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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Park Sam-koo gives up claim to Kumho Tire
After a prolonged and messy fight to buy back Kumho Tire, Kumho Asiana Chairman Park Sam-koo has given up his right of first refusal over the tire company and has decided to step down from executive management. (Yonhap)“Chairman Park has decided to resign from his management position and give up his right of first refusal to prevent any interference with the business normalization of Kumho Tire,” said Kumho Tire’s lead creditor Korea Development Bank on Tuesday.The announcement brings Kumho Tir
Sept. 26, 2017
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Korean duty-free store to close down business amid THAAD row
A South Korean duty-free store will shut down this week amid a sharp drop in the number of Chinese tourists following a diplomatic row over the deployment of a US missile defense system here, officials said Tuesday.Hana B&D, located at the Pyeongtaek port, some 70 kilometers south of Seoul, will end operations Saturday, according to city officials.The company asked the city to terminate the contract Sept. 1, citing difficulties in running the store due to a sharp decline in the number of Chinese
Sept. 26, 2017
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Stationers urge Daiso to focus on household items, not school supplies
South Korean stationery stores have been struggling to survive in the face of stiff competition from Japanese dollar-shop chain Daiso, industry sources said Tuesday, with many calling on the franchise to focus on household items.Daiso, which sells products mainly priced from 2,000 won ($1.76) to 5,000 won, currently operates over 1,000 outlets across the country, an increase from 850 in 2012.The store posted 1.56 trillion won in sales in 2016, over a 30 percent jump from 1.2 trillion won a year
Sept. 26, 2017
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[Management in Korea] Gender equality begins at home
Management in Korea is a regular column written by the members of Egon Zhender Seoul touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.Each year since 2015, Egon Zehnder has held a global event series, Leaders & Daughters, which brings together senior executives of both genders, and their daughters, for frank discussion of the opportunities and challenges facing current and future female executives. In some cases, the size of the event was
Sept. 26, 2017
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Unilever buys Korean cosmetics firm for $2.7b
Anglo-Dutch consumer goods company Unilever said Monday it has agreed to acquire a South Korean cosmetics firm for 2.27 billion euros ($2.7 billion) as it attempts to tap deeper into the Asian beauty market.The company co-headquartered in London and Rotterdam said it has agreed to buy Carver Korea, South Korea's third-largest cosmetics firm, from Bain Capital Private Equity, Goldman Sachs and the company's founder.The deal delivers a whopping profit for the two global investment companies which
Sept. 26, 2017
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Samsung Heavy inks W1.1b deal for 6 containers
Samsung Heavy Industries Co, a major South Korean shipyard, said Tuesday that it has clinched a 1.1 billion-won ($968 million) deal to build six container vessels.In a regulatory filing, Samsung Heavy said it would deliver the vessels by the end of 2019.The shipyard did not reveal the name of the buyer, but industry sources are guessing the customer may be MSC, the world's second-largest shipping firm. (Yonhap)Last week, Daewoo Shipbuilding & Marine Engineering Co., a local shipyard, also receiv
Sept. 26, 2017
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Hyundai Heavy bags W908b deal for 10 ore carriers
Hyundai Heavy Industries Co., a major South Korean shipbuilder, said Tuesday that it has clinched a deal worth 908 billion won ($800 million) to build 10 very large ore carriers, marking the largest deal in five years, amid concerns of a drop in new orders.Under the deal with Polaris Shipping Co., a local shipping firm, Hyundai Heavy will build the 325,000-ton vessels in phases by 2021, it said.Hyundai Heavy said it may build more vessels for Polaris in the future. (Yonhap)Polaris Shipping has c
Sept. 26, 2017
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Oceans minister vows to revitalize cruise market
Oceans Minister Kim Young-choon said Tuesday the government will seek ways to attract more cruise passengers outside of China with various travel incentives in order to revitalize local market, which was hit hard by diplomatic tension with Beijing.The nation's cruise industry market enjoyed a boom last year with a large influx of Chinese travelers, but ships have steered away from South Korean ports after Beijing took punitive action in the wake of Seoul's decision to host a US missile defense s
Sept. 26, 2017
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TEC, going the extra mile in Korea
After enjoying a boom over the past few years in Korea, The Executive Centre, a Hong Kong-based shared office operator, is seeking an even bigger presence here.Over the next five years, TEC will be looking for new opportunities across Korea.The plans come on the heels of the success TEC has enjoyed in Korea. TEC Korea’s sales are expected to reach 10 billion won ($8.81 million) this year, making it the fourth largest after Hong Kong, Beijing and Shanghai.As a leading shared office company in Asi
Sept. 26, 2017
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Korean airlines to hire 3,000 pilots by 2022
Local South Korean airline carriers plan to train and hire 3,000 pilots by 2022 to meet growing demand, the transport ministry said Monday.The move is designed to help meet rising demand for airline service as an increasing number of Koreans opt to travel abroad. Currently, low-cost carriers offer flights mainly on Asian routes at reasonable prices, driving up overseas travel demand. (Yonhap)As the country's eight airlines plan to add 152 planes to their fleets during the 2018-2022 period, they
Sept. 26, 2017
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Home meal replacements, health food production rise with shifting lifestyle
Production of health food products and home meal replacements rose significantly in 2016, as Koreans are cooking less at home and focusing on healthy living, according to data released Monday.According to the Food and Drug Safety Ministry, products in the home meal replacement category rose in production across the board. Production of ready-to-cook and ready-to-eat products rose from 1.04 trillion won ($920.5 million) to 1.55 trillion won, while boxed meals like those sold at convenience stores
Sept. 25, 2017
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McDonald's to run safety checks on stores nationwide
McDonald’s Korea said Monday that it will be cooperating with the Korea Food Safety Association to run an independent nationwide safety check on its stores.(McDonald's)The inspections, to cover 80 items including compliance with food sanitation laws, store facilities, employee sanitation and ingredient inventory management, will come as part of McDonald‘s previously announced plans to strengthen safety at its stores following allegations of products leading to adverse health effects.The unannoun
Sept. 25, 2017
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Hyundai Engineering seals $330m power plant deal in Nigeria
South Korea’s Hyundai Engineering said Monday it sealed a $330 million deal with Kingline Development Nigeria to construct a power plant in Ondo, Nigeria.This is Hyundai Engineering’s first engineering, procurement and construction project in Nigeria. Hyundai Engineering CEO Sung Sang-rok and Kingline Development Nigeria CEO Kim Seung-wook signed the deal to supply a 550-megawatt gas turbine at the Hyundai Engineering headquarters in central Seoul, the company said. The power plant will be built
Sept. 25, 2017
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Korea pushes to build world's largest LNG-powered vessel
South Korea will launch a pilot program to build the world's largest vessel powered by liquefied natural gas in a bid to support more green shipping and develop associated industries, the Ministry of Oceans and Fisheries said Monday. The ministry said it will join forces with local shipyards, builders and state institutes to develop a class of 180,000-ton LNG-propelled vessels.The government launched a task force in January made up of local companies to develop the emerging marine transport sect
Sept. 25, 2017
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McDonald‘s Korea to perform outsourced sanitary inspection amid hamburger scare
The local unit of US fast food chain McDonald's said Monday it will carry out inspections of all of its stores in South Korea after its allegedly undercooked burger patties were accused of causing health problems in local consumers.The Korea Food Safety Association will visit 440 McDonald's stores throughout the country between September and February to check their overall food control processes, including sanitary conditions in the kitchens, the company said. This photo taken Sept. 3, 2017, sho
Sept. 25, 2017
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State companies recoup third of investments made in overseas energy projects
South Korea's state-run energy firms have poured $38.85 billion into overseas resource development projects, but they have recouped a little over one-third of their investment due to a sharp drop in oil and gas prices in recent years, a report showed Monday. South Korea's state firms and private companies have spent a combined $74.63 billion on 476 resource exploration projects in 62 countries, including 141 in petroleum and gas, and 355 in mineral resources, according to the report submitted by
Sept. 25, 2017
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Local electronics companies offer big discounts during Korea Sale Festa: sources
South Korea's major consumer electronics producers are providing big discounts during the upcoming one-month shopping and tourism festival. which begins later this week to fuel consumption, industry sources said Monday.The Korea Sale Festa, the third of its kind, runs from Sept. 28 through Oct. 31 and comes as South Korea's retail industry is struggling from a sharp drop in the number of Chinese tourists amid Beijing's economic sanctions over Seoul's deployment of a US anti-missile system here.C
Sept. 25, 2017
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Sales of seasonal fresh food soar ahead of Chuseok
Sales of agricultural and fisheries products currently in season increased ahead of the 10-day Chuseok holiday, which is set to kick off this weekend, industry data showed Monday.As South Koreans began preparing for the holiday, the sales of blue crab from Aug. 18 to Sept. 17 skyrocketed 1,103 percent on-year, according to the data compiled by Gmarket, a major online shopping mall here. It declined to provide details on the actual sales amount. Customers shop at the fresh foods section of a gian
Sept. 25, 2017
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Korea's power production capability outpacing transmission infrastructure
South Korea's power production growth has outpaced its ability to effectively send electricity to consumers, official industry data showed Sunday. According to findings released by the electric power statistics, the country's installed generating capacity surged 61.6 percent from 66 gigawatts in 2006 to 106 GW last year. During the same period the capacity of power lines to transmit electricity grew just 16.6 percent.In 2006 the country had 29,276 circuit kilometers (c-km) of power lines, with n
Sept. 24, 2017
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Korea to kick off nationwide shopping festival this week
Two major department stores said Sunday they will offer up to 80 percent discounts on some items during the incoming nationwide shopping festival as South Korea is seeking to boost consumption.Lotte Department Store, the country's leading retailer, said some 750 brands will participate in the special bargain sales event between Thursday and Oct. 15. During the period, Lotte will offer up to 80 percent discounts on some winter clothes as well as other products."We will do our best to help in reco
Sept. 24, 2017