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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[IP in Korea] ‘Policymakers should work to expand public domain in IP’
Contrary to the widespread belief that they safeguard creators and promote innovation, intellectual property rights often act as legal partitions that intensify market monopoly and deter the proliferation of knowledge, according to an expert in information disclosure and intellectual property.“There is this myth that the reinforcement of exclusive IP rights will encourage and empower inventors and creators,” Nam Hee-sob, patent attorney and director of Open Net Korea and president of Knowledge C
April 15, 2018
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Korean Air heiress returns home to barrage of criticisms, probe for violence
Cho Hyun-min, the second daughter of the chairman of Korean Air Lines, returned to South Korea on Sunday in the face of mounting controversy over the allegation that she assaulted a manager of a local advertising firm by throwing water at his face. Cho, a senior vice president at the airline, arrived at Incheon Airport at 5:26 a.m. via the Korean Air flight KE464, from Danang, Vietnam, where she had been on vacation. At the airport, the 35-year-old Korean Air heiress apologized for her “foolish
April 15, 2018
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Hyundai Electric acquires full stake in US transformer plant
Hyundai Electric & Energy Systems Co. said Sunday it has acquired a transformer plant in the U.S.owned by its sister company, Hyundai Heavy Industries Co., seeking to tap deeper into the North American market and brace for potential trade barriers.Hyundai Electric said it has purchased a full stake in the plant in Alabama for 30.9 billion won ($28.9 million). The factory, which currently employs 300 workers, was established by Hyundai Heavy Industries in 2010. The plant has annual production cap
April 15, 2018
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KRX's overseas businesses turn 'white elephant' amid losses
The overseas businesses of South Korea's main bourse operator Korea Exchange have become "white elephants" amid consecutive annual losses, industry watchers said Sunday.According to the bourse operator's annual report, the Lao Securities Exchange, where the KRX holds a 49-percent stake, posted a net loss of 1.8 billion won ($1.68 million) last year.The LSX opened in 2011 through cooperation between South Korea and Laos.The KRX has invested 15.1 billion won in the LSX so far, although the Southea
April 15, 2018
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Korean Air heiress returns home amid probe into violent tantrum
The second daughter of the chairman of Korean Air Lines Co. returned home from an overseas trip on Sunday amid controversy over claims that she hurled water into the face of an advertising firm employee last month.Police launched a preliminary inquiry into Cho Hyun-min, a senior executive at the country's largest air carrier, on Friday after media reports that she yelled and threw a water bottle at a manager of the company's advertising agency during a business meeting in her office in Seoul on
April 15, 2018
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KITA’s 30th chairman group launched
The Korea International Trade Association said Friday it has held an inauguration ceremony to launch its 30th chairman’s group. The group consists of Chairman Kim Young-ju, Vice Chairman Han Jin-hyun and 29 nonstanding vice chairmen. Seven members, including KG Group chief Kwak Jae-sun and Hanyoung Nux head Han Young-soo, are new to the group. The chairman’s group serves to participate in key decision-making in terms of operating the association, deliberating on business and speaking for the tra
April 13, 2018
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AMCHAM to visit Washington to meet Trump Administration
Leaders from the American Chamber of Commerce in Korea are slated to visit Washington from Sunday to meet with key figures of the Trump Administration, according to AMCHAM on Friday. (Yonhap)Through these visits, the delegation will reaffirm Korea’s status as a strong and reliable ally to the US as well as a close economic partner, said the chamber of commerce. The delegation, including Chairman James Kim and Chairman of the Board of Governors Jeffrey Jones, has secured more than 50 senior-level
April 13, 2018
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Ministry to decide on protection of Samsung chip tech Monday
The Ministry of Trade, Industry and Energy on Monday will have a deliberation committee to decide on whether to give Samsung Electronics’ chipmaking technologies protection as national core technologies amid a dispute over workplace safety.Earlier this month, the Ministry of Employment and Labor moved for the disclosure of reports on working conditions of the company’s semiconductor plants, which Samsung said could lead to the loss of industrial secrets. Ahead of the scheduled committee, Industr
April 13, 2018
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GM moves to put Korean unit under court receivership
General Motors is preparing to put its Korean arm GM Korea under court receivership after the government expressed negative feedback in designating the automaker’s two plants in Korea as foreign investment zones, according to local news reports Friday. The automaker’s headquarters has reportedly completed its review on moving its production of GM Korea’s key export model Chevrolet Trax to China. It will also gradually remove its production lines in Korea, leaving only research, design and sales
April 13, 2018
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Hanmi Pharma gives up on development of lung cancer drug Olita
South Korean pharmaceutical firm Hanmi Pharmaceutical is expected to cease development of Olita, a lung cancer treatment, following its slow progress in clinical trials and cancellation of licensing deals with foreign drug makers. According to the Ministry of Food and Drug Safety, Hanmi submitted a plan to end the development of Olita 200 mg and 400 mg. The ministry has given a green light for sales of Olita in 2016, on condition that phase 3 clinical trials data are submitted. Olita, until rece
April 13, 2018
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Police to look into Korean Air heiress over alleged assault
Police said Friday they would look into the heiress of Korean Air’s alleged assault at a company meeting, where she is suspected of throwing a cup of water at an employee of an advertisement company last month. Cho Hyun-min, executive director of Korean Air (Korean Air)Seoul’s Gangseo Police Station launched a preliminary investigation to determine whether there are enough grounds for violations of laws subject to formal investigation. The incident surfaced online Thursday after an anonymous wri
April 13, 2018
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Samsung expands patent holdings in US
Samsung Electronics Co. is focusing on expanding its patent holdings in the United States, industry sources said Friday, amid intensifying industrywide intellectual property rights disputes.The South Korean company held 119,337 patents around the globe as of end-2017, with the US accounting for 46,150, followed by South Korea with 24,860 and Europe with 10,509. The tech giant had 11,005 and 7,086 patents in China and Japan, respectively, data showed.Industry watchers said it was also significant
April 13, 2018
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[Newsmaker] Mobile carriers say cost breakdown disclosure could expose business secrets
South Korean mobile carriers on Thursday expressed concerns about the country’s top court’s ruling to reveal the breakdown of their operating costs to the general public. The Supreme Court of Korea earlier Thursday upheld the ruling made by a local high court, which claimed consumers’ access to information regarding operating costs of the telecom companies is a right granted by the Constitution for a clearer understanding of fees being charged. In other words, the court’s judgment could be inter
April 12, 2018
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Korean department stores break off contracts with Korean actresses
Lotte Department Store did not extend its contract with actress Shin Min-a, effectively putting an end to the practice of hiring celebrities as exclusive models for department stores here.Korean department stores previously had the practice of hiring popular actresses to represent their businesses as exclusive models. However, Shinsegae and Hyundai department stores, as well as Galleria, had stopped employing celebrity models since the early 2000s. Shinsegae’s last exclusive celebrity model was
April 12, 2018
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Diageo Korea opens local entries for World Class bartending competition
Diageo Korea said Thursday it is opening to entries for the domestic portion of the World Class bartending competition, which Diageo has hosted since 2009. Hong Doo-eui, Korea’s 2017 representative for Diageo’s World Class bartending competition, poses after his win in the local competition last year. (Diageo Korea)Diageo’s World Class bartending competition, which marks its 10th competition this year, is dubbed the “world cup of bartending.” Some 10,000 bartenders from 60 countries participate
April 12, 2018
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Korea to set aside W15b for IP protection
The South Korean government will set aside 15.4 billion won ($14 million) to help protect the intellectual property of small and midsized exporters, the Korean Intellectual Property Office said Thursday. The patent office said it has selected 205 promising companies from a total of 845 companies that had applied for the program this year. Among them, 51 companies are developing next-generation technologies, such as artificial intelligence, virtual reality, precision medicine and the internet of
April 12, 2018
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ICCK partners with Incheon Port Authority
The Indian Chamber of Commerce in Korea signed a memorandum of understanding with the Incheon Port Authority early this month to cooperate in connecting businesses of Korea and India, according to the ICCK on Thursday. The ICCK said the two organizations would act as a bridge between the two countries in terms of investments and national projects. They will share information, such as newsletters, press releases and bulletins, and promote their activities with their members and associated organiz
April 12, 2018
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McDonald’s Sinchon outlet bids adieu
The McDonald’s outlet near Sinchon Station Exit No. 3 has closed for good after serving its last customers on its final day of business Wednesday. The restaurant was a landmark in the district, selling burgers for 20 years in the vicinity of Yonsei University. When news hit social media in mid-March that the outlet was going to be shuttered due to rising rent, online reactions ranged from disbelief to shock. The McDonald’s sign was taken down from the Sinchon Station branch at around 1:30 a.m. T
April 12, 2018
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Union officials questioned in probe into Samsung's alleged attempts to sabotage organized labor
Prosecutors on Wednesday called in three labor union officials of a Samsung Electronics unit as part of a probe into the tech giant's alleged attempts to sabotage the establishment of labor unions in affiliated companies. Ra Doo-shik, labor union chief of Samsung Electronics Service, and two other officials were questioned by the prosecution as reference witnesses, the Seoul Central District Prosecutors' Office said. The prosecution obtained official statements from them detailing claims against
April 11, 2018
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‘Small-giant’ retailer Style Nanda captures eye of L’Oreal
Social network platforms were abuzz with the news of South Korea’s fashion and beauty brand Style Nanda deciding to sell its 70 percent stake to L’Oreal for 400 billion won ($37 billion) on Tuesday. Style Nanda CEO and Founder Kim So-hee (Kim So-hee instagram)Industry insiders said it is a representative case of the global beauty giant recognizing the brand power of a Korean label, particularly in the Chinese market.According to Swiss financial services company UBS, Style Nanda’s deal partner,
April 11, 2018