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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Samsung offers earlier peek of S8 as LG off to good start
With its rival LG Electronics’ new flagship smartphone G6 off to smooth sales, Samsung Electronics has made a rare move to release an ad for the Galaxy S8 on TV three weeks ahead of its official launch.Such advertisements are usually unveiled one or two weeks prior to the official launch.LG said over the weekend that the G6 sold more than 30,000 units over the first two days since its launch Friday. Its preorders exceeded 82,000 units during the eight days that began March 2. “Although the initi
March 13, 2017
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Kumho Asiana ups stake in tire bid
Kumho Asiana Group said Monday that it would give up its buyback option for Kumho Tire if it is not allowed to form a consortium to pay for the deal.Kumho Tire, which was separated from the group in 2010 as part of a debt restructuring deal, is poised to have its controlling stake held by creditors sold to preferred bidder Qingdao Doublestar, a tire manufacturing company listed in China.“We cannot understand why Qingdao Doublestar is permitted to form a consortium of six companies while we are n
March 13, 2017
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CJ offices raided in probe into compromising videos of Samsung chief
Prosecutors on Monday raided some offices of the country's food and entertainment conglomerate CJ after one of its former employees was found to have been involved in producing compromising video clips of Samsung Electronics Co. Chairman Lee Kun-hee's private life.In July 2016, Newstapa, an online news outlet run by the Korea Center for Investigative Journalism, unveiled the videos and reported that the business tycoon paid money to suspected sex workers five times between December 2011 and June
March 13, 2017
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Hyundai Heavy unit sells semisubmersible rig for $370m
Hyundai Samho Heavy Industries Co., a mid-sized shipbuilder here, recently sold a semisubmersible rig obtained from a Norwegian shipping firm through a compromise arrangement, for $370 million, industry sources said Monday.According to the sources, Hyundai Samho sought arbitration over Seadrill's cancellation of the rig order, and both sides reached a compromise under which the South Korean shipyard will pay back the down payment worth $170 million in return for ownership. (Yonhap)Hyundai Samho
March 13, 2017
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Anthracite reserves drop sharply due to declining consumption
South Korea's anthracite reserves dropped to about half of the country's annual consumption last year amid weak demand for coal, government data showed Monday.The government currently has 899,000 tons of anthracite in reserves, about 52 percent of what the country uses on an annual basis. A file photo of a coal depot in Taebaek, Gangwon Province. (Yonhap)The figure is 10 percent of the 8.06 million tons stockpiled in 2003. The government began stockpiling coal in 1975 by establishing anthracite
March 13, 2017
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Big pharma out to discover promising Korean health care startups
Faced with rising pressure to raise their research and development productivity, global pharmaceutical giants are looking to partner with biotechnology and health care startups to spur their new drug and technology development. The move comes as some of the world’s biggest pharma companies embrace “open innovation,” moving away from a closed, centralized R&D model and collaborating with external research institutes, smaller companies and individuals.French drugmaker Sanofi is reportedly searchin
March 13, 2017
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Construction permits grow 3.4% on-year in 2016
Construction permits for large buildings rose from a year earlier in 2016 on an increase in residential and commercial buildings, the government said Monday.Construction permits issued for new large buildings came to 274,621 last year, up 3.4 percent from 2015, according to the Ministry of Land, Infrastructure and Transport. The construction business in Korea (Yonhap)Construction permits for new residential buildings, mostly large apartment buildings, increased 4.2 percent on-year to 129,905. Th
March 13, 2017
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No cancerous substances found in Pampers' diapers
No toxic chemicals linked to cancer have been found in widely used baby diapers sold by a global brand, South Korea's trade ministry said Monday, a result that followed a French study that claimed they contain harmful compounds.A test conducted jointly by the Ministry of Trade, Industry and Energy, as well as pharmaceutical and toxicology experts here, concluded that no traces of dioxin or hexachlorobenzene and pentachloronitrobenzene were detected in Pampers' diapers, sold by Proctor and Gamble
March 13, 2017
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Korea's confectionery market on steady rise
South Korea's confectionery market has steadily grown over the past five years on rising demand for sweets and candy, a government report showed Monday.The total market value of sweetstuffs including potato chips, cookies and jelly reached 3.35 trillion won ($2.9 billion) last year, up 5.8 percent from a year earlier, according to the report compiled by the Ministry of Agriculture, Food and Rural Affairs. The confectionery market in Korea (Yonhap)It marked a 30.4-percent jump from 2.57 trillion
March 13, 2017
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Daewoo Shipbuilding in rush to sell more non-core assets
Cash-strapped Daewoo Shipbuilding & Marine Engineering Co., a major shipyard in South Korea, is accelerating its move to sell its non-core assets to beef up its financial status amid concerns over a sharp fall in new orders, industry sources said Monday.According to the sources, Daewoo Shipbuilding has recently signed a memorandum of understanding to sell its building in downtown Seoul, a deal valued at some 35 billion won ($30 million). The building of Daewoo Shipbuilding & Marine Engineering
March 13, 2017
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Hyundai Heavy in talks to bag more shipbuilding deals
Hyundai Heavy Industries Co., a major shipyard here, is in talks with at least two overseas shipping firms to build a slew of very large crude carriers, the combined value of which may reach up to $1 billion, industry sources said Monday.According to the sources, Hyundai Heavy is in negotiations with a Hong Kong-based shipping firm and another firm based in Singapore over the deals to build up to 12 ships, when options are considered. (Yonhap)Hyundai Heavy has clinched deals to build four ships
March 13, 2017
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Smaller firms need to cut reliance on China for exports
South Korean small and medium-sized enterprises should make efforts to reduce their dependence on China for exports and diversify overseas markets to cushion the impact of Beijing's possible economic sanctions, sources said Monday.China has taken a series of retaliatory measures against South Korea over its push to deploy an advanced US missile defense system on its soil, which Beijing insists could be used to spy on its military.A cosmetics shop in downtown Seoul is quiet on March 6, 2017, in t
March 13, 2017
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Kumho makes last efforts for tire unit
Kumho Asiana Group Chairman Park Sam-koo is drawing near to the long-awaited reclamation of Kumho Tire, as the company’s creditors are set to sign a stock purchase agreement with preferred bidder Qingdao Doublestar on Monday.The deal to acquire a controlling stake in Korea’s second-largest tire company is worth 955 billion won ($826.5 million). Although Doublestar has been named the preferred bidder, Park retains the right of first refusal. Kumho Asiana Group Chairman Park Sam-koo (Kumho Asiana
March 12, 2017
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Cosmetics companies gearing up for Osong K-beauty expo
Top Korean cosmetics companies are preparing for a beauty expo coming to Cheongju, North Chungcheong Province in September.According to North Chungcheong Province, 81 companies have registered to participate in the Cosmetics & Beauty Expo, Osong Korea 2017, which will take place from Sept. 12-16 at Osong Station. This is the expo’s fourth year. Buyers receive information about cosmetics at the Cosmetics & Beauty Expo, Osong Korea 2016 (North Chungcheong Province)Major participants include The S
March 12, 2017
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Posco chief enters second term, vowing ‘smart’ future
Posco held its 49th general shareholders meeting at the Posco Center in Seoul on Friday, where it confirmed the re-election of Chairman Kwon Oh-joon as head of the steelmaking giant for another three-year term.In January, the company’s board approved the motion to elect Kwon as its sole candidate. The shareholders’ meeting was attended by roughly 200 domestic and overseas shareholders, including representatives of overseas shareholders and institutional investors.“Although a difficult management
March 10, 2017
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Creditors agree to sell Kumho Tire to Chinese tiremaker
Creditors of Kumho Tire Co. said Friday that they have agreed to sell the country's No. 2 tiremaker to a Chinese tiremaker which was chosen as the preferred bidder in mid-January.The creditors, led by the state-run Korea Development Bank, said they will sign a deal with Chinese tiremaker Qingdao Doublestar Co. on Monday to sell their combined 42.1 percent stake in Kumho Tire.The logo of Kumho Tire (Yonhap)Qingdao Doublestar has reportedly offered to buy Kumho Tire for some 1 trillion won ($864 m
March 10, 2017
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LG Electronics offers Iranian students chance to go global
LG Electronics said on Friday it has launched a corporate social responsibility program known as LG Global Challenger in Iran. The South Korean electronics maker held a ceremony attended by about 80 participants, including Iranian educational experts and LG officials, at a convention center in the Iranian capital Tehran on Thursday, it said. Iranian students and President Ahn Deuk-soo of LG Electronics Iran (middle) pose at a launch ceremony for LG Global Challenger at Khaneh Hamayesh Convention
March 10, 2017
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[News Focus] How impeachment might affect Lee Jae-yong’s case
After South Korea’s Constitutional Court’s decision Friday to uphold the impeachment of former President Park Geun-hye, the case involving arrested Samsung Electronics Vice Chairman Lee Jae-yong may take a new turn, experts and industry watchers said. In the historic ruling that immediately stripped Park of her power, acting Chief Justice Lee Jung-mi said, “President Park’s direct and indirect support in the establishment of the Mir and K-Sports foundations violated the companies’ property right
March 10, 2017
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Chicken prices reach record high levels due to bird flu outbreak
Prices of chicken surged to the highest level in three decades, industry data showed Friday, as large numbers of birds were culled following the nationwide outbreak of avian influenza late last year.South Korea has culled more than 33 million poultry since the first reported case last November, more than double the previous record of 13.96 million chickens destroyed in 2014. The market for chicken in Korea (Yonhap)The producer prices rose 59.2 percent to 2,690 won ($2.3) per kilogram as of Monda
March 10, 2017
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KT appoints new heads of key subsidiaries
South Korean mobile carrier KT on Friday announced appointments of the chiefs of group subsidiaries including BC Card.BC Card’s Vice President Chae Jong-jin was named the new CEO of the company. KT acquired BC in 2011. Chae has also served as CEO of KT Telecop, a home security subsidiary, and head of corporate communications business at KT.Chae Jong-jin (KT)Nam Kyu-taek, the current vice president of KT CS, a landline number information service business, was promoted to the CEO post of the same
March 10, 2017