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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Kolon-owned TissueGene gets green light for Kosdaq listing
TissueGene, the US-based biotechnology subsidiary of South Korea’s Kolon Group, has received the green light from the local bourse regulator to begin its public listing procedures on the Kosdaq. The Korea Exchange announced Thursday it has approved TissueGene’s preliminary application for listing on the Kosdaq, kick-starting the firm’s initial public offering process.The news prompted shares of Kospi-traded Kolon to surge by 5.27 percent from the previous day to close at 69,900 won ($62.30) on F
Sept. 1, 2017
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Ssangyong VP appointed as new ICCK Chairman
Vasudev Tumbe, vice president and CFO of Ssangyong Motor Company, has been elected as the new chairman of the Indian Chamber of Commerce in Korea, according to a statement by ICCK. Tumbe worked with Mahindra & Mahindra for more than 30 years and was vice president of financing and accounts in the company’s Automotive Division before coming to Korea in 2013 as vice president and CFO of Ssangyong Motor Company.ICCK Chairman Vasudev Tumbe (ICCK) “India is one of the most promising markets in the w
Sept. 1, 2017
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Daewoo Shipbuilding in talks with Hyundai Merchant over ships
Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Friday that it is in talks with the country's leading shipping firm, Hyundai Merchant Marine Co., over the construction of five very large crude carriers.In a regulatory filing, Daewoo Shipbuilding said the two, however, have yet to reach an agreement on the terms of the deal. (Yonhap)On Thursday, Hyundai Merchant said it plans to spend 470 billion won ($419 million) to buy five new VLCCs and 182 billion won to acquire two
Sept. 1, 2017
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Samsung facing hurdles in decision-making amid Lee's absence
A high-ranking executive from Samsung Electronics Co. on Friday said the company is facing various hurdles in rolling out business strategies amid the absence of the firm's de facto head Lee Jae-yong."It is true there are various troubles related to rolling out investment for the future, or seeking restructuring of businesses (amid Lee's absence)," said Yoon Boo-keun, who heads Samsung's home appliances arm, during meeting with reporters in Berlin at the Internationale Funkausstellung event.Last
Sept. 1, 2017
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Korea‘s consumer prices rise at fastest pace in more than 5 yrs in Aug.
South Korea's consumer prices rose at the fastest pace in more than five years in August due mainly to a sharp increase in food prices, government data showed Friday.The country's consumer price index advanced 2.6 percent last month from a year earlier, up from the previous month's 2.2 percent rise, according to the data compiled by Statistics Korea.The August inflation marked the highest gain since April 2012, when it also hit 2.6 percent.From a month earlier, the index went up 0.6 percent in A
Sept. 1, 2017
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SK Innovation to produce EV batteries with 100 km extension of driving range
SK Innovation will start the world’s first commercial production of mid- and large-sized pouch-type NCM 811 batteries that would allow a driving range of up to 500 kilometers for electric vehicles, the company said Thursday. NCM 811’s letters and number stand for the chemicals and proportions of the chemicals that make up the battery. The chemicals are nickel, cobalt and manganese. Starting in December this year, the new batteries will be supplied for the production of energy storage systems. Fo
Aug. 31, 2017
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Battery conference to be held in Seoul in September
SNE Research is slated to host a battery conference in Seoul, gathering experts to share information and connect with new business partners.The Korean research firm said Thursday it would host the eighth KABC2017, or Korea Advanced Battery Conference, at Coex in Seoul, starting on Sept. 21 for two days. The seminar will also look at how global leaders in the battery industry, LG Chem, Samsung SDI, SK Innovation and China’s CALT have been preparing for the rapidly growing electric vehicle market,
Aug. 31, 2017
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Lotte pours another $300 million into Lotte Mart China
Lotte has decided to borrow another $300 million to support Lotte Mart in China, according to the company on Thursday, as the discount chain continues to struggle amid negative Chinese consumer sentiment toward Korea.The funds will come through Lotte Shopping Holdings in Hong Kong, which owns the Lotte Mart China corporation. This the second loan made to Lotte Mart China, following an initial loan in March of a similar amount. A consumer passes by a closed Lotte Mart in China. (Yonhap)In March,
Aug. 31, 2017
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Johnson & Johnson Innovation seeks promising Korean health care startups
Johnson & Johnson Innovation, the strategic venture arm of the US health care company, is looking to recruit promising health care and biopharma technology startups in South Korea to its inaugural venture acceleration program.J&J Innovation Asia Pacific said Thursday that it had partnered with the Seoul Metropolitan Government and the Korea Health Industry Development Institute to launch the Seoul Innovation QuickFire Challenge.The program seeks to attract early stage innovation and solutions in
Aug. 31, 2017
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Pizza Hut Korea sold to Korean investment firm
American food company Yum! Brands has sold its 100 percent stake in Pizza Hut Korea to a Korean investment firm, according to Pizza Hut Korea on Thursday.The stake was sold to Orchard One Inc., a corporation set up by an investment firm called KHI for this deal. An official speaking for Pizza Hut Korea declined to comment on the sale price, citing a non-disclosure agreement.The company said through a statement that the sale aimed to create a “more flexible organization and streamlined decision-m
Aug. 31, 2017
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Alleged Samsung Galaxy S7 explosion causes severe burns
A Samsung Galaxy S7 smartphone, a model previously offered in exchange for the recalled Galaxy Note 7, caught fire while charging, a Korean phone owner claims. The 20-year-old user said Wednesday that her Galaxy S7 smartphone she had left charging in the room caught fire at around 3 a.m. on Aug. 14.Sparks from the fire burned the floor and furniture in her bedroom, as well as her hands, resulting in severe blisters. (Yonhap)The user clarified she has been using Samsung’s official charger and the
Aug. 31, 2017
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Kepco in talks to buy California-based solar power plant
Korea’s largest utility provider Korea Electric Power Corp. is in discussions to acquire a California-based solar power plant, the company said Thursday. Kepco recently held a meeting with the company that owns the power plant in California. It is currently discussing with the Ministry of Trade, Industry and Energy details of stake purchases, according to the company.(Yonhap)The deal is expected to take shape later this year, but other details remained undisclosed.The capacity of the plant in Ca
Aug. 31, 2017
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SK Siltron officially launched after SK chief acquired remaining stake
SK Siltron has officially launched as SK Group’s semiconductor parts maker, after the group’s chairman acquired a remaining 29.4 percent stake from LG Siltron’s creditors.According to news reports, the conglomerate’s chief Chey Tae-won bought a 29.4 percent stake Wednesday from creditors including Woori Bank, via a special purpose company. The latest acquisition followed SK Group’s purchase of a 51 percent stake from LG for 620 billion won ($549 million) in January and an additional 19.6 percent
Aug. 31, 2017
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Daewoo E&C signs memorandum with Bangkok’s Metropolitan Waterworks Authority
Daewoo E&C, the Korea Environmental Industry & Technology Institute and the Center for Eco-Smart Waterworks System signed a memorandum of understanding with Bangkok’s Metropolitan Waterworks Authority on Aug. 29 at the MWA Office in Bangkok, Thailand, according to an announcement by Daewoo E&C. The MWA is responsible for the production and supply of tap water in Bangkok. Under the agreement, each organization agreed to share their know-how and expertise on waterworks systems by hosting network
Aug. 31, 2017
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S-Oil targets W3tr in operating income by 2025
S-Oil on Thursday unveiled its vision for 2025, vowing to become the most renowned energy company in the Asia Pacific region with an operating profit of 3 trillion won ($2.6 billion) by 2025.“S-Oil aims to become an energy and chemicals company with an operating profit of 3 trillion won and 25 trillion won of market capitalization by 2025,” CEO Othman Al-Ghamdi said during a ceremony.S-Oil CEO Othman Al-Ghamdi attends the vision 2025 proclamation ceremony. (S-Oil)The goal would indicate a twofol
Aug. 31, 2017
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Daewoo Shipbuilding wins sub maintenance deal from Indonesia
Daewoo Shipbuilding & Marine Engineering Co., a major shipyard in South Korea, said Thursday that it has clinched a 30 billion-won ($26.7 million) deal from Indonesia's Navy to provide maintenance and upgrade services for one of its submarines.Under the deal, Daewoo Shipbuilding will work with Indonesia's largest shipyard, PT. PAL, on the maintenance of a submarine operated by the Indonesia's Navy by 2020.Early this month, Daewoo Shipbuilding handed over a 1,400-ton diesel-electric submarine to
Aug. 31, 2017
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Samsung's refrigerator inverter compressors receive durability certificate
Samsung Electronics Co. said Thursday its inverter compressors for refrigerators won a certificate from a German evaluator for boasting an operational lifespan of more than two decades.Citing Germany's Verband Deutscher Elektrotrchniker, the South Korean tech giant said its inverter compressors, which act as a key part of refrigerators, can last at least 21 years without problems.Inverter compressors are significant as they play a crucial role in a refrigerator's power consumption, noise and vib
Aug. 31, 2017
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Court orders Kia to pay W422b in ordinary wages suit
A local court ruled bonuses and lunch allowances paid to workers at Kia Motors as part of “ordinary wages” Thursday, ordering the nation’s second-largest carmaker to pay 422.3 billion won ($375.5 million) as compensation.The Seoul Central District Court was partially upholding the demand by workers from Kia Motors, the nation’s second-largest automaker, who had claimed 1.09 trillion won, or about 110 million won per worker in compensation. However, the court ordered that they be paid around one-
Aug. 31, 2017
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New resort complex in Jeju to open theme park next month
The operator of a new resort complex under development on the country's southern resort island of Jeju said Wednesday its theme park will open to the public next month, as it aims to become a world-leading tourist destination.The Shinhwa World resort complex will encompass high-end facilities along with a series of entertainment options such as a water park and casino when it goes into full operation in 2019, according to its developer Landing Jeju Development Co. It is partially open at the mom
Aug. 30, 2017
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Kumho Asiana chief offers revised proposal in brand dispute over Kumho Tire
The chairman of Kumho Asiana Group, parent of Kumho Tire Co., on Wednesday submitted a revised proposal to creditors over the use of the tiremaker's brand, an industry source said Wednesday. The revised proposal by Kumho Asiana Chairman Park Sam-koo came as the creditors, led by state-run Korea Development Bank, remains undecided on a demand by China's Qingdao Doublestar Co. to cut its bidding price for Kumho Tire.Details of the revised proposal were unknown, but Kumho Asiana had requested Doubl
Aug. 30, 2017