Most Popular
-
1
Slew of top K-pop stars ready to return from military
-
2
S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
-
3
Military aircraft evacuating S. Koreans in Lebanon returns home
-
4
Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
-
5
BTS-themed moon jar to be unveiled on Hangeul Day
-
6
Market uncertain on Korea's October rate cut despite slowed inflation
-
7
Samsung unveils 'personalized AI' for all devices
-
8
1,430 minors investigated for drug offenses from 2018 to 2023: police
-
9
[Robert Fouser] Why the US election looks so close
-
10
Special counsel bill to probe first lady scrapped
-
5 more firms picked for fast-track restructuring program
Five South Korean firms gained government approval to carry out their voluntary corporate restructuring through fast-track legal and administrative procedures, the ministry said Tuesday.The Ministry of Trade, Industry and Energy said a government panel chose the five companies, which include LS Metal, an affiliate of the country's 16th largest business group of LS Group; Kahn PI Co., a ship materials manufacturing firm; and Sungwook Steel Co., to endorse their proposed restructuring efforts to b
Feb. 28, 2017
-
Sales of nicotine treatment pill spike in Korea
Sales of an anti-nicotine tablet have spiked by more than eightfold in South Korea over the past two years, industry data showed Tuesday, as more smokers opt to quit amid bolstering government efforts on an anti-smoking campaign.The annual sales of Champix, a prescription medication designed to treat nicotine addiction, reached 42 billion won ($37.02 million) at the end of 2016, compared with 5 billion won recorded in 2014, according to the company and industry sources. (Yonhap)Its on-year sale
Feb. 28, 2017
-
Korea's manufacturing sentiment up for March
South Korean manufacturers' business sentiment for next month improved, as they expect an increase in domestic demand and exports, central bank data showed Tuesday.The business survey index of manufacturing firms came to 81 in March, up from 76 in February, according to the Bank of Korea.(Yonhap)A reading over 100 means optimists outnumber pessimists, while a reading below the benchmark means the opposite.An index measuring local firms' sentiments toward exports came to 92 for next month, up fro
Feb. 28, 2017
-
Korea's biz sentiment improves for March
South Korean businesses continue to remain pessimistic about their business conditions in the future, but their sentiment improved slightly for the upcoming month, a survey showed Tuesday.The business survey index for March came to 92.1, up from 87.7 registered for this month, according to the Federation of Korean Industries. (Yonhap)A reading below 100 means pessimists outnumber optimists, while a reading above the benchmark means the opposite. The index has remained below the benchmark since M
Feb. 28, 2017
-
10,000 Samsung workers participate in blood donation
About 10,000 workers from Samsung Group’s affiliates participated in a blood donation campaign aimed to boost the nation’s blood reserves, the group said Monday.The nation’s largest conglomerate launched the campaign earlier this month at each affiliate’s office. The group’s affiliates, including Samsung Electronics and Samsung C&T, plan to donate 10,000 won ($8.85) per worker participating in the campaign. The funds will be donated to charity organizations including the Korean Association of Me
Feb. 27, 2017
-
[Advertorial] LG Chem aims to become global top 5 chemical firm
LG Chem, a major battery maker in South Korea, said Monday it plans to become one of the top five chemical companies in the world by 2025, by bolstering its key businesses this year.The chemical arm of LG Group, the nation’s fourth-largest conglomerate, has been gearing efforts to upgrade its business portfolio to strengthen its competitiveness in the global market. LG Chem’s electric car battery factory in Ochang, North Chungcheong Province (LG Chem)One of the company’s key strategies is to ent
Feb. 27, 2017
-
KT&G enjoys sales boom in Mongolia with tailored strategies
Hallyu is strong in Mangolia, where there are three streets named after Korean places and around 7 in 10 cars are from Korea. Many stores also sell Korean products, including cigarettes. KT&G is showing a high growth rate in the country, which is a rising market for the exports of Korean firms. KT&G products ESSE Blue and ESSE Change are being sold in a wholesale store situated in the downtown area of Ulaanbaatar, Mongolia. (KT&G)The company started off by selling 4.7 million cigarettes there i
Feb. 27, 2017
-
Lotte approves land swap plan for THAAD deployment
South Korea's Lotte Group approved a planned land swap with the military on Monday, paving the way for the deployment of an advanced US missile defense system between May and July, the defense ministry said."We have received a notice from Lotte Group that the company has given the green light to the land exchange plan with the military," the Ministry of National Defense said in a text message sent to reporters. This bird's-eye view taken on Oct. 27, 2016, shows a golf course currently owned by
Feb. 27, 2017
-
Samsung Group to abolish all groupwide tasks
Samsung Group, South Korea's largest business conglomerate, plans to abolish its groupwide tasks and let affiliates independently make business decisions, a group official said Monday.The plan is in line with Samsung's move to abolish the group's key future strategy office, which has been responsible for coordinating key affairs among affiliates. (Yonhap)Samsung has said it will shut down the office as early as next month after the special prosecution team concludes its probe into a presidential
Feb. 27, 2017
-
Korean Air president pledges to push growth with new B787s
Korean Air’s new President Cho Won-tae on Monday said the airline will aim to boost sales with its cutting-edge aircraft and ensure passenger safety by making changes to the carrier’s safety policies.At an event at Korean Air’s Incheon Airport hangar to unveil the new Boeing 787-9 Dreamliner that will begin servicing flights in mid-March, Cho spoke to reporters on board the plane in his first public press appearance since being named president.Cho, who is the son of Korean Air Chief Executive Of
Feb. 27, 2017
-
Pharmaceutical industry adds 20,000 to workforce over 5 yrs
The workforce of South Korea's pharmaceutical sector has grown by more than 27 percent in five years, data showed on Monday.A total of 94,929 people were working in the local drug industry at the end of 2016, up from 74,477 in 2011, according to the data by the Korea Pharmaceutical Manufacturers Association. The Korea Pharmaceutical Manufacturers Association said on Feb. 27, 2017, that the workforce of South Korea's pharmaceutical sector has grown by more than 27 percent in five years. (Yonhap)T
Feb. 27, 2017
-
Hyundai Heavy shareholders OK spinoff plan amid labor union opposition
Shareholders of Hyundai Heavy Industries Co., South Korea's major shipbuilder, gave the green light on Monday to the company's overhaul scheme to split the troubled shipbuilder in an effort to regain financial health amid strong opposition from the labor union. The preliminary shareholder meeting, held earlier in the day, passed the proposal to separate the shipyard, once the world's largest, into six independent businesses, the company said. Hyundai Heavy Industries President Kang Hwan-gu raps
Feb. 27, 2017
-
Korea rises as Shake Shack’s top performing location worldwide
The opening of US premium burger joint Shake Shack’s first outlet in South Korea was the talk of the town last year, with hundreds of people enduring long waits to taste the famous hamburger hailing from New York City.Seven months into its opening, the brand’s first store near Gangnam Station continues to see long lines of customers day and night. And this store currently boasts the No. 1 sales across all of Shake Shack’s outlets worldwide, the brand’s founding chairman revealed Monday.“There ar
Feb. 27, 2017
-
[MWC] Samsung’s tablet optimized for entertainment with Harman audio
Samsung Electronics said its new Galaxy Tab S3, unveiled at the Mobile World Congress in Barcelona on Monday, is optimized for entertainment with enhanced audio technology by Harman, the US car-connected products maker that Samsung is planning to acquire.Releasing the latest tablet two years after the unpacking of the Tab S2, Samsung said the Tab S3 comes with a 9.7-inch Super AMOLED screen and quad-stereo speakers tuned by the AKG from Harman for quality visual and audio experiences in movie wa
Feb. 27, 2017
-
Former chief of KDB questioned over Daewoo Shipbuilding crisis
A former head of South Korea's state-run Korea Development Bank was questioned by prosecutors Monday in connection to management troubles at cash-strapped Daewoo Shipbuilding & Marine Engineering Co.Hong Ky-ttack appeared at the Seoul Central District Prosecutors' Office in southern Seoul to undergo questioning after a local civic group filed a complaint against him in June last year. Hong Ky-ttack, a former head of the state-run Korea Development Bank (KDB), arrives at the Seoul Central Distri
Feb. 27, 2017
-
Samsung chief tops ranking of dividend income earners
Lee Kun-hee, the ailing chief of South Korea's top conglomerate Samsung Group, again topped the ranking of dividend income earners, data showed Monday. Dividend payouts to Lee, chairman of the group's flagship Samsung Electronics Co., stood at 189.9 billion won ($167.6 million) so far this year, according to the data compiled by market tracker FnGuide. (Yonhap)Lee, who owns a 3.5 percent stake in Samsung Electronics, is set to earn 137.1 billion won in dividends from the electronics giant.Hyunda
Feb. 27, 2017
-
KAI extends parts supply deal with Airbus
Korea Aerospace Industries Ltd. said Monday it has agreed with Airbus of the United Kingdom to extend a contract to supply wing parts for five more years until the end of 2030. South Korea's sole airplane manufacturer had contracted to provide wing panels for the A320 passenger carrier until the end of 2025. (Yonhap)The company said in a statement the two sides signed a revised deal for a five-year extension, estimated to be worth 381.15 billion won ($336 million).KAI won the $600 million deal i
Feb. 27, 2017
-
Local drug firms largely managed by young owners
Young owner members of major South Korean pharmaceutical manufacturers, such as sons and grandsons of company founders, are on the fast track to management positions, industry sources said Monday. Lim Jong-hoon, third son of Hanmi Pharmaceutical Chairman Lim Sung-ki, is set to be registered as a member of the board of directors during the shareholder meeting scheduled for March 10, the sources said.(Yonhap)Lim Jong-hoon, 40, who has so far served as the company's director, will join the manageme
Feb. 27, 2017
-
SMEs have trouble hiring workers amid high youth unemployment
Despite South Korea's high youth unemployment, local smaller firms are struggling to hire new workers as young job seekers prefer higher-paying jobs at big businesses, financial firms and state-run companies, data showed Monday.According to a survey conducted by the Korea Small Business Institute in 2015, more than 80 percent of local small and medium enterprises replied they were facing troubles in recruiting workers.This photo, taken on Nov. 28, 2016, shows job seekers pack the site of a job f
Feb. 27, 2017
-
GM Korea VP to lead organization for women leadership
Hwang Jina (WIN)GM Korea Vice President Hwang Jina was inaugurated as the chairwoman of Women in INnovation, a local organization aimed at strengthening women’s leadership in business, the organization said Thursday.Hwang replaces Sohn Byoung-ok, CEO of Prudential Life Korea who led WIN for the past 10 years. WIN is a nonprofit organization under the Ministry of Gender Equality and Family. GM Korea Vice President Hwang Jina (center, left) shakes hands with Sohn Byoung-ok, the CEO of Prudential L
Feb. 27, 2017