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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[News Focus] Is China opening doors to Korean battery makers?
Mixed expectations emerged Friday over the fate of Korean battery makers in China as the neighboring country granted approval for SK Innovation to develop batteries for Mercedes-Benz cars in the country, lifting its two-year ban.The South Korean commerce minister expressed optimism, saying that the case signals a new beginning.“The use of SK Innovation’s batteries was formally approved Tuesday and it is seen as an apparent signal by China (to Korean companies),” Paik Un-gyu, minister of trade, i
May 25, 2018
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S. Korean companies voice concerns over NK-US summit fallout
Following US President Donald Trump’s cancellation of a summit with North Korean leader Kim Jong-un, South Korean companies have voiced concerns about the possible impact on the domestic situation, but they are taking a wait-and-see approach.An official from the Korea Chamber of Commerce and Industry was quoted as saying that “since both sides aim to reach a mutual goal, we hope things go well, but it is still early to make a hasty conclusion.”The Federation of Korean Industries also expressed r
May 25, 2018
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China's tour ban lifting yet to help related sectors: sources
South Korea's cosmetics and tourism industries have yet to benefit much from China's lifting of a ban on group tours to Seoul despite a recent gain in the number of Chinese visitors, sources said Friday.In March last year, China took a set of retaliatory measures against Seoul, including a ban on group tours, following the installation of an advanced US missile defense system in southeastern South Korea. In November, Seoul and Beijing agreed to put their bilateral ties back on track by lifting t
May 25, 2018
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Seoul asks Beijing for level playing field for Korean battery makers
South Korea asked China to create a fair business environment for its electric vehicle battery makers, which have been excluded from the list of Beijing government subsidies, Seoul's trade ministry said Thursday.Paik Un-gyu, the minister of trade, industry and energy, made the request in a meeting with Miao Wei, Chinese minister of industry, information and technology, in Seoul. Paik said he brought up Beijing's policy stance of excluding electric vehicles equipped with South Korean batteries fr
May 24, 2018
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Korea to form task force following Trump’s automobile import tariff remarks
The South Korean government and automobile companies held a meeting Thursday to discuss how to respond to the potential impact following reports of US President Donald Trump ordering an investigation into automobile imports to see whether they threaten national security.The closed-door meeting was attended by senior officials from the Ministry of Trade, Industry and Energy and executives from Hyundai Motor, Kia Motors, GM Korea, Renault Samsung, Ssangyong Motor and Hyundai Mobis. “We agreed to f
May 24, 2018
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KAI delivers medical, emergency helicopters to fire authority
Korea Aerospace Industries said Thursday it delivered its KUH-1EM utility helicopter for medical emergencies to the Jeju fire safety authority, and its KUH-1FS utility helicopter for forest services to the Korea Forest Service. This is the first time for KAI to deliver its utility helicopters to the KFS and the National Fire Agency, which had previously relied on imported ones. “We will provide our full support for KUH-1EM and KUH-1FS to seek their operational stabilization at an early stage for
May 24, 2018
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Samsung BioLogics’ plant No. 2 wins FDA approval
South Korean biopharma company Samsung BioLogics has won approval from the US Food and Drug Administration for bio drugs manufactured from its second plant in Songdo, west of Seoul, the company said Thursday.(Yonhap)Winning the FDA’s approval means that the company can sell bio drugs manufactured from its second plant in the United States, according to the company. It also indicates that the firm has gotten the greenlight to manufacture a new bio product at the second factory, as companies have
May 24, 2018
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Cosmax to apply for global standardization of sun care tech
South Korean cosmetics developer and original development manufacturer Cosmax said Thursday that it is in talks with the government for methods to authorize the global standardization of infrared protection factor developed by the company, the first attempt in the world.Cosmax said it has developed sun care technology through a new clinical method, which can numerically measure IPF by comparing before and after its IPF-block product was applied to one’s skin. Such technology can be applied to va
May 24, 2018
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CJ ENM to set up Asia’s largest content studio in Vietnam
CJ ENM, a merged corporation of CJ O Shopping and CJ E&M officially launching in July, said Thursday that it will open Asia’s largest virtual commerce content production center in Ho Chi Minh, Vietnam, targeting audiences in Southeast Asian countries. The center, called DADA Studio Vietnam, will create and distribute at least 1,000 pieces of v-commerce content from early next year. Focusing on making use of the low-cost production system and high efficiency of the talent pool in Vietnam, CJ ENM
May 24, 2018
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BMW Korea to host LPGA competition next year
BMW Group Korea, the local importer and distributor of the German luxury carmaker, said Thursday it has teamed up with the LPGA tour to hold a tournament in the southeastern port city of Busan next year. Kim Hyo-jun, chairman of BMW Group Korea (left), and Michael Whan, commissioner of the LPGA, pose during a signing ceremony of the local importer, which is hosting a tournament next year. (BMW Group Korea)Scheduled for October, the first event will be held at LPGA International Busan, the tour’s
May 24, 2018
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Posco allocates W1.1tr for improved safety
Posco will invest 1.1 trillion won ($101.9 million) for improved safety in the next three years, the company said Thursday. Its safety related budget has doubled after the death of four workers due to nitrogen gas inhalation at its steel mill in Pohang, North Gyeongsang Province, last January.A total 36.9 billion won will go to training safety professionals and setting up a safety control tower, 511.4 billion won will be spent on enhancing safety devices, and 11.4 billion won in educating partne
May 24, 2018
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Top social commerce firms imposed with penalties over unfair practices
South Korea’s top three social commerce companies including Wemakeprice, Coupang and Ticket Monster, were imposed with a total of 130 million won ($120,000) in penalties over unfair business practices against their partner firms, according to the Fair Trade Commission on Thursday. This is the FTC’s first penalties imposed on social commerce companies, which use social networks in the context of e-commerce transactions. The market has reached more than 10 trillion won in Korea, according to indus
May 24, 2018
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Hanwha E&C collects $239m from Iraq for Bismayah New City project
Hanwha Engineering & Construction has received $230 million from the Iraqi government for the Bismayah New City development project there, the company said Thursday.The latest payment includes outstanding payments from last year and part of this year’s contract fees.Hanwha E&C has so far received $3.4 billion out of the $10.1 billion contract. A bird’s eye view of the ongoing Bismayah New City construction (Hanwha Engineering & Construction)The firm won the construction deal with the Iraqi gover
May 24, 2018
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Social enterprise Jeonju Bibimppang expands business
Social enterprise Jeonju Bibimppang, which is popular among travelers and locals, has been expanding its business in regions since its establishment in 2013 to create job opportunities for social minorities and foster Jeonju city’s economic development. Jeonju city is located in North Jeolla Province and is well-known for its signature bibimbap dish.SK Innovation had provided funds for the social enterprise to set up its business, and currently offers various support in finance, management, mark
May 24, 2018
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Prosecutors launch probe into Samsung Securities' stock blunder
Prosecutors said Thursday they launched an investigation into officials of Samsung Securities Co. over the massive dividend error in April that jolted the local financial market.The Seoul Southern District Prosecutors' Office said a probe has begun based on the complaint filed by the Financial Supervisory Service early this month regarding the accidental issuance of stocks worth nearly 113 trillion won ($104 billion) on April 6.The blunder happened when an official at the brokerage house by mist
May 24, 2018
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'Nut rage' Korean Air heiress quizzed over suspected illegal hiring of foreign housekeepers
Cho Hyun-ah, the infamous "nut rage" heiress to Korean Air Lines Co., was questioned by the immigration office Thursday over fresh allegations that she illegally hired housekeepers from the Philippines.Cho, the daughter of Hanjin Group Chairman Cho Yang-ho, presented herself at the Seoul office of the Korea Immigration Service just before 1 p.m.Wearing a blue shirt and cardigan, she stopped briefly in front of a swarm of reporters and camera crews. Cho Hyun-ah, former Korean Air vice president,
May 24, 2018
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23 Samsung Securities workers disciplined for dividend fiasco
Samsung Securities Co. took disciplinary actions Wednesday against employees responsible for last month's massive "fat-finger" dividend error, industry sources said. In April, the brokerage firm mistakenly issued about $100 billion worth of its own "ghost" stocks and paid them to employees as dividends. Despite the company's repeated advisories to workers about the mistake, some employees sold off a combined 5.01 million of non-existent shares, causing heavy losses to investors and serious mar
May 23, 2018
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[Photo News] Pfizer Korea promotes ‘Rare Disease Day’
SUPPORTING PATIENTS WITH RARE DISEASES -- Pfizer Korea employees promote Rare Disease Day with the launch of a campaign to raise awareness of rare diseases. Dubbed the “Rare Disease 7000-Zebra Campaign,” the campaign aims to encourage patients worldwide who suffer from rare diseases, of which there are more than 7,000 types. The zebra represents rare diseases under the message that “when you hear hoof beats, think of horses, not zebras.” (Pfizer Korea)
May 23, 2018
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[Exclusive] Allergan to start phase 3 trials of Medytox’s liquid BTX in Q4
Allergan gave official confirmation Wednesday that it would initiate phase 3 clinical trials of Innotox, Medytox’s Type A liquid-type botulinum toxin in the fourth quarter of this year, as it expects to receive the needed clinical supplies from Medytox before June. “Medytox plans to deliver phase 3 clinical supplies to Allergan this quarter. As previously stated, clinical development timelines can change, but based on the current timing, Allergan plans to commence Phase 3 in Q4 2018,” Allergan
May 23, 2018
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Duty-free shop license extended by up to 15 years
Duty-free shop operators will be allowed to maintain their business licenses for up to 10 years instead of the conventional five-year limit, a related government task force said Wednesday.“While the license period will be maintained at the conventional five years, conglomerates are to be permitted for a qualification renewal (for another five years),” Yoo Chang-jo, chairman of the task force for improving the duty-free shop system, said in a press briefing. Yoo Chang-jo (right), chairman of the
May 23, 2018