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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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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Market uncertain on Korea's October rate cut despite slowed inflation
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Samsung unveils 'personalized AI' for all devices
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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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Special counsel bill to probe first lady scrapped
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35 by Imperial crowned ‘best of best’ whisky
Premium whisky brand Imperial‘s low-strength whisky brand “35 by Imperial” was crowned “Best of Best” in the whisky category at the 2017 Korean Wine & Spirits Awards, according to parent company Pernod Ricard Korea.“Thirty-five by Imperial was awarded due to the efforts that have grasped the sensory characteristics, such as smoothness and harmony, which domestic consumers have recently preferred,” said Pernod Ricard Korea’s Director of Imperial Marketing Kim Kyung-yeon. 35 by Imperial (Pernod Ri
March 14, 2017
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Korean companies anxiously await Chinese consumer day
Korean companies with business interests in China anxiously awaited the World Consumer Rights Day set for Wednesday, as they anticipated heavy blows from the Chinese government in retaliation for Korea’s installment of a US anti-missile defense system.March 15, or World Consumer Rights Day, is an annual event in which particular companies are called out and exposed for bad practices. Previous corporations that have been featured on the “3.15 Gala” show aired on Chinese network CCTV for practices
March 14, 2017
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Chaebol face 2nd round of probes for bribery related to impeached president
South Korea's major business groups face another round of investigations for their alleged involvement in the bribery scandal that led to the impeachment of President Park Geun-hye, industry and legal sources said Tuesday.Prosecutors at the Seoul Central District Prosecutors' Office took over the bribery case late last month when a special counsel concluded its probe.The Seoul Central District Court began its trial on Lee Jae-yong, vice chairman of Samsung Electronics Co., who was indicted with
March 14, 2017
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AmorePacific to expand R&D, production facility in Yongin
AmorePacific Corp., South Korea's top cosmetics maker, unveiled a plan Tuesday to spend more than 160 billion won ($139.6 million) on expanding its research and development and production complex, as part of its efforts to bolster competitiveness through more investment. The company signed a memorandum of understanding with the Gyeonggi provincial government earlier in the day for a project to expand its R&D and production facilities in Yongin, 49 kilometers south of Seoul, it said in a statemen
March 14, 2017
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SM Group picked as preferred bidder for STX
A SM Group-led consortium was picked as the preferred bidder for STX Corp., the company said Tuesday.SM Group and three others made offers earlier last week to buy the cash-strapped STX, an affiliate of the now-defunct shipping conglomerate STX.Since mid-February, trading of STX, a trading firm, has been suspended on the Seoul bourse due to the erosion of its capital base. The company faces the risk of being delisted if it fails to come up with measures to bolster its capital base.SM Group, a mi
March 14, 2017
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Samsung to review holding company structure regardless of chief‘s detention
Samsung Electronics Co. has been considering whether to transition into a holding company structure, regardless of the leadership vacuum caused by the detention of its de facto chief, Lee Jae-yong, a senior company executive said Tuesday. Samsung announced last November that it will review a possible switch to a holding company structure, but some analysts said the move may be delayed as Lee, vice chairman of Samsung Electronics Co., was arrested on Feb. 17 over his alleged role in a corruption
March 14, 2017
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Doosan Heavy bags W300b deal to upgrade Indonesian power plant
Doosan Heavy Industries & Construction Co., South Korea's top power equipment maker, said Thursday that it has bagged a 300 billion-won ($262 million) deal to upgrade an existing power plant in Indonesia.Under the deal with the state-run Indonesian PLN, Doosan Heavy and a state-run Indonesian construction firm will upgrade the gas-powered Muara Tawar power plant's capacity to 1,800 megawatts from the current 1,150 MW over the next 30 months.A map of Indonesia (Yonhap)The power plant is some 40 k
March 14, 2017
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Korea’s most populous province to turn EV-friendly
Gyeonggi Province, Korea’s most populous province, rolled out a plan Monday to support buyers of electric vehicles. Starting from June 13, those who purchase EVs in the province will receive a subsidy on a first-come-first-served basis. There will also be a requirement for construction in the region to feature parking lots that have EV battery charging stations (Herald DB)The first 664 buyers of EVs this year will be granted 19 million won ($16,500). An additional 2 million won will be given to
March 14, 2017
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Prosecutors look into Samsung's alleged payoff over compromising videos of chairman
Prosecutors are looking into a suspicious money transaction between Samsung Group and those suspected to have recorded compromising videos of Samsung Electronics Co. Chairman Lee Kun-hee, prosecution sources said Tuesday.The Seoul Central District Prosecutors' Office is investigating allegations that a former employee of a CJ affiliate, surnamed Seon, and his conspirators received some hundreds of millions of won from Samsung in connection with the leaked videos, according to the sources. It is
March 14, 2017
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Big sponge cakes in dispute over ingredients
Shops selling what is called “giant sponge cakes” are in hot water over their usage of allegedly harmful ingredients, fanning complaints among Korean customers. Big sponge cake (Yonhap)A local TV program reported on Sunday that the cakes contained an excessive amount of cooking oil and chemical additives. The program also claimed some shops used liquid-formed eggs and paste that included emulsifier and inflation agents. The large sponge cakes, also known as “giant Castella,” recently gained pop
March 14, 2017
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Kumho Asiana vows legal action over failed attempt to buy back Kumho Tire
South Korea's logistics giant Kumho Asiana Group said Tuesday it will take legal action against creditors of Kumho Tire Co. for denying its right to buy back the former affiliate."Kumho Asiana Group has consistently asked the creditors to allow it to form a consortium when exercising its priority buy-back option. However, Korea Development Bank continues to say it will not allow such a move without even discussing the issue at a shareholders' meeting," the group said in a released statement. It
March 14, 2017
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KT&G enjoys high profitability due to strong demand abroad
KT&G Corp., South Korea's largest tobacco product manufacturer, said Tuesday it posted solid profitability last year due to growing demand abroad despite falling domestic consumption.The company said its sales rose to 2.96 trillion won ($2.57 billion) in 2016, up from 2.82 trillion won in the previous year.The tobacco monopoly's operating profit was 1.3 trillion last year compared to 1.23 trillion won in 2015.The operating profit ratio rose to 44 percent last year, from 43.8 percent a year earli
March 14, 2017
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Kia, Hyundai ramp up sports marketing in US
South Korea's No. 2 carmaker Kia Motors Corp. and its larger affiliate Hyundai Motor Co. have been ramping up efforts to boost their brand recognition in the United States by sporing major golf tournaments, industry sources said Tuesday.The American unit of Kia Motors will sponsor the eighth annual Kia Classic LPGA tournament to be held at Park Hyatt Aviara Golf Club in California from March 20-26, which will bring together the top 100 players in terms of 2016 LPGA prize money rankings, includin
March 14, 2017
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Refiners set to deliver big dividends on stellar earnings
South Korea's major oil refiners plan to sharply jack up dividend payments to shareholders on the back of their stellar performances last year, industry sources said Tuesday.According to the sources, SK Innovation Co., the country's top refiner, said earlier it plans to pay a record 596 billion won ($520 million) in dividends for its 2016 fiscal year that ended Dec. 31.S-Oil Corp., the No. 3 refiner, is also set to deliver a total of 664 billion won in dividends, beating market estimates. But it
March 14, 2017
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Major shipyards have no big hiring plans for H1
South Korea's three major shipbuilders plan to hire only a handful of workers in the first half of this year amid a prolonged slump and the ongoing industrywide restructuring drive, sources said Tuesday.Of the three -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- only Hyundai Heavy Industries is expected to recruit a small number of essential workers in the first half.The figure is likely to be similar to the company's intake of n
March 14, 2017
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Cigarette sales drop 3 straight months
Cigarette sales have dropped for three consecutive months, likely linked to the government’s move to put graphic warnings on cigarette packs, according to data Monday. South Koreans purchased some 240 million cigarette packs on the domestic market in February, seeing a 22.6 percent fall from 310 million packs in November 2016, according to the Ministry of Strategy and Finance. Sales amounted to 290 million packs in December and 280 million cigarette packs in January this year. (Yonhap)The gradu
March 13, 2017
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Hyundai Engineering seals W3.8tr power plant deal in Iran
Hyundai Engineering has finalized a deal worth 3.8 trillion won ($3.2 billion) with Ahdaf Investment Company for the construction of the second phase of a refining complex in Iran, the Korean company said Monday. The contract signed in Tehran is considered to be the largest in amount to date for such projects procured by South Korean companies in Iran. “The project allowed us to spearhead into the Iranian construction market as a lead manager. We plan to do everything in our capacity to clinch a
March 13, 2017
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Posco, GE chiefs discuss future of manufacturing
Posco Chairman Kwon Oh-joon met GE Chairman Jeffrey Immelt on Monday to discuss ways to add smart features to its major businesses including steelmaking.Kwon was meeting the GE chief who was in Seoul for business. The two exchanged their views on the growing interest in digital transformation and the use of technology to radically improve performance, especially in the traditional manufacturing sector. Posco Chairman Kwon Oh-joon shakes hands with GE Chairman Jeffrey Immelt at a meeting in Seou
March 13, 2017
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Hae Cheon conducts first submarine cable burial machine test
Hae Cheon, an underwater construction and cable-laying machine maker, has conducted Korea’s first-ever test run of a submarine cable burial, the company said Monday. A submarine cable is installed in Dadae Port, in waters off the country’s port city Busan. (Hae Cheon Co.)The completion ceremony was held in Dadae Port, in waters off the country’s southern port city of Busan, last November. It was the first underwater cable burial machine to be researched and developed in Korea. The ceremony was
March 13, 2017
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Construction firms' domestic orders gain 26.4% in Jan.
South Korean construction companies' domestic orders increased 26.4 percent in January from a year earlier, aided by a boom in the local housing market, industry data showed on Monday.According to the data compiled by the Construction Association of Korea, they racked up a combined 10 trillion won ($872 million) in January. (Yonhap)Of the orders tallied, builders bagged 6.95 trillion won in the private sector and 3.02 trillion won from the public side in the first month of this year, which marks
March 13, 2017