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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Lotte opens new food R&D center in eastern Seoul
Lotte Group, South Korea's food and retail giant, unveiled Thursday its new research and development center in eastern Seoul, vowing to strengthen its food and bio sectors.The conglomerate has spent a total of 225 billion won ($201 million) in constructing the new eight-story building on 83,000 square meters. (Yonhap)"(The research center) will be the base for the food affiliates' leap toward global markets and a mecca that realizes the future of our food industry," Lotte Group Chairman Shin sai
June 1, 2017
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Hyundai Heavy's JV shipyard project in Saudi Arabia gathers pace
Hyundai Heavy Industries Co.'s mega project to establish a ship repair and shipbuilding joint venture in Saudi Arabia has gathered pace by signing a shareholder agreement with key business partners, including Saudi Aramco, industry sources said Thursday.Hyundai Heavy, a major South Korean shipyard, and Saudi Arabia's state-run oil firm Aramco have been seeking to build a joint shipbuilding and maintenance yard and a maritime engine facility in Saudi Arabia. (Yonhap)In November of last year, the
June 1, 2017
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3 firms removed from antitrust watch list in May
The number of South Korean business groups' affiliates subject to restrictions on mutual investment and loan guarantees dropped slightly in May from a month earlier, the corporate watchdog said Thursday.The Fair Trade Commission said 1,263 firms were on its monthly watch list as of end-May, down three from the previous month. (Yonhap)They are owned by the country's 31 largest business groups, including Samsung Group and Hyundai Motor Group.Three groups, including GS and Korea Investment Holdings
June 1, 2017
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Shinsegae opens 50,000-title library at Coex
The newly opened Starfield Library in Seoul is so big that one may well be reminded of how Belle must have felt when she first set foot inside the Beast’s library in Disney’s “Beauty and the Beast.” (Park Hyun-koo/The Korea Herald) (Park Hyun-koo/The Korea Herald)Shinsegae Property officially opened the large-scale library in Starfield Coex Mall on Wednesday, featuring some 50,000 books placed on towering two-story bookshelves.The 2,800 square meter-sized library is located at the center of the
May 31, 2017
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Average wage of SME worker equal to 63% of pay at big firms:report
An employee working for small and medium-sized companies in South Korea gets paid on average a little over half of the wage provided to a person employed at a large firm, a local report showed Wednesday, reflecting the big gap in wages within the country.The average monthly wage of SME workers stood at 3.23 million won ($2,881) in 2016, or 62.9 percent of 5.13 million won paid to those working for a big enterprise, according to the latest report by the local think tank Korea Small Business Inst
May 31, 2017
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Hanwha Chemical to make eco-friendly plasticizer
Hanwha Chemical is advancing into the eco-friendly plasticizer market with its newly developed plasticizer ECO-DEHCH, the company said Wednesday. Plasticizers are additives that increase plasticity, often used in PCV applications. Hanwha Chemical’s new plasticizer is free of phthalates, unlike conventional plasticizers that include phthalates, which are chemicals harmful to humans, the company explained. (Yonhap)From Thursday, the company will start manufacturing its new plasticizer at its facil
May 31, 2017
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LG MMA invests W130b to meet demand
LG MMA, South Korea’s biggest methyl methacrylate manufacturing company, said Wednesday it will invest some 130 billion won ($116 million) to expand its facility to meet growing demand for MMA.MMA is a chemical compound used for manufacturing acrylic glass, which is needed in the production of electronics such as mobile phone screens, LCD screens and monitors among others. LG MMA expects its annual produce to increase from the current 180,000 tons to 260,000 tons, when the expansion work is comp
May 31, 2017
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Chinese M&A leapfrogs Posco in crude steel ranking
Posco, South Korea’s largest steelmaker, was pushed down in the rank of crude steel production to No. 5 worldwide in 2016, largely due to a merger of China’s steel producers, the industry data showed.Posco produced 41.5 million tons of crude steel and was listed as the world’s fifth largest crude steel producer among 50 companies surveyed, according to data compiled by the World Steel Association. (Yonhap)In 2015, the local steelmaker came in at No. 4 with 41.9 million tons.Hyundai Steel, South
May 31, 2017
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Shinsegae to pull E-mart from China
Retail group Shinsegae has decided to pull its chain of discount supermarkets from China, according to the group’s vice chairman Wednesday.At a job fair held by Shinsegae Group at Kintex in Goyang, Gyeonggi Province, Shinsegae Group Vice Chairman Chung Yong-jin told reporters that Shinsegae’s E-mart chain will be exiting the Chinese market.This was the first time that a Shinsgae official confirmed industry rumors that the chain would close down its Chinese operations. Shinsegae Group Vice Chair
May 31, 2017
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Korean Air‘s B787-9 to take first flight to Toronto
Korean Air said Wednesday that the airline’s B787-9 Dreamliners will begin servicing international flights Thursday, beginning with the Incheon-Toronto route.Until now, the new planes had been servicing domestic flights between Gimpo International Airport and Jeju International Airport. The Gimpo-Jeju route will now be flown with B777-300s. Korean Air’s B787-9 (Korean Air)The airline is set to bring in three more B787-9s in July, with plans to use them in routes to Madrid and Beijing beginning
May 31, 2017
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SK Innovation to spend W10tr in battery, non-refining sectors
SK Innovation Co., South Korea's top oil refiner, said Wednesday that it plans to spend 10 trillion won ($8.91 billion) in the battery and other non-refining sectors by 2020 to reshape its business portfolio and nurture new revenue sources.In a regulatory filing, SK Innovation said the investment will help it solidify its status as a leading energy and chemicals firm in the world. (Yonhap)Earlier this week, SK Innovation said it aims to secure a 30-percent share in the global battery market by 2
May 31, 2017
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KT, Yonsei University to partner on connected cars
Korean mobile carrier KT and Yonsei University will work together on connected car technologies, the telecom operator said Wednesday. The two signed an agreement to cooperate on self-driving technologies and launched a research and development forum for sharing connected car technologies. KT and Yonsei University officials attend a ceremony to launch a research and development forum for sharing connected car technologies Wednesday. (KT)Under the deal, the two organizations will share technologie
May 31, 2017
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Corporate rankings changed for nearly half of top 30 business groups since 2000
Nearly half of the top 30 conglomerates in the country in 2000 either fell out of the rankings or have been dissolved, with only Samsung Group firmly entrenched in the No. 1 position, an analysis showed Wednesday.Corporate tracker CEO Score compared the top 30 business groups of 2000 and those in 2016 in terms of state-appraised assets. Over the 17-year period, 13 conglomerates lost ground in terms of status or disappeared altogether from the list, according to the analysis. (Yonhap)Twelve of th
May 31, 2017
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Creditors set to offer fresh financing to Daewoo Shipbuilding next week
Creditors of cash-strapped Daewoo Shipbuilding & Marine Engineering Co. are set to inject fresh funds into the embattled shipyard next week, later than earlier scheduled, due to the delay in the debt rescheduling scheme, industry sources said Wednesday.According to the sources, the state-run Korea Development Bank-led creditors are expected to start injecting 500 billion won ($444 million) in cash into the shipbuilder in the coming days as the shipyard could face a cash shortage next month. (Yon
May 31, 2017
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FTC to check unfair subcontracting in software sector
South Korea's antitrust watchdog will probe unfair subcontracting practices in the local software industry next month as part of efforts to level the playing field, the nominee for its chief said Wednesday.Kim Sang-jo, who has been named the chairman of the Fair Trade Commission, made the remark in a written report to Rep. Park Yong-jin of the ruling Democratic Party of Korea for a parliamentary confirmation hearing. The date for Kim's hearing has yet to be fixed. (Yonhap)"The FTC will carry out
May 31, 2017
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Korea's industrial output down 2.2% in April
South Korea's industrial output backtracked in April from a month earlier due to the decline in the production of chips and cars, government data showed Wednesday.Production in the mining, manufacturing, gas and electricity industries fell 2.2 percent on-month in April, retreating from a 1.2 percent on-month gain in the previous month, according to the data by Statistics Korea. (Yonhap)From a year earlier, the figure rose 1.7 percent on-year in April on the back of a sharp output increase in the
May 31, 2017
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Corporate debt sales jump 64.5% in April
Debt sales by South Korean companies jumped 64.5 percent on-month in April, data showed Wednesday, as firms sought to take advantage of record low interest rates. South Korean firms issued bonds worth 16.9 trillion won ($15 billion) last month, compared with 10.3 trillion won worth of bonds issued in February, according to the data by the Financial Supervisory Service.(Yonhap)Sales of debts by nonfinancial firms soared 77.2 percent on-month to 4.3 trillion won in March, the data showed. Financia
May 31, 2017
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'Samsung Electronics’ share cancellation to tighten Samsung C&T’s grip'
Samsung C&T, the de facto holding company of Samsung Group, is expected to tighten its grip on Samsung Electronics after the handset maker finishes canceling treasury shares, raising the stock price forecast of the parent company.Oh Jin-won, an analyst at Hana Financial Investment, raised Tuesday the stock price projection of Samsung C&T from 150,000 ($133.40) won to 170,000 won, reflecting “the (anticipated) increase in (Samsung Electronics’) share value and the following Samsung C&T’s intensif
May 30, 2017
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Top court remands case of ex-KT chairman over embezzlement
The country's top court on Tuesday remanded the case of a former head of telecom giant KT Corp., who was convicted of running a slush fund and embezzlement.The Supreme Court sent the case of Lee Suk-chae back to the Seoul High Court, saying there is a lack of evidence that he created a slush fund of some 1.1 billion won ($978,000) and personally used the money.Lee Suk-chae, former chief of telecom giant KT Corp., arrives at the Seoul High Court in the capital on April 27, 2016, to stand trial on
May 30, 2017
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SK Innovation to seek more M&A opportunities
SK Innovation said Tuesday it will focus on battery and chemicals businesses as its future growth engines, expanding investment and continuing to seek merger and acquisition opportunities.“SK Innovation aims to build a more sustainable profit structure through the choice and focus strategy,” SK Innovation CEO Kim Jun said Tuesday, during a press conference held at the company’s headquarters in Seoul.SK Innovation will continue to strengthen its oil refining business, while looking for new opport
May 30, 2017