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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Dongwha Duty Free to hand over majority stake to Hotel Shilla
Dongwha Duty Free on Thursday confirmed it will hand over a majority stake to Hotel Shilla in a put option obligation but denied it was pulling out of the business.Dongwha, opened in 1979 as the country's first duty-free shop in the downtown area, will transfer a 30.2-percent stake, or (Yonhap)543,600 shares, to Hotel Shilla. Combined with the 19.9-percent stake it already purchased in 2013 with the put option, Hotel Shilla will own 50.1 percent and become the largest shareholder.Dongwha said Ki
Feb. 2, 2017
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Daewoo E&C wins $590m road construction deal from Qatar
South Korean builder Daewoo E&C has signed a deal to expand and build an expressway in Qatar, the company said Thursday.Under the deal, signed Wednesday in Qatar, the South Korean construction firm will add a 4.5-kilometer extension to the country's E-Ring expressway, while also building 4 kilometers of roads with three multilevel intersections. A rendering of E-Ring expressway (Daewoo E&C)The South Korean firm was initially awarded the project in 2016 for $730 million.But after changes to the o
Feb. 2, 2017
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Govt. to spend W315.7b to develop bio technology in 2017
South Korea's science ministry said Thursday that it will spend 315.7 billion won ($273.7 million) this year to develop new bio technology, as part of efforts to become a global biotech and medical industry hub.The 2017 budget, a 31.4 percent jump from a year earlier, is aimed at developing key biotech in sectors, such as genomes and brain science, the Ministry of Science, ICT and Future Planning said. (Yonhap)Of the total, 262.6 billion won will be allocated to develop key technology, including
Feb. 2, 2017
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KT&G chief acquitted of receiving kickbacks from lobbyist
A local court on Thursday acquitted the head of the country's leading tobacco maker of receiving some tens of millions of won in bribes from a lobbyist for striking a deal with an advertising agency, citing a lack of evidence.The Seoul Central District Court found Baek Bok-in, who led KT&G Corp. from 2015, not guilty of receiving 55 million won ($47,000) from the person, surnamed Kwon, between 2011 and 2012 in return for securing a contract with the company. This file photo taken on March 31, 20
Feb. 2, 2017
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Korean cosmetics drop in price, shipment volume in China
The price of imported Korean cosmetics in China dropped by some 40 percent last year, Chinese customs data showed Thursday, for reasons industry watchers see as driven both politically and by the market. Records from the Tianjin Entry-Exit Inspection and Quarantine Bureau indicated an average 40 percent drop in the price of cosmetics shipped in from South Korea. The volume of the imported shipments totaled 2,200 tons last year, down 46 percent from the year before. (Yonhap)The monetary value of
Feb. 2, 2017
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Acting president calls for enhanced industrial safety efforts
Acting President and Prime Minister Hwang Kyo-ahn on Thursday called on the government and businesses to enhance industrial safety management, especially for smaller subcontracting companies.During a regular meeting of ministers on pending state affairs, Hwang warned that the government will take "stern measures" against companies that are negligent of workplace safety obligations. Acting President and Prime Minister Hwang Kyo-ahn speaks during a meeting of ministers on pending state affairs at
Feb. 2, 2017
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Mobile carriers under pressure to cut fees as marketing costs fall
South Korea's three mobile carriers have been under pressure to cut fees as a law helps them save about 310 billion won ($269.2 million) in marketing spending last year, according to a consumer advocacy group Thursday. The Mobile Device Distribution Improvement Act came into force in October 2014 with the aim of keeping fierce competition to woo customers with hefty subsidies in check. (Yonhap)The law had originally been designed to benefit customers by eliminating illegal subsidies, but critics
Feb. 2, 2017
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S-Oil's 2016 net doubles on improved refining margin
S-Oil Corp., the No. 3 oil refiner in South Korea, said Thursday that its earnings doubled last year from a year earlier, helped by a surge in its refining margins and widening spreads for chemicals goods.Net profit reached 1.26 trillion won ($1.1 billion) last year, compared with a profit of 631 billion won a year earlier, the company said in a regulatory filing. (Yonhap)Operating income also more than doubled to a record 1.69 trillion won from 817 billion won over the cited period, while sales
Feb. 2, 2017
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SK to take over Dow Chemical's EAA unit for $370m
SK Innovation Co., the country's No. 1 oil refiner, said Thursday that its affiliate has decided to take over Dow Chemical Co's ethylene acrylic acid business in a bid to diversify its business portfolio.Its affiliate SK Global Chemical Co. will buy Dow Chemical's EAA business for $370 million, it said in a regulatory filing. (Yonhap)The deal includes the purchase of EAA production facilities in the US and Spain, and the related technology, it added. The company said the takeover is aimed at hel
Feb. 2, 2017
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Apple, Samsung lead shrinking global tablet PC market
Apple Inc. and its South Korean archrival Samsung Electronics Co. will roll out their latest tablet PCs in the first half of this year amid a prolonged slump in global sales, market watchers said Thursday.No. 1 player Apple, which has seen its signature iPad sales fall to the lowest level since its launch in 2011, is gearing up to launch three new models sometime around March and April, they said. Apple Inc.'s iPad Pro (Apple Inc.)First, the so-called iPad Pro 2 -- a bigger version of the iPad P
Feb. 2, 2017
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Hyosung forecast to have logged upbeat earnings in 2016
Hyosung Corp., a leading South Korean synthetic fiber manufacturer, is expected to have an operating income of over 1 trillion won ($864 million) in 2016, aided by strong sales of spandex and tire cord, industry sources said Thursday.Hyosung, scheduled to report its 2016 earnings this week, logged an operating income of 801 billion won in the first nine months of last year. In 2015, the company posted an operating income of 950 billion won. (Yonhap)Hyosung, the world's No. 1 player in the global
Feb. 2, 2017
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Honda to recall 1,400 cars in Korea for Takata air bags
Honda Korea, the local importer of the Japanese car brand, will recall over 1,400 cars sold in South Korea for Takata air bags whose metal inflator can fracture and shoot at passengers when the air bag is deployed, the transportation ministry said Thursday.The recall affects 1,407 Honda Accord cars produced between Aug. 2, 2011, and July 26, 2012. (Yonhap)"The ministry advises owners of such vehicles to immediately have their cars repaired as the issue has led to fatal accidents in other countri
Feb. 2, 2017
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Seoul-based automakers‘ global sales fall 1.2% in January
Global sales of cars produced by five South Korea-based automakers shrank slightly from a year earlier in January due to a decline in overseas sales and a slump in domestic sales, data released by the carmakers showed Wednesday.The combined global sales of the five automakers came to 618,930 cars last month, down 1.2 percent from a year earlier, according to the data. (Yonhap)The January tally marks a decline for two consecutive months on a year-on-year basis. In December, the automakers' sales
Feb. 1, 2017
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Hyundai Motor's global sales for January edge up 1.3% on-year
South Korea's largest carmaker Hyundai Motor managed a 1.3-percent increase in global sales in January from a year ago, the company said Wednesday, while its performance at home slackened. Hyundai sold 342,607 cars in the month, including 297,507 overseas and 45,100 domestically. The figures represent a 3.1-percent hike for overseas but a 9.5 percent slide at home. Of the cars sold abroad, 56,200 were manufactured in the country and 241,307 out of the country. Hyundai's new Grandeur (Hyundai Mot
Feb. 1, 2017
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Kia Motors' sales drop on-year in January at home, abroad
Kia Motors suffered on-year sales drops both at home and abroad in January, the company said Wednesday, citing aged models and lost production from holidays as the main reasons.Sales at home totaled 35,012 cars for the month, down 9.1 percent from the same month last year, according to the country's second-largest carmaker. Overseas sales came to 163,793 cars, down 6.5 percent from a year earlier. Kia's global sales in January fell 7 percent on-year to 198,805 units.The number of factory working
Feb. 1, 2017
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Business tycoons to testify at court over influence-peddling scandal
The heads of South Korea's leading conglomerates will attend a court hearing later this month to give testimony over a high-profile influence-peddling scandal that has led to President Park Geun-hye's impeachment, legal sources said Wednesday.Hanwha Group Chairman Kim Seung-youn, SK Group Chairman Chey Tae-won and Hanjin Group Chairman Cho Yang-ho have been designated witnesses to testify at the hearing on President Park's friend Choi Soon-sil at the Seoul Central District Court on Feb. 28, acco
Feb. 1, 2017
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Renault Samsung's January sales up 34.8%
Renault Samsung Motors Co. said Wednesday it sold 20,256 cars in January, up 34.8 percent from the same month last year, pushed by strong sales at home.The company, which is the local unit of French automaker Renault S.A., sold 7,440 units in the domestic market, 254.1 percent higher than January of last year despite production days lessened by the Lunar New Year holidays that fell at the end of the month. The company said the January performance is the second highest for the month after 2011, w
Feb. 1, 2017
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Ssangyong Motor's January sales up 3.4% on-year as Tivoli rolls on
Ssangyong Motor Co.'s January sales increased 3.4 percent on-year to 10,420 cars on strong domestic sales, with its popular SUV Tivoli taking the lead, the automaker said Wednesday.Domestic sales accounted for 7,015 units, up 6.8 percent, and exports 3,405, down 3 percent from same month last year. The company said the overall sales increase came despite negative factors such as less number of working days from the Lunar New Year holiday and the end of the grand sale period. Crossover SUV Tivoli
Feb. 1, 2017
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GM Korea's January sales down 4.8% on-year
GM Korea Co. said Wednesday it sold 46,842 cars in the month of January, 4.8 percent less than a year ago although its local sales increased by some 25 percent. The Minicar Spark, the mid-sedan Malibu and the crossover SUV Trax led the overall sales, according to the South Korean unit of U.S. automaker General Motors Co. The company sold 3,564 units of the Malibu, up 581.5 percent from January last year, while the Trax sales were also up 162 percent to 1,436 units. Malibu from GM Korea (GM Kor
Feb. 1, 2017
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Incheon Airport opens to T2 duty-free bids
Incheon International Airport Corp. said Wednesday it has officially begun accepting bids for duty-free operators hoping to open stores in its second terminal, which is set to open later this year.The call for bids comes about three months later than initially planned, in the midst of tensions between the airport and the Korea Customs Service about the way in which licenses are granted.“We could not hold off any longer on the bids. If we do not choose the operators by April, we may face a crisis
Feb. 1, 2017