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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Special counsel bill to probe first lady scrapped
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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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Korea Gas Corporation to take lead in LNG bunkering
Korea Gas Corporation, a public natural gas company, said Sunday it is aiming to take the lead in liquefied natural gas bunkering by naming it a new strategic business in response to the nation’s move to foster eco-friendly energy business. LNG bunkering, which uses LNG as vessel fuel, is emerging as an eco-friendly business in response to the government’s regulations on marine environment. An employee supplies LNG to a vessel using a tank lorry. (Korea Gas Corporation)“We will expand the supply
May 20, 2018
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KOTRA vows to play leading role in S. Korea-ASEAN economic cooperation
The state-run Korea Trade-Investment Promotion Agency met with the chiefs of its Southeast Asian and Southwest Asian centers, seeking to expand investment and economic cooperation in the regions, officials said Sunday.“KOTRA will become the foundation for economic cooperation with ASEAN nations with the aim of achieving trade volume of $200 billion between Korea and ASEAN by 2020,” said Kwon Pyung-oh, the agency’s chief.The agency’s blueprint for regional economic cooperation comes in step with
May 20, 2018
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CJ E&M’s DIA TV gains over 160 million subscribers
DIA TV, an online and TV channel for individual content creators, said its number of subscribers had surpassed 160 million as of the end of April, surging from 44 million two years ago. DIA TV’s offline content exhibition DIA Festival is held in Seoul in August 2017. (DIA TV)Content on DIA TV, which is run by South Korean entertainment giant CJ E&M, saw an accumulated 32 billion hits as of the end of last year, following the service’s launch in 2015. “DIA TV will continue to support creative and
May 20, 2018
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MillerCoors accuses Hite of copycat trademark
US brewing giant MillerCoors has accused South Korean beer brand Hite of copying its light pale lager Lite, in an apparent move to deter Hite Jinro’s growing presence in the US market. A screen capture that compares Lite by MillerCoors and Hite by Hite Jinro. (United States Patent and Trademark Office)According to the United States Patent and Trademark Office, MillerCoors recently filed a petition against Hite Jinro’s registration of a trademark in the US, which the South Korean beer company ha
May 20, 2018
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[Photo News] Late LG chief Koo Bon-moo’s life in photos
Koo Bon-moo, chairman of South Korea’s fourth-largest conglomerate LG Group, died Sunday at the age of 73. LG Chairman Koo (second from left) and then-LG Cable Chairman Huh Chang-soo (third from left) visit LG Electronics’ factory in Pyeongtaek, Gyeonggi Province, for an inspection in October 1995. (LG)Koo (far left) inspects products at LG Display’s liquid-crystal display production line in October 1996. (LG)Koo (left) speaks with former General Electric Chairman Jack Welch during a meeting in
May 20, 2018
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LG's late chairman Koo Bon-moo leaves behind globalized business conglomerate
Late business tycoon Koo Bon-moo, who died Sunday, effectively expanded the global standing of South Korea's fourth-largest conglomerate LG by bolstering the competitiveness of a range of its businesses, from electronics to chemicals, throughout his more than 20 years as the top executive.The entrepreneur took over the family-controlled conglomerate after being tapped as the heir to his father Koo Ja-kyung, who also ran the business empire in the footsteps of his father and group founder Koo In-
May 20, 2018
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Koo Bon-moo, chairman of LG Group, dies at 73
Koo Bon-moo, chairman of South Korea’s fourth-largest conglomerate LG Group, died Sunday at the age of 73.He reportedly had two brain surgeries last year and was hospitalized due to side effects since early this year. His family refused life-sustaining treatment and decided to carry out a simple and private funeral, in accordance to the wishes of the deceased, company officials said.“Seize opportunities to grow amid changes and build foundations for permanency overcoming the crisis.” This was th
May 20, 2018
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Panel to hold 2nd review of Samsung Biologics' alleged accounting fraud
An accounting oversight panel will hold a second round of reviews on Samsung Biologics Co.'s alleged violation of accounting rules this week with the goal of drawing a conclusion to the matter within the month so as to limit market falloff, financial officials said Sunday.On May 2, the Financial Supervisory Service tentatively concluded that the pharmaceutical unit of Samsung Group has violated accounting rules, adding that corrective measures and punishment may be taken depending on the final o
May 20, 2018
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Market relieved upon China‘s approval of Toshiba deal
A sense of relief came among market watchers and investors upon the long-awaited approval by China’s antitrust watchdog on Thursday for the sale of Toshiba’s memory business to a global consortium including the Korean chipmaker SK hynix. Industry watchers said the finalization of the deal is expected to enhance SK hynix’s position in the global memory market through potential technological partnerships with Toshiba.“We were informed by the consortium last night of the completion of the antitrust
May 18, 2018
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Govt. to toughen regulations on accounting standards
Authorities will swiftly review financial statements and require accounting firms to submit transparency reports as part of its efforts to toughen rules on corporate accounting standards, the head of the Financial Services Commission said Friday.FSC Chairman Choi Jong-ku told a forum with accountants that authorities will step up their monitoring of financial statements and order firms to correct wrongdoings if they are found."It is no secret that trust of our corporate accounting is low at home
May 18, 2018
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Samsung chief extends term as group's foundation head
Samsung Electronics Vice Chairman Lee Jae-yong on Friday extended his term as head of an important welfare foundation, a move seen as bolstering his presence as the de facto chief of South Korea's No. 1 business group.Samsung Life Public Welfare Foundation decided to extend the term of Lee for three more years after he was named as the chairman in 2015. He succeeded to the post after his father Lee Kun-hee was hospitalized after suffering a heart attack.The foundation, established in 1982, curre
May 18, 2018
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S. Korea to increase incentives for wind farms
South Korea will raise incentives for offshore wind farm operators and cut back subsidies on biomass producers to promote more eco-friendly energy sources, the energy ministry said Friday.The Ministry of Trade, Industry and Energy said it will adjust the incentive rates for renewable energy sources based on their impact on the environment and contribution to helping the country meet its clean energy target.Under the new system, the ministry will reduce subsidies on solid recovered fuel, a fuel p
May 18, 2018
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Biogen will exercise call option to raise stakes in Samsung Bioepis to 49.9% next month
South Korean contract drug manufacturer Samsung BioLogics said Friday that its joint venture partner Biogen has officially notified the company of its intention to exercise its call option to increase its stake in Samsung Bioepis to 49.9 percent next month. “Samsung BioLogics has received a letter from Biogen stipulating that it plans to exercise its call option before the June 29 (midnight) deadline and that the two companies should prepare for a stock exchange deal,” Samsung BioLogics said in
May 18, 2018
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Supply of renewable energy more than doubled in Q1 in Korea
The supply of renewable energy and energy storage systems more than doubled in Korea in the first quarter of this year compared to the same period last year due to the easing of regulations, according to the Ministry of Trade, Industry and Energy on Thursday. The supply of renewable energy rose 2.5 times to 1.18 gigawatts and the supply of energy storage systems increased 5.3 times to reach 301 megawatt-hour in the first quarter. Renewable energy, which includes solar energy, wind power, tidal e
May 17, 2018
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Doosan Industrial Vehicle opens factory store in Atlanta
Doosan Industrial Vehicle, a leading South Korean forklift manufacturer, has opened a factory store in Atlanta, Georgia, to expand its presence in the North American market, the company said Thursday. Doosan Industrial Vehicle’s forklifts (DIV)At its factory store, customers can experience one-stop shopping for Doosan Industrial Vehicle and receive customer services such as counseling, according to the firm. The store will be directly managed by the company’s American branch, which aims to expan
May 17, 2018
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LG Group speeds up leadership succession to Koo Kwang-mo
LG Group, the fourth-largest conglomerate in South Korea, is speeding up its leadership inheritance process from the third generation of the owner family to the fourth generation, largely due to the incumbent chairman’s illness, the group said Thursday. Koo Kwang-mo, the only son of Chairman Koo Bon-moo was nominated as a board member at an emergency meeting of the directors early in the day after it was reported that the chairman had been hospitalized in critical condition.“The board held a mee
May 17, 2018
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Allergan Korea names Kim Ji-hyun as new CEO
Allergan Korea said Thursday that it has named Kim Ji-hyun, who most recently worked as the general manager of Leo Pharma Korea, as its new CEO. Kim is a sales and management expert who has worked in various fields spanning the pharmaceutical, finance and consumer goods industries, serving executive roles for Gilead Sciences, AstraZeneca, HSBC and Mattel in Korea. She received her B.A. in mass communications and media studies from Sogang University and a M.S. in integrated marketing communicat
May 17, 2018
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Costco under fire after plastics found again in PB products
Costco Wholesale, a popular warehouse-style discount chain here, has come under fire, as plastic pieces were found again in products from its private brand Kirkland Signature. The Ministry of Food and Drug Safety said Thursday that a 40 millimeter-long piece of plastic was discovered in a Kirkland Signature Jelly Belly product. A 13 millimeter-long plastic vinyl sheet was also found in a Kirkland Signature Protein Bar.It was the fourth time this year that foreign substances had been discovered i
May 17, 2018
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Macau aims for 40 percent nongaming revenue in future
MACAU -- With major casino-resorts in Macau having been up to their elbows in developing nongaming sectors such as entertainment and leisure activities, the city’s government said it targets about 40 percent of revenue from the gaming business’ nongaming sectors in the future. “I wouldn’t be so ambitious as to say 60 percent nongaming and 40 percent gaming. Probably I would be a little bit more conservative, going for a 40-60 split in terms of 40 percent for nongaming and 60 percent gaming in th
May 17, 2018
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LG chairman hospitalized, reportedly in critical condition
Koo Bon-moo, chairman of South Korean conglomerate LG Group, has been hospitalized due to an illness he has been suffering, and he is reportedly in a critical condition, according to news reports Thursday morning.Koo, the third generation of the LG owner family, has been receiving treatment at Seoul National University Hospital for more than a year since he had surgery early last year. LG Chairman Koo Bon-moo (Yonhap)LG Group called an emergency meeting of the board of directors Thursday morning
May 17, 2018