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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Pianist Lim Yunchan double winner at Gramophone Awards
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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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Hyundai construction lands W500b deal with CNHi
Hyundai Construction Equipment, which separated from Hyundai Heavy Industries in April, announced Monday it expects to collect some 500 billion won ($449 million) by the end of 2021 for its deal with UK-based Netherlands industrial goods company CNHi to provide 2,200 mini excavators. In an effort to expand its global reach, Hyundai Construction says it is looking to increase its annual sales volume in advanced markets such as North America and the Oceania region by 40 percent and 45 percent, re
July 24, 2017
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Hyundai Heavy unit inks slew of excavator supply deals
Hyundai Construction Equipment Co., a unit of major shipyard Hyundai Heavy Industries, said Monday that it has signed a deal valued at 500 billion won ($447 million) to provide a total of 2,200 miniexcavators to Britain-based construction equipment maker CNHi by 2021.The company also has inked a series of other deals, including one to provide 285 forklift trucks to US firm Oldcastle. (Yonhap)Hyundai Construction said it plans to jack up its sales in North America by 40 percent this year. The com
July 24, 2017
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Korea budget carriers gain ground on consumer demand
South Korea's low-cost carriers posted a 51 percent on-year jump in the number of passengers they served on international routes in the January-May period as they took advantage of low fares and diversified routes, the transport ministry said Monday.The number of local passengers who used the full-service carriers for overseas travel fell 5.4 percent year-over-year to 2.45 million in the first five months of 2017. In contrast, passengers who chose LCCs over FSCs on international routes soared to
July 24, 2017
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Uber, KB Financial team up for food delivery service in Korea
Global app-based rideshare service operator Uber Technologies Inc. and South Korea's KB Financial Group Inc. have signed an agreement to work together to launch a domestic food delivery service, the financial conglomerate said Monday. Uber is expected to launch the food delivery service, UberEATS, in South Korea by the end of this year, KB Financial said. (Yonhap)An official at Kookmin Bank, flagship bank of KB Financial, said the lender has been considering making loans to possible members of
July 24, 2017
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Korean shipyards rack up solid profits in Q2: data
South Korea's major shipyards, led by Hyundai Heavy Industries Co., are projected to have racked up solid profit during the second quarter of the year, aided by the increased delivery of ships, cost-cutting measures and a rise in new orders, industry sources said Monday.According to the data compiled by industry tracker FnGuide, Hyundai Heavy is expected to have logged an operating income of 148 billion won ($132 million) during the April-June period, but the estimate marks a drop from the previ
July 24, 2017
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Second-phase construction begins at Ulsan port for oil hub project
Breakwater construction will begin at Ulsan as part of an ongoing move to transform the port city into a Northeast Asia oil trading hub, the maritime ministry said Monday.Some 830 billion won ($741.73 million) will go into erecting a 3.1-kilometer-long breakwater, scheduled for completion by 2023.It is the second phase of the breakwater construction, with the first phase expected to be finished by September this year. (Yonhap)South Korea plans to build a massive oil terminal in Ulsan, 414 kilome
July 24, 2017
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Korea accounts for 10% of Samsung's 2016 revenue
Korea accounted for around 10 percent of Samsung Electronics Co.'s combined sales last year, similar to the previous year's figure, reflecting the tech giant's expanding presence overseas, its report showed MondayAccording to the business report released by Samsung Electronics, 20.2 trillion won ($18 billion) of its combined sales of 201.9 trillion won posted last year came from Korea. The 10 percent figure remains nearly unchanged over the past three years.(Yonhap)The North American market acco
July 24, 2017
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Samsung Bioepis biosimilar wins tentative approval in US
Samsung Bioepis Co. diabetes treatment biosimilar received tentative approval from the US Food and Drug Administration, industry sources said Sunday. (Yonhap)The Lusduna Nexvue developed in cooperation with multinational drug company Merck Sharp and Dohme Corp. got the green light because it satisfied all regulatory rules for follow-on biologics of clinical and nonclinical safety, local here observers said.A biosimilar is a biologic medical product which is almost an identical copy of an origina
July 23, 2017
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Kumho chief says he wants to resolve Kumho Tire brand issue in 'reasonable' manner
The head of Kumho Asiana Group said he is committed to resolving the differences over the Kumho Tire brand issue in a "reasonable" manner, a corporate source said Sunday. (Yonhap)The insider who declined to be identified said Park Sam-koo made the remark at a conglomerate event held on Saturday in Seoul.The impasse surrounding the use of the brand has been one factor holding up the sale of the debt-ridden Kumho Tire to China's Qingdao Doublestar. The tiremaker is currently part of the South Kore
July 23, 2017
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[Advertorial] LG Chem aims to reach global top five
LG Chem aims to join the global top five in the chemical industry by 2025, by increasing investment in capital expenditure and research & development in the areas of its base materials, electronics, life science and battery unit. LG Chem’ researchers test the performance of Reverse Osmosis, or RO, filters at its plant located in Chungju. (LG Chem)The company plans to spend 2.76 trillion won ($2.4 billion) on capital expenditure this year, up 40 percent on-year, and also set aside 1 trillion won
July 23, 2017
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SKT develops world’s smallest quantum chip
SK Telecom said Sunday it has developed the world’s smallest chip to generate random number utilizing its quantum technology, which can significantly raise the security level of connected devices and vehicles.“We have developed a prototype of Quantum Random Number Generator, which is small enough to be used for diverse electronics devices including self-driving cars, smartphones and drones to prevent them from being hacked,” a SK Telecom spokesperson said. Quantum, which is the minimum amount of
July 23, 2017
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Chinese envoy urges restoration of trust over THAAD retaliation
SEOGWIPO, Jeju Island -- South Korea’s decision to deploy a US anti-missile system has seriously damaged the bilateral ties between Seoul and Beijing built for the last 25 years, impeding further development of cooperation and exchanges between the two, a Chinese envoy to Seoul said Saturday.“(The deployment of) THAAD is a strategic issue, but has seriously damaged mutual trust between the two countries,” said Chinese Ambassador to South Korea Chu Guo Hong, referring to the Terminal High Altitud
July 23, 2017
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Posco Daewoo taps into Korea‘s MICE industry
Posco Daewoo CEO Kim Young-sang (left) poses with KITA Chairman Kim In-ho and Coex CEO Byun Bo-kyung after a memorandum of understanding signing. (Posco Daewoo)Posco Daewoo, the trading unit of the country’s top steelmaker Posco, signed a memorandum of understanding with the Korea International Trade Association and Convention & Exhibition Center Coex to cooperate for the development of the country‘s MICE industry, the company said Sunday.MICE is an acronym for meeting, incentives, conventions a
July 23, 2017
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Korea's CO2 emissions up 1.3 % on-year in 2016: data
South Korea's carbon dioxide emissions rose 1.3 percent in 2016 from the previous year, industry data showed Sunday, as the country steps up efforts to curb the release of greenhouse gases cited for causing global warming. (Yonhap)According to Enerdata, an international energy consulting firm, Asia's fourth-largest economy released some 588 million tons of CO2 into the atmosphere last year, compared to 580 million tons tallied for 2015.The independent findings are supported by separate numbers b
July 23, 2017
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Dongbu Daewoo Electronics FIs moving to sell off company to new buyer: sources
Financial investors of Dongbu Daewoo Electronics are moving to sell 100 percent of their stakes in the appliance maker, which is raising questions about the future of the company, market watchers said Sunday. Dongbu Daewoo at 2013 Latin America Dealer Convention (Yonhap)Sources said that Korea Securities Finance Corp., KTB Private Equity and other FIs took steps last month aimed at selling the home electronics company.Investors control 45.8 percent of the company's stakes, while Dongbu Group hol
July 23, 2017
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Involuntary job losses by young people reach record high in May
The number of young people who left their jobs due to involuntary reasons reached a fresh record high in May amid the tightened job market, government data showed Sunday. (Yonhap)A total of 372,000 employees aged between 15 and 29 lost their jobs as of end-May on occasions like contract expiration or the companies they worked for closing down, according to the data by Statistics Korea.The May figure marked the highest monthly figure since 2004 when the statistics office started to compile such d
July 23, 2017
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Heat wave causing rise in night shopping: data
Record high temperatures sweeping South Korea is causing people to change the way they shop, with more consumers opting to purchase goods at night, industry data showed Sunday. (Yonhap)Retail data compiled by stores like E-Mart showed from July 1 through the 20th, people visiting stores from 8 p.m. to midnight made up 27.9 percent of the total, up a significant 4.1 percentage points from the 23.8 percent average tallied for the first six months of this year. It said sales figures for hours befor
July 23, 2017
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Tourism industry gearing up for PyeongChang Olympics
With the 2018 PyeongChang Winter Olympics 200 days away, the local tourism industry and the government are gearing up for the quadrennial sports event with a wide array of events aimed at attracting more foreign and local visitors. This photo, provided by the 2018 PyeongChang Winter Olympics organizing committee on Feb. 10, 2017, shows PyeongChang Olympic Stadium, the venue for the opening and closing ceremonies for the 2018 PyeongChang Winter Olympics, under construction in PyeongChang, Gangwon
July 23, 2017
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Sales of duty-free stores on recovery amid THAAD row
Sales of South Korean duty-free stores slightly improved on-month in June, data showed Saturday, after suffering months of decline due to the falling number of Chinese visitors amid Seoul‘s diplomatic tensions with Beijing. According to the data compiled by the Korea duty-free Shops Association, the combined sales of local duty-free stores from foreigners advanced 5 percent on-month in June at US$688 million, marking a rise for the second consecutive month. The number of foreign visitors to such
July 22, 2017
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'US wants to improve, not renegotiate FTA'
SEOGWIPO, Jeju Island -- Amid growing concerns over US President Donald Trump’s repeated comments of “renegotiating” the free trade agreement with Korea, an American envoy to Seoul said Friday the intention is to improve the deal, not bring it back to square one.When asked about Trump telling Americans his government is in the process of a renegotiation with South Korea, Marc Knapper, charge d’affaires ad interim at the US Embassy in Seoul refuted, saying what the US wants is an amendment to the
July 21, 2017