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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Military aircraft evacuating S. Koreans in Lebanon returns home
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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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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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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Market uncertain on Korea's October rate cut despite slowed inflation
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[Robert Fouser] Why the US election looks so close
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Samsung unveils 'personalized AI' for all devices
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Companies’ shareholders meetings face shadows of political scandal
South Korea’s major companies will hold regular shareholders meetings Friday to vote on such matters as reinstating a group chair as an in-house director, but some of them are facing the aftermath of the Choi Soon-sil scandal.Global and local proxy firms have spoken out against the re-election of some leaders who are part of board of directors, citing their involvement in the ongoing political scandal of former President Park Geun-hye.A total of 178 companies are slated to hold shareholders meet
March 16, 2017
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Starbucks Korea’s sales surpasses W1tr
Starbucks Korea saw its annual sales surpass 1 trillion won ($883 million) last year, in a first for a coffee chain here, the company said Thursday.Sales at the local branch of the Seattle-based coffee giant increased nearly 30 percent last year compared to 773 billion won in 2015. It also recorded an operating profit of 85.4 billion won last year, an 81.2 percent increase from the previous year, it said. Starbucks Coffee logo (Yonhap)Starbucks made its market entry here in 1999 and the gap bet
March 16, 2017
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SRT to celebrate 100th day of launch
Supreme Railways will hold a series of events Saturday to mark the 100th day since the launch of its high-speed train, SRT.Various events will take place in Suseo, Dongtan and Jije stations including instant lotteries, the sharing of customer celebration messages and the handing out of rice cakes. A promotional poster to mark SRT’s 100th day since the opening of Supreme Railways (Supreme Railways)The SRT began operation on Dec. 9 last year as a high speed railway that connects the southeast met
March 16, 2017
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[Superich] Lotte’s Korean identity struggle turns more sour
Lotte Group Chairman Shin Dong-bin has been striving to keep his Korean identity in check both on an individual and company level, particularly since the 2015 family feud over managerial rights and corruption charges.Most recently, Shin’s endeavor turned more complicated after his group made the decision to provide its golf course site in Seongju, North Gyeongsang Province, to the Defense Ministry for the stationing of the controversial US Terminal High Altitude Area Defense system, wildly oppos
March 16, 2017
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[Photo News] KPBMA seeks growth of Korea's biopharma sector
CALLS FOR BIOPHARMA GROWTH -- Won Hee-mok, the newly appointed chairman of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, called on the South Korean government to expand its investments and tax benefits to local biopharmaceutical companies during a press conference held in Seoul, Thursday. Won also pledged to make efforts to dispel all forms of bribery involved in the country’s pharmaceutical marketing and sales activities, among other plans. (KPBMA)
March 16, 2017
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Employers to face tougher punishments for failing to pay wages
The Supreme Prosecutors' Office said Thursday that it will toughen punishments for employers accused of intentionally delaying or refusing wage payments to employees, seeking in particular to protect the welfare of the nation's growing number of part-timers.As part of such efforts to protect the underprivileged, the SPO said it will implement a three-strikes system against immoral employers with records of repeated failures to pay wages.Under the new system, all employers who are caught failing
March 16, 2017
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Samsung's Dacor unveils new line-up of luxury kitchen products
Samsung Electronics Co. said Thursday its US luxury appliances brand Dacor unveiled a new line-up of premium kitchen products, marking the first products since Samsung acquired the US brand. Samsung acquired Dacor last August to expand its share of the US high-end home appliances market. After the acquisition, Samsung kept Dacor's brand name. "Samsung and Dacor have partnered to do something that is virtually unheard of in the industry ? design, create, and execute a simultaneous launch of a ful
March 16, 2017
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India, Bangladesh forecast to see fast growth in smartphone markets
India and Bangladesh will likely see their smartphone markets expand rapidly over the next few years amid China's sluggish growth, emerging as new lands of opportunity for global smartphone makers, a report said Thursday.In terms of smartphone shipments, India's smartphone market is expected to grow at an annual average rate of 16 percent between 2017 and 2022, with the figure reaching 13.4 percent for Bangladesh, according to the report by industry tracker Strategy Analytics.India is the world'
March 16, 2017
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Exports of Korean cosmetics to China jumps 5-fold in 3 yrs
Exports of South Korea-made cosmetics to China jumped by more than five-fold over the past three years, industry data showed Thursday, as the Korean Wave, or Hallyu, fueled robust demand.Outbound shipments of makeup products shipped to China reached $1.56 billion in 2016, compared to $300 million tallied in 2013, according to the data by the Korea Cosmetic Association.A pedestrian walks by a cosmetics store in Myeongdong in central Seoul, on March 6, 2017. (Yonhap)The 2016 figure also marks a 33
March 16, 2017
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Hyundai Merchant officially joins major shipping alliance
Hyundai Merchant Marine Co., a major shipping line in South Korea, said Thursday that it has signed a deal for strategic cooperation with a global shipping alliance, paving the way for the company to better compete with rivals.In December last year, Hyundai Merchant agreed with Maersk Line, Mediterranean Shipping Company -- two key members of the 2M Alliance -- on a new strategic cooperation -- slot exchanges and slot purchases between the three.The initial term of the strategic cooperation is t
March 16, 2017
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Sleepless nights give rise to new booming industry in Korea
Saddled with a slew of onerous tasks at home and work, Kang Dong-heun sleeps around five hours a day. The 37-year-old high-school teacher raises a hyperactive toddler daughter and helps his students striving to enter top-tier universities.The demanding obligations force Kang to drink up to five cups of coffee each day and frequently wash his face with cold water so as to stay awake.This photo, provided by Yonhap News TV, shows an office worker taking a nap at his office. (Yonhap)"Even after work
March 16, 2017
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At the heart of THAAD tension, Lotte supermarkets deserted, vandalized
Amid escalating tension between South Korea and China over Seoul’s decision to deploy a US advanced defensive missile system, a short video taken by a longtime Beijing resident shows an empty Lotte Mart store in Beijing on Tuesday. “Tonight, at local grocery spot Lotte, a South Korean supermarket chain targeted in a state-directed boycott. Shades of anti-Japan sentiment several years ago,“ the foreign resident, who wished to remain anonymous, wrote on his Facebook page. He said “(There are) usua
March 15, 2017
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Celltrion Healthcare to start public listing process
Celltrion Healthcare, the sales and marketing unit of South Korean drugmaker Celltrion, received the green light to start its initial public offering process on South Korea’s secondary bourse Kosdaq on Tuesday. The Korea Exchange has approved Celltrion Healthcare’s listing on the Kosdaq, paving the way for the company’s plans to complete its stock market debut by early April. (Celltrion Healthcare)The company is seeking to raise up to 1 trillion won ($872 million), as it has set an indicative pr
March 15, 2017
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Daewoong Pharma to seek US approval of botulinum toxin next month
Daewoong Pharmaceutical is expected to submit its self-developed botulinum toxin Nabota for review by the US Food and Drug Administration next month, marking the first ever attempt by a South Korean company to introduce its own botulinum toxin to the US market. Daewoong, together with its US and Europe marketing and distribution partner Alphaeon Corp., are preparing to submit a biologics license application for DWP-450, another label for Nabota, to the FDA within the next month, a company offic
March 15, 2017
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Posco Daewoo secures exploration deal in Bangladesh
Posco Daewoo, a leading South Korean trade company, has secured a deal from the Bangladeshi government to explore gas in a deep-sea block, the company said Wednesday. Posco Daewoo and Petrobangla, a state-owned oil firm, signed a production-sharing contract for deep-sea block 12 in the Bay of Bengal, according to the company. The signing of a production-sharing contract for deep-sea block 12 in the Bay of Bengal between the Bangladeshi government and Posco Daewoo. (Yonhap)“This deal is based o
March 15, 2017
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LS introduces earthquake-proof power transformer
LS Industrial Systems, a manufacturer of electric and automation equipment, has released a latest version of cast resin transformer resistant to an earthquake of intensity 8.0 on the Richter scale, the company said Wednesday. Susol, LS’ latest cast resin transformer /LS I&SThe product named Susol is capable of meeting requirements for places with high seismic risk such as California in the US and Azerbaijan rated as zone 4 under the Uniform Building Code, the company said. The mechanical design
March 15, 2017
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AmCham forum addresses KORUS FTA hits, misses after 5 years
Commemorating the fifth anniversary of the Korea-US Free Trade Agreement on Wednesday, members of the American Chamber of Commerce in Korea and the Korea International Trade Association held a joint seminar at Coex in Seoul, discussing the future prospects of the deal. The seminar, organized by US and Korean business organizations, was designed to express a unified message to the governments and business communities of both countries, organizers said. Forum speakers delved into topics such as t
March 15, 2017
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Korean airlines temporarily reduce flights to China
Korean air carriers are temporarily reducing flights to China, as the country’s unofficial ban on travel to Korea went into effect Wednesday. The nation’s largest air carrier Korean Air said that it would be reducing flights on low-demand routes “under circumstances in which demand for China-bound flights will unavoidably fall.” The ban, which lasts until April 23, will affect 79 flights on eight routes out of Korean Air’s 38 routes to China. The airline said that reservations for its China-boun
March 15, 2017
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Korea to beef up support on masters in SE clusters
South Korean government announced a plan Monday to prop up small enterprise clusters run by craft masters and help them take advantage of state-sponsored services, as well as information technologies.By 2021, the state-affiliated Small and Medium Business Administration will name 20 SE clusters and increase the portion of sales in small enterprises to 5 percent of the entire business in Korea, from 4.1 percent as of 2016. (The Small and Medium Business Administration)The number of state-run cen
March 15, 2017
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LG to install EV charging stations at all offices
(Yonhap)LG Electronics will install electric car charging stations at all of its business sites in a combined effort with the Korean government to build up infrastructure for the eco-friendly car industry. LG said on Tuesday that it sealed an agreement with the Ministry of Environment to join a campaign that supports developing infrastructure for electric vehicles. LG became the first conglomerate to participate in the campaign.Following the deal, LG will install charging stations at all of its
March 15, 2017