Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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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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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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[KH Explains] Is private equity giant MBK a risk-taker or renegade?
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Samsung, Hyundai chiefs to accompany Yoon on Singapore trip
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[From the Scene] Hyundai Mobis catalyzes electrification with new mobility tech
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Hyundai Mipo to give paid leave to idled workers
The management and union of Hyundai Mipo Dockyard, an affiliate of Hyundai Heavy Industries, said Friday they agreed to arrange paid leave for the shipyard's workers idled by a lack of orders.The agreement is a compromise for the management, which last month had proposed up to one month of unpaid leave to deal with falling orders and an industrywide slump in the shipbuilding business. The company had also suggested a temporary suspension of fringe benefits but was rejected by the union, official
May 12, 2017
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Independent game developers betting on passion over profit
South Korea, a thriving hub of technology in Northeast Asia, is also second to none when it comes to the gaming industry, with the size of the local market estimated at 11.3 trillion won ($9.9 billion) as of last year.According to data compiled by Korea Creative Content Agency, the country's game market is expected to continue growing and reach 11.6 trillion won in 2017. The venue of the Indie Game Festival 2017 held in Seoul on April 22, 2017. (Yonhap)The growth is especially faster for mobile
May 12, 2017
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LS develops cables for easier freight train loading
South Korea’s leading cable manufacturer LS Cable & System has developed movable overhead power cables for trains, the company said Thursday. Overhead rigid conductor systems, like the new cables developed by LS, hold wires above railways to transmit electricity to electric trains. But conventional cables can get in the way of loading and unloading freight from trains, LS Cable & System spokesperson explained. LS Cable & System’s new system allows the cables to be temporarily moved to make trans
May 11, 2017
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Cosmetics firms foresee export control tower
Cosmetics companies in Korea are looking forward to streamlined central control over industry regulations under the newly elected president. During his campaign, President Moon Jae-in pledged to create a new plan for the development of the cosmetics industry that would integrate the regulatory and funding authority of various agencies, creating a more cooperative system to help cosmetics companies export to other countries. Moon previously pledged that he would create a system that would allow c
May 11, 2017
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Celltrion's operating profit jumps 231% on global sales of Remsima
South Korea’s Celltrion said Thursday that its first-quarter operating profit jumped 231.3 percent on-year to 89.39 billion won ($79 million), led by successful global sales of Remsima, its biosimilar copy of Johnson & Johnson’s blockbuster drug Remicade.Celltrion’s revenue during the January-March period reached 196.6 billion won, up 81.2 percent on-year, while net profit soared 468.5 percent on-year to 67.09 billion won, the company said in its earnings report. (Celltrion)The Korean drugmaker
May 11, 2017
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Refurbished Galaxy Note 7 to go on sale
The refurbished Galaxy Note 7 is expected to go on sale as early as June in Korea, according to local news reports. Refurbished phones are products resold at a cheaper price after defects have been repaired. (Samsung)Since the explosion of the Note 7 was apparently caused by battery defects, the phones are expected to reduce the battery capacity from the current 3500 milliamp hours to 3200 milliamp hours, industry watchers said. The price of the refurbished Note 7, which will be set in discussi
May 11, 2017
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Hanwha Chemical Q1 net more than triples on higher prices
Hanwha Chemical Corp., a major chemicals firm here, said Thursday that its first-quarter earnings more than tripled from a year earlier, largely thanks to a rise in prices of its key products.Net profit reached a record 324 billion won ($287 million) in the January-March period, compared to a profit of 114 billion won a year earlier, the company said in a regulatory filing. Hanwha Chemical Corp.'s plant in Yeosu, South Korea. (Yonhap)Operating income also jumped 37.6 percent on-year to reach 197
May 11, 2017
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NCSoft’s sales fall short of market predictions
Online game developer NCSoft is facing an earnings shock, with its first-quarter sales falling behind market predictions, according to a results announcement made Thursday.The company was expected to record 260 billion won ($230 million) of sales during the January-March period, but it showed a 0.6 percent fall during the quarter instead, with 239.5 billion won of sales. NCSoft's headquarters in Pangyo, Gyeonggi Province (NCSoft)Its tentative operating profits also shrank to 30.4 billion won, s
May 11, 2017
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KDB issues refund guarantee for Daewoo's latest deal
The state-run Korean Development Bank, the largest creditor of Daewoo Shipbuilding & Marine Engineering Co., a troubled shipbuilder here, has issued a refund guarantee for the shipyard's latest deal, ending a one-month tussle over how to help it complete the contract, industry sources said Thursday.On April 4, Daewoo Shipbuilding clinched a $250 million deal to build three very large crude carriers. Under the deal with Maran Tankers Management, a unit of Greece's largest shipper Angelicoussis Sh
May 11, 2017
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Kakao sales jump after Loen takeover
Kakao Corp. reported Thursday that its quarterly sales have been improving along with the takeover of Loen Entertainment last year, with this year’s first-quarter sales recording 443.8 billion won ($393.5 million)The company saw an increase of 83 percent in sales and 81.8 percent in business profits compared to last year’s January-March period. Its net term profits surged 397.6 percent during the same period. (Kakao Corp.)The popularity of Loen’s online music store Melon led to a 142 percent inc
May 11, 2017
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[Superich] Young chairman epitomizes Dong-A Socio Group’s emphasis on capability
Dong-A Socio Group’s management rights have been passed down to the third generation of its founding family, with Kang Jung-seok, grandson of Dong-A Pharmaceutical’s founder Kang Joog-hee, promoted to become the group’s chairman in January. Kang Jung-seok’s father, Kang Shin-ho, who had been running the company for the past 35 years, stepped down from his position as chairman and became the honorary president. Honorary President Kang Shin-ho in front of a truck of Bacchus in 1993. (Dong-A Socio
May 11, 2017
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[Superich] SK Networks undergoes reforms to specialize in rental biz
Chairman Choi Shin-won, cousin of SK Group Chairman Chey Tae-won, has returned to SK Networks emphasizing that the company “needs to undergo changes and innovations as if it were to be re-founded.” The company was established in 1953 by Choi’s late father, Choi Jong-kun, who was also the founder of SK Group (formerly Sunkyung Group). Choi, who had a deep affection for SK Networks, had to leave the company to resolve management problems at an affiliate company, SKC. Chairman of SK Networks, Choi
May 11, 2017
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Samsung promotes 54 as vice presidents
Samsung Electronics said Thursday it has carried out a reshuffle of its executives in its smartphones and home appliances units, the first high-level moves made since it has been embroiled in a corruption scandal. “The company has decided to carry out the reshuffle as further delaying it, after failing to do so last year, would lower the metabolism of the organization,” a Samsung Electronics spokesperson said, meaning the continued tenure of the retirees-to-be has created congestion for personne
May 11, 2017
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Govt. moves to import Danish, Thai eggs amid supply shortage
The South Korean government is set to import eggs from Denmark and Thailand to curb a continuing price hike here stemming from a supply shortage in the wake of the bird flu outbreak late last year, it said on Thursday.South Korea has been dealing with rising egg prices since avian influenza spread nationwide from November last year, leading to the massive culling of chickens and the subsequent tight supplies.(Yonhap)The government allowed egg imports from the United States and Spain for the fir
May 11, 2017
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Korea's Q1 tourism deficit hits record, 10-yr high
The trade deficit in South Korea's tourism industry rose to a record high for the past decade in the first quarter, due largely to a void in Chinese visitors following the ban of Korea-bound trip sales by Beijing from mid-March, industry and central bank data showed Thursday. The figure stood at $3.74 billion as of the end of March, the largest amount since $3.76 billion recorded in the fourth quarter of 2007, according to data by the tourism industry and the Bank of Korea. (Yonhap)The deficit
May 11, 2017
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Uptrend in food prices forecast to ease after presidential poll
South Korean food makers are likely to refrain from jacking up their prices following the inauguration of the new government, leading to a let-up in the recent uptrend, analysts said Thursday.The upbeat prediction comes as the Moon Jae-in government is widely predicted to rein in rising food prices in the wake of several markups ahead of the May 9 presidential election. (Yonhap)Stabilizing international grain prices are also unlikely to prompt domestic food companies to initiate a new round of p
May 11, 2017
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Big foreign firms splurge on dividends, scrimp on donations
Large foreign companies operating in South Korea tend to pay lavish dividends to their head offices, but they are stingy with donations to local charities, data showed Thursday.According to the data by corporate tracker CEO Score, the dividend payout ratio of 44 large companies in South Korea stood at 75.9 percent with 2.69 trillion won ($2.37 billion) out of their combined net profit of 3.55 trillion won paid to shareholders in 2016 and 2015. (Yonhap)The ratio refers to the percentage of earnin
May 11, 2017
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Rebidding for remaining new Incheon airport duty-free shops fails again
An attempt to lease out the remaining duty-free store licenses by tender at the new terminal at Incheon International Airport has failed again, as no duty-free operators made a bid, authorities and industry sources said Wednesday.The auction for licensing to run the apparel and accessories store at the second terminal (T2) at the hub airport that is expected to open later in the year has been put off for a second time due to a lack of tenders, according to Incheon International Airport Corp. and
May 10, 2017
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Trading in Netmarble shares to begin Friday
Shares of Netmarble Games Corp, South Korea's largest mobile games maker, will begin on the Korea Exchange later this week, the bourse operator said Wednesday. The value of the initial public offering is expected to stand at about $2.4 billion when Netmarble stocks are listed on the main bourse on Friday.(Yonhap)Netmarble sold 20 percent of the company's outstanding stock.Analysts said the price of the stock could be at the top of an indicative range, or 157,000 won ($138) apiece, given bright p
May 10, 2017
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Doosan Heavy Q1 net dips 58% on one-off factor
Doosan Heavy Industries Co., South Korea's top power equipment maker, said Wednesday its first-quarter profit shrank 58 percent from a year earlier largely due to a one-off factor.Net profit reached 37.5 billion won ($51.3 million) on a consolidated basis in the January-March period, compared with a profit of 89.7 billion won a year earlier, the company said in a regulatory filing. (Yonhap)The company posted an operating income of 237 billion won in the first quarter compared with an operating i
May 10, 2017