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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Jaguar Land Rover, Genie develop infotainment for connected cars
Jaguar Land Rover Korea has partnered Genie, a local music streaming service provider, to develop a new infotainment system for connected cars, the company said Wednesday.Named Jaguar Land Rover Genie, the program is installed on the infotainment system of Jaguar Land Rover vehicles and offers music streaming services when a mobile device is connected to the program via Bluetooth. Genie's music services for the connected car market (Genie)When connected, drivers can select music by touching the
April 5, 2017
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Korea's seafood exports rise 10.9% in Q1
South Korea's exports of seafood rose 10.9 percent in the first three months of the year on steady overseas demand, government data showed Wednesday.Outbound shipments of South Korean seafood reached $482 million in the January-March period, up from $434.7 million tallied a year ago, according to the data compiled by the Ministry of Oceans and Fisheries. (Yonhap)It marked the fifth straight quarter of on-year gain.Japan was the biggest buyer of South Korean products, importing $156.5 million wor
April 5, 2017
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CJ says The Body Shop M&A under review
CJ Group, a South Korean food and entertainment giant, said Wednesday it is reviewing whether to buy the British cosmetics brand The Body Shop, which is on the market for sale.“We are reviewing (the matter of) acquiring The Body Shop, but there’s no detailed decision made yet including whether to participate in the bid and which one (affiliate) will take charge (of the acquisition),” the group said in a statement. (The Body Shop)It came a day after a local report that CJ has already named an adv
April 5, 2017
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Corporate analysis shows women getting paid much less than men
Women working at South Korea's top 10 conglomerates are getting paid about 62 percent of what men are getting in yearly salary, even less than half at some companies, according to a corporate tracker Wednesday.An analysis by Chaebul.com, which follows details of the leading business groups, showed that women's average yearly pay at the top 10 listed conglomerates and their affiliates was 54 million won ($48,261), 61.8 percent of the amount for their male counterparts, who receive an average of 8
April 5, 2017
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Half of businesses exempted from corporate tax due to business slump in 2015
Nearly half of South Korea's companies were exempted from corporate tax in 2015, government data showed Wednesday, as many experienced a deficit due to the prolonged economic slump.About 47.1 percent, or 280,000, out of the total 590,000 registered corporations were exempt from corporate taxes in 2015, according to the statistics provided by the National Tax Service. (Yonhap)The comparable figures were 46.2 percent in 2011, 46.5 percent in 2012, 47.1 percent in 2013 and 47.3 percent in 2014."The
April 5, 2017
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Major shipyards' ratings cut on falling new orders, dim outlook
South Korea's major shipyards saw their ratings cut for their falling new orders and worsening financial status, industry sources said Wednesday.According to the sources, KIS Ratings lowered its rating on Hyundai Heavy Industries Co. to "A-" from "A," citing a protracted industrywide slump, severe competition, falling new orders and lower shipbuilding prices. (Yonhap)Late last month, Korea Ratings also trimmed its rating on Hyundai Heavy to "A" from "A-," the lowest in 15 years. Its rating on Sa
April 5, 2017
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Samsung Galaxy S8 display rated 'best' by US evaluator
Samsung Electronics Co. said Wednesday its new flagship Galaxy S8 smartphone's organic light-emitting diode (OLED) display has been rated "best" in the business by a US display evaluator.The South Korean tech giant said the OLED display equipped in the new flagship received the "Excellent A+" grade from DisplayMate.Samsung Electronics Co. displays the Galaxy S8 at Milan Design Week 2017 held in Italy in this photo released by the company on April 5, 2017. (Yonhap)"The Galaxy S8 is the first in a
April 5, 2017
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Chinese smartphone market to heat up with Galaxy S8 release
US tech giant Apple Inc. and Chinese smarthphone maker Huawei Technologies Co. are engaging in a fierce competition in the Chinese high-end smartphone sector, industry sources said Wednesday, as Samsung Electronics Co. is set to start sales of its new flagship soon there.Huawei kicked off sales of its flagship smartphone, the P10, in China on Saturday. The P10 is the successor to the mega-hit P9, whose sales reached a whopping 10 million units last year.Samsung Electronics Co.'s Galaxy S8 smartp
April 5, 2017
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Samsung's, LG's marketing costs rise in 2016 amid heightened competition
Samsung Electronics Co. and LG Electronics Inc., South Korea's two leading tech giants, expanded their spending on marketing last year amid increased competition, data showed Wednesday.According to industry data, Samsung spent 11.5 trillion won ($10.2 billion) on marketing in 2016. The figure included 4.4 trillion won on advertisements, which advanced 15 percent on-year. (Yonhap)LG Electronics also spent 1.3 trillion won on advertisements last year, a 21.4 percent increase over the cited period.
April 5, 2017
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Luxury hotels compete to rebrand themselves to attract customers
High-class hotel chains in South Korea are scrambling to reshape their brand image by changing their names and through remodeling efforts, as they compete to attract customers in an increasingly tough market, industry sources said Wednesday. Grand Walker Hill, run by SK Networks Co., reopened under its new name Vista Walker Hill early this month. The hotel operator said it has formally ended the partnership with global hotel chain Marriott International, who owns the brands Sheraton and W.(Yonha
April 5, 2017
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Cash-strapped DSME bags $250m deal
Cash-strapped Daewoo Shipbuilding & Marine Engineering, a major South Korean shipbuilder whose fate hangs on a meeting of its creditors later this month, has secured a $250 million deal to build three very large crude carriers, the company said Tuesday. Daewoo will deliver three 318,000-ton VLCCs to Maran Tankers Management, a unit of Greece’s largest shipper Angelicoussis Shipping Group by 2018. Since 1994, Angelicoussis, a longtime contractor of DSME, has ordered 92 ships and Daew
April 4, 2017
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[Photo News] Starbucks hosts resource recycling campaign event
Starbucks Korea held an event to promote its resource recycling campaign at Seoul Forest Park on Tuesday, together with the Ministry of Environment, the Korea Zero Waste Movement Network and the Seoul Forest Park Conservancy. Starbucks Korea CEO Lee Seok-gu (first from right) plants trees with officials and volunteers at the event. (Starbucks Korea)
April 4, 2017
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Retailers compete to win over single consumers
The retail market is making moves to better capture consumers living in single-member households as demand in this demographic continues to rise, with notable impact on revenues.Retailers and manufacturers alike are making changes to their products to appeal to these so-called “single-sumers,” who are seeking out smaller furniture and appliances, multifunctional products and single-serve foods. (Hanssem)The rise of single-member households in Korea has been noted for several years. According to
April 4, 2017
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Korean drugmakers to seek global partnerships at Seoul conference
South Korean pharmaceutical companies and global drugmakers will come together to discuss new business partnerships and “open innovation” at this year’s Korea Pharma Associations Conference in Seoul next week.The KPAC will be held at the InterContinental Seoul Coex hotel from April 11-12 for some 400 attendees, according to the Korea Pharmaceutical and Bio-Pharma Manufacturers Association and the Korea Research-based Pharmaceutical Industry Association, the event’s co-organizers.As one of the bi
April 4, 2017
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Asiana to cut fleet on China routes amid THAAD row
Asiana Airlines Inc. said Tuesday it will increase flights on routes to Japan and Southeast Asia in the second quarter to offset lower demand from China. Asiana, the country's second-biggest passenger carrier by sales, will flexibly respond to sharp declines in inbound Chinese travelers by reducing flights on routes to and from China, the company said in a statement. (Yonhap)"From April to June, we will explore fresh demand from Japan and Southeast Asian countries by offering more flights to th
April 4, 2017
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‘Listed firms’ net profit to surpass 120 trillion won
The combined net profit of listed companies in South Korea is expected to top 120 trillion won ($107 billion) this year, according to securities firm Mirae Asset Daewoo. (Yonhap)“The combined net profit of 246 listed firms is expected to reach 126.6 trillion won this year,” Yoo Myung-gan, an analyst at Mirae Asset Daewoo, said Tuesday. He added that the steel, telecommunications and semiconductors industries are predicted to post stronger profits, whereas sectors dealing with capital goods, trad
April 4, 2017
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Youth pioneer group launched to explore new export markets
The government said Tuesday it has launched a group of youths tasked with exploring business opportunities abroad to fuel exports of South Korean agricultural products.The government has set a goal of farm product shipments at $7 billion this year, up from $6.5 billion last year, while targeting Islamic countries with halal food products prepared in accordance to Islamic Sharia law. (Yonhap)The Agrifood Frontier Leader Organization (AFLO), consisting of 20 people with expertise in trade, marketi
April 4, 2017
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BCC Korea rises to success via eBay’s direct overseas sales platform
BCC Korea, a company that directly sells Korean goods overseas online, was set up by Kim Ji-hyun and Choi Seok-min, a married couple who were struggling to escape bankruptcy some 10 years ago.Now, BCC Korea’s revenue has reached 14.5 billion won ($12.9 million), as of last year, and the couple attributes its success to eBay’s direct overseas sales platform.BCC Korea CEO Choi Seok-min (left) and CEO Kim Ji-hyun at a warehouse of e-Bay“In enlarging our online business, eBay’s program was like a te
April 4, 2017
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Air purifier market grows globally amid worsening air pollution
The air purifier market has grown rapidly around the world in recent years, industry data showed Tuesday, amid air pollution concerns caused by rising levels of fine and yellow dust particles emitted by cars, power stations and factories.The market has expanded by over 10 percent annually for the past three years to reach $3.7 billion last year, according to the data. (Yonhap)As many as 15 million air purifiers were sold globally in 2014, and the figure is expected to jump to 17 million units by
April 4, 2017
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Korea's cosmetics exports to Europe jump tenfold in 7 yrs
Exports of South Korean beauty and cosmetics products to Europe have expanded by tenfold over the past seven years, largely driven by surging demand for locally made facial care and makeup items, a report showed Tuesday. The outbound shipments of Korean beauty products to Europe reached 92.5 million euros ($98.6 million) last year, compared with 9.2 million euros tallied for 2009, according to the report by the Korea Trade-Investment Promotion Agency (KOTRA). (Yonhap)South Korea's share in the
April 4, 2017