Most Popular
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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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Military aircraft evacuating S. Koreans in Lebanon returns home
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BTS-themed moon jar to be unveiled on Hangeul Day
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Samsung, Hyundai chiefs to accompany Yoon on Singapore trip
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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[Robert Fouser] Why the US election looks so close
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IT firms moving to allow workers to have 9-day holiday next week
South Korea's major information technology (IT) firms are encouraging employees to take the two workdays interspersed with public holidays next week so they could enjoy upwards of a nine-day holiday, industry sources said Tuesday.The move comes amid growing calls for reducing overall work hours. On average a South Korean spent 2,113 hours annually at work compared to 1,766 hours which is the number for member states of the Organization for Economic Cooperation and Development (OECD) in 2015. (Yo
April 25, 2017
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Corporate watchdog to unveil corporate list for mandatory disclosure
South Korea's corporate watchdog said Tuesday that it will announce a list of companies obliged to disclose their corporate information later this year in a bid to help boost the transparency of their business activities.The Fair Trade Commission (FTC) said the Cabinet approved a plan to put businesses with assets of 5 trillion won ($4.4 billion) or more under a new watch list for mandatory filings.The list of companies subject to the new rules comes as the watchdog revised the fair trade law la
April 25, 2017
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Jin Air to list shares this year to fuel growth
Jin Air, one of South Korea's leading low-cost carriers, said Tuesday it will list its shares on the country's main bourse this year to raise funds for future growth.Jin Air has selected MiraeAsset Daewoo as the lead manager for the initial public offering (IPO) and will use the funds generated to purchase eight airplanes by 2018, the budget carrier said in a statement. A Jin Air B777-200ER passenger jet taking off from an airport in South Korea. (Jin Air)Currently, it operates 22 airplanes, inc
April 25, 2017
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Govt. sets aside special loan for ailing tourism
The government said Tuesday it plans to extend some 226 billion won ($119.3 million) in loans to local tourism businesses hit by a sharp drop in Chinese visitors in the wake of Beijing's hostile policy toward its neighbor. Tourism-related businesses here, such as travel and hospitality, are taking the brunt of China's ban on trip sales to Korea, which took effect from March 15, in apparent retribution for Seoul's planned installation of a US anti-missile system called Terminal High Altitude Are
April 25, 2017
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Asiana to receive its first A350 this week for service in May
Asiana Airlines Inc. said Monday it will receive its first A350-900 aircraft this week to strengthen service on its international routes starting next month.Asiana, South Korea's second-biggest passenger carrier by sales, will put the wide-body jet that can seat 311 people initially on the Incheon-Manila route from May 15, the company said in a statement. A350 for Asiana Airlines (Asiana Airlines)The carrier originally planned to assign the twin-engine airplane made extensively with lightweight
April 24, 2017
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Creditors to begin talks Tuesday to finalize Kumho Tire deal
Creditors of Kumho Tire Co. will discuss several issues with Qingdao Doublestar Co., wrapping up the deal to sell the South Korean tiremaker to the Chinese company, main creditor Korea Development Bank said Monday. Kumho Tire (Yonhap)Last month, Qingdao Doublestar signed a 955 billion won (US$830 million) deal to acquire a 42-percent stake in Kumho Tire in a deal that will help it turn into China's biggest tiremaker. But creditor banks and Qingdao Doublestar couldn't start talks to finalize the
April 24, 2017
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ING Life Insurance shares to be offered at W33,000
ING Life Insurance Korea announced Monday that it would set its share price at 33,000 won ($29.19), above its minimum suggested price at 31,500 won.This marks the first time an insurance company set a share price within the suggested range of the offering price -- between 31,500 won and 40,000 won -- in seven years, after the initial public offering of Samsung Life Insurance. Other insurance firms listed afterwards, including Tongyang Life Insurance, Hanwha Life Insurance and Mirae Asset Insuran
April 24, 2017
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Tycoons resume overseas business trips
Korean conglomerate owners have started to resume overseas business trips as focus shifts away from the bribery scandal that led to the impeachment of the president last month. Business leaders spent several months putting major decisions on hold, as they were grilled by prosecutors on the intentions behind offering billions of won to ex-President Park Geun-hye’s friend Choi Soon-sil. But with the probe over and public attention shifting from the scandal to the presidential election on May 9, ty
April 24, 2017
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JobKorea launches industry’s first VR interview simulation video
JobKorea, an online recruiting company, announced Monday that it has released the country’s first virtual reality job interview simulation program, offering job seekers a practical format through which they can practice interviewing for a new job. JobKorea’s interview video content was created with VR technology and was designed to mimic the style of a negotiation-type interview -- a popular style adopted by many of Korea’s top-tier companies. (JobKorea)Viewers are able to watch an entire simul
April 24, 2017
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Auction sees girls' toys sales spike ahead of Children's Day
Auction, a leading online marketplace in South Korea, said Monday that sales of girls' toys have risen sharply the past week, outperforming those for boys' items, on surging demand ahead of the Children's Day holiday. Children's Day, which falls on May 5, is a public holiday in South Korea. Toy sales tend to surge around this time every year as parents and relatives rush to buy a present for their children in their families. (Yonhap)The sales of dolls, including rag dolls and animation charact
April 24, 2017
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Amorepacific's Q1 net dips 15% on extended domestic slump
Amorepacific Corp., South Korea's top cosmetics maker, said Monday its first-quarter net profit shrank 15 percent from a year earlier, due largely to an extended slump in the domestic market amid a rapid drop in Chinese tourists. AmorePacific Corp., South Korea's top cosmetics maker, said Monday its first-quarter net profit shrank 15 percent from a year earlier, due largely to a protracted slump in the domestic market amid a rapid drop in Chinese tourists. Its net income came to 223.5 billion wo
April 24, 2017
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[Advertorial] SC Bank recommends credit card benefits for May
Standard Chartered Bank Korea has set out a series of credit cards to benefit users during May, a month filled with holidays and celebrations such as Children’s Day, Parent’s Day and Teacher’s Day.Its E-mart 360 credit card allows users to reap benefits while shopping at Shinsegae Group’s subsidiaries. For every purchase of 100,000 won ($88) at E-mart, SSG.COM (E-mart Mall and Shinsegae Mall) and E-mart Traders, customers get 10,000 won off their credit card payment until the end of September.Al
April 24, 2017
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Coupang launches 3-Day Rocket Jikgu
E-commerce company Coupang said Monday that it has launched a new service that provides three-day shipping for products purchased directly from overseas through its platform.Called “Rocket Jikgu,” the service covers over 80,000 products from 3,500 brands that include food, beauty, health and personal care products. When the products are purchased through Coupang, delivery from the United States is guaranteed within three days. Rocket Jikgu (Coupang)Coupang already offers directly sourced product
April 24, 2017
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KOMIPO invests in facilities to tackle environmental issues
Public energy enterprise Korea Midland Power will spend around 1.8 trillion won ($1.59 billion) on its facilities until 2025 to combat global warming and fine dust, said the company Saturday.The company plans to cut down the amount of air pollutants from 35,600 tons in 2015 to 4,400 tons in 2025, an 88 percent decrease within a decade. One trillion won will be spent on improving the performance of its coal thermal power stations and 470 billion won on its eco-friendly facilities.Another 300 bill
April 24, 2017
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Homeplus to open 10 rooftop 5-a-side fields
Hypermarket chain Homeplus said Monday it plans to open 10 rooftop futsal fields by the end of the year.Working in partnership with sports marketing company HM Sports, Homeplus opened its first rooftop futsal, or five-a-side soccer, field atop its branch in Suwon, Gyeonggi Province, last May. Open to futsal clubs and locals, the field drew more than 14,000 children in the following 10 months, according to the company. Children take part in a soccer class at the futsal park atop Homeplus’ Ilsan b
April 24, 2017
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FTC orders auto importers, dealers to revise unfair provisions
South Korea's antitrust watchdog said Monday that it had local units of foreign cars and dealerships revise their unfair policies on refund and maintenance services to their customers.The Fair Trade Commission (FTC) said it has looked into provisions and clauses of 13 businesses and discovered unfair terms that restrict the cancellation of contracts, refunds and the use of maintenance service coupons. (Yonhap)Five companies including Mercedes-Benz Korea, Jaguar Land Rover Korea Co., and Nissan K
April 24, 2017
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KCS says Lotte duty-free license may be revoked
Lotte Duty Free may be stripped off its license to operate its branch in southern Seoul by the Korea Customs Service if Lotte Group Chairman Shin Dong-bin is found guilty of bribery.According to a KCS spokesman Monday, in the event of a guilty verdict the license will be revoked “according to the guidelines set forth at the time of the tender.”Chairman Shin is currently on trial after being indicted for giving 7 billion won ($6.2 million) last May to organizations run by former President Park Ge
April 24, 2017
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Daewoo Shipbuilding wins LNG carrier-related patent suit in Japan
Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Monday that it has won its patent suit in Japan which is related to its core technology in building its fuel-efficient LNG carrier.The shipyard said that a filing by a Japanese firm with the Japanese Patent Office to nullify the South Korean shipyard's patent for the so-called Partial Re-liquefaction System was dismissed.(Yonhap)Daewoo Shipbuilding registered the patent for the PRS technology in Japan in June 2016.The same
April 24, 2017
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Creditors still undecided on refund guarantee for Daewoo's latest deal
Creditors of Daewoo Shipbuilding & Marine Engineering Co., a troubled shipbuilder here, still remain undecided over afor the shipyard's latest deal, further complicating troubles for one of the country's major shipyards, industry sources said Monday.On April 4, Daewoo Shipbuilding clinched a $250 million deal to build three very large crude carriers (VLCCs). Under the deal with Maran Tankers Management, a unit of Greece's largest shipper Angelicoussis Shipping Group, Daewoo Shipbuilding will del
April 24, 2017
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Jeju eyes more local tourists amid decrease in Chinese visitors
South Korea's southern resort island of Jeju is seeking to attract more domestic tourists to offset a sharp decrease in Chinese visitors amid political tensions over the deployment of a US missile shield, industry data showed Sunday.The scenic island had been popular among Chinese tourists and property investors. But its industry was hit hard by Beijing's restriction on its citizens' trips to South Korea in an apparent retaliation for the deployment of a US missile defense system, known as THAAD
April 23, 2017