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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Construction of global golf village in Songdo reaches stalemate
INCHEON -- Plans to construct a global golf village within the Jack Nicklaus Golf Club in Songdo, Incheon, have been at a standstill for the past six years, said the related parties Thursday.“It is a shame that the prestigious global golf course has been abandoned for such a long time,” said officials from the Incheon Free Economic Zone Authority. “We hope that the project will move on as planned.” An image of the planned global village at the Jack Nicklaus Golf Club in Songdo, IncheonGale Inter
April 6, 2017
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Xiaomi to sell Mi MIX smartphone in Korea
A local retailer of China-based Xiaomi's products said Thursday it will start sales of the tech giant's MIX smartphone in South Korea, which is expected to bring major changes to the market largely dominated by homegrown Samsung and LG.G-Mobi Korea, an official local retailer of Xiaomi products, said it has kicked off preorders of the Mi MIX smartphone, which will be shipped to consumers starting April 28.A local advertisement of Xiaomi's Mi MIX smartphone (Yonhap)The retailer will sell the Mi M
April 6, 2017
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FTC fines W1.5 b on LS Cable for giving illegal benefits to affiliate
South Korea's corporate watchdog said Thursday that it has slapped a nearly 1.5 billion won ($1.3 million) in fine on LS Corp. and LS Cable & System, the country's top cable maker, for giving illegal benefits to one of its units held by its owner family.The companies lent production facilities to Pountek, a company that manufactures cable covers, at lower prices between 2004 and 2011, so that the latter received an undue profit of 1.51 billion won, according to the Fair Trade Commission.(Yonhap)
April 6, 2017
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Cosmetics seller 'Memebox' raises most investment among startups
Memebox, an online seller of Korean cosmetics, has raised the most investment among South Korean startups last year, industry data showed Wednesday. According to the data by startup platform Platum, the company attracted a total of 143 billion won ($127 million) from investors including major tech firms and venture capitals last year. (Yonhap)The company not only sells relatively cheap Korean beauty products ranging from cosmetics to facial masks but also recently launched in-house brands. Woowa
April 6, 2017
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Semiconductor firms projected with big Q1 profits
Semiconductor and equipment manufacturers are likely to make some 60 percent more in operational profit in the first quarter than the same period last year with demand outpacing supply, an industry analysis showed Thursday.According to FnGuide, a provider of financial information services, outlook on eight chip and related equipment producers from security companies indicated their first-quarter operational profit to reach some 11.71 trillion won ($10.38 billion), up 59.72 percent from 7.33 tril
April 6, 2017
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Samsung to fund 40 projects to foster technology
Samsung Electronics Co. said Thursday it has selected 40 research projects which will be funded over the first half of 2017, in line with its move to secure key technologies.Since 2013, Samsung has operated a program which funds key research in three fields -- basic science, material technology, and information-communications technology. (Yonhap)The South Korean tech giant plans to allocate 1.5 trillion won ($1.3 billion) throughout the 10-year program. So far, Samsung has supported 312 project
April 6, 2017
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Pension fund to announce outcome of meeting on Daewoo Shipbuilding
South Korea's state pension fund, one of the key debt holders for ailing Daewoo Shipbuilding & Marine Engineering Co., is set to announce the outcome of its meeting about debt rescheduling measures that aim to keep the shipyard afloat. The National Pension Service, which holds about 30 percent of bonds sold by Daewoo Shipbuilding, said it will announce the meeting's outcome on the troubled shipbuilder before Thursday noon.(Yonhap)Of 1.35 trillion won ($1.19 billion) worth of corporate bonds sold
April 6, 2017
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Samsung tops mid-small display market for 6th year
Samsung Display Co. continued to stand as the top player in the global small and middle-sized display market for the sixth consecutive year in 2016, data showed Thursday.According to the data compiled by industry tracker IHS Markit, Samsung accounted for 31 percent of the global market for displays sized 9 inches and below. The South Korean firm's sales in the segment came to $13.8 billion, the data also showed. (Yonhap)Samsung's latest market share in the area marked a sharp increase from 25.2
April 6, 2017
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Samsung employees on average hold their jobs for 10 years
Employees at South Korea's tech giant Samsung Electronics Co. stayed at their jobs for an average 10 years, corporate data showed Thursday, which is an almost two-fold increase from a decade earlier.According to the data compiled by Samsung, the average employment period of its employees was estimated at 10.8 years in 2016, up from just six years tallied in 2005.(Yonhap)Industry watchers said the increase came as employees refrained from switching their jobs as Samsung has emerged as one of lead
April 6, 2017
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Clothes dryer sales surge in Korea
Sales of clothes dryers have surged in South Korea, with demand to hit a new high this year amid concerns over air quality, industry sources said Thursday. The domestic sales of the clothes drying machines are anticipated to reach around 500,000-600,000 units in 2016, up by at least fivefold from the previous year, according to industry data.(Yonhap)Its manufacturers, including Samsung Electronics Co. and LG Electronics Inc., have revised up the sales estimate from 200,000 units, since their fir
April 6, 2017
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NuGen consortium to hold talks with KEPCO on nuclear project in UK: official
A consortium in charge of building a nuclear power plant in Britain will hold talks with South Korea's state-run utility firm Korea Electric Power Corp. to examine a potential partnership, a senior British official said Wednesday.The NuGen consortium will discuss with KEPCO the Moorside nuclear power plant project in Cumbria, northwest England, Greg Clark, U.K. business secretary, said in a meeting with South Korean reporters at the British Embassy in Seoul, without providing a specific time fra
April 5, 2017
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Women-led venture firms rise gradually
The number of South Korean venture firms run by women has increased gradually in recent years, industry data showed Wednesday, although such firms are still small compared to those managed by men.As many as 2,923 venture startups were headed by women CEOs last year, according to figures tallied by the Small and Medium Business Administration and the Korea Technology Finance Corporation. The number represents 8.7 percent of the total 33,547 venture firms. (Yonhap)The figures have risen steadily
April 5, 2017
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Hyundai Motor pulls ad from the O’Reilly Factor
Hyundai Motor Group has joined over a dozen global advertisers of Fox News’ flagship cable program “The O’Reilly Factor” pulling out from the show amid a series of sexual harassment claims filed against its host Bill O’Reilly.“We had upcoming advertising spots on the show but are reallocating them due to the recent and disturbing allegations ... As a company we seek to partner with companies and programming that share our values of inclusion and diversity,” Hyundai Motor said in a statement on W
April 5, 2017
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EMO Hannover fair to host more than 2,000 international exhibitors
EMO Hannover 2017, the world’s largest trade fair for the metalworking sector, is gearing up to kick off in September to showcase the latest in machine technology worldwide, including roughly 1,200 exhibitors of Korea’s top industrial suppliers, its organizers said in Seoul on Wednesday.Held as a worldwide platform for marketing innovations in production technology, this year’s fair will be returning to Hannover, Germany for the first time since 2013. The upcoming EMO will be held from Sept. 18
April 5, 2017
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Uncertainty surrounds Incheon Airport's T2 duty-free bids
Incheon International Airport Corp. on Wednesday accepted bids from duty-free companies hoping to open shops in its new second terminal, pushing bidders to outdo rival’s offers while facing an uncertain revenue forecast.Lotte Duty Free, Korea‘s largest duty-free operator, submitted bids for each of the three slots reserved for large companies, alongside Shinsegae DF, Shilla Duty Free and Hanwha Galleria. Doosan, which was also considering a bid, decided not to apply for a slot.A duty-free store
April 5, 2017
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Korean workers stay average of 10 years at conglomerates
Employees working at the affiliates of South Korea’s top 10 business groups stay for an average of 10 years, as of last year, data showed Wednesday.Of the total 88 surveyed affiliates, the one with the longest average working years was Kia Motors at 20.3 years, according to the Financial Supervisory Service. (Yonhap)By group, Hyundai Heavy Industries’ employees worked the longest at 15.4 years. Hyundai Motor Group ranked second with 12.7 years and Hanwha followed with 12 years. The average tenur
April 5, 2017
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Hyosung eyes global diaper market at Index 2017 exhibition
Hyosung, the world’s largest spandex maker, said it will tap the growing global diaper market with its spandex products at the Index 2017 exhibition in Geneva, Switzerland, running through Friday.At the world’s largest nonwoven fabrics exhibition, the South Korean company is aggressively promoting two kinds of spandex -- Creora Power Fit and Creora Comfort -- both of which are materials for diapers for both children and adults. Creora Power Fit is more resistant and difficult to stretch whereas
April 5, 2017
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NPS likely to seek redress from DSME corporate bond buying
The National Pension Service of Korea is expected to seek redress from the losses it suffered by investing in corporate bonds of debt-saddled shipbuilder Daewoo Shipbuilding & Marine Engineering, regardless of its decision on the shipbuilder’s rescue plan.“We are likely to file a damage suit against DSME to get compensation for losses from buying its corporate bonds,” a source from NPS was quoted as saying by Yonhap News Agency on Wednesday. (Yonhap)According to the source, NPS has yet to decide
April 5, 2017
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Coupang opens organic food store
E-commerce company Coupang said Wednesday it has opened a new specialty store for healthful food and beverages.“With a growing interest in healthy lifestyles, our customers are seeking more organic and eco-friendly products,” said Navid Veiseh, Coupang’s senior vice president of global e-commerce. (Yonhap)The newly launched category offers 6,000 food items from over 375 organic and natural goods brands, including Orga Whole Foods, Sangha Farm and Simply Organic.The store groups together healthf
April 5, 2017
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Korea's online sales gain further presence in Feb.
South Korea's online sales continued growing to reach nearly 20 percent of the country's total retail purchases in February, government data showed Wednesday.Total online transactions reached 5.86 trillion won ($5.2 billion) in February, up 22.9 percent from 4.77 trillion won tallied a year earlier, according to data by Statistics Korea.(Yonhap)It accounted for a record 19.4 percent of the total retail sales tallied at 30.1 trillion won in the same month. The comparable figure was 7.8 percent in
April 5, 2017