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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Cho Yang-ho receives appreciation plaque from defense industry
Hanjin Group Chairman Cho Yang-ho was awarded a plaque of appreciation for leading both quantitative and qualitative growth in South Korea’s defense industry, the company said Sunday. Hanjin Group Chairman Cho Yang-ho (right).(Hanjin Group)Cho recently stepped down from the chairman post of the Korea Defense Industry Association. He served the position for 14 years since June 2004. The plaque thanked Cho for leading a stellar growth and transparent management in the defense industry. The newly
March 11, 2018
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SK Innovation breaks ground for Hungary’s battery plant
South Korea‘s leading energy and chemicals firm SK Innovation said Friday that it has held a ground breaking ceremony for an 40 billion-won ($784 million) electric vehicle battery plant in Hungary as part of its expansion of production capacity on growing demand. The plant is SK Innovation’s first exclusive factory to be built in Europe, in the hopes of playing an important role in the company’s advancements into the European market where most major global automakers are based.The plant will be
March 9, 2018
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Local steelmakers unnerved by US tariff
The heads of local steelmakers held emergency meetings with the government, expressing grave concerns over the impact of the US‘ decision to slap a 25 percent tariff on steel products, though the degree of the anxiety differed slightly by the size of their businesses.Heads of South Korea‘s steel companies held a joint meeting with the government representatives headed by Trade Minister Paik Un-gyu in Seoul, soon after US President Donald Trump signed on Thursday a 25 percent tariff on steel impo
March 9, 2018
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Govt. decides on court receivership, self-help for medium shipbuilders
South Korea's government decided on Thursday to place one midsize shipbuilder under court receivership and told another to implement a self-help program as part of its broader effort to streamline the ailing shipbuilding industry.In the latest financial assessment of Sungdong Shipbuilding & Marine Engineering Co. and STX Offshore & Shipbuilding Co. (STX O&S), creditors such as the state-run Korea Development Bank (KDB) and the Export-Import Bank of Korea (Korea Eximbank) reached the conclusion t
March 8, 2018
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LG outruns Samsung in EU patents
LG Group acquired the highest number of patents at the European Patent Office last year, outrunning Samsung Group and other European rivals, a report from the European Patent Office showed Thursday.In global ranking, the South Korean conglomerate stood at No. 3, next to Chinese IT giant Huawei and German engineering group Siemens. (from EPO report for 2017)Seoul’s patent application volume in Europe declined 8.2 percent from a year earlier, taking a sudden dip from the 6.5 percent on-year growth
March 8, 2018
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City dwellers’ skin suffers: Amorepacific
South Korea’s leading cosmetics manufacturer Amorepacific found that the level of urbanization can influence the formation of skin microbiomes, which causes skin problems, according to its study released in an international science journal.Amorepacific Co. R&D Center (Amorepacific)According to Amorepacific on Thursday, its in-house research institute Amorepacific Co. R&D Center partnered with Chung-Ang University’s College of Biotechnology and Natural Resources to conduct an experiment on skin m
March 8, 2018
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Sungdong Shipbuilding to file for court receivership
South Korean midsized shipbuilder Sungdong Shipbuilding and Marine Engineering will file for court receivership, while bigger STX Offshore & Shipbuilding reeling from years of heavy losses was given a monthlong grace period, the government said Thursday.“STX needs high-intensity self-efforts for survival. But, if it fails to make a firm commitment to have major restructuring and a business reshuffle from the management and the union within one month (April 9), it should also go into receivership
March 8, 2018
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KB Financial moves to enhance social responsibility
KB Financial Group has set out to enhance its social responsibilities along with its 12 affiliates as a leading financial group in South Korea that posted around 3 trillion won ($2.8 billion) in net profit last year.According to the group, its affiliates, including KB Kookmin Bank and KB Savings Bank, will continue to launch financial products with low interest rates to help the working class, startups and SMEs. Participants attend KB Financial Group’s fair “KB Good Job Fair” in June, 2017, at K
March 8, 2018
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[PyeongChang 2018] Number of Airbnb guests in Gangwon soars 500% during Olympics
Airbnb Inc. said Thursday about 15,000 tourists visited PyeongChang and its adjacent cities via the global room-sharing platform during the 2018 Winter Olympics, which wrapped up last week.The number of travelers who made reservations in Gangwon Province, including the Olympic host town of PyeongChang, some 180 kilometers east of Seoul, during the 17-day international sports event jumped 500 percent on-year, according to Airbnb. (Airbnb)The company said the figure is equivalent to 7,500 hotel ro
March 8, 2018
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[News Analysis] End of a chaebol era? Unlikely
For Scott Park, a 42-year-old businessman in Seoul, seeing Samsung’s de facto chief paraded in handcuffs at the height of the presidential bribery scandal last year was not something that he thought he could expect just a few months earlier. To him, Samsung has always been a prime representation of the South Korean economy, more so in recent decades, as the conglomerate has pulled far ahead of its rivals, led by Lee Jae-yong with a global reputation to claim for.“It was because of how we grew up
March 7, 2018
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Asan, 500 Startups launch global startup content sharing website offered in Korean
South Korea’s Asan Nanum Foundation in partnership with US-based venture capital 500 Startups on Wednesday launched a new website offering helpful startup-related news, information and content in the Korean language.The website, called The Bridge, will offer translated texts of startup-related blog posts, information and news from entrepreneurs and investors overseas, to give Korean founders better access to relevant startup knowledge and resources available in English. The site will also genera
March 7, 2018
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Korea to adopt AI, big data, blockchain for customs service
The Korea Customs Service will adopt advanced technologies, including artificial intelligence, big data and blockchain, for its customs administration in response to growing trade and ecommerce volume, according to the agency on Wednesday. “Adopting new technologies to respond to the ‘fourth industrial revolution’ is an overriding agenda for us as trade form is becoming more complicated,” said Kim Yung-moon, commissioner of the Korea Customs Service, during a meeting attended by Finance Minister
March 7, 2018
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Global advisory firm takes side with KT&G for its CEO reappointment
While debate lingers between shareholders over whether the South Korean tobacco maker KT&G’s current chief Baek Bok-in should be reappointed, a global proxy advisory firm Institutional Shareholder Services spoke in favor of Baek’s reappointment, industry sources said Wednesday. KT&G CEO Baek Bok-in (KT&G)Prior to the shareholders meeting slated for March 16, the state-run Industrial Bank of Korea -- the second-largest single shareholder of KT&G with a 6.9 percent stake -- has proposed for a conf
March 7, 2018
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Minor collision of Korean Air plane delays departure
Korean Air’s airliner KE011 en route to Los Angeles crashed into the tail of a different Korean Air plane inside the parking ramp. Takeoff was delayed for more than three hours. Korean AirAccording to Korean Air, the plane was being dragged by the tow car inside the parking ramp at Incheon International Airport on Tuesday at around 8:20 p.m. The plane was getting ready to be moved to the runaway for taxiing, the company said. While 292 passengers and 24 flight attendants were on board the plane
March 7, 2018
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Samsung to hand out Galaxy Note 8 to athletes at PyeongChang Paralympics
Samsung Electronics Co. said Wednesday it will hand out free Galaxy Note 8 smartphones to participants in the PyeongChang Winter Paralympics slated to kick off this week.The South Korean tech giant, an official partner of the International Paralympic Committee, said athletes will be provided with a special package featuring the Galaxy Note 8 along with a wireless charger and a dedicated case.The company also plans to operate eight Samsung display zones throughout the venues of the 2018 Winter Pa
March 7, 2018
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#MeToo spreads to business sphere, partially
A series of revelations involving prominent figures allegedly committing sexual crimes appears to have reached the nation‘s business arena, although its impact on the market has been limited so far. A fresh allegation that Gov. An Hee-jung of South Chungcheong Province sexually assaulted his secretary not only sent shockwaves nationwide, but also to the nation’s second largest bourse, with shares of companies even remotely related to the politician collapsing rapidly on Tuesday.Share price of BG
March 6, 2018
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Coway expanding business overseas
South Korea’s leading water and air purifier maker Coway said it will make an aggressive move to expand its overseas market base this year. An official at Coway Malaysia explains a product to a customer. (Coway)According to the company, it aims to hit the target of 520 billion won ($480 million) of overseas sales in 40 countries this year, about 26 percent up from the previous year’s target. Overseas sales include the sales from overseas branches and original design manufacturing production, the
March 6, 2018
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OB’s Brazilian CEO gets Korean name
Oriental Brewery, the Korean affiliate of the world‘s largest beer maker AB InBev, said Tuesday that its Brazilian CEO Bruno Cosentino has been given the Korean name Ko Dong-woo. Oriental Brewery CEO Ko Dong-woo (OB)The 45-year-old CEO, who took the post in January, is a veteran beer expert with over 20 years of experience at AB InBev. Until recently, he served as the vice president of AB InBev’s Asia-Pacific branch.OB said his name was made based on Korean traditional fortune telling. The Chine
March 6, 2018
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Korean biopharma association to support AI-based drug development
South Korea’s largest biopharmaceutical business association has kickstarted preparations for a support center that will leverage artificial intelligence to help Korean pharmaceutical companies accelerate new drug development processes.The move comes as Korea seeks to catch up with big pharma firms in the US and Europe which have begun to pour investments into AI for drug discovery. Uses for AI in developing medicines include identifying promising drug candidates and determining the right biomar
March 5, 2018
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Popularity of clothes dryers, steam closets changes home appliance market
Increased consumer interest in keeping clothes hygienic in a convenient way is changing the home appliance market, with clothes dryers and steam closets continuing to see sales growth. The LG TROMM clothes dryer and TROMM Styler (E-Mart)Both clothes dryers and steam closets had long been seen as supplementary or niche items here. But with changing lifestyles and shifting priorities of consumers, the two appliances have increasingly become more of a necessity than a luxury, industry watchers said
March 5, 2018