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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Seoul warns of taking US’ steel tariff move to WTO
Anticipating a major blow to the country’s steel pipe industry, the South Korean government on Monday vowed to take all necessary measures against the US‘ moves to impose a selective raise in tariffs, warning it could take the case to the World Trade Organization.“When the US government makes a final decision to impose 53 percent tariffs on 12 countries, the Korean government will actively review complaining to the WTO,” said Kang Sung-cheon, deputy minister for trade during a press briefing. On
Feb. 19, 2018
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[Video] Athletes are lovin’ it: McDonald’s store becomes popular hangout at PyeongChang Olympics
When the 17 day-long 2018 PyeongChang Winter Olympics kicked off on Feb. 9, every detail regarding the athletes -- from what medals they are expected to win to what food they are eating -- has received worldwide attention.While Gangwon Province, the Olympic host region, has been crowded with a variety of global food restaurants, the US fast food chain has been at the center of attention, which again, carried on its tradition of serving athletes free meals at the Olympics.(Shot and Edited by Park
Feb. 19, 2018
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Seoul opposes Washington's plan to slap extra tax on steel imports
Anxiety built up among South Korea’s steel manufacturers over the weekend, following the latest signals from the United States to drastically increase the tariff rate for steel imports as part of President Donald Trump’s trade protectionist policy.While figuring out a countermeasure, companies complained that the suggested action plan was not only excessive but also unfair as it unaccountably excluded some of the top steel exporting nations to the US.The Ministry of Trade, Industry and Energy on
Feb. 19, 2018
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[IP in Korea] ‘Buying off patent trolls is no solution’
When faced with legal action by “patent trolls” -- entities that own patents without intending to use them -- companies can be tempted to resort to an out-of-court settlement. But such evasive measures only create a vicious circle, according to a top official of a US-based company against patent trolls, also called non-practicing entities.“Conforming to these NPEs’ demands for money will only further incentivize their behavior,” Shawn Ambwani, COO and co-founder of Unified Patents, told The Kore
Feb. 19, 2018
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Samsung Engineering signs $1.03b Oman refinery plant deal
Samsung Engineering Co., a construction unit of Samsung Group, has signed a deal to build a $1.03 billion refinery plant in Oman by early 2022, the company said Monday.The builder said it signed the signed the deal with Duqm Refinery and Petrochemical Industries Co. LLC. on Thursday in Oman. It said in a regulatory filing that it will build a 230,000-barrel-a-day refinery facility for the Oman company by Jan. 13, 2022.Samsung Engineering won the order in August last year and the two sides signed
Feb. 19, 2018
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Top 10 conglomerates see market capitalization fall this year
The top 10 family-run business conglomerates, or chaebol, have seen their combined market capitalization slightly fall so far this year, data showed Monday.The decline was mainly due to sluggish performance by the stocks of Samsung Electronics Co. and Hyundai Motor Co., according to the data by the Korea Exchange.The combined market capitalization of the top 10 chaebol stood at 929.3 trillion won ($870.9 billion) as of last Wednesday, down 2.1 percent or 19.8 trillion won from the end of last ye
Feb. 19, 2018
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[Feature] Amid baby bust, firms look overseas for survival
While South Korea has a highly active baby care market with a range of high-quality products, it also suffers from one of the world’s lowest birthrates.South Korea was ranked 219th among 224 countries, with an average woman’s total fertility rate at 1.26 in 2017, the lowest figure among OECD countries, according to CIA’s the World Factbook.The falling birthrate, one of the gravest challenges the government faces, has been visibly hurting baby care businesses here in recent years.After struggling
Feb. 18, 2018
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Korea's coal-fired power generation hits record high levels in 2017
South Korea's coal-fired power generation reached new highs in 2017, despite government efforts to switch to clean renewable sources, such as solar and wind power, official data showed Sunday.Statistics by the state-run Korea Electric Power Corp. said the country's coal-based power generation totaled 217,037 gigawatt hour from January through November 2017, exceeding the previous record of 213,803 GWh reached in the first 11 months of 2016.Besides the higher numbers, the percentage of coal-fired
Feb. 18, 2018
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S. Korea's wine imports gain 9.7% in 2017
South Korea's wine imports increased at the fastest pace in four years in 2017 on the back of strong demand for white and sparkling wines and mini wines targeting a rising number of single-person households, government data showed Saturday.South Korea imported $210 million worth of wines in 2017, up 9.7 percent from a year earlier, according to the data compiled by the Korea Customs Office. It was the first time the amount surpassed $200 million. (Emart)Imported wine was one of the fastest grow
Feb. 17, 2018
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Overseas direct purchases of electronics surges 44.3% in 2017
South Koreans' direct purchases of electronic goods and home appliances from overseas online sellers jumped more than 40 percent last year, government data showed Saturday. (Samsung Electronics)They bought 277.3 billion won ($256.9 million) worth of home appliances, electronics and communications devices via foreign Internet shopping malls in 2017, according to the Statistics Korea's online shopping report. It marked a 44.3 percent increase from 192.1 billion won in 2016 as more local consumers
Feb. 17, 2018
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Hyundai Tucson, Kia Rio recognized as most dependable vehicles by J.D. Power
Hyundai Motor Co.'s compact crossover Tucson and the Rio subcompact by sister brand Kia Motors Corp. received recognition as the most dependable cars in their classes by J.D. Power and Associates, industry watchers here said Friday.The two vehicles received high marks from the US-based marketing information service company earlier in the week for the low number of problems experienced by their buyers. (Yonhap)The Vehicle Dependability Study is an industry-wide review that checks problems with 3-
Feb. 16, 2018
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Ex-head of Samsung's Bixby technology joins Google: reports
A former executive vice president of Samsung Electronics, who led the development of Bixby voice assistant technology, has recently joined Google to lead the US technology giant's Internet of Thing business, according to foreign media reports Friday. (Yonhap)Rhee In-jong, former chief technology officer of Samsung's mobile division, left the South Korean firm last December. Rhee served as a professor of computer science at North Carolina State University, before joining Samsung in 2011. At Sams
Feb. 16, 2018
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Former Samsung vice chairman questioned in graft probe linked to ex-leader Lee Myung-bak
A former Samsung Group vice chairman appeared at a Seoul prosecution office Thursday for questioning over alleged bribery involving former President Lee Myung-bak. Lee Hak-soo, 72, is under investigation over his involvement in Samsung‘s alleged payment of fees to a U.S. law firm for DAS, a local auto parts maker linked to the former leader.SAMSUNG BRIBERY INVESTGIATION – Former Samsung Electronics Vice Chairman Lee Hak-su steps into the Seoul Central District Prosecutor’s Office on Thursday to
Feb. 15, 2018
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Lotte chief’s jail term reignites succession battle
A Seoul court’s verdict that put Lotte Chairman Shin Dong-bin behind bars has put the retail giant in disarray, reigniting a succession battle between Shin and his older brother, Shin Dong-joo. The elder Shin demanded his younger brother, who heads Lotte’s operations in Korea and Japan, resign his post as the chairman of Lotte Holdings. The unlisted company holds 99 percent shares in Hotel Lotte, the de facto holding company of the retail giant’s South Korea operation.Dong-joo was the former chi
Feb. 14, 2018
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[Monitor] GM Korea‘s performance
General Motors sent market jitters in South Korea by announcing the shutdown of its Gunsan plant in North Jeolla Province, citing needs for business restructuring.The decision, widely considered a prelude to a complete withdrawal from Korea despite the automaker’s official denial, is based on the firm‘s lagging business performance.According to GM Korea, the size of accumulated net losses for three years between 2014 and 2016 was some 2 trillion won ($1.84 billion). The company also saw a defici
Feb. 14, 2018
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Top listed firms’ total profit jumps nearly 50%: data
South Korea’s top 100 listed firms in terms of market capitalization saw their net and operating profits surge nearly 50 percent in 2017, on the back of a global tech super cycle that buoyed local manufacturers, data showed Wednesday. The firms on either the top-tier Kospi and second-tier Kosdaq recorded a total of 121.7 trillion won ($112.4 billion) in net profit and 155.6 trillion won in operating profit, up 48.5 percent and up 45.8 percent on-year, according to data compiled by local market t
Feb. 14, 2018
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[Weekender] Seollal as much a time for business as family
The holidays are a time for cheer and spending quality time with family, but it is also an important time of year in South Korea for solidifying business relationships -- with boxes filled with seaweed, Spam or shampoo.On the largest traditional holiday of the year, the Lunar New Year, or “Seollal” in Korean, retailers and logistics companies are flooded with bulk orders for gift sets to be sent to business acquaintances.An employee at Hanaro Mart in Yangjae-dong, Seoul, adjusts a displayed gift
Feb. 14, 2018
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[Weekender] Whose family first? Seollal depicts gender inequality at its rawest
Lunar New Year, or Seollal, like Christmas season in the West, is supposed to be a fun and relaxing family time. But for some -- especially married women in Korea -- the holiday is more regarded as a time of endurance with long hours of domestic labor. Stemming from the Confucian tradition in which making the home is the sole “virtue” of wives, visiting the home of the husband’s parents is prioritized during the holidays. While at their in-laws, it is mostly the women’s’ responsibility to cook t
Feb. 14, 2018
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GM plant shutdown faces backlash, causes of losses questioned
Workers blasted General Motors on Wednesday, saying the US carmaker and its management were responsible for its losses in South Korea, a day after the company decided to permanently shutter one of its four Korean plants.Unionized workers at the carmaker vowed to stage a sit-in protest, accusing the company of trying to shift the blame onto them for years of losses. Amid aggravating confrontations, some raised suspicions the US carmaker has intentionally inflated the losses of its operations here
Feb. 14, 2018
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Big conglomerates post 46% jump in 2017 operating profit
Korea's 81 business groups posted a 46 percent on-year jump in their combined operating profit last year, helped by strong results on the part of leading players, a local corporate monitoring website said Wednesday.As of Friday, businesses that have released their preliminary earnings reports and are among the country's 100 largest conglomerates posted 155.06 trillion won ($143 billion) in operating profit on sales of 1,525.25 trillion won, CEO Score said in a statement. (Yonhap)Operating profit
Feb. 14, 2018