Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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Man escapes DUI charges by downing bottle of soju while pulled over
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Pay debate plagues foreign nanny pilot
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K-pop star lip-syncing controversy flares up again
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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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Korea ranks one of lowest in cooperation in labor-employer relations
South Korea has one of the lowest levels of cooperative relations between labor and employer, the country's central bank said Sunday.South Korea's global competitive index in cooperation in labor-employer relations came to 3.4 in 2016, placing Seoul 135th out of the 138 countries surveyed by the World Economic Forum, according to the Bank of Korea.South Korea's militant labor groups have a track record of staging protest rallies, which sometime turn violent as some protesters brandish metal pipe
Sept. 24, 2017
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K-water vows to lead Asia’s water industry
Korea’s state-led water company K-water has wrapped up its co-hosting of the first Asia International Water Week at Hwabaek International Convention Center in Gyeongju, North Gyeongsang Province.Along with the Asia Water Council, K-water hosted the triennial water industry event from Wednesday to Saturday to devise solutions for water issues around the globe, as well as to foster the industry in Asia. A total of some 15,000 officials from the government and international organizations across 69
Sept. 24, 2017
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[Ask a Lawyer] Companies still need to be cautious of ‘Kim Young-ran act’
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. How have companies responded to the implementation of the Kim Young-ran Act?Approximately one year has passed since the Prohibition of Improper Solicitation and Graft Act -- the “Kim Young-ran Act” -- was implemented, and the act appears to have succeeded in ste
Sept. 24, 2017
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Korea's trading companies are unprepared for 4th industrial revolution: poll
South Korea's export and import firms are woefully unprepared to cope with the fourth industrial revolution that is expected to bring about profound changes to the global economy, a poll by an international traders organization said Sunday. According to the Korea International Trade Association findings, 83.3 percent of trading companies acknowledged that the ongoing revolution will affect corporate management systems and the way they do business, but only 5.1 percent said they are meeting the c
Sept. 24, 2017
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Korea's egg consumption on the rise ahead of Chuseok holiday
South Korea's egg consumption has increased ahead of the long Chuseok holiday, retail industry data showed Sunday.Egg consumption here took a hit after some eggs were found to have been tainted with banned pesticides, causing a nationwide health scare.Data provided by E-Mart, the country's largest hypermarket chain, said sales of eggs from Sept. 15-21 jumped 46.8 percent on-year, with Lotte Mart, another nationwide discount chain, reporting an increase of 30.5 percent. (Yonhap)Both E-Mart and Lo
Sept. 24, 2017
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Hyundai Heavy shipyards ask employees to take leave to cope with drop in work
ULSAN -- Hyundai Heavy Industries Group's three shipyards have all asked their employees to take leave of absence to cope with a drop in workloads, corporate sources in Ulsan said Sunday.Management at Hyundai Mipo Dockyard Co. said it reached an agreement with its union to have workers take time off in rotations with the first employees to take their leave starting Oct. 16. This process will be implemented until late June 2018 and involve the temporary shutting down of docks that are not in use.
Sept. 24, 2017
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Anti-graft law deals blow to upscale restaurants, flower businesses
Sales at upscale Korean restaurants and flower businesses fell in the past year, data showed Sunday, a decline widely blamed on South Korea's anti-graft law.Credit-card spending by corporate users in high-end restaurants specializing in traditional Korean cuisine dropped 25.2 percent in the period October 2016 to August 2017, compared with the same period a year earlier, according to data compiled by BC Card Co., a leading credit card issuer in South Korea. The decline is believed to have been a
Sept. 24, 2017
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Ex-KAI head arrested over W500b accounting fraud scandal
The prosecution arrested a former chief of Korea Aerospace Industries Co. (KAI) Saturday as part of a probe into an accounting fraud case at the nation's sole aircraft maker.The Seoul Central District Court issued an arrest warrant for Ha Seong-yong, citing the possibility of him fleeing and destroying evidence. Ha Seong-yong, former chief of KAI (Yonhap)Ha has been detained on a string of charges from accounting fraud and breach of trust to embezzlement. Prosecutors believe Ha instructed KAI of
Sept. 23, 2017
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[News Focus] Labor decision on bakery meets strong resistance
A decision by the Labor Ministry to order bakery chain Paris Baguette to directly hire bakers working at the brand’s franchise outlets is facing strong resistance from politicians and franchise operators who say that such a decision would impose a massive financial burden on companies that use workers hired by a third party. On Thursday, the government said that it considered Paris Baguette to be illegally supervising bakers at its franchise stores who had been dispatched by partner firms. Under
Sept. 22, 2017
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Gov't to present profit-sharing system between big, small businesses
The government said Friday it will soon come up with measures to get big businesses to share profits with subcontractors.The government will complete a study on a viable profit-sharing model by the end of the year so a bill could be presented to the National Assembly for passage in 2018, an official of the Ministry of SMEs and Startups said."We are planning to clearly define the concept of Korean-style profit sharing through the development of a Korean model," the official said. "We are also exp
Sept. 22, 2017
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Samsung Group named top 5 influential Asian firms by Forbes
US-based business magazine Forbes on Friday named Samsung Group as one of the top five influential companies in Asia, citing its achievements in the tech segment.Forbes said Samsung Electronics was one of the five companies that "have shaped Asia and the world," along with Japanese Toyota Motor Corp., Sony Corp., India-based HDFC Bank and China's commerce giant Alibaba Group.The US magazine said Samsung's business strategy announced in 1993, where now-bedridden head Lee Kun-hee made his famous r
Sept. 22, 2017
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Dongbu Group chief steps down over alleged sexual harassment
Dongbu Group Chairman and CEO Kim Jun-ki resigned from his post on Thursday after being sued by his secretary for alleged sexual harassment two days prior.“Deeming that my personal problem should not burden the company, I resign from the chairman and CEO posts of Dongbu Group,” Kim said in a statement, apologizing to the members, investors, shareholders and customers of the firm.Kim is accused of sexually molesting a secretary, whose name was withheld, regularly between February and July this ye
Sept. 21, 2017
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Indian minister listens to difficulties facing Korean businesses on the subcontinent
India's commerce minister met with South Korean company leaders Thursday to listen to the difficulties they experience while doing business in the rapidly growing Indian market, an industry group said. At the meeting -- which is being held separately from the seventh ASEM Economic Ministers' Meeting that runs for three days through Saturday in Seoul -- Commerce and Industry Minister Suresh Prabhu met Korean business leaders from Samsung Electronics Co., Kia Motors Corp. and POSCO. In this photo
Sept. 21, 2017
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Peacock begins sales in Hong Kong, US
E-mart's home meal replacement brand Peacock is entering the overseas market beginning with Hong Kong and the United States this month, the discount retailer chain said Thursday.Although Peacock products have been sold overseas in the past through limited-time promotions, this is the first time that it has been officially delivered as a brand to overseas retail chains.Peacock products are on display at a Market Place by Jasons outlet at the K11 mall in the Tsim Sha Tsui district, Hong Kong. (E-m
Sept. 21, 2017
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Standard Chartered teams with Samsung for new cards
Standard Chartered Bank Korea, a subsidiary of British banking service Standard Chartered PLC, has launched two new banking cards in partnership with Samsung Card, the company said. Earlier this month, the two companies unveiled the “Standard Chartered Daily Samsung Card” and the “Standard Chartered Life Samsung Card,” their first collaborative products since signing a comprehensive partnership agreement last year. The two companies have come up with the new lineup by jointly making consistent
Sept. 21, 2017
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SK hynix says negotiations still necessary for Toshiba deal
South Korean chipmaker SK hynix Inc. said Thursday that Japan's Toshiba Corp. has agreed to sell stakes in its memory business to a consortium that includes South Korea's No. 2 chipmaker and US investment firm Bain Capital, although details of the deal are still subject to further negotiations."As details of the approval made by Toshiba's board of directors still need to be negotiated, SK hynix will continue with discussions to best reflect our interests," the company said in a regulatory filing
Sept. 21, 2017
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Samsung Heavy develops own regasification system
Samsung Heavy Industries Co., a major shipyard in South Korea, said Thursday that it has developed its own liquid natural gas regasification system for its LNG floating storage and regasification unit.The new LNG regasification system, called S-Regas, uses glycol and reduces the risk of corrosion caused by traditional methods of heating LNG directly with seawater, according to Samsung Heavy. This photo, provided by Samsung Heavy Industries Co., shows its floating storage and regasification unit.
Sept. 21, 2017
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Posco Daewoo holds conference to boost global business
Posco Daewoo, the trading arm of Korean steel giant Posco, hosted a two-day Global Staff Conference at Shanghai, China, to search for ways to bolster its steel and grain business globally, the company said Thursday.“The company’s staff working overseas are valuable assets directly linked with our sales capacity, expanding local networks and spotting new business opportunities,” said Posco Daewoo CEO Kim Young-sang.Kim and some 50 employees from 34 overseas branches shared thoughts on ways to exp
Sept. 21, 2017
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Top court finds ex-KDB chief guilty of slandering Lotte chairman
The top court on Thursday found a former head of the state-run Korea Development Bank guilty of slandering Lotte Group Chairman Shin Dong-bin. The Supreme Court upheld the lower court's defamation conviction of Min Euoo-sung and a 5 million won ($4,412) fine. Min was sued by Shin and Lotte for telling reporters in October 2015 that Shin Kyuk-ho, the chairman's father and the group founder, was "caged up" in his office at Lotte Hotel in central Seoul and that he was being "surveilled" by his son.
Sept. 21, 2017
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Samsung Bioepis wins approval to sell biosimilar in South Korea
Samsung Biologics Co. said Wednesday its affiliate Samsung Bioepis Co. won a nod from South Korea‘s drug agency to sell its biosimilar dubbed SB5.Through the approval granted by the Ministry of Food and Drug Safety, Samsung Biologics said in a regulatory filing that the biosimilar is ready for sale in the country. Ko Han-sung, CEO of Samsung BioepisThe SB5 is a biosimilar of Humira released by U.S.-based AbbVie Inc., used for the treatment of various diseases including Crohn’s disease and rheuma
Sept. 20, 2017