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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[Ask a Lawyer] Strengthening punishment on corporate bribery, embezzlement
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.Q1. Does it constitute criminal receipt of commercial bribery if a person who administers another person’s business causes a “third party,” rather than “himself,” to receive valuables in response to an improper solicitation?If a person who administers another person
Oct. 1, 2017
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[Photo News] Adorning Seoul's skies
ADORNING SEOUL'S SKIES -- Fireworks are displayed at the annual Seoul International Fireworks Festival on Saturday at Yeouido Hangang Park, presented by Hanwha Corp., which has been in the fireworks business since 1964. (Yonhap)
Oct. 1, 2017
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[Newsmaker] Lotte begins new governance under holding company
Retail giant Lotte officially launched its new holding company Sunday, changing its governance system to strengthen Chairman Shin Dong-bin‘s control of the group and simplify its web of complex cross-holdings. The plan to create Lotte Corporation, the holding company, was announced in April by the group and approved by shareholders in late August. Touted as a part of Chairman Shin’s moves to increase management transparency at the group, the holding company merged the investment entities of four
Oct. 1, 2017
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Popularity of instant rice products grows in S. Korea: report
Popularity of instant rice products are rising steadily in South Korea despite sharp drops in overall consumption of the staple grain, industry data showed Sunday.Sales figures by E-Mart, the country's largest hypermarket chain, showed demand for rice dropped 14 percent on-year in the January-August period of this year, but sales for ready to eat products jumped 17 percent.The company, in particular, said sales of so-called home meal replacement (HMR) products that are very easy to prepare surge
Oct. 1, 2017
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Online sale of traditional alcoholic beverages surge ahead of Chuseok
Online sales of traditional Korean alcoholic beverages surged ahead of this year's very long Chuseok holiday, local shopping sites said Saturday.According to Auction, a leading online retailer, demand for beverages containing alcohol shot up 276 percent in the period Aug.28 to Wednesday of this week, compared to a month earlier. The company said it started selling traditional beverages July 18. (Yonhap)It said sales of distilled products soared 544 percent, followed by yakju and soju, which rose
Sept. 30, 2017
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Celltrion chief says he's pushing to build new plant in foreign country
The head of South Korean biopharmaceutical firm Celltrion Inc. said Friday that he is pushing to build the third plant in a foreign country due to geopolitical risks over North Korea's nuclear and missile programs.Seo Jung-jin, chairman of the Celltrion Group, said he has made the decision at the request of foreign distributors, who have voiced concerns about possible disruptions of production and supply of biopharmaceutical products amid heightened tensions on the Korean Peninsula."Personally,
Sept. 30, 2017
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Creditors to restructure Kumho Tire with cash injection
Creditors of Kumho Tire Co. said Friday they will push forward a debt restructuring plan for the financially troubled tiremaker as they found its self-rescue plans insufficient to pull off a turnaround, the main creditor Korea Development Bank said Friday.With the decision, the country's second-largest tiremaker has been placed under a creditor-led restructuring program three years after it graduated from a legally binding workout program in 2014.That program was also led by its lenders.KDB Chai
Sept. 29, 2017
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Coupang seeks to draw customers with honest, credible reviews
E-commerce platform Coupang working to ensuring that the reviews displayed are credible and honest in order to attract users that rely on customer reviews to make shopping decisions.As more online shoppers turn to customer reviews to help them make consumer choices, the need for objective reviews has become more important. Coupang’s online reviews (Coupang)Unlike many other online shopping malls that provide incentives to consumers for posting positive reviews or take measures to push negative r
Sept. 29, 2017
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Kellogg Korea CEO wins CSR award
Kellogg Korea‘s chief executive was awarded the top honors for corporate social responsibility by Fortune Korea, Kellogg said Friday. Kellogg Korea CEO Han Jong-kap (right) receives the CSR award at the 2017 Fortune Korean Leader Awards, Friday. (Kellogg)Kellogg Korea President & CEO Han Jong-kap took home the CSR award at the 2017 Fortune Korean Leader Awards. The awards are hosted by Fortune Korea and sponsored by the Industry Ministry and the Future Ministry. Han was given the award in recogn
Sept. 29, 2017
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Auto industry outlook worst in eight years
The economic outlook of the nation’s auto industry has plunged to its worst level in eight years due to concerns over continued labor strikes and THADD reprisals, according to a report by the Bank of Korea released Friday. The bank’s data showed that the Business Survey Index for the economic outlook for the automobile industry in the month of October was expected to fall by 13 points compared to the previous month’s 59. The figure marks the lowest outlook level since July 2009. The BSI is an e
Sept. 29, 2017
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Korea delays opening of new duty-free shops amid THAAD row
South Korea has postponed the opening of new duty-free shops by one year amid a diplomatic row between Seoul and Beijing over a missile defense system, industry sources said Friday.In December last year, the Korea Customs Service announced six new operators of duty-free shops in Seoul and two provincial cities, giving them 12 months to prepare to open their shops.The KCS picked Hyundai Department Store, Shinsegae DF and Lotte Duty Free for three outlets in Seoul. Top City took the Seoul slot res
Sept. 29, 2017
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Hanmi presents new Lapscovery-based drug candidates
Hanmi Pharmaceutical has presented two drug candidates employing its proprietary Lapscovery platform technology at the European Association for the Study of Diabetes.The two therapies in development are a triple agonist for non-alcoholic fatty liver disease and Parkinson’s, and a glucagon analog for treating congenital hyperinsulinism.Both drugs employ Hanmi’s Lapscovery — short for Long Acting Protein and Peptide Discovery — which extends the life of a biologic drug within the body, extending i
Sept. 29, 2017
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[Monitor] Female employment grows, glass-ceiling at public sector exists
The percentage of female employees hired by large businesses and public institutions grew 7 percentage points to 37.8 percent over the last decade, according to data compiled by the Ministry of Labor. The percentage of female managers also rose 10 percentage points to 20 percent last year, but senior female employees at public offices remain lower than those at private companies. The percentage of female managers at public entities was 16.47 percent while those in the private sector was 21.16 p
Sept. 29, 2017
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[Photo News] FedEx to open terminal at Incheon Airport
Incheon International Airport Corp. CEO Chung Il-young (center left) and FedEx Express Regional Vice President for North Pacific Masamichi Ujiie (center right) pose at a signing ceremony for the development and operation of an exclusive freight terminal for FedEx at Incheon Airport, Thursday. The new FedEx terminal will span 23,425 square meters and begin operations in the first half of 2021, handling 18,000 cargo per hour. (Incheon Airport)
Sept. 29, 2017
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Celltrion moves to be listed on Korean main bourse
South Korean biopharmaceutical firm Celltrion Inc. on Friday said it has decided to be listed on the main bourse after being traded on the tech-heavy KOSDAQ market.The decision made by shareholders earlier in the day in Incheon, will likely put the drug company within the top 17 in terms of aggregate value of shares among KOSPI companies. At present the total value of the company's shares stands at around 17.5 trillion won ($15.3 billion).The gathering came after small shareholders called on the
Sept. 29, 2017
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Artistry sponsors BIFF for 6th consecutive year
Premium skincare brand Artistry said Friday that it will be a Diamond Sponsor for the 22nd Busan International Film Festival. This is the sixth consecutive year that Artistry has sponsored the film festival. Since 2012, the brand, run by wellness company Amway, has operated brand booths at the festival and conducted promotional events for festival visitors and consumers. Amway Korea CEO Kim Jang-hwan (right), Vice President of Global Beauty Brand of Amway Kelli Templeton (center), and BIFF Chair
Sept. 29, 2017
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Toshiba deal still facing hurdles: SK head
NEW YORK -- The chief of South Korean conglomerate SK Group said Thursday its chipmaking unit's participation in a deal to acquire Toshiba Corp.'s memory business still has many hurdles to clear, adding he will keep the company on its toes until the deal is finalized.Japanese tech giant Toshiba signed a deal Thursday to sell its memory business to a global consortium which includes participants from South Korea, the United States, and Japan. The consortium also includes US-based Bain Capital, Ap
Sept. 29, 2017
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KTX bullet train attendants strike over pay
DAEJEON -- Unionized cabin crewmembers of South Korea's KTX bullet trains began a two-day strike Friday following the collapse of their wage talks with management, union officials said.The labor union of KORAIL Tourism Development Co., a unit of the state rail operator Korea Railroad Corp., said unionized workers walked off the job early Friday morning in protest over the failed wage negotiations."Labor and management continued their negotiations into late Thursday, which broke down as the compa
Sept. 29, 2017
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FTC antitrust watch list increases by one in Sept.
South Korea's corporate watchdog said Thursday the number of affiliates belonging to large business groups on its antitrust watch list went up by one, as of the end of September.The Fair Trade Commission said 1,966 firms were on its monitoring list compared to 1,965 from a month earlier.Companies subject to greater oversight and restrictions belong to the country's 31 largest conglomerates, including Samsung Group and Hyundai Motor Group, with assets of 10 trillion won ($8.5 billion) or more, an
Sept. 29, 2017
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Korea's industrial output up for 2nd month in Aug.
South Korea's industrial output gained ground slightly for the second straight month in August on a rise in output in the chipmaking and electronic sectors, but the uptick was offset by sluggish retail sales and corporate investment, government data showed Friday.Production in the mining, manufacturing, gas and electricity industries climbed 0.4 percent on-month in August, following an adjusted 1.7 percent rise in the previous month, according to the data by Statistics Korea.It is the first time
Sept. 29, 2017