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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Google, Facebook, Apple to face audits
Domestic branches of limited-liability companies such as Louis Vuitton, Gucci, Apple and Microsoft will no longer be exempt from external audits, the Financial Services Commission and the National Tax Service said. According to the government agencies’ latest LLC data released Monday, the number of limited-liability companies as of the end of 2015 was 26,858, up 122.1 percent compared to 10 years ago. Last month, the Act on External Audit of Stock Companies was amended after years of debate to
Oct. 9, 2017
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[Monitor] Drivers save W67.7b over toll-free holiday
Nearly 16 million cars in South Korea traveled free of expressway charges during Chuseok holiday, saving a combined 67.7 billion won for three days.According to Ministry of Transport, motorways managed by Korea Expressway Corp. issued 53.5 billion won worth of free toll tickets while roads invested and operated by private entities provided 14.2 billion won worth of free passage. Around 5.88 million vehicles traveled on the day of Chuseok on Oct. 4, a 13.9 percent increase from last year, the min
Oct. 9, 2017
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Innocean wins ad award for Hyundai's global campaign
Innocean Worldwide, the in-house advertising agency for Hyundai Motor Group, won six awards at the 2017 Spikes Asia Festival of Creativity, a prestigious awards event for creative communications in the region, with its global campaign commissioned by the carmaker, the company said Monday. (Innocean Worldwide)In April, the ad company released “Shackleton’s Return,” which was inspired by the Antarctic explorer Sir Ernest Shackleton who saved the crew of the Endurance during his failed South Pole e
Oct. 9, 2017
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Next Content Fair to kick off in Busan
The 2017 Next Content Fair will kick off at Bexco in Busan on Friday to offer a marketplace for fast-developing visual content ranging from online games to virtual reality programs. The event jointly organized by Korea Creative Content Agency and Bexco, is the first marketplace event to be held in the southern port city, gathering around 150 content creators and buyers from 16 countries. The fair will run through Sunday.Under the slogan “Find Your Future Job in NEXT CONTENT FAIR,” the exhibition
Oct. 9, 2017
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SK Chemicals’ shingles vaccine wins regulatory approval in Korea
South Korean drug regulators on Monday granted sales approval to SK Chemicals’ herpes zoster vaccine, marking the second ever approval by a country’s regulator of a new treatment targeting the viral disease.The Korean Ministry of Food and Drug Safety approved SK’s Sky Zoster vaccine for use in adults aged 50 and over. It is the second vaccine for herpes zoster to be commercialized globally next to US-based Merck & Co.’s Zostavax approved in 2006.Herpes zoster, also known as shingles, is a viral
Oct. 9, 2017
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Hyundai Merchant Marine tops global on-time performance ranking
South Korea's Hyundai Merchant Marines Co. ranked No. 1 in the world in terms of on-time performance of its ships, industry data showed Monday, the first time it topped the list.According to SeaIntel's latest report, a Denmark-based market global intelligence provider, HMM attained 85.4 percent on-time maintenance of its sailing schedule for August. This it said is the highest figure among shipping companies checked, and is 10.2 percentage points higher than the worldwide average for 18 leading
Oct. 9, 2017
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Korean shipbuilders to post positive earnings in Q3
South Korean shipbuilders are expected to post positive earnings in the third quarter mainly due to cost cutting and restructuring measures undertaken to cope with challenging market conditions, industry sources said Monday.Hyundai Heavy Industries Co., Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering Co., the country's leading shipyards are all expected to be in the black for the July-September period, market watcher predicted.They, however, said that with many yards stru
Oct. 9, 2017
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Sales at duty-free stores decline during golden holiday
Sales at South Korean duty-free stores fell during the extended holiday season compared to a year ago mainly due to a sharp drop in incoming Chinese travelers, industry officials said Monday. Local duty-free shops have prepared a wide range of promotional events to woo shoppers at home and abroad as China's Oct. 1-8 National Day holidays overlaps with the this year's 10-day long Chuseok holiday in South Korea that kicked off on Sept. 30.Despite the rise in outbound travelers, this year's holiday
Oct. 9, 2017
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Large retailers post sales growth during long Chuseok holiday
South Korea's large retailers posted solid sales ahead and during this year's Chuseok holiday helped by all out marketing efforts to attract customers, industry sources said Monday.Data provided by local retailers showed double digit growth by some companies as the country celebrated the longest holiday in decades. Chuseok, or the Korean autumn harvest celebration, that fell on Wednesday this year is one of the most important in the country, along with Lunar New Year. During the holiday people v
Oct. 9, 2017
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[News Focus] US safeguard likely to hurt Samsung, LG washer sales
The US International Trade Commission’s latest ruling in favor of Whirlpool to impose safeguard restrictions on Samsung Electronics and LG Electronics will deal a blow to the Korean tech giants, who together sell $1 billion worth of washing machines every year in the US. Whirlpool filed a petition with the ITC in May, seeking restrictions to stop Korean firms from flooding the US market with cheaper washers. A safeguard law is a restraint on international trade to protect home industries from fo
Oct. 8, 2017
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iPhone 8 likely to hit S. Korea on Nov. 3: sources
Apple’s latest iPhone 8 series is expected to be released in South Korea on Nov. 3, with reservations starting at the end of the month, according to industry insiders Sunday. Apple Korea is expected to open reservations for the new iPhone 8 via the country’s top three mobile carriers on Oct. 27, they added. Korea will be among the iPhone’s third installment of international releases, following its global debut on Sept. 22. iPhone 8 (Apple) The new iPhone 8 is Apple’s first phone series to be e
Oct. 8, 2017
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[Monitor] Korea Ginseng, SPC join W1tr club
The number of food and beverage companies in South Korea surpassing the 1 trillion won mark in terms of sales increased to 21 last year, with Korea Ginseng Corp., a red ginseng processing company, and SPC Samlip, the nation’s largest bread maker, joining the group.According to data compiled by Ministry of Agriculture, Food and Rural Affairs and Korea Agro-Fisheries and Food Trade Corp., CJ Cheiljedang topped the list with 4.86 trillion won of sales, followed by Lotte Chilsung Beverage and Ottogi
Oct. 8, 2017
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‘Male homeowners are 7.2 times more likely to marry’
Korean men who own houses are 7.2 times more likely to get married than those who do not, a report showed Sunday.According to a joint study by Joo Hwi-jeong, a researcher at Korea Research Institute for Vocational Education and Training, and Kim Min-seok, a Ph.D. student at Chungbuk National University, men and women with regular jobs have 4.6 times and 4.9 times higher chances of tying the knot respectively than those with irregular jobs. The report tracked 1,642 single men and women aged betwe
Oct. 8, 2017
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Mobile shopping sales forecast to top W40tr this year
The sales volume of South Korea's mobile shopping market is expected to top 40 trillion won ($34.9 billion) this year, the Korea Online Shopping Association said Saturday.The association forecast that purchases made through smartphones and other mobile devices in South Korea are expected to grow 19.5 percent from the previous year to reach 42.53 trillion won this year, as consumers spend more time with their handsets.In 2016, the nation's mobile shopping sales surged 45.7 percent from the previo
Oct. 8, 2017
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Samsung, LG express disappointment in US ITC's remark on washers
South Korea's top tech giants Samsung Electronics Co. and LG Electronics Inc. on Friday expressed disappointment in the US International Trade Commission's (ITC) announcement that they are having an adverse impact on its washer industry.On Thursday (US time), the ITC claimed the two South Korean firms' washing machines made in foreign countries were harming the US industry. The trade body announced the result of its four-month investigation prompted by a safeguard petition Whirlpool Corp. filed
Oct. 6, 2017
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Korea's imports of Vietnamese beverages jumps three-fold in 2016
South Korea's imports of beverages from Vietnam jumped three-fold in 2016 on-year, data showed Friday, apparently helped by the rising popularity of tropical fruits in the country.According to the data compiled by the Ministry of Agriculture, Food and Rural Affairs, South Korea imported $10.3 million worth of beverage products from Vietnam in 2016, rising sharply from $3.2 million posted a year earlier.Last year's figure marks a whopping 7.5-fold growth from $1.3 million posted in 2012, the data
Oct. 6, 2017
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US trade commission finds Korean washers hurt domestic industry
The US International Trade Commission determined Thursday that two South Korean companies' washing machines manufactured in foreign countries were harming the US industry. The trade body announced the result of its four-month investigation prompted by a safeguard petition Whirlpool Corp. filed May 31 against Samsung Electronics Co. and LG Electronics Inc. The appliance giant accused the Korea rivals of moving manufacturing operations to Vietnam and Thailand, respectively, to circumvent US anti-d
Oct. 6, 2017
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Credit card 'Dutch treat' system draws mixed responses
The gesture of paying for others’ meal has always been a common practice in Korean culture, most often placing the burden upon the eldest in the group or anyone who has reason to celebrate.The development of fintech may be bringing a change to such customs, allowing easier ways to go Dutch, but this may not necessarily be an improvement for the eateries that have to accept the split payment.Boosting the disputes was the Financial Services Commission’s latest plan to launch the credit card Dutch
Oct. 5, 2017
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‘Anti-graft law makes little difference to small-sized markets’
The nation’s two most celebrated national holidays -- the Lunar New Year in the winter and Chuseok in the fall -- have always been the peak season for the retail and distribution industry.Traditional markets, however, largely seem to have missed such vigor this year, with a visible decrease in the number of visitors compared to previous years. Labor Minister Kim Young-joo visit a traditional market in her constituency Yeongdeungpo-gu on Friday. (Yonhap)Some blame the Improper Solicitation and G
Oct. 4, 2017
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Incheon Airport sees record number of travelers ahead of Chuseok
The record for the largest number of travelers leaving Korea through the country’s main gateway airport was broken twice on the first two days of the extended Chuseok holiday, according to Incheon Airport Monday. The departure hall at Incheon International Airport is packed on Friday. (Yonhap)On Saturday, a total of 114,746 people left Korea through Incheon Airport, setting a new daily record. That record was broken again on Sunday with 116,112 passengers leaving the country.The figures exceed I
Oct. 2, 2017