Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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K-pop star lip-syncing controversy flares up again
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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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Exports of dried laver up 58% in first five months
South Korea's exports of dried laver surged 57.6 percent in the first five months of 2017 from a year earlier, data showed Tuesday.Outbound shipments of dried laver came to $218 million in the January-May period, according to the data compiled by the Ministry of Oceans and Fisheries. (Yonhap)Dried laver, called "gim" in Korean, is usually roasted with sesame oil and fine salt to be served as a side dish in Korean dining. Snacks made of gim have gained popularity among foreigners in recent years.
June 6, 2017
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SK seeks new talent at US forums
Top executives at SK Group are taking part in forums on the east and west coasts of the United States in the hope of scouting fresh talent, according to the company Tuesday.SK is hosting two forums called the “2017 SK Global Forum” in both areas, introducing its global accomplishments and future vision while recruiting new talent. SK Supex Council’s energy and chemical committee President Kim Jun speaks at the 2017 SK Global Forum at The Westin Jersey City Newport Hotel in New Jersey, Saturday.
June 6, 2017
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Conglomerates turn family-friendly under new administration
Major conglomerates are moving in tandem to bring in family-friendly policies under the new administration led by President Moon Jae-in, aligning themselves with the work-life balance focus of the new government.Over the past month, companies such as CJ Group, SK Group and E-Land Group announced reforms to company regulations regarding issues such as maternity leave and after-hours work.These reforms coincide with the talking points emphasized by President Moon Jae-in ahead of the election in ea
June 6, 2017
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No party mood at Samsung as its key anniversary nears
South Korea's top conglomerate Samsung Group appears unlikely to hold any high-profile events this week to mark the anniversary of a landmark declaration of reform as its leader has been in jail over a corruption scandal that led to the ouster of former President Park Geun-hye.On June 7, 1993, Samsung Group's de facto head Lee Kun-hee pressed his employees to "change everything but your wife and kids," as he sought to spearhead a new management strategy.(Yonhap)The announcement, dubbed the "New
June 6, 2017
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Asiana Airlines offers ‘royal business’ service
Asiana Airlines is offering business travelers on B747s the choice of flying in first-class seats for an additional fee, according to the airline Monday. (Asiana Airlines)The airline does not offer first-class cabins on flights other than New York, Los Angeles and Frankfurt routes, which utilize the A380. However, the B747s are fitted with 10 first-class seats that can be used by business travelers who choose to upgrade to royal business.The upgrade costs 50,000 won ($45) one-way for flights to
June 5, 2017
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Bill proposes better transparency in duty-free evaluations
A new amendment to the Customs Act has been proposed to increase transparency in the government’s licensing evaluations of duty-free operators.A group of 10 lawmakers led by Rep. Kim Min-ki of the ruling Democratic Party submitted a revision bill last week for the Customs Act to bring clarity to the screening process of duty-free applications.“The current law requires operators to be evaluated by a special committee to receive a duty-free license, but leaves the committee members’ composition an
June 5, 2017
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BAT completes Sacheon factory expansion
Dunhill maker British American Tobacco said Monday that it had completed construction on the second and third manufacturing plants at its factory in Sacheon, South Gyeongsang Province. BAT's factory in Sacheon, South Gyeongsang Province (BAT)“The manufacturing facility has also been expanded to support the growth of BAT’s tobacco heating product, Glo and with the intention of South Korea becoming a key export hub for BAT in Asia,” the company said.With the new 200 billion won ($179 million) expa
June 5, 2017
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[News Focus] Will new SME ministry break chaebol dominance?
A reorganization plan set to give higher-level government status to the Small and Medium Business Administration on Monday showed President Moon Jae-in’s drive to nurture smaller companies so they can produce more jobs and even break the market dominance of family-run conglomerates here.The ruling Democratic Party of Korea and the government said they had agreed to create a new ministry supporting small and medium-sized enterprises and venture startups as a part of the reorganization plan. The a
June 5, 2017
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Foreigners traveling Korea via Airbnb up 130% in 2016
Airbnb Inc. said Monday about 510,000 foreigners visited South Korea last year using its room-sharing platform in the latest sign of its growing popularity.The figure represents a 130-percent hike from 220,000 recorded in 2015, the website operator said. Separately, about 500,000 South Koreans also used Airbnb in traveling across the country last year. (123RF)Among foreigners, Chinese nationals accounted for the largest portion with 20.3 percent. The number is yet down from 46.8 percent recorded
June 5, 2017
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Hyundai, Kia sales in China plunge 65% last month
Hyundai Motor Co. and Kia Motors Corp. saw their combined sales in China plunge 65.1 percent last month from a year earlier amid a row over the deployment of an advanced US anti-missile system in South Korea, auto analysts said Monday. In May, Hyundai and Kia sold 52,485 vehicles in China, the world's biggest automobile market. Hyundai's sales fell 65 percent to 35,100 units, and Kia's declined 65.3 percent to 17,385, the analysts said. Hyundai Motor Group headquarters in southern Seoul (Yonhap)
June 5, 2017
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Over 2,000 Korean firms sell products in eBay, Taobao
More than 2,000 South Korean companies sell their products in global online shopping websites eBay and Taobao as they look overseas for growth, the government body in charge of small and medium enterprises said Monday.The Small and Medium Business Administration said it signed a contract with a local online shopping company in 2014 to help the country's small and medium-sized enterprises sell their products in eBay and Taobao. (123RF)The SMBA expected there will be a growing demand for price-com
June 5, 2017
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Korean biz sales rebounds in 2016 after backtracking for 2 yrs: report
South Korean businesses posted modest sales growth in 2016 after coping with two straight years of falling numbers, a local report said Sunday.The findings by the Korea Economic Research Institute showed sales edging up 0.27 percent on-year after contracting 0.31 percent and 3.04 percent in 2014 and 2015, respectively. (KERI)It said that while sales did move up, sales totaling 2,250 trillion won ($2 trillion) are smaller than the 2,291 trillion won tallied in 2012, a clear sign of difficult time
June 4, 2017
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[Monitor] Samsung accounts for 13 percent of smartphone industry
Samsung Electronics took about 13 percent of the world‘s smartphone industry in terms of operating profit in the first quarter of 2017, data showed Sunday. According to Strategy Analytics, the South Korean tech giant posted $1.57 billion in earnings in the first three months of the year, a 21.9 percent decrease from a year ago. The earning accounted for 12.9 percent of the combined operating profit posted by global players, it said. Apple, meanwhile, posted an operating profit of $10.1 billion o
June 4, 2017
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[Photo News] Hyundai Samho signs an agreement with Russia's Zvezda Shipbuilding
SHIPBUILDING PARTNERS -- Ka Sam-hyun (front row, right), head of the shipbuilding division at Hyundai Heavy Industries, signs an agreement with Andrey Shishkin, vice president at Rosneft at the St. Petersburg International Economic Forum on Friday. Hyundai Samho signed a technical support agreement with Russian shipyard Zvezda Shipbuilding to provide services such as technological expertise to Zvezda-Hyundai, a new 51:49 joint venture between the two companies. (Hyundai Samho)
June 4, 2017
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NewCities Summit 2017 in Songdo to discuss ‘urban wellbeing’
This year’s NewCities Summit is slated to kick off at the coastal city of Songdo in South Korea on Wednesday, with an aim to contribute to improving life in cities around the world through innovation and help Incheon City rise into a global smart city development leader.The Incheon Free Economic Zone Authority said that it will host the NewCities Summit 2017 from June 7-9 at the Songdo Convensia Convention Center located the Songdo International Business District.The theme of this year’s NewCiti
June 4, 2017
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[Photo News] AmCham raises scholarship funds for university students
CEOS AT YOUR SERVICE -- Business leaders pose at Amcham CEO Servers Night at Conrad Seoul on Friday, held to raise scholarship funds for university students from families with financial difficulties. Back row, from left: Dong-wook Oh, country manager of Pfizer Korea; Jeffrey Jones, foundation chairman of partners for the future foundation; Insoo Cho, president of Outback Steakhouse Korea; Joseph Song, CEO of Asian Tigers Mobility. Front row, from left: Steve Han, managing director and CEO of Mor
June 4, 2017
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Facebook faces probe over ‘fake notifications’
A consumer rights group has asked the Korea Communications Commission to investigate whether fake notifications on Facebook designed to lure users into downloading Facebook Messenger violates the law.Recently, users on online forums have been complaining about the use of fake message notifications by Facebook to encourage non-users to download Messenger. Facebook notifies users that they have received a message, but does not show the message unless they download Messenger. Facebook (Yonhap)Once
June 4, 2017
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Chipmakers, mobile carriers rally over market expectation on industrial shift: analysts
South Korean chipmakers and mobile carriers are enjoying early rallies in their stocks due to high market expectations of an industrial shift toward future technologies. And the biggest beneficiary of the industrial shift, so-called the fourth industrial revolution will be Samsung, analysts said Sunday.Financial analysts noted stock prices of domestic semiconductor, display and telecommunication-related firms are rising rapidly. This year alone, IT market bellwether Samsung Electronics soared 27
June 4, 2017
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DSME launches first icebreaking LNG ship in Russia
Daewoo Shipbuilding & Marine Engineering’s shipbuilding technology has launched the world’s first ice-breaking liquefied natural gas carrier in St. Petersburg, Russia.Russia’s President Vladimir Putin, South Korea’s Ambassador to Russia Park Dae-bong and DSME CEO Jung Sung-leep attended a naming ceremony for the country’s new carrier Saturday. The world’s first ice-breaking LNG carrier was named Christophe de Margerie, after the former chief executive of French oil company Total who was killed i
June 4, 2017
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Yulchon named Asia’s most innovative law firm in dispute resolution
South Korean law firm Yulchon said Sunday it was selected by the Financial Times as Asia’s most innovative law firm in dispute resolution. It was named one of the top five most innovative firms in the Asia-Pacific region at the FT Asia-Pacific Innovative Lawyers Awards ceremony Thursday in Hong Kong, according to the company. It was recognized by FT as the most innovative law firm in Korea for two consecutive years in 2015 and 2016. Since 2014, FT has been presenting awards to law firms headquar
June 4, 2017