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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SM Group set to be picked as preferred bidder for STX
SM Group, a medium-sized shipping group in South Korea, is set to be picked as the preferred bidder for STX Corp. this week, industry sources said Thursday.According to the sources, SM Group and three others made offers earlier this week to buy the cash-strapped STX, an affiliate of the now-defunct shipping conglomerate STX.The logo of SM Group (Yonhap)Since mid-February, trading of STX has been suspended on the Seoul bourse due to the erosion of its capital base. The company faces the risk of b
March 9, 2017
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Chinese visitors calling off hotel bookings amid THAAD row
Chinese tourists are canceling hotel reservations following Beijing's decision to ban sales of tour packages in retaliation for South Korea's deployment of an advanced US missile defense system on its soil, industry sources said Thursday.Ibis Budget Ambassador, located in a busy shopping district of Dongdaemun in Seoul, said all of its group bookings from China have been canceled at the request of the guests.An image of Lotte City Hotels (Yonhap)"We've also had two or three individual bookings c
March 9, 2017
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Korean seasoned laver takes up bulk of rejected imports in China
South Korean seasoned laver products accounted for the bulk of dried seaweed imports rejected by China in 2016, despite their huge popularity in the world's most populous country, data showed Thursday.With Beijing ramping up its economic sanctions on Seoul over a missile defense system, concerns are running high that China may put the brakes on South Korean seasoned laver exports by abusing its rules for the permissible level of bacteria.According to the data by the Ministry of Oceans and Fisher
March 9, 2017
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HHI aims to boost competitiveness of spin-offs
After being given the green light to spin off its non-shipbuilding businesses at a shareholders’ meeting on Feb. 27, Hyundai Heavy Industries and the newly formed affiliates are now focusing on boosting their businesses ahead of a fresh start next month, the company said Wednesday. Hyundai Heavy Industries (HHI)Despite concerns that were initially raised by the labor union and local community of Ulsan, where HHI is based, the spin-off plan was supported by 386.67 million votes, 98 percent of th
March 8, 2017
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Over half of Lotte outlets on temporary shutdown in China
Lotte Group said Wednesday more than half of its hypermarket chains operating in China have been forced to shut down temporarily, adding to woes that Beijing's reprisal against Seoul over the deployment of an advanced US missile defense system is intensifying.The number of Lotte Mart stores facing business suspension stands at 55 as of 4:00 p.m., adding another 16 to the 39 outlets previously orderd to stop running, according to Lotte.Lotte Group's hypermarket chains forced to shut down in China
March 8, 2017
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Govt. to boost financial aid for tourism amid THAAD row
South Korea will increase funding for the local tourism industry which could be hurt by China's decision to ban sales of tour packages in retaliation for the deployment of an advanced US missile defense system, the government said Wednesday. The Ministry of Culture, Sports and Tourism said it has decided to add another 50 billion won ($43.5 million) to the annual budget worth 550 billion won to help the tourism sector in case of financial difficulties.The Korean cosmetics industry may be struck
March 8, 2017
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[Photo News] Boeing reveals 737 Max 9
(Boeing)Boeing said Wednesday that it revealed its first 737 Max 9 on Tuesday in the US. The model is the second plane in the 737 Max series and can carry 220 passengers over 6,510 kilometers. The 737 Max 9 will begin servicing flights next year. (Boeing)
March 8, 2017
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Paradise City set to open in April
Resort complex Paradise City is set to open its hotel, casino and convention facilities in April, according to Paradise Sega Sammy on Wednesday. The main lobby of Paradise Hotel & Resort (Paradise Sega Sammy)The resort is a 1.3 trillion won ($1.14 billion) joint venture between Korean casino operator Paradise Group and Japanese entertainment company Sega Sammy. Standing on 330,000 square meters of land, it began construction in November 2014 in the International Business Center near Incheon Air
March 8, 2017
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Korean firms on alert over changing US, China political climate
Korean tech and retail giants are on high alert over the changing political climate in their biggest export markets, the US and China.With the US moving to a protectionist stance in its international trade and China seemingly choosing to retaliate through trade against Seoul’s decision to deploy a US Terminal High Altitude Area Defense, Korea’s key exporters, including Samsung, LG and Lotte, are bearing the brunt of the political pressure. The US, which is Samsung and LG’s largest handset and ho
March 8, 2017
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Japan's leading household product maker to invest in Songdo
Iris Ohyama Inc., the largest household product manufacturer in Japan, is pushing for the setup of manufacturing and research facilities in the Songdo special economic zone in Incheon, west of Seoul, the city government said Wednesday.The Songdo Free Economic zone in Incheon, west of Seoul. (Yonhap)"Iris Ohyama has signed a letter of intent for investment while visiting Incheon Mayor Yoo Jeong-bok," a city official said.Iris Ohyama, which develops, manufacturs and sells household products and LE
March 8, 2017
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Sales of Chinese goods in Korea not yet affected despite missile row
Chinese products have yet to suffer from a setback in sales in South Korea despite Beijing's retaliation against South Korean products over Seoul's deployment of an advanced US missile defense system, industry sources said Wednesday.Beijing insists the installation of the Terminal Altitude Area Defense will undermine China's security interests, although Seoul says it is to defend against North Korean provocations, not against China.Chinese beer Tsingtao (Yonhap)The Chinese government has shut do
March 8, 2017
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Korean Food Ministry, World Vision promote healthy diets for children
South Korea’s Ministry of Food and Drug Safety on Wednesday sealed a partnership with humanitarian aid organization World Vision to develop joint campaigns and education programs to help children follow healthy diets and form good eating habits.Under the new collaboration, the two organizations will work together to enhance children’s diets, jointly hold educational programs on children’s nutrition and promote the importance of children’s food safety.“Through this partnership, we expect to impro
March 8, 2017
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Women receive less than 3% of promotions to executive positions
The ratio of women reaching executive posts was less than 3 percent of all promotions at the country's 30 biggest business groups this year, data showed Wednesday.Only 37 female employees were tapped as executives at 18 conglomerates that announced their new lineups of senior managers this year, according to the statistics by industry tracker CEO Score.Major conglomerates in Korea (Yonhap)The figure represents 2.4 percent of 1,517 promotions.The proportion of female workers at the country's 30 b
March 8, 2017
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China's THAAD retaliation pounds Korean tourism
South Korea's tourism sector and consumer goods makers are bearing the brunt of China's retaliation for Seoul's deployment of an advanced US missile defense system, analysts said Wednesday, urging efforts to brace for tougher and prolonged retaliatory steps down the road.Last week, China ordered travel agencies to stop selling group tours to South Korea after Seoul finalized a deal with Lotte Group to station a Terminal High Altitude Area Defense battery on a Lotte golf course in the southeaster
March 8, 2017
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R&D investment by Korean firms to grow 2.5% this year
South Korean companies are expected to increase their investment in research and development this year, a survey by a local think tank showed Wednesday.According to the Korea Industrial Technology Association, 1,000 firms surveyed said they will increase their R&D investment by an average of 2.5 percent compared to the year before.A researcher working in a lab in Korea (Yonhap)Based on the outcome of the survey, KOITA said the total R&D spending by the companies that have an institute or office
March 8, 2017
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Korean shipbuilder relegated to 3rd spot in Feb. orders
South Korean shipyards stood at third place in terms of new orders secured last month, from the top slot the previous month, industry data showed on Wednesday.According to the data compiled by global research firm Clarkson Research Institute, Korean shipyards clinched new orders worth a combined 160,000 compensated gross tons last month to build five ships. The shipbuilding industry in Korea (Yonhap)Italy came first with 610,000 CGTs in new orders, or 6 ships, followed by China with 250,000 CGTs
March 8, 2017
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US clean energy market still holds opportunity for Korean firms
South Korean companies should continue investing in the United States' clean energy market despite an anticipated drop in the US' own interest in the sector, a report said Wednesday, insisting the drop in US interest will only be temporary.The report from the Institute for International Trade noted the new Donald Trump administration was expected to quit the Paris Agreement on climate change, under which 194 signatories, including the US, are required to achieve their nationally determined contr
March 8, 2017
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Korean farm products to face toughened quarantine screening in China
South Korean farm products exported to China will face toughened customs and quarantine procedures as Beijing takes retaliatory measures against Seoul's plan to deploy a US-led missile defense system on its soil, the government said Wednesday.As South Korea accelerated its move to station the Terminal High Altitude Area Defense on its soil, monthslong tensions between South Korea and China are likely running into a trade spat.(Yonhap)Recent reports showed that some retail shops in China run by S
March 8, 2017
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Hanwha chief's son receives suspended prison sentence in assault case
A Seoul court on Wednesday sentenced the youngest son of Hanwha Group Chairman Kim Seung-youn to eight months in prison suspended for two years for assaulting bar employees and resisting arrest while under the influence of alcohol.The Seoul Central District Court found Kim Dong-seon, 27, guilty of assaulting employees at a bar in southern Seoul and damaging a police car that was carrying him to a local police station for interrogation on Jan. 5. The court ordered Kim to carry out 80 hours of com
March 8, 2017
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Samsung Electronics Q1 operating profit likely to jump 30%
Samsung Electronics Co. is expected to report a 30-percent jump in its first-quarter operating profit as strong sales of semiconductors continue to drive earnings, market data showed Wednesday.According to a survey of earnings forecasts by market tracker FnGuide, Samsung is likely to post an operating profit of 8.7 trillion won ($7.5 billion) for the January-March quarter, up 30.6 percent from the same quarter last year. January-March sales are likely to fall 0.3 percent on year to 49.6 trillion
March 8, 2017