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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Military aircraft evacuating S. Koreans in Lebanon returns home
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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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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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Shilla duty free opens mobile app, online mall for Japanese clients
Shilla Duty Free said Friday it has launched a mobile app and an Internet website mall targeting Japanese clients to offset the decline in Chinese tourists triggered by the missile defense system row between Seoul and Beijing. It is Shilla Duty Free's second mobile shopping mall for foreigners after one opened for Chinese customers in 2014.(Yonhap)Chinese travel agencies have in recent months suspended sales of tour packages to South Korea as part of the Beijing government's retaliation against
April 14, 2017
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Korea to build new terminal at Gimpo Airport by 2025
South Korea will build a new terminal at Gimpo International Airport in western Seoul to handle growing travel demand, the transportation ministry said Friday.The Ministry of Land, Infrastructure and Transportation made the decision as it judged the current facilities at Gimpo unable to meet growing travel demand, particularly on domestic routes, a ministry official said.(Yonhap)The number of passengers who travel on domestic routes are expected to jump to 31.67 million in 2030 from 19.13 millio
April 14, 2017
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NPS says it is moving to find 'common ground' with Daewoo Shipbuilding creditors
The state-run National Pension Services, a major bondholder of Daewoo Shipbuilding & Marine Engineering Co., is set to decide later in the day on whether to accept the latest rescue plan for the shipyard, industry sources said Friday.aThe chief investment officer of the state-run National Pension Services (NPS), said Friday that the largest bondholder of troubled Daewoo Shipbuilding & Marine Engineering Co. is moving to find "common ground" with creditors of the cash-hungry shipyard in negotiati
April 14, 2017
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Asiana, Hong Kong Airlines begin codeshare flights
Asiana Airlines Inc. and Hong Kong Airlines have begun codeshare flights that offer more options for passengers flying to and from Hong Kong, the company said Thursday. Asiana currently offers three to four daily flights on the Incheon-Hong Kong route. Hong Kong Airlines operates one daily flight on the same route, the South Korean flag carrier said in a statement. The updated photo shows the A350-900 passenger jet operated by Asiana Airlines. (Yonhap)Asiana is South Korea's second-biggest passe
April 13, 2017
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Samsung heir's reputation suffers as trial continues
Samsung Electronics Vice Chairman Lee Jae-yong on Thursday attended the second round of trials held to determine whether he and other Samsung officials asked for favors from former President Park Geun-hye in exchange for money given to her longtime friend Choi Soon-sil and her family.The South Korean tech giant gave 44.3 billion won ($39.1 million) to organizations established by Choi and her aides, including a 13.5 billion won contract signed to support the overseas training of Choi’s equestria
April 13, 2017
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‘Kumho has new plan to buy back Kumho Tire’
Kumho Asiana Group Chairman Park Sam-koo seems to have a new plan to acquire Kumho Tire that involves waiting until creditors fail to hand over the tiremaker to a preferred bidder in the next six months, industry insiders said Thursday.Through an official document sent to creditors Wednesday, Park said that he would not buy back a 42.01 percent controlling stake in the country’s No. 2 tiremaker unless a definitive answer on the conditions of the sale is provided by Monday. If Park chooses to for
April 13, 2017
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[Photo News] Hoegaarden holds a promotional event "Cherry Blossom Garden"
Belgium-based brewery Hoegaarden was to hold a “Cherry Blossom Garden” event at Seoul Marina Club & Yacht on Thursday, where visitors could enjoy a picnic in the spring scenery. The event is part of the company’s promotional activities for new limited edition beers, including the Hoegaarden Cherry. (Hoegaarden)
April 13, 2017
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Airport may award duty-free space to single bidder
Incheon International Airport Corp. said Thursday that the fashion and accessories duty-free area in its upcoming second terminal may go to a single bidder without competition.“It is too early to say what will happen, but if we fail to receive two bids on DF3 in our second tender, we may grant the rights to a single bidder,” said a spokesman for Incheon Airport.(Yonhap)The area, called DF3, failed to receive any bids from duty-free operators in a first tender that ended in early April. It is cur
April 13, 2017
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[News Focus] Calls for tax system overhaul grow over Oracle, Google cases
Calls for an overhaul of the tax system are growing in South Korea, as global companies recently faced allegations that they used legal loopholes to minimize their tax payments.The need for a revision of current taxation rules has constantly been discussed here. The latest debate was sparked after Oracle was reportedly ordered to pay 314 billion won ($278 million) in fines for alleged tax evasion earlier this week. On Wednesday, Google came under fire upon news reports that its Google Play here
April 13, 2017
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Main creditor open for negotiations with NPS on Daewoo Shipbuilding
The state-run main creditor of Daewoo Shipbuilding & Marine Engineering Co. said Thursday it is willing to negotiate with the state pension fund on the ailing shipbuilder's debt rescheduling measures. The remarks by Korea Development Bank (KDB) CEO Lee Dong-geol came as the National Pension Service (NPS) is set to hold a meeting later this week to decide whether to accept a debt-for-equity swap plan, seen as a crucial test for Daewoo Shipbuilding to receive fresh funds to repay its debts. (Yonh
April 13, 2017
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Exports of traditional sauces hit record high in 2016
Exports of South Korea's traditional sauces like red pepper paste reached a record high last year on the back of growing popularity for the country's unique fares around the world, customs data showed Thursday.Overseas sales of Korean sauces, such as ganjang (soy sauce), gochujang (red chili paste) and doenjang (soybean paste), rose 8 percent to a combined $53 million last year from a year earlier, according to the data by the Korea Customs Service.(Yonhap)The 2016 figure marked the largest sinc
April 13, 2017
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Mexico again extends provisional tariff on steel imports from Korea
Mexico has extended its provisional tariff on steel product imports from South Korea by six more months, the third such extension, a trade body here said Thursday.The Korea Trade-Investment Promotion Agency said the tariff, which was due to expire at the end of this month, will be in place for another six months. Mexico first imposed the 15 percent tariff in October 2015 on 97 steel products from South Korea, China and other countries. The provisional action was extended in April and October las
April 13, 2017
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Korea to create W8tr fund for restructuring SMEs
South Korea will create an 8 trillion won ($7 billion) fund over the next five years to help restructure small and medium-sized enterprises, the nation's financial regulator said Thursday, in the latest move to weed out weaker manufacturers.State-run financial institutions, including the National Pension Service, will pour 4 trillion won into the fund and the remaining 4 trillion won will be raised by the private sector, officials at the Financial Supervisory Service said.(Yonhap)The move is aim
April 13, 2017
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Daewoo Shipbuilding chief confident of turnaround in Q1
Troubled Daewoo Shipbuilding & Marine Engineering Co. is surely to have logged a profit in the first quarter of the year, and will also report good business results during the remainder of the year, its chief said Thursday, urging bondholders to approve a debt rescheduling scheme for the world's largest shipyard by order backlog.Jung Sung-leep, president of Daewoo Shipbuilding, also said the shipbuilder's liquidity crisis would not happen again if the latest debt rescheduling is implemented as p
April 13, 2017
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Kumho says no buyback of Tire without viewing contract
Kumho Asiana said Wednesday that Chairman Park Sam-koo will not buy back a controlling stake in Kumho Tire from creditors if they do not provide a definitive answer on the conditions of the sale.“If Kumho Asiana does not receive an answer from Korea Development Bank by April 17, it will not exercise its right of first refusal on the sale of Kumho Tire,” the group said in a statement. Park Sam-koo, Chairman of Kumho Asiana Group (Kumho Asiana)The Kumho Tire creditors’ association, led by Korea De
April 12, 2017
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[Photo News] TNT Express Korea showcases 'TNT Clinical Express'
CLINICAL EXPRESS -- TNT Express Korea employees explain “TNT Clinical Express” to an audience at the Bio Korea International Convention 2017, at Coex in Seoul, Wednesday. The TNT Clinical Express is TNT‘s special handling service that began in 2002 for temperature-sensitive clinical samples and supplies. (TNT Express Korea)
April 12, 2017
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Posco secures world’s first-ever liquid ferromanganese technology
Posco, South Korea’s largest steel producer, has completed tests to commercialize the world’s first-ever high manganese steel production technology using liquid ferromanganese, the company said Wednesday. Production will take place at Posco’s steel plate factory in Gwangyang, South Jeolla Province. (Posco)The latest technology was developed by Posco’s research center, Posco Gwangyang Steelworks and the company’s materials development unit Posco M-tech.Since 2013, Posco has invested a total of 5
April 12, 2017
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US hikes anti-dumping duties on South Korean steel imports
The US Department of Commerce has increased anti-dumping tariffs on South Korean oil country tubular goods by up to 24.92 percent, the department said Wednesday. A 24.92 percent tariff rate has been imposed on OCTG from Nexteel, 2.76 percent on Seah Steel and 13.84 percent on Hyundai Steel and other local steelmakers, according to the US department.The finalized duties will be applied on local OCTG exported to the US after the original decision made in July of 2014. (123RF)OCTG refers to drill p
April 12, 2017
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State banks, bondholders still sparring over Daewoo Shipbuilding's rescue package
The Korea Development Bank (KDB) and Export-Import Bank of Korea (EXIM Bank) -- the two main creditors of troubled Daewoo Shipbuilding & Marine Engineering Co. -- on Wednesday rejected calls from a key bondholder to allow a three-month extension for the repayment of bonds that mature this month, and allow it to conduct due diligence on the world's largest shipyard by order backlog.Earlier, the state-run National Pension Services (NPS) demanded that under its proposal, the NPS and other corporate
April 12, 2017
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Korea wins W280b deal to supply parts to Brazil's Embraer
Korea Aerospace Industries Co. has secured contracts worth a combined 280 billion won ($245 million) to supply parts to Brazilian aircraft manufacturer Embraer S.A. by 2033, the company said Wednesday. In a regulatory filing with the Financial Supervisory Service, the country's sole aircraft manufacturer said it will provide wing parts for three types of Embraer airplanes by the end of 2033.(Yonhap)The three planes are the Embraer KC-390 military transport aircraft and the E190-E2 and E185-E2 pa
April 12, 2017