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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Seoul to inject W10b to support MICE sector this year
The Seoul city government said Sunday that it will inject 10 billion won ($8.6 million) this year to support the meeting, incentive, convention and exhibition industry in 2017.The metropolitan city said in its new five-point plan that it will be sponsoring the See you in SEOUL Special event to make Seoul more attractive as the destination for MICE. Korea MICE Expo 2016 that was held by the Korea Tourism Organization last year. (Yonhap)The industry refers to a kind of package service that bundles
March 5, 2017
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Tourism industry on alert over China's trip ban
South Korea's tourism industry is on alert as China has set out to prevent its people from traveling to Korea in protest against Seoul's deployment of a high-tech U.S. anti-missile battery, industry sources said Friday. On Thursday, Beijing told major travel agencies in the country to stop selling tours to Korea in what is seen as its latest retaliatory act against Seoul pushing ahead with stationing the Terminal High Altitude Area Defense (THAAD) system.A group of Chinese tourists. Yonhap
March 3, 2017
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Incheon worrying about possible decline in cruise ships from China
Incheon, South Korea's major port of call for cruise ships, is on alert as the Chinese government is known to have ordered its travel agencies to stop selling South Korean tour programs to its locals in retaliation for Seoul's unwavering push for the deployment of an advanced US anti-missile system on its soil.China harshly criticizes Seoul's decision to introduce the Terminal High Altitude Area Defense system, which it claims poses threats to its security, and vows every kind of retaliatory ste
March 3, 2017
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Novartis to face further punitive measures in Korea this month
Swiss pharmaceutical giant Novartis is slated to face additional punitive measures from South Korea’s Health Ministry later this month on charges of providing illegal kickbacks to local doctors in exchange for prescribing its drugs. The Korean Ministry of Health and Welfare said Friday that it is in the process of reviewing its own administrative actions against Novartis Korea, which could take the form of a fine or a lifting of insurance benefits on drugs sold by the company here.The headquarte
March 3, 2017
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Tourism industry on alert over China's trip ban
South Korea's tourism industry is on alert as China has set out to prevent its people from traveling to Korea in protest against Seoul's deployment of a high-tech US anti-missile battery, industry sources said Friday. On Thursday, Beijing told major travel agencies in the country to stop selling tours to Korea in what is seen as its latest retaliatory act against Seoul pushing ahead with stationing the Terminal High Altitude Area Defense system.China has expressed strong hostility toward the dec
March 3, 2017
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Korea probing Toyota Korea over suspected tax evasion
South Korea's tax authorities have been investigating the local importer of Toyota and luxury Lexus vehicles over suspected tax evasions since late 2016, industry sources said Friday.In November, the Seoul office of the National Tax Service launched a tax audit into Toyota Korea over suspicions that it paid less income tax by fabricating transfer prices of goods and services in transactions with its parent and underreporting taxable income, according to the sources.Models pose with the Lexus new
March 3, 2017
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Samsung's market share of refrigerators exceeds 30% in India
Samsung Electronics Co.'s share of the Indian refrigerator market rose to a record high of more than 30 percent last year, according to the Korea International Trade Association on Friday. Samsung's share of the Indian market stood at 30.7 percent at the end of 2016, marking double-digit growth for the second consecutive year. This photo shows Samsung's new Chef Collection refrigerator. (Photo courtesy of Samsung Electronics Co.) (Yonhap)Last month, Samsung's Indian unit began selling a new lin
March 3, 2017
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Chevy Trax becomes Korea's most exported car in 2016
The Chevrolet Trax subcompact SUV was the most exported vehicle in South Korea in 2016, market data showed Friday, indicating strong overseas demand for the car developed and produced here.GM Korea Co. shipped 240,351 units of the crossover SUV in 2016, according to the data from the Korea Automobile Manufacturers Association. The new Chevrolet Trax (Photo courtesy of GM Korea)The 2016 tally marked an 8.5 percent spike from 221,560 cars shipped overseas in the year before. Also, it was 17.2 time
March 3, 2017
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Lotte’s Chinese website hacked in protest against THAAD
South Korea’s retail giant Lotte Group said Wednesday that it has suffered a disruption to its Chinese website in what could be a cyberattack by unidentified Chinese hackers in apparent retaliation against its cooperation with the deployment of an advanced US missile defense system in South Korea. Lotte Duty Free Shop`s website (Yonhap)The website, www.lotte.cn, has remained inaccessible to visitors since Tuesday afternoon.A Lotte official said the disruption was caused by a virus planted by hac
March 2, 2017
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[News Analysis] Korea closely monitors China’s latest import rule as THAAD tension rises
The latest trade tension with China comes in the form of a new registration process for certain cosmetics imported from South Korea to China through ports in the Pudong New Area of Shanghai. The measure took effect Wednesday, according to the Korea International Trade Association Thursday.The new cosmetics regulations, which were announced in January, allows certain cosmetics brought in through Pudong to be distributed after a simple registration process before going through the existing license
March 2, 2017
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[Newsmaker] Korean, Chinese chipmakers raise stakes on Toshiba
Chipmakers from South Korea, Taiwan and China are beefing up moves to acquire the NAND Flash business of Japan’s cash-strapped Toshiba in their quest to spearhead the global NAND market. According to the semiconductor and financial industries Thursday, global chipmakers are doubling efforts to take over Toshiba’s NAND business after it was reported earlier this week that the financially troubled Japanese company will sell a majority stake in the NAND businessToshiba aims to raise about 1 trillio
March 2, 2017
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Homeplus celebrates 20 years with discounts
In line with its 20th anniversary this year, discount retailer Homeplus has launched a special movie-themed promotion, the company said Thursday.Homeplus will be offering discount promotions and sales events that focus on fresh food and items from abroad through March 29 in its offline and online stores.Until recently, Homeplus had considered its establishment date to be in May 1999, when Samsung C&T launched a joint venture with the UK-based retailer Tesco. However, after Tesco’s sale of Homepl
March 2, 2017
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Mirae Asset to seek global M&A opportunities: chief
Park Hyeon-joo, the founder and chairman of Mirae Asset Financial Group, said Thursday he would split the business of exchange-traded funds from the group’s asset management unit and aggressively seek merger and acquisition opportunities in the global market this year.Park wrote a letter to the employees of the group on his flight to Los Angeles as a part of his business trip to the US, Brazil and Europe, according to Mirae Asset Global Investments, the asset management subsidiary of the group.
March 2, 2017
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[Superich] 12 of Korea’s Richest 100 hidden behind unlisted stocks
There are quite a few among Korea’s Richest 100 that remain under the radar, owing to the fact that they do not own any listed stocks. While they own some of South Korea’s most well-known companies, they have been excluded from many data. While they do not own a single share of listed companies, their value of shares in unlisted stocks can reach as high as trillions of won.The Superich Team analyzed public announcements from the Financial Supervisory Service and corporate registers among other d
March 2, 2017
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[Superich] Korea’s Richest 100 remains unchanged in 2017
It is no surprise that Samsung Electronics Chairman Lee Kun-hee, 75, is once again recognized as the richest man in Korea with a total value of assets, including listed stocks and real estate, reaching 15 trillion won ($13.1 billion). Samsung Electronics Chairman Lee Kun-hee (right) and Director of the Leeum, Samsung Museum of Art Hong Ra-hee (left). Hong’s personal assets are worth 2.1 trillion won ($1.84 billion), ranking 11th on the list of Korea’s Richest 100.The Herald Business and The Kore
March 2, 2017
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Chaebol heads needed 20 years' training period before ascending to power
The heads of South Korea's 10 biggest business groups had to serve in various posts for 20 years at the family-controlled groups before taking the helm at the age of 49 on average, a survey showed Thursday.Hanwha Group Chairman Kim Seung-youn was the youngest to ascend to the throne at the age of 29 in 1981, after the sudden death of his father Kim Jong-hee, the founder of the group leading the country's explosives industry, according to market researcher Chaebul.com. (Yonhap)Kim Seung-youn asce
March 2, 2017
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Renault Samsung sales surge 34.3% in Feb.
Renault Samsung Motors Co., the South Korean unit of French automaker Renault S.A., said Thursday its global sales continued to jump more than 30 percent on-year for a second consecutive month in February, largely helped by a sharp increase in domestic sales.Overall sales came to 20,582 cars last month, up 34.3 percent from the same month last year, according to Renault Samsung. The new SM6 midsize sedan (Renault Samsung)The large gain followed a 34.8 percent on-year spike in the previous month.
March 2, 2017
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Korea to be guest of honor in Germany's largest design expo
South Korea will take part in this year's Munich Creative Business Week, the largest design industry expo in Germany, as the guest of honor, the government said Thursday.The country will give four special exhibitions under the theme "Human Connection, Beyond Smart" during the MCBW that runs from March 4 to 12, the Ministry of Culture, Sports and Tourism and its affiliate the Korea Craft and Design Foundation said in a joint release. This image is captured from the website of the mcbw2017korea. (
March 2, 2017
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Businesses woo 'adult kids' with toys, other nostalgic goods
Businesses are developing toys, figures and other nostalgic products to woo men in their 30s, referred to as adult kids, as they have emerged as a strong consumers group, industry sources said Thursday.7-Eleven, one of South Korea's three biggest convenience store chains, said all 220,000 sets of toy figures for the 1990s Japanese animation "One Piece" have recently been sold out. 7-Eleven launched the products last April. (Yonhap)The franchise operated by Lotte Group affiliate Korea Seven also
March 2, 2017
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Daewoo Shipbuilding bags W414b deal for 2 LNG carriers
Daewoo Shipbuilding & Marine Engineering Co., a major shipbuilder here, said Thursday that it has clinched a 414 billion won ($363 million) deal to build two liquefied natural gas carriers.Under the deal with an unidentified customer, Daewoo Shipbuilding will deliver the vessels by August 2019, the company said in a regulatory filing.(Yonhap)The deal includes an option to build two more LNG ships, which will jack up the value of the deal to 830 billion won, it said.The shipbuilding deal is Daewo
March 2, 2017