Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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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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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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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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BTS-themed moon jar to be unveiled on Hangeul Day
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[Robert Fouser] Why the US election looks so close
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Naver claims news page to be balanced despite scandal
South Korea‘s top portal operator Naver Corp. said Monday its news section maintains balance despite rising suspicions over its neutrality after the company recently admitted to intentionally editing sports news rankings.Last month, Naver admitted rearranging its news page at the request of an official from the Korea Professional Football League, who wanted negative news about the body to be less conspicuous on the portal. (Yonhap)“While we express our apology over the issue on the sports sectio
Nov. 13, 2017
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[Photo News] Amorepacific set to move to Yongsan HQ
AMOREPACIFIC BACK IN YONGSAN -- Cosmetics group Amorepacific said Monday that it will begin moving its employees to its newly built headquarters in Yongsan-gu, Seoul, starting from Nov. 20. Designed by British architect David Chipperfield, the building has been inspired by traditional Korean moon jars. It is the third Amorepacific headquarters building to be built on the Yongsan site, following previous buildings erected in 1956 and 1976. (Amorepacific)
Nov. 13, 2017
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Asiana pilots chatbot service
Asiana Airlines is beginning a pilot chatbot service through KakaoTalk and Facebook, according to the airline Monday.Passengers flying Asiana will be able to check information in 11 categories, such as reservations, keep track of departures and arrivals and find information about mileage points through the chatbot service, which is available in both Korean and English. Asiana Airlines’ chatbot service on KakaoTalk (Asiana Airlines)The service was developed using Microsoft’s cloud platform Azure
Nov. 13, 2017
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Paris Baguette speeds up efforts to transfer bakers
Bakery chain Paris Baguette is speeding up its efforts to hold explanatory sessions for bakers working at its franchises to convince them to agree to employment with a new third-party corporation.The third-party corporation, which will be jointly created by Paris Baguette, franchise owners and outsourcing companies, is designed to allow Paris Baguette to continue employing outsourced bakers at its stores in line with current labor laws.Paris Baguette franchises have employed nearly 5,400 bakers
Nov. 13, 2017
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Louis Vuitton’s sales in Korea slump
The sales growth rate of Louis Vuitton has backtracked this year at the nation’s major department stores, losing its market prestige as one of the most desired luxury brands, industry sources said Monday. A Louis Vuitton retail shop in Korea (Yonhap)According to market insiders, sales of the French luxury brand at a department store between January and October slipped 5.3 percent from the same period last year, while that of its rival luxury brands, Chanel and Hermes, rose 11.2 percent and 16.5
Nov. 13, 2017
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GE Healthcare Korea names Francis Van Parys as new CEO
GE Healthcare Korea said Monday that it has appointed Francis Van Parys, a veteran marketing and sales expert at GE’s businesses, as its new CEO and president, replacing the outgoing CEO Sia Moussavi.Van Parys has spent 16 years at GE’s health care, life sciences and industrial solutions businesses, serving in senior positions such as the general manager of commercial operations and general manager of product management for life sciences, the company said. GE Healthcare Korea CEO Francis Van Par
Nov. 13, 2017
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Korean firms accept govt. compensation over Kaesong complex shutdown
South Korean companies that operated factories at the now-shuttered joint industrial park in North Korea said Monday they will accept the tens of billions of won in compensation recently offered by the government, yet decided to seek additional support.On Friday, the government said it will provide compensation to hundreds of domestic companies who suffered losses from investments in inter-Korean projects that were suspended due to political tension. The plan includes giving 66 billion won ($59
Nov. 13, 2017
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[Advertorial] KDB concludes 10-week startup mentoring program
The Korea Development Bank held its “2017 KDB Startup Program Demo Day” at its headquarters in Seoul on Thursday to announce the results of its annual entrepreneur mentorship program that kicked off this summer. Of the 486 teams that applied for the foundation’s fifth annual KDB Startup Program in July, the top seven teams received 10 weeks of entrepreneurship support training and team-specific mentoring. Participants of this year’s Korea Development Bank startup program pose alongside KDB Vice
Nov. 13, 2017
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ECCK says Korea, EU need to start talks for FTA amendments
The head of the European Chamber of Commerce in Korea on Monday called on the South Korean government to start negotiations to amend the existing free trade agreement with the single market to ensure an equal playing field for businesses operating in the country.Seoul and the EU discussed the need to amend the six-year-old trade pact in 2015 but there has since been no progress. "The ECCK will appreciate it if the South Korean government and the EU government start negotiations on (a South Korea
Nov. 13, 2017
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Korean vineyard grows in Yeongcheon
Yeongcheon, a quiet city 350 kilometers southeast of Seoul in North Gyeongsang Province, is reinventing itself as the mecca for Korean wine. With population of some 100,300, Yeongcheon was originally most known as a major producer of grapes.The city forayed in to the wine business in 2007, and after 10 years, Yeongcheon now counts 68 wineries and 35 percent of Korea’s domestic wine. About 270,000 bottles of wine come from the region annually. (Yeoncheon Agricultural Technology & Extension Center
Nov. 13, 2017
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Customs service's estimated revenue to double in 2018
The estimated revenue of South Korea's customs authorities is projected to more than double next year due to a surge in licensing fees for duty-free shops, a report said Monday.According to the report by the National Assembly and related government agencies, the Korea Customs Service's estimated revenue stands at 97.8 billion won ($87.3 million) for 2018, up 118 percent from this year's 44.7 billion won. The estimate includes fines, forfeits, additional charges and other income.The main reason f
Nov. 13, 2017
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LV losing past luster in Korean market
Luxury brand Louis Vuitton has fallen behind its rivals in the South Korean market, with sales dipping into minus territory this year, industry data showed Monday.Sales at a leading department store for the international fashion house for the January-October period backtracked 5.3 percent. Demand for Louis Vuitton products were down 2.1 percent at another department store during the same period.Its rivals, Chanel and Hermes, achieved double-digit sales during the same period. Chanel added 11.2 p
Nov. 13, 2017
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Doosan Infracore enjoys extended brisk sales in Chinese market
Doosan Infracore Co., South Korea's top construction equipment maker, continued to expand its presence in China's excavator market, as the world's No. 2 economy increased spending on infrastructure, industry sources said Monday.According to observers, Doosan Infracore sold 769 excavators in China last month, almost doubling from a year earlier.In the first 10 months of the year, Doosan Infracore sold 8,650 excavators, more than twice that of the same period in 2016, the sources said. Last year,
Nov. 13, 2017
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Major brokerages eye Nov. rate hike: poll
South Korea's major brokerage houses expect the nation's central bank to jack up its key interest rate this month and carry out further rate hikes next year, a poll showed Monday.According to the survey of the country's top 10 securities firms by equity capital, all of the respondents forecast the Bank of Korea would raise the benchmark rate by a quarter percentage point to 1.5 percent in its policy meeting slated for Nov. 30.Last month, the BOK froze the base rate at 1.25 percent for the 16th c
Nov. 13, 2017
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Market caps of China-related firms recover amid easing tension
Market values of Korean companies reliant on the Chinese market rebounded as Seoul and Beijing continued to normalize ties. According to data released Sunday by the Korea Exchange, the market caps of Korean firms in consumer sectors, such as cosmetics, duty-free and entertainment have posted swift growth during the past eight trading days. (Yonhap)The companies that marked significant recoveries during the period included LG Household & Healthcare, Amorepacific Group, Amorepacific, Lotte Shoppi
Nov. 12, 2017
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[Newsmaker] Woori Bank scandal sets off leadership alert in banking industry
Woori Bank’s recruiting scandal is not only causing a major setback to its decadeslong aspiration for complete privatization, but also bringing renewed attention to alleged irregularities surrounding other major banking groups, many of whose leaders are seeking re-election.The bank‘s plan to sell out remaining government stakes has been facing setbacks, mainly due to the latest scandal that it had offered special favors to children of high-profile officials and VIP clients in last year’s open re
Nov. 12, 2017
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Samsung will further lose Chinese market share in Q4: report
Samsung Electronics’ share of the Chinese smartphone market will drop to below 2 percent in the fourth quarter, according to Strategy Analytics.According to the report released last week by the US research firm, Samsung ranked ninth in the world’s largest smartphone market, with a 2 percent share in the third quarter. This share is predicted to further drop to 1.6 percent in the fourth quarter, according to SA. Samsung, once the dominant player in China with a share of around 20 percent, has gra
Nov. 12, 2017
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[Ask a Lawyer] Managing risks related to customs value evaluation
Ask a Lawyer is a regular column written by attorneys at Yoon & Yang LLC on various legal aspects of the Korean life or business. The content provided here is general legal information, not legal advice on a specific situation. -- Ed.Q: How can a multinational company eliminate its risks on customs value calculations when its Korean subsidiary imports goods from its affiliates abroad?A: Let us assume that a Korean subsidiary (company A) of a multinational company imports goods from its affiliate
Nov. 12, 2017
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Retail oil prices in Korea up for 15th straight week
Retail oil prices in South Korea rose for a 15th consecutive week in line with a hike in global crude oil prices, data showed Saturday.The average gasoline price nationwide was at 1,512.1 won ($1.35) per liter in the second week of November, edging up 4.1 won from a week earlier, according to the data compiled by the state-run Korea National Oil Corp. (KNOC). (Yonhap)Average diesel price also climbed 4.5 won to 1,304.1 won per liter, marking a 16-week gaining streak, the data showed.Gasoline pri
Nov. 11, 2017
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Ex-trade minister tapped as KITA chief
A former trade minister has been appointed the head of the country's leading trade promotion agency, with final approval expected to be given at a meeting set for next week, the Korea International Trade Association said Friday. The representative member companies of KITA held a meeting earlier in the day to appoint former Trade, Industry and Energy Minister Kim Young-joo as its chairman and CEO, a spokeswoman said. Former trade minister Kim Young-joo (Yonhap)The appointment is subject to appro
Nov. 10, 2017