.(Park Hyun
May 31, 2018
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POSCO DAEWOO to invest 511.7 bln won in Myanmar gas field
POSCO DAEWOO Corp., the trading-to-energy development unit of steelmaker POSCO, said Thursday it will invest 511.7 billion won ($475 million) in a joint gas field development project in Myanmar. POSCO DAEWOO will head the joint project, in which India’s state-run Oil and Natural Gas Corporation, the Myanmar Oil and Gas Enterprise, Gail (India) Ltd. and the Korea Gas Corp. will also take part. POSCO DAEWOO holds a 51 percent stake in the project, a company spokesman said over the phone. The inve
May 31, 2018
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KCCI hosts annual photo competition on life of businessmen
Korea Chamber of Commerce and Industry, the nation’s largest business lobby group, is hosting an annual photo competition from June 1 to Sept. 30, officials said Thursday.Titled “Businessmen’s workplace and life,” the panelists will look for candidates who capture unexpected scenes at workplaces and the people with stories. They also expect to have creative pieces that are also high in photographic quality. The 100 million won ($92,900)-competition is the largest photo competition in Korea. The
May 31, 2018
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Hyundai Glovis receives ISO anti-bribery certificate
Hyundai Glovis, a logistics arm under Hyundai Motor Group, has been certified as a company operating with an anti-bribery management system by the International Organization for Standardization, the company said Thursday.The certificate, codenamed ISO 37001, is given after assessing the company’s overall management system whether it is capable of preventing, detecting and responding to bribery as well as its compliance with bribery laws.“The company will have strict ethical standards as we are a
May 31, 2018
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LG CNS turns golf course in Japan into solar energy plant
LG CNS, an IT service provider under LG Group, has turned a closed golf course in Japan into a major solar energy plant capable of generating 62 gigawatt hours of electricity a year, the company said Thursday. Located near Mine city of Yamaguchi prefecture, the solar power plant was built on a 27-hole golf course that covers 142 square meters of land, equivalent to 200 football grounds. A solar power station built by LG CNS near Mine city of Yamaguchi Prefecture, Japan (LG CNS)The South Korean
May 31, 2018
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[Photo News] CJ CheilJedang opens first HMR grocery store
(CJ CheilJedang) (CJ CheilJedang)Customers look at ready-to-eat products and food ingredients at CJ CheilJedang’s newly opened Olive Market, a grocery store that focuses on home meal replacements, in Seoul. The store is the first such attempt in the industry. CJ CheilJedang said customers can enjoy one-stop shopping with a variety of its signature HMR products including Haetban (cooked white rice), Bibigo’s frozen dumplings and the Gourmet hamburger steak.
May 31, 2018
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Pulmuone rebranded with new CI
Food company Pulmuone rebranded itself with a new corporate identity for the first time in 13 years as it readies for change under the new leadership of CEO Lee Hyo-yul. Pulmuone‘s old (above) and new CI (Pulmuone)In January, Pulmuone founder Nam Seung-woo, who headed the company for the past 33 years, stepped down to make way for a new professional CEO to better manage the company. “The new CI, with a darker green logo and simplified font, indicates that Pulmuone will take a leap as a global co
May 31, 2018
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LG Hausys plans to develop production of phenolic foam insulation
Construction material supplier LG Hausys is expanding its production of phenolic foam, high-functioning semi-noncombustible insulation, with the completion of the construction of its second production line in Cheongju, North Chungcheong Province. Employees at LG Hausys inspect phenolic foam insulation at its second production line in Cheongju, North Chungcheong Province. LG HausysThe firm said it has begun mass-producing PF insulation at its new production line following a trial run in early May
May 31, 2018
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GM shuts down South Korean plant as part of restructuring effort
General Motors Co., the parent company of GM Korea Co., on Thursday shut down one of its plants in South Korea as it moves to restructure its operations at home and abroad.The 260,000-unit-a-year plant in Gunsan, about 270 kilometers southeast of Seoul, was hit hard by GM's decision to withdraw its Chevrolet brand from Europe in 2013. Its utilization rate plunged to a dismal 20 percent from 2016 amid rising labor costs.In February, the Detroit-based carmaker announced its plan to shut down one o
May 31, 2018
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Korea's industrial output rises 3.4% in April
South Korea's industrial output rebounded in April from a month earlier on a rise in production in the chipmaking and automaking sectors, government data showed Thursday.Production in the mining, manufacturing, gas and electricity industries rose 3.4 percent on-month in April, following an adjusted 2.2 percent on-month decline in the previous month, according to the data by Statistics Korea.From a year earlier, industrial output gained 0.9 percent, from a 4 percent on-year fall in March.Producti
May 31, 2018
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Banks plan financial aid for GM contractors
South Korean banks plan to provide financial assistance for contractors of GM Korea Co. that may suffer hardships due to the shutdown of its plant on the west coast, sources said Thursday.GM Korea Co., the South Korean unit of General Motors Co., closed its factory in Gunsan, 274 km south of Seoul, the same day as part of a restructuring plan aimed at keeping the struggling unit afloat.According to the sources, Shinhan Bank has decided to roll over their loans that will mature until the end of t
May 31, 2018
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[Advertorial] Asiana Airlines seeks growth with addition of new long-distance flights
Asiana Airlines is seeking to achieve new growth by repositioning itself as a carrier specializing in long-distance flights. As part of the new direction, it plans to introduce new flight routes connecting South Korea to Europe and the Americas, as well as bring in more top-quality, upgraded aircraft.In line with the push, Asiana will start offering a new flight from Seoul to Barcelona, Spain, starting from Aug. 30. The flight will be available four times a week, on Tuesdays, Thursdays, Saturday
May 30, 2018
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[Eyes On] Fettered by accounting dispute, Samsung BioLogics faces first major challenge
It all started with a command from the chairman who laid out the future of tech giant Samsung, the world’s largest chipmaker. Samsung Biopharma was one of the five new businesses that now-bedridden Chairman Lee Kun-hee came up with in 2010. But it was a mid-level salaryman who engineered the birth of Samsung’s biologics business and watched it grow. Samsung BioLogics CEO Kim Tae-han was one of many executives at Samsung’s now-defunct Corporate Strategy Office -- a control tower that orchestrated
May 30, 2018