Most Popular
-
1
Ex-presidential official’s leaked phone call rattles conservative bloc
-
2
Man escapes DUI charges by downing bottle of soju while pulled over
-
3
Pay debate plagues foreign nanny pilot
-
4
K-pop star lip-syncing controversy flares up again
-
5
35% of S. Koreans view unification 'unnecessary'
-
6
Slew of top K-pop stars ready to return from military
-
7
S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
-
8
[Reporter’s Notebook] Was Netflix film opening BIFF really a bad thing?
-
9
N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
-
10
Controversial cult leader’s sentence reduced to 17 years
-
Kyobo holds commemorative concert for late founder Shin Yong-ho
In honor of the late Shin Yong-ho, the founder of Kyobo Life, the company announced it is holding a commemorative concert and a memorial photo exhibition this month to celebrate 100 years since its founder’s birth. Regarded as one of the most respected Korean entrepreneurs of the 20th century, Shin’s dedication to learning and national education made him a pioneer in the country’s insurance and publication industry, the company said. Shin Yong-ho, the late founder of Kyobo Life (Kyobo Life)The
Sept. 6, 2017
-
Corporate promotion system favors seniority over ability: survey
Promotion systems at more than 35 percent of Korean companies still largely prioritize employee seniority over job skills, according to data released by career portal site Job Korea on Wednesday. Job Korea surveyed 1,057 employees regarding their companies’ promotion systems and found the top result of 35.5 percent of respondents said their companies base promotions on years of service. Of the total respondents, 29.3 percent answered their companies promoted personnel under the criteria of empl
Sept. 6, 2017
-
Kumho Tire turnaround main focus after deal collapses: biz leader
The chief of Kumho Asiana Group said Wednesday the airline-to-construction conglomerate will consider asset sales in China to help turn around its tiremaking affiliate after the deal to sell it collapsed. In March, China's Qingdao Doublestar signed a 955 billion-won ($844 million) contract with the creditors led by the state-run Korea Development Bank to buy a 42.01-percent stake in South Korea's No. 2 tiremaker. The deal fell through Monday when the creditors rejected Doublestar's demand to cut
Sept. 6, 2017
-
Korea, Thailand agree to expand bilateral flights
South Korea and Thailand have agreed to double the number of designated airlines on their bilateral routes as Seoul tackles declining travel demand from China, the transport ministry said Wednesday. At the aviation talks held in Busan, 450 kilometers south of Seoul, Koo Bon-hwan, director general of the Aviation Policy Bureau at the Ministry of Land, Infrastructure and Transportation, and his Thai counterpart, Chula Sukmanop, agreed to increase the number of airlines on Korea-Thailand routes fro
Sept. 6, 2017
-
Corporate watchdog chief vows to reform unfair biz practices
The chief of South Korea's corporate watchdog pledged Wednesday to carry out sweeping reforms of the local distribution and retail industry to root out unfair business practices and strengthen consumer protection.Fair Trade Commission Chairman Kim Sang-jo made the comment at a meeting in Seoul with business leaders representing the Korea Chainstore Association, the Korea Online Shopping Association and the Korea TV Home Shopping Association.Last month, the FTC unveiled a plan to impose punitive
Sept. 6, 2017
-
Families of conglomerate heads enjoy fast track
Families of South Korean conglomerates' heads are on the fast track as they usually get promoted to the executive level in about four years after entering the company, a corporate tracker said Wednesday.Announcing a survey on 185 members of families controlling the 77 leading business groups, CEO Score said it took an average of 4.2 years for them to get promoted to executive-level positions after admission. In contrast, it took an average of 21.7 years for ordinary employees to rise to an execu
Sept. 6, 2017
-
Korea's tourism balance hits historic low in July
South Korea saw its greatest deficit ever in tourism balance in July this year, with the imbalance expected to continue amid tensions with China and North Korea, and the upcoming Chuseok holiday luring Koreans to travel abroad.According to numbers from the Bank of Korea on Tuesday, the travel trade balance hit a $1.79 billion deficit in July this year, representing the lowest point ever. The balance fell by 40.8 percent compared to July last year.Travelers leaving Korea wait to check-in at Inche
Sept. 5, 2017
-
KT&G offers W3b to young entrepreneurs
Cigarette maker KT&G is offering 3 billion won ($2.65 million) to help fund young entrepreneurs creating social enterprises, according to the company Tuesday. From left: KT&G chief of sustainability management HQ Lee Sang-hak, Social Solidarity Bank CEO Kim Yong-deog and Underdogs CEO Kim Jeong-heon sign the KT&G SangSang Startup Camp memorandum of understanding at Seoul Innovation Park on Tuesday. (KT&G)KT&G signed an agreement Tuesday with Social Sustainability Bank and Underdogs to start the
Sept. 5, 2017
-
SME leaders call for govt. support ahead of high costs, low productivity
South Korea's small and medium-sized enterprise leaders called on the government Tuesday to provide more support in the face of an increased minimum wage and reduced working hours that will impact their businesses.In a meeting with Labor Minister Kim Young-joo, Park Sung-taek, chairman of the Korea Federation of Small and Medium Business, said its member companies will cooperate with the government's efforts to raise the minimum wage and reduce working hours, but stressed Seoul has to provide fi
Sept. 5, 2017
-
[News Focus] Why smartwatches failed to hit mainstream
It been three years since Apple CEO Tim Cook said “the Apple Watch is most personal device we’ve ever created,” and smartwatches have evolved to become smarter, sleeker and more stylish. They now sport fitness trackers, waterproof and payment services, with some of them being hybrids with luxury fashion brands including Emporio Armani, Fossil and Michael Kors. Despite the advances with fanfare, smartwatches have yet to grab the mainstream for now. The global smartwatch market saw a whopping 350
Sept. 5, 2017
-
[Monitor] Korea‘s longest submarine tunnel being constructed
Boryeong and Taean will be connected with the country’s longest submarine tunnel as well as a bridge, together spanning some 14.1 kilometers, in South Chungcheong Province.The construction plan is part of a tourism project pushed by the region that would include new large-scale resorts envisioned by Daemyung Group and Lotte Group. The construction is currently 38 percent and 67 percent complete for the tunnel and the bridge respectively.When completed, the tunnel will be the longest in South Kor
Sept. 5, 2017
-
Kumho Tire creditors reject Doublestar‘s demand of price cut
(Yonhap)A yearlong negotiation between creditors of Kumho Tire and Qingdao Doublestar hit a major snag on Tuesday, as the former group rejected the Chinese company’s demand of cutting down its bid price for a controlling stake in the South Korean tiremaker.If the Chinese firm refuses to renegotiate, the deal is terminated automatically.“We were not able to accept, because Doublestar made an excessive demand,” said an official representing one of the creditors, including the state-run Korea Devel
Sept. 5, 2017
-
Refiners set to report strong Q3 earnings
South Korean oil refiners, led by SK Innovation Co., are expected to report stronger-than-expected earnings for the third quarter of the year on the back of good refining margins and solid demand for their key products, industry sources said Tuesday.The benchmark Singapore complex gross refining margin hovered around $8 per barrel last month, up from $7.40 in July, $6 in May and $5.80 in March, according to industry sources. Singapore is the regional trading hub of the benchmark Dubai crude.The
Sept. 5, 2017
-
Korea recaptures top spot in global shipbuilding orders in August
South Korean shipyards recaptured the No. 1 position in new orders worldwide in August amid a plunge in overall numbers, industry data showed Tuesday.According to the data compiled by global research firm Clarkson Research Institute, local shipbuilders clinched new orders worth a combined 130,000 compensated gross tons last month to build nine vessels. (Yonhap)Chinese rivals came next with 110,000 CGTs, or seven ships. Japanese shipyards bagged orders worth 40,000 CGTs or two ships.In the first
Sept. 5, 2017
-
Ice cream sales fall amid fewer children, popular alternatives: report
South Korea's ice cream sales have declined in the past few years in the face of fewer children and the growing popularity of alternatives, such as ice coffee and shaved ice, a report said Tuesday.Per capita annual consumption of ice cream fell to 58 servings in 2015 from 71 servings in 2013, according to the report written by the Ministry of Agriculture, Food and Rural Affairs.The report attributed the decrease to the drop in the number of kids, the main consumers of ice cream, and the drastic
Sept. 5, 2017
-
Yuhan-Kimberly queries validity of sanitary pad toxicity study
Personal care products company Yuhan-Kimberly on Monday released an official statement questioning the validity of a study conducted last year on the toxicity of sanitary pads being sold in Korea.“The Food and Drug Safety Ministry has stated that the scientific validity of the study is questionable, which is why we are waiting for the results of the government’s ongoing study instead before making any definitive claims,” a spokesperson for the company said. The statement came after news reports
Sept. 4, 2017
-
Lotte considers pulling out of Incheon Airport
Lotte Duty Free is considering pulling its duty-free business out of Incheon Airport’s Terminal 1 in the wake of falling sales, according to an official with the company Monday.“We are in the midst of negotiations with the airport to adjust rent costs, but closing our outlet at the airport is a serious consideration,” the official said. Korea’s largest duty-free operator has seen sales numbers decrease sharply, following tensions between China and Korea due to the latter’s decision to deploy an
Sept. 4, 2017
-
Daewoo Shipbuilding wins W470b order for 5 oil tankers
Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Monday that it has secured a 470 billion won ($420 million) order to build five very large crude carriers.Under the deal with Hyundai Merchant Marine Co., South Korea's top shipping firm, Daewoo Shipbuilding, said it will deliver the vessels by September 2019.Last week, Hyundai Merchant said it plans to spend 470 billion won to buy five new VLCCs and 182 billion won to acquire two container vessels. Seoul-based headquarter
Sept. 4, 2017
-
Foreign companies remain calm, on guard over NK risk
With North Korea’s latest nuclear test accelerating geopolitical tension, foreign companies operating here on Monday expressed concerns over Pyongyang’s continued threat, but were seen to remain calm.Many foreign companies here are “familiar with constant noise from the North” and also such rhetoric “does not create any significant issues or concerns,” according to a group of US companies here. (123RF)“There is no significant threat to day-to-day business for our member companies nor do we antic
Sept. 4, 2017
-
SK chief’s daughter to wed in October
Chey Yun-jeongSK Group chairman’s daughter will tie the knot with an official of an IT venture firm on Oct. 21, the group said Monday.Chey Yun-jeong, 28, is Chairman Chey Tae-won’s eldest child from his marriage with Roh So-young, the daughter of former President Roh Tae-woo. The younger Chey joined SK’s pharmaceutical arm in June. She had begun her career at Bain and Company, a global consulting firm. Chey met her fiance, surnamed Yoon, while working at Bain, the company said, without revealing
Sept. 4, 2017