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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[Editorial] Brace for trouble
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HiteJinro’s holiday gift packages feature Gerard Bertrand wines
With the Lunar New Year holiday in a few weeks, Korean distiller HiteJinro has unveiled 59 packages featuring luxury wines as holiday gifts. Among the packages is a limited edition one featuring Gerard Bertrand wines, awarded red wine maker of the year by French magazine La Revue du Vin de France in 2015 and European winery of the year at the Wine Star awards in 2011. It is exclusively available before and during the Lunar New Year holiday, which falls in the third week of February. Other wine s
Jan. 28, 2018
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S. Korean firms need to shift strategy in China: report
South Korean companies need to shift their strategies in China as Beijing strives to boost domestic spending by attracting foreign investment and offering higher wages, a local think tank said Sunday.China has long been a manufacturing base for multinational companies due to low labor costs and growing domestic consumption of their products. Recently, the central government has pushed for plans to drive up consumption by luring foreign capital into major industries and raising workers' wages, Hy
Jan. 28, 2018
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Samsung retains No. 1 market share in US home appliance market in 2017
Samsung Electronics Co. retained its No. 1 market share of the large US home appliance market for the second year in a row in 2017 thanks to strong sales of its refrigerators, washers and cooktops, industry data showed Sunday.According to US market researcher TraQline, Samsung market share in key household products stood at 19.5 percent of all consumer appliances sold in the North American country. The numbers represent an almost two fold spike from the 11.5 percent tallied in 2014. (Yonhap)For
Jan. 28, 2018
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US import restrictions targeting China hurting S. Korean companies: KITA
US import restrictions targeting Chinese goods are hurting South Korean companies in the key North American market, an international traders organization in Seoul said Sunday.The latest report by the Korea International Trade Association outlining important trade issues with the United States in 2018 said South Korea, which has a similar industrial structure to China, the world's No. 2 economy, is being subject to the same type of import restrictions as those being slapped on Chinese goods."Unde
Jan. 28, 2018
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Hyundai Heavy wins $500 mln LNG facility order in Canada
Hyundai Heavy Industries Co., the world's biggest shipbuilder by sales, said Sunday it has received a $500 million order to build a natural gas liquefaction facility in Canada.Hyundai Heavy will conduct a front-end engineering design for the hull of the At-Shore LNG and build the LNG liquefaction facility for Steelhead LNG Corp., the company said in a statement. The ASLNG facility, scheduled to begin operations in 2024 on the coast of Vancouver, will transform natural gas sent through undergroun
Jan. 28, 2018
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Domestic consumption business lagging despite improved economic growth
Businesses linked to local consumption logged 0.7 percent growth last year, a weak number compared to the 3.1 percent economic expansion posted for the country as a whole, the Bank of Korea (BOK) said Sunday.Retail and wholesale, restaurants and accommodation businesses are the key barometers of the health of domestic consumption. Data from the central bank showed that the gross domestic product for these sectors grew at its slowest since 2009 when it recorded growth of minus 0.3 percent while t
Jan. 28, 2018
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Employees have mixed feelings about Shinsegae's 35-hour workweek
Employees at Shinsegae Group have mixed feelings about the retail giant's 35-hour workweek, which began this year, citing positive improvements in work-life balance but heightened labor intensity.The South Korean retailer, which operates Shinsegae department store and E-Mart hypermarket chains, adopted the shortened workweek Jan. 1 to help its workers utilize their time to work more effectively. The company claimed reduced working hours allow people to spend more time with their families and eng
Jan. 28, 2018
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SK Biotek begins foray into Europe with Irish plant
SK Biotek, the first Korean pharma company to invest in Ireland, began operation of its plant under its new name in Swords, Ireland, on Thursday, opening the way for the Korean conglomerate’s foray into Europe’s pharmaceuticals industry.The opening event was attended by SK Biotek CEO Park Jun-ku, Minister of State at the Department of Finance of Ireland Michael D’Arcy and Korean Ambassador to Ireland Hu Kang-il.SK Biotek CEO Park Jun-ku (third from left) and participants attend an event to celeb
Jan. 26, 2018
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[Weekender] Korea moves to improve transit convenience for independent travelers
With the proportion of visitors in South Korea traveling individually continuing to rise -- reaching some 75 percent last year -- catering to their needs has become crucial in recent years, all the more so with the hosting of the 2018 PyeongChang Winter Olympic Games next month.The country’s state-run railway operator and the tourism agency have been stepping up their moves to improve convenience to foreign tourists who are traveling independently.In March, in anticipation of the hosting the gam
Jan. 26, 2018
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Posco Daewoo to focus on steel, gas and grains
Bolstered by record-high profit last year, Posco Daewoo is on track to start new businesses eyeing on higher profitability, vowing to grow as a general operating company beyond trading. At an investors relations meeting held in Yeouido on Friday, Posco Daewoo CEO Kim Young-sang unveiled plans for structural changes in existing businesses and ways to create new values for the company. “We need some structural changes in accordance with changing external conditions for sustainable growth,” Kim sai
Jan. 26, 2018
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[Newsmaker] Shinsegae attracts W1tr funding to expand e-commerce
South Korea’s retail giant Shinsegae, led by the group’s Vice Chairman Chung Yong-jin, said Friday it has attracted more than 1 trillion won ($940 million) from a foreign investment firm and a private equity firm in an aim to strengthen its e-commerce business.The company said it has signed a memorandum of understanding with BRV Capital Management, a consumer focused investment firm, and private equity firm Affinity Equity Partners for its new e-commerce unit. Shinsegae Vice chairman Chung Yong
Jan. 26, 2018
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Budweiser to start brewing with 100% renewable electricity
An American-style lager Budweiser will start attaching a 100 percent renewable electricity symbol on all Budweiser beers that are brewed with renewable electricity, making a show of commitment to its renewable energy targets. Budweiser (OB)According to ABInBev, Budweiser’s parent company, the symbol will appear on the label of every Budweiser brewed in the United States beginning in spring, the first country where the beer will be brewed using 100 percent renewable electricity. The company said
Jan. 26, 2018
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Papa John’s opens pop-up store in PyeongChang
US pizza chain Papa John’s has opened a temporary store in PyeongChang, Gangwon Province, host city of the 2018 Winter Olympics.Located on the first floor of AM Hotel, the pop-up location is set to run until March 18.The hotel is one of the official accommodation sites for the Winter Games. It stands across from the PyeongChang Olympic Plaza, where the opening and closing ceremonies will take place. The pop-up store of Papa John's at PyeongChang (Photo courtesy of Papa John's-Yonhap)An official
Jan. 26, 2018
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LG Electronics marks record high profit since 2009
LG Electronics said Thursday it earned the greatest operating profit since 2009, owing to high sales of its premium home appliances. The company posted 61.4 trillion won ($57.8 billion) in consolidated sales for fiscal year 2017, while recording 2.47 trillion won in operating profits. It is the first time for the tech firm to exceed 60 trillion won in annual sales. (LG Electronics)Compared to the previous year, sales rose 10.9 percent, while the operating profit surged 84.5 percent, the figures
Jan. 25, 2018
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South Korea launches WTO dispute over US tariffs
(Yonhap)GENEVA (Reuters) -- South Korea has launched a tradedispute at the World Trade Organization to challenge US safeguard tariffs on washing machines, a filing published by the WTO showed on Thursday.“Korea considers these measures to be inconsistent with the United States’ obligations under the relevant provisions of the GATT 1994 and Agreement on Safeguards,” South Korea’s complaint said.
Jan. 25, 2018
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Antitrust watchdog vows to curb chaebol intragroup deals
The Fair Trade Commission said it will impose stronger sanctions against conglomerates that funnel contracts and business orders to their affiliates, while stepping up investigations into appropriation of technologies and abuse of intellectual properties that they said hinder fair competition of innovation.“In order to prevent abusing economic power of large companies, we will strictly impose sanctions on chaebol’s unfair intersubsidiary dealings that can lead to expedient corporate succession a
Jan. 25, 2018
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SK hynix to invest W10tr in memory business
Bolstered by its record-high net profit in 2017, South Korean memory chip maker SK hynix unveiled Thursday an investment plan worth over 10 trillion won ($9.4 billion) for this year, which will be mostly used for completing its new 3-D NAND plant. During a conference call held for its 2017 earnings, Lee Myung-young, vice president of SK hynix, said this year’s investment will be larger than the previous year’s 10.3 trillion won, with the completion of the M15 fabrication facility under construct
Jan. 25, 2018
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[Video] With expanding market, HMR gift sets released
Buoyed by explosive growth and continuing popularity of home meal replacements, or ready-to-eat meals, in South Korea, more retailers are releasing a variety of HMR products.According to data from Korea Agro-Fisheries and Food Trade Corp., the local HMR market expanded 35 percent from 1.7 trillion won ($1.5 billion) in 2013 to 2.3 trillion won in 2016, marking double digit growth each year. As of last year, the market had continued its momentum to 3 trillion won. Shinsegae Department Store’s hom
Jan. 25, 2018
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SK hynix reports record high net in Q4 on strong chip prices
SK hynix Inc., a major South Korean chipmaker, said Thursday its net profit jumped 97.7 percent to reach an all-time high in the fourth quarter from a year earlier largely due to strong chip prices on continued favorable market conditions.Net profit came to 3.22 trillion won ($3 billion) in the October-December period, up sharply from 1.62 trillion won posted a year earlier, the company said in a regulatory filing.Operating profit reached 4.47 trillion won, up 190.7 percent on-year from 1.54 tri
Jan. 25, 2018
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IBK to launch self-service shops later this year: IBK CEO
Industrial Bank of Korea said Thursday it will launch self-service shops during the latter half of the year amid growing non-face-to-face transactions."We are sending some employees to Japan next month so they can look into self-service stores there to catch up with the growing proportion of non-face-to-face transactions," IBK CEO Kim Do-jin said in an interview with Yonhap News Agency.Kim envisages establishing shops where more than 90 percent of transactions, including deposits and withdrawals
Jan. 25, 2018