Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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Pay debate plagues foreign nanny pilot
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35% of S. Koreans view unification 'unnecessary'
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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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[Reporter’s Notebook] Was Netflix film opening BIFF really a bad thing?
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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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[KH Explains] Is private equity giant MBK a risk-taker or renegade?
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Solar energy can better create jobs than atomic, coal-fired thermal power: KIET
Solar power can create more jobs than atomic and coal-fired energy generation, a state-run think tank said Sunday.In a report on solar power job creation in the fourth industrial revolution era, the Korea Institute for Industrial Economics and Trade said that while nuclear and conventional thermal power plants do not necessary lead to a meaningful rise in hiring, just $1 million invested in solar energy may lead to the creation of 15.7 new positions.It said the difference is due to the relativel
Oct. 22, 2017
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Culture-related exports log double-digit growth this year
South Korea's exports of culture content and leisure service-related goods posted double-digit growth in the first seven months of the year on the back of the popularity of K-pop, government data showed Sunday.According to the data compiled by the Ministry of Culture, Sports and Tourism, exports of the country's key 11 culture-related goods reached $1.55 billion in the January-July period, up 23.5 percent from a year earlier. (Yonhap)In contrast, the country's imports of culture content, such as
Oct. 22, 2017
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Consumer orientation highest in cosmetics, lowest in auto repairs: data
The cosmetic sector turned out to be the most consumer-oriented in the goods and services market, while the automobile repairs sector was the most detached from customer feedback, data showed Friday.According to a survey conducted by the Korea Consumer Agency, the cosmetic sector scored 80.3 in the consumer market evaluation index, while the car repairs sector stood at 75.9. The market average for 47 individual sectors was 78.1, up 1.3 points from 2015.Also, the average for products sectors was
Oct. 20, 2017
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FTC to control chaebol's brand commission fees
Stepping up measures to reform corporate governance and alleviate market monopoly, the Fair Trade Commission is moving to tighten its grip over the brand commission which conglomerates collect from their affiliates.Such a gesture was largely seen as an initiative of the FTC Chairman Kim Sang-jo, dubbed the “chaebol sniper” for his longtime activist stance against the country’s conglomerate-centered economy. Fair Trade Commission Chairman Kim Sang-jo speaks during a parliamentary audit at the Nat
Oct. 20, 2017
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P&G signs on with PyeongChang Olympics
Procter & Gamble Korea has signed an agreement with the PyeongChang Organizing Committee to join efforts to promote the Winter Games such as by holding a nationwide cheering campaign, the company said Friday. P&G Korea General Manager Kim Joo-youn (left) and PyeongChang Organizing Committee President and CEO Lee Hee-beom (right) pose for a photo with models to mark their joint campaign launch. (P&G)Under the name “Reply 50 million,” referring to the South Korean population, the company will work
Oct. 20, 2017
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Kepco's deal to run UAE reactors contains toxic clauses: lawmaker
Lawmakers of the ruling Democratic Party of Korea said Friday that South Korea’s state-run Korea Electric Power Corp. omitted key clauses in its contract last year to operate nuclear reactors in the United Arab Emirates.Rep. Kim Byung-kwan said that based on the board of directors’ meeting minutes he received from Kepco, the company conceded many of its previous positions in sealing a deal with its UAE counterpart Emirates Nuclear Energy Corp. last year.The electricity provider has coalesced wit
Oct. 20, 2017
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US governor, congressman oppose safeguard on Samsung, LG
Amid growing concerns over possible safeguard restrictions on Samsung and LG’s washer sales in the US market, the US state governor and congressman openly expressed their opposition to the move claiming it will only increase consumer prices, reduce consumer choice and constrict foreign investment in the nation. “Although I advocate fair trade, (Samsung and LG’s) case doesn’t seem to be the subject to safeguard restrictions. I stand here to oppose the trade restriction on Samsung in any kind,” So
Oct. 20, 2017
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Market for local foods growing fast on cost, quality benefits
The market for locally grown foods is growing fast, giving benefits to both consumers and farmers by lowering distribution costs, retailers said Friday.E-mart, a leading supermarket chain, said its sales of local foods last year recorded 51.6 billion won ($45.54 million), up from 300 million won in 2008, when they were first introduced on shelves. Sales this year to September already reached 50.5 billion won and are headed to a 30 percent increase from last year in total. (Yonhap)Local foods ar
Oct. 20, 2017
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Samsung heir's imprisonment could affect company in long term: CEO
The imprisonment of Samsung Electronics Vice Chairman Lee Jae-yong could affect the company's operations in the long term, although business is "going well today," an outgoing executive said Thursday.Kwon Oh-hyun, vice chairman and chief executive officer of the South Korean tech giant, met with business leaders in Washington days after announcing his resignation at the end of his term in March 2018."It's a kind of tragedy," he said at the gathering, referring to Lee's imprisonment in connection
Oct. 20, 2017
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[Newsmaker] Seniors growing as main customers for department stores
A department store chain in South Korea said its customers aged 70 and over led a significant growth in sales, indicating a rising trend of older generations picking up the offline retail business.According to department store AK Plaza on Thursday, senior citizens in their 70s showed an average of 15 percent annual growth in sales over the past three years, the largest in any age group.(123rf)“Department stores attract senior citizens in their 70s looking for a place to socialize, and many of th
Oct. 19, 2017
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Incheon Airport named best for 12th consecutive year
Incheon Airport has been named the best airport in the world for the 12th consecutive year by an international airport council, the airport announced Thursday.It is the first airport to win for best airport worldwide at the Airport Service Quality Awards hosted by Airports Council International for 12 straight years. The annual awards are based on interviews with airport visitors who rank the services of each airport. Incheon International Airport Corp. CEO Chung Il-young (right) receives the a
Oct. 19, 2017
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Coupang launches men's grooming store
E-commerce firm Coupang said Thursday it has opened a new store focused on grooming products for men.The store offers over 77,000 products, including shaving, skin care and hair products as well as supplements for weight loss and protein.“As more men care about their appearance, demands of male customers are steadily growing for grooming and workout products,” said a Coupang representative.Promotional image for Coupang's men's grooming store (Coupang)The brands offered include popular brands alr
Oct. 19, 2017
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[Monitor] Cashable assets of conglomerates surge
Cash and cashable assets kept by conglomerates have expanded over the years, by as much as 13 times for Samsung Electronics and five times for Hyundai Motor over the past eight years, data unveiled by Rep. Park Kwang-on of the Democratic Party of Korea showed during a parliamentary audit, Thursday.Between 2008 and 2016, the cashable assets held by the top 100 firms listed on the Kospi market surged 350.8 percent to reach 127.78 trillion won ($112.73 billion).Park contended that accumulating cash
Oct. 19, 2017
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GS chief stresses flexibility in strategies, organization
GS Group Chairman Huh Chang-soo urged CEOs and executives of the group’s affiliates to create an organization that responds flexibly to fast market changes at a quarterly meeting in Seoul, officials said Thursday.Huh referred to Thomas Friedman’s 2016 book “Thank You for Being Late” to explain that the group is facing challenges arising from market uncertainties in “the age of accelerations,” which is the reason why it needs to secure “strategic flexibility” to efficiently allocate assets and ma
Oct. 19, 2017
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Korean economy is an important partner in Dallas: US mayor
With Korea serving as one of the largest trading partners of Dallas-Fort Worth, Texas, Dallas Mayor Mike Rawlings is in Seoul pushing to expand the presence of local enterprises in the Lone Star State. The mayor invited some 30 delegates, including representatives from DFW International Airport, to meet with local government officials and business executives and discuss the benefits of business operations in the DFW region as well as the economic relationship between North Texas and Korea. “T
Oct. 19, 2017
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Samsung unveils upgraded Bixby to be connected on appliances
Samsung Electronics revealed an upgraded version of its artificial intelligence voice assistant, Bixby, highlighting openness and compatibility at the Samsung Developer Conference in San Francisco on Wednesday. “We are moving intelligence beyond devices and into an ubiquitous, personal and open ecosystem with introduction of Bixby 2.0 with integrated with Viv Labs technologies,” Samsung said in a statement. The technology of Viv Labs, which Samsung acquired in October last year, was for the firs
Oct. 19, 2017
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Court says 2015 Samsung merger 'valid'
A Seoul court on Thursday rejected a request by Ilsung Pharmaceuticals to nullify a merger between two Samsung affiliates in 2015, ruling that the merger was “valid.” The Seoul Central District Court was dismissing a case filed by the local drugmaker, which held a 2.11 percent stake in Samsung C&T before the merger. Ilsung claimed that Cheil Industries’ takeover of the former Samsung C&T was “unfair” for shareholders.But the court said no illegality was found during the merger process, despite i
Oct. 19, 2017
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IKEA opens second store in Korea
Global furniture giant IKEA opened its second store in South Korea on Thursday, joining competition with small and big rivals in the region.The new outlet in Goyang in the northwestern outskirts of Seoul is located on the second and third floor of a four-story building. A separate outlet mall run by South Korean retail giant Lotte is located in the first floor and the first basement level of the same building. "We are excited to open our doors and offer better accessibility to the people in Seou
Oct. 19, 2017
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US citizens hold half of foreign-owned real estate in Korea
US citizens possessed half of all real estate owned by foreigners in South Korea, and the southern resort island of Jeju received the most investment under an accommodative visa policy, a parliamentary report showed Thursday.Foreigners held 233.5 million square meters of land nationwide as of the end of 2016, which is worth 32.3 trillion won ($28.2 billion), Rep. Kim Chung-woo of the ruling Democratic Party said, based on the data provided by the finance and justice ministries. (Yonhap)By nation
Oct. 19, 2017
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LIG Nex1 showcases low-cost fire-and-forget missiles at ADEX 2017
LIG Nex1, the third-largest defense company in South Korea by market cap, has showcased its tactical assets ranging from guided missiles to radars and robots at the biannual Seoul International Aerospace & Defense Exhibition 2017, which started Tuesday.LIG Nex1 presented outdoors the low-cost 2.75-inch guided rocket Logir, or “Bigung” in Korean, for which the firm embarked on a mass production project in January, as well as anti-artillery radars, one of which LIG Nex1 completed an upgrade for in
Oct. 18, 2017