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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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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Controversial cult leader’s sentence reduced to 17 years
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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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Samsung, Hyundai chiefs to accompany Yoon on Singapore trip
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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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Chinese-made toy imports rise 12 pct in Jan.-Oct. period
South Korea's toy imports from China rose 12 percent this year, largely under an original equipment manufacturing agreement, the customs office said Sunday. The figure was estimated at $645 million in the first 10 months of 2017, accounting for 73 percent of the nation's toy imports, the Korea Customs Service said in a statement. This undated photo provided by the large discount store chain Lotte Mart shows the transforming toy robot Turning Mecard developed by the local toymaker Sonokong Co. (
Nov. 26, 2017
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Global demand for mobile memory chips pick up in Q3
Worldwide demand for mobile memory chips picked up in the third-quarter of this year, with Samsung Electronics Co. and SK hynix Inc. jointly accounting for about 85 pct of the global market for mobile DRAM, according to a market researcher on Saturday. According to the data compiled by industry tracker DRAMeXchange, Samsung's share of the mobile DRAM market stood at 58.3 percent during the quarter, followed by SK hynix's 27.2 percent. Micron Technology Inc. came third with a share of 12.4 percen
Nov. 25, 2017
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Apple's Korean unit under probe over alleged violation of competition law
South Korea's anti-trust regulator has visited the headquarters of Apple Inc.'s Korean unit to probe whether the company violated the nation's competition law, an industry source said Saturday. Apple's Korean arm has been suspected of requiring South Korean mobile phone carriers to pay the cost of television advertisements and other promotional activities for the iPhone 8 and iPhone X.The investigation by officials at the Korea Fair Trade Commission (KTFC) at the headquarters of Apple's Korean u
Nov. 25, 2017
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Korean retailers rev up efforts to expand presence in Middle East
South Korean companies are pushing to expand their presence in the Middle Eastern market after suffering backlash from a diplomatic row between Seoul and Beijing over a US missile defense system here, industry watchers said Friday.Earlier in the day, the Korea Federation of Small and Medium-sized Enterprises held a forum on halal food -- food products that are prepared in a specific way according to Island Sharia law -- to share strategies on making a foray into the Middle Eastern and Southeast
Nov. 24, 2017
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Lotte Confectionery acquires Indian ice cream maker
Lotte Confectionery has acquired a 100 percent stake in a leading Indian ice cream company, the company said Thursday.Lotte acquired 1 million shares of the ice cream manufacturer Havmor for 1,020 crore rupees ($157.9 million). The company, established in 1944, currently holds the second-largest market share in India. Lotte Confecionery plans to grow Havmore’s presence in the Indian market and to create synergies with its products already in the Indian market such as Choco Pie, gum and candy. (P
Nov. 24, 2017
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HNB Health Promotion Fund tax hike passes subcommittee
The bill subcommittee of the Health and Welfare Committee in the Korean parliament agreed to increase taxes for the Health Promotion Fund on heat-not-burn tobacco products Thursday.The amendment to the National Health Promotion Act, if passed by the National Assembly, would raise taxes collected for the Health Promotion Fund from heat-not-burn tobacco product sales to 750 won ($0.70) per pack from the current 438 won per pack. IQOS from Philip Morris International (PMI)Taxes levied on tobacco pr
Nov. 24, 2017
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CJ Group reshuffles top executives
CJ Group reshuffled its top executives Friday, including the top desks at food company CJ CheilJedang and CJ Corporation, in its first board shuffle since group chairman Lee Jay-hyun returned to management this May.Shin Hyun-jae, 56, who spent time at CJ O Shopping as well as CJ Korea Express, was named the new president of CJ CheilJedang. Kim Hong-ki, 52, who held positions at CJ CheilJedang and CJ Corporation, was named co-president of CJ Corporation alongside Vice Chairman Lee Chae-wook.A tot
Nov. 24, 2017
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Budget carrier Jin Air aims to fly high after listing
Jin Air Co., a major South Korean budget carrier, will seek to become a global industry leader after its listing on the country's main stock market, the company head said Friday.Jin Air Co., the low-cost carrier unit of Hanjin KAL Corp., is slated to debut on the main bourse Dec. 8 and its market capitalization is estimated to reach 1 trillion won ($920 million) after the initial public offering."Jin Air is trying to secure an unparalleled competitive edge through an overhaul of its mid- and lon
Nov. 24, 2017
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Green Cross set to launch immunodeficiency drug in US next year
South Korea’s Green Cross said Friday that it expects to launch its immunodeficiency drug in the US market next year, as it will be submitting the additional data required for approval to the US drug regulators within the next few months. The company said it has been working with the US Food and Drug Administration to prepare additional production-related data on its drug IVIG-SN, human normal immunoglobulin G for intravenous administration, and that such procedures are now near-complete.“We are
Nov. 24, 2017
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Regulator urges companies to do more to boost transparency
South Korean firms need to boost transparency by reforming their accounting standards and overhauling corporate governance to regain investors' confidence, the nation's top financial regulator said Friday. Choi Jong-ku, chairman of the Financial Services Commission, made the remarks during a meeting with chief executives earlier in the day. Although some South Korean firms have improved their management ethics, critics say murky business decisions and an opaque governance structure are two of th
Nov. 24, 2017
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Kolon Life Science to start clinical trials to extend Invossa’s target patient group
Kolon Life Science said Thursday that it has been granted permission in South Korea to begin clinical trials to prove that its new osteoarthritis drug Invossa -- currently approved for treating mid-grade osteoarthritis of the knee -- can be used for treating more severe forms of the joint disease. The Seoul-based company said that the Korean Ministry of Food and Drug Safety has granted approval to begin phase 3 clinical trials to show that Invossa can be used for the treatment of Kellgren & Lawr
Nov. 23, 2017
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Venture minister vows to root out tech extortion by large companies
South Korea's new startups minister said Thursday he will first resolve the issue of technology extortion by large firms among a slew of tasks facing him to boost the growth of small and medium-sized enterprises.Hong Jong-haak was appointed to head the newly minted Ministry of SMEs and Startups earlier this week, becoming the last to fill in the 19-member Cabinet of President Moon Jae-in who took office in May. The creation of the ministry was an election campaign pledge made by the president. T
Nov. 23, 2017
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E-mart’s cosmetics store Scentence to open in Saudi Arabia
E-mart’s specialized cosmetics store Scentence is set to open in Saudi Arabia as early as March next year, according to the company Thursday.“We have signed a franchise agreement with Saudi Arabia’s largest distribution group Fawaz Alhokair, and agreed to open E-mart’s cosmetics store Scentence in the group’s shopping malls,” E-mart said in a release. E-mart’s cosmetics specialty store Scentence at Starfield Goyang (E-mart)Although the two companies had originally agreed in June to open E-mart
Nov. 23, 2017
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[Video] Mall, shops start to open doors to dogs
When Starfield Hanam first opened in the southern suburb of Seoul last September, it promised to be something that Korea had never seen before: a shopping and entertainment complex that would rival theme parks for families seeking a weekend outing.But there was one attraction that stood out for animal lovers in particular: Starfield would allow dog owners to bring their pets to the mall with them.A year later, Starfield Hanam sees about 500 dogs per day visiting the mall on weekends. (Shot by Ki
Nov. 23, 2017
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Hong Kong Trade Development Council opens Seoul office
Trade and business ties between Hong Kong and South Korea are set to strengthen with the official launch Tuesday of the Hong Kong Trade Development Council’s office in Seoul. The HKTDC has been operating a consultant office in the Korean capital since 1990. The upgraded presence will further boost Hong Kong’s trade and business promotion in Korea. HKTDC executive director Margaret Fong With a full-fledged HKTDC office in Seoul, run by staff from both Hong Kong and Korea, the HKTDC will provide m
Nov. 23, 2017
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[PyeongChang 2018] Korean businesses less eager to sponsor PyeongChang Olympics
South Korea's major business associations remain less eager to sponsor the 2018 PyeongChang Winter Olympics only two months away due to strengthened anti-corruption laws, industry insiders people said Thursday. In a meeting arranged by Lee Hee-beom, who heads the winter sports games organizing committee, the country's six leading business lobbies have been less willing to support the winter sports games than in the past due to related rules, they said.The six business associations are the Federa
Nov. 23, 2017
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In face of washer safeguard, Samsung, LG to open US plants sooner
South Korea’s washing machine exporters to the US, Samsung Electronics and LG Electronics, on Wednesday said they will start operations of their new plants in the US as early as possible to minimize the possible impact of a likely sanction on their products. Samsung and LG on Wednesday expressed concerns about the US International Trade Commission’s recommendation to the Donald Trump administration to impose a 50 percent tariff rate on large residential washer imports that exceeded a quota of 1.
Nov. 22, 2017
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Samsung sets up AI center under Samsung Research
Samsung Electronics will set up an artificial intelligence center under Samsung Research while retaining its mobile, home appliances and chip units, the company said Wednesday. “We will continue to retain three business units -- consumer electronics, IT and mobile communications and device solutions. A slight reshuffle will be carried out in order to promptly respond to market changes and increase operational efficiency,” a Samsung spokesperson said. For its consumer electronics and information
Nov. 22, 2017
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[Monitor] Number of Korean-invested companies in US grows: report
Investments by Korean companies in the US and the number of workers hired have been growing since a free trade deal between the two countries came into effect in 2012. As of August, there are a total of 847 corporations in the US that Korean companies have invested in, hiring about 75,000 workers, said the Korea International Trade Association, quoting a report by the US corporate information provider Duns & Bradstreet.These companies are mostly in California, Texas and New Jersey. The number of
Nov. 22, 2017
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Hyundai Rotem renews maintenance deal in Ukraine
Korean train manufacturing firm Hyundai Rotem has renewed its maintenance services for 90 subway trains in Ukraine, securing an additional 65 billion won ($59.6 million), the company said in a statement Wednesday. (Hyundai Rotem)Hyundai Motor’s affiliate signed a deal with Ukraine Railway Speed Co. to extend its project by five years. Under the renewed deal, Hyundai Rotem is responsible for the maintenance of the 90 trains until 2027, it said.In 2010, Hyundai Rotem secured a 350 billion won dea
Nov. 22, 2017