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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Korea's food exports to China slide in March over THAAD row
South Korea's food exports to China fell 5.6 percent in March from a year earlier, dragged down by Beijing's apparent trade retaliation over the deployment of a US anti-missile system, government data showed Tuesday. The outbound shipments of local agricultural, livestock and processed foods to its biggest trading partner stood at $87.3 million in March, compared with $92.5 million in the previous year, according to the data by the Ministry of Agriculture, Food and Rural Affairs. (Yonhap)The exp
April 4, 2017
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Korean shipyards trail Chinese rivals in Q1 new orders
South Korean shipyards stood at second place in terms of new orders secured in the first three months of the year, with their order backlog continuing to slip, industry data showed on Tuesday.According to the data compiled by global research firm Clarkson Research Institute, Korean shipyards clinched new orders worth a combined 890,000 compensated gross tons (CGTs) last month to build 22 ships, following Chinese rivals' 1.07 CGTs, or 58 ships.(Yonhap)Italy came third with 610,000 CGTs in new ord
April 4, 2017
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Convenience store market surpasses W20tr
The market size for convenience stores surpassed 20 trillion won ($17.95 billion) in 2016, industry data showed Tuesday, doubling in five years as the number of single households increases.According to the Korea Association of Convenience Store Industry, total sales at convenience stores came to 20.4 trillion won last year, up 18.6 percent from 17.2 trillion won the year before. The market size had doubled from 10 trillion won in 2011.(Yonhap)South Korea had 32,611 convenience stores throughout
April 4, 2017
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Samsung considered 'cool' among young consumers
South Korea's top electronics brand Samsung is considered "cool" among young US consumers, an industry report released by Internet giant Google Inc. showed Tuesday.In the study titled "It's Lit: A guide to what teens think is cool," Google conducted a survey on 400 teens aged 13 to 17, and 800 millennials, or those aged 18-26, last year.Samsung Electronics Co.'s Galaxy S8 smartphone is displayed at one of its shops in Seoul in this photo taken on April 2, 2017. (Yonhap)Brands were evaluated with
April 4, 2017
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G90 named most luxurious sedan in Saudi Arabia
Hyundai Motor‘s flagship G90 sedan was named the most luxurious sedan in Saudi Arabia for 2017, the carmaker said Monday.(Hyundai Motor)Hyundai’s sedan, also known as the EQ900 in South Korea, topped the luxury segment listed by Okaz, a Saudi Arabian daily newspaper based in Jeddah, it added. Hyundai began selling the flagship model in the Middle East country and others in October. The South Korean carmaker said it hopes to take the opportunity to increase sales of the Genesis Sedan in oil-rich
April 3, 2017
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Samsung Group website, blogs shut down
Official websites and blogs of Samsung Group, which disbanded its corporate strategy office in February, were shut down Monday in what was seen as an attempt by the country’s largest conglomerate to improve its public image. The group’s website and blogs were used to advertise the conglomerate’s history, philosophy and corporate social responsibly activities of Samsung affiliates. The website www.samsung.com is now automatically redirected to the Samsung Electronics website.
April 3, 2017
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HHI to spend W3.5tr in R&D
Hyundai Heavy Industries, which launched four separate companies on Saturday, will invest 3.5 trillion won ($3.1 billion) in research and development by 2021 in its efforts to secure new growth engines, the group said Monday. The HHI group officially launched four independent business units on Saturday -- HHI, Hyundai Electric and Energy System, Hyundai Construction Equipment, Hyundai Robotics -- after the spinoff plan was given the green light at the shareholders’ meeting on Feb. 27. Pr
April 3, 2017
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LG expands vehicle component unit amid ailing smartphone business
LG Electronics hired more than 3,000 workers for its vehicle component division last year, demonstrating its strong willingness to strengthen its automobile business amid slowing smartphone sales. According to LG’s business report released last week, the number of its vehicle component workers increased 90 percent to 4,607 as of the end of last year from 1,232 in 2015. The change is in contrast with its mobile communications unit, which saw its number of employees drop by 9 percent during the sa
April 3, 2017
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[Newsmaker] Lotte Group reaches 50th year amid hardships
Lotte Group, South Korea’s retail giant, marked its 50th anniversary Monday with the announcement of a new vision and the lavish opening of Lotte World Tower, amid lingering concerns over its future growth and legal troubles for its leader Shin Dong-bin.Chairman Shin Dong-bin speaks at a ceremoy celebrating Lotte Group's 50th anniversary Monday. (Lotte Group)“Today as we welcome our 50th anniversary, we are at a turning point for new growth,” Chairman Shin told Lotte employees at an internal eve
April 3, 2017
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Mirae Asset chief to donate W1.6b dividend income
Park Hyeon-joo, chairman of Mirae Asset Financial Group, will donate 1.6 billion won ($1.44 million) he earned as dividend income from his shares in the group‘s asset management unit last year, officials said Monday. Park Hyeon-jooSince 2010, the chairman has been donating his dividend income from Mirae Asset Global Investments to a foundation he established in 2000. Park’s donation will be spent for scholarship and welfare projects run by the foundation named after himself, the company said.The
April 3, 2017
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High value added goods exports rise steadily for past decade
The ratio of South Korea's exports of sophisticated goods has increased steadily in the past decade, although Asia's fourth-largest economy still trails behind major industrial economies, data showed Monday.South Korea's index of sophisticated exports, measuring the level of high value added shipments abroad, soared gradually to 231.7 in 2015 from 218.0 in 2005, according to data compiled by the Korea International Trade Association.(Yonhap)The comparable figures for 2015 were 285 for Germany, 2
April 3, 2017
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Profits of listed firms rise in 2016, but revenues roughly flat
The combined net profit of South Korea's listed companies rose last year, while their revenues were roughly flat, data showed Monday. The data indicated that listed firms reported profits mainly on the back of job cuts and other cost-cutting measures last year, hit by sluggish domestic consumption and weaker exports.(Yonhap)According to the data by the Korea Exchange and the Korea Listed Companies Association, the total revenue of 533 listed firms, which closed their books in December last year,
April 3, 2017
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Samsung BioLogics denies alleged accounting fraud, faces FSS audit
Samsung BioLogics on Monday denied allegations that it used accounting fraud to boost its valuation ahead of its public listing last year, as South Korea’s finance regulator prepares to carry out a special audit on the company. The Financial Supervisory Service announced last Thursday that it planned to conduct a detailed audit on the Samsung-owned contract drug manufacturer to examine alleged discrepancies in the firm’s audit reports that were brought to attention by local political parties and
April 3, 2017
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Samsung, Netmarble join forces for mobile game on Galaxy S8
Samsung Electronics Co. and Netmarble Games, South Korea's top mobile game developer, agreed to join forces in promoting "Lineage 2: Revolution" on the latest Galaxy S8 smartphones, industry sources said Monday."We will allow users of the Galaxy S8 to enjoy the 'Revolution' in the most optimized gaming environment," an official from Netmarble said, adding the company plans to provide an opportunity for visitors to play the mobile game on the latest smartphone at major Samsung shops.(Yonhap)Samsu
April 3, 2017
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24 more firms added to antitrust watch list in March
The number of South Korean business groups' affiliates subject to restrictions on mutual investment and loan guarantees rose sharply in March from a month earlier, the corporate watchdog said Monday.The Fair Trade Commission said 1,155 firms were on its monthly watch list as of end-March, up 24 from the previous month.(Yonhap)They are owned by the country's 27 largest business groups, including Samsung Group and Hyundai Motor Group.Five groups, including CJ and POSCO, added a combined 34 more af
April 3, 2017
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Businesses reduce donations in 2016 amid bribery scandal
South Korea's major business groups reduced donations significantly last year, industry data showed Monday, amid the alleged bribery scandal that led to the ouster of the country's president.The total contributions made by the companies affiliated with the country's 10 biggest conglomerates declined 5.2 percent to 974.8 billion won ($875 million) last year from 1.25 trillion won a year earlier, according to the data by market researcher Chaebul.com. (Yonhap)Samsung Group topped the list with 470
April 3, 2017
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Small firms seeking M&As want production localization
About a third of small companies seeking M&As with foreign companies do so because they want to localize production, a survey by a trade body said Monday.The Korea Trade-Investment Promotion Agency polled 92 small and middle market companies that were interested in M&As with overseas partners in the March 15-28 period and found that 31 percent of them were motivated by manufacturing localization.(Yonhap)Another 27 percent wanted stronger technological competitiveness through tie-ups, while 19 pe
April 3, 2017
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Exports by conglomerates accounting for growingly less of nation's total
Large conglomerates are accounting for less of the nation's exports, their percentage falling to the lowest mark in eight years in 2016, statistics showed Monday.Exports by conglomerates in 2016 totaled $308.5 billion, equal to 62.3 percent of South Korea's entire exports for the year, according to the Trade Statistics Service. The latest figure is the lowest since the 62 percent recorded in 2008, and it compares with 67.8 percent in 2012, after which the figures have fallen continuously.(Yonhap
April 3, 2017
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SK hynix regains No. 3 status in global chip industry
South Korea's chipmaker SK hynix Inc. became the No. 3 player in the global semiconductor market in terms of sales during the fourth quarter of 2016 on robust sales of memory chips, industry data showed Monday.According to the data compiled by industry tracker IHS, SK hynix saw its standing move up by two notches on-quarter in the September-December period with $4.5 billion in sales.(Yonhap)US-based Intel Corp. topped the list with $15.5 billion, followed by SK hynix's bigger rival Samsung Elect
April 3, 2017
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Vietnam slaps anti-dumping duties on Korean galvanized steel products
Vietnam's decision to slap anti-dumping duties on galvanized steel products from South Korea could hurt efforts to expand market presence in the key Southeast Asian country, industry sources in Hanoi said Sunday.According to the Korea Trade-Investment Promotion Agency, Vietnam will be levying stiff import duties on South Korean zinc-plated steel products for the next five years starting on April 14. (Yonhap)Posco, South Korea's largest steel mill, will be subject to 7.02 percent anti-dumping dut
April 2, 2017