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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Samsung unveils 'personalized AI' for all devices
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Market uncertain on Korea's October rate cut despite slowed inflation
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Special counsel bill to probe first lady scrapped
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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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Is Asiana looking to launch catering business?
Korea’s second-largest air carrier has set up a joint venture with Swiss airline catering company Gate Gourmet, raising speculation over whether the company is looking to launch its own catering business.Asiana Airlines and Gate Gourmet launched the joint venture Gate Gourmet Korea here last October. Asiana disclosed at the end of December that it acquired a 5.2 percent stake in the company for 53.3 billion won ($44.2 million), bringing its stake in the company up to 40 percent effective July 20
Jan. 4, 2017
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Hanmi to globally launch dual-action hyperlipidemia drug with MSD
South Korea’s Hanmi Pharmaceutical said Wednesday it will launch its dual-action drug for hyperlipidemia, Rosuzet, across global markets in partnership with US pharmaceutical giant Merck Sharp & Dohme. The two have newly entered a licensing partnership under which MSD will take charge of selling Hanmi’s Rosuzet across 23 countries, excluding Korea. Hanmi said it could not specify the given countries due to contract stipulations. Hanmi Pharmaceutical's Rosuzet (Hanmi Pharmaceutical)Rosuzet is a d
Jan. 4, 2017
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Pizza Hut Korea fined for extorting franchise owners
Pizza Hut Korea has been fined by South Korea’s antitrust regulator for its unfair business practices against franchise owners here.According to the Fair Trade Commission on Tuesday, Pizza Hut was fined 526 million won ($437,000) for unilaterally creating and collecting new fees -- called “administration fees” -- from franchise owners. To date, the FTC estimated that Pizza Hut has extorted 6.8 billion won from franchise owners through these fees. (Pizza Hut official website)The fee was not incl
Jan. 3, 2017
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Yongin eyes industrial complex around Amorepacific R&D center
South Korean cosmetics maker Amorepacific‘s R&D Center in Yongin could be at the center of a new urban industrial complex if it receives a final approval, according to the company and Yongin City on Tuesday.The cosmetics company is mulling plans to invest 32.9 billion won ($27.3 milllion) into the project, which will result in a 231,000-square-meter complex set to be completed by 2019.Currently, Amorepacific is expanding its existing R&D Center in Giheung-gu to add more research facilities. Urba
Jan. 3, 2017
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Green Cross retains leadership in global chickenpox vaccine market
South Korean biopharma company Green Cross has taken the lead in the global chickenpox vaccine market by winning a major order from the Pan American Health Organization. Green Cross said Tuesday that it has secured a $60 million order to supply its varicella -- the virus that causes chickenpox -- vaccine, to PAHO from 2017-2018. This amounts to around 66 percent of the agency’s total varicella vaccine procurement quota.Under the new contract, the Korean drugmaker will export its varicella vaccin
Jan. 3, 2017
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Hyundai Merchant forms alliance with smaller local rivals
Hyundai Merchant Marine Co., a major South Korean shipping line, said Tuesday that it has agreed to forge an alliance with two local rivals, a move apparently aimed at overcoming the downturn swarming the entire industry.Under the strategic alliance, the three firms will create a joint consortium, named HMM+K2, that will allow the shipping firms to share ships under a code-sharing scheme, as well as separate assets, ranging from containers to storage, they said.A memorandum of understanding for
Jan. 3, 2017
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Advances by small carmakers keep S. Korea's auto market growing
South Korea's automobile market continued to expand from a year earlier last year but largely on advances by small automakers that helped more than offset a retreat by the local industry leader and imported vehicles, data showed Tuesday.In 2016, five South Korea-based producers of passenger cars sold a combined total of 1,588,572 vehicles here, up 0.6 percent from 1,579,705 cars sold the previous year. The file photo, taken on Nov. 22, 2016, shows a couple of models posing next to the all new Hy
Jan. 3, 2017
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Conglomerates shift key business words for new year
Key words in new year addresses by CEOs this year have shifted somewhat, with "change" and "growth" replacing "competition" and "efforts," which used to be emphasized the most in the past, a corporate analyzing agency said Tuesday.According to CEO Score, the most frequently used word in the addresses at the top 10 business groups was "change," which appeared 41 times. "Growth" came in second with 39 times, followed by "environment," "innovation," "customers," "fundamentals" and "future."The use
Jan. 3, 2017
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GS Group vows to diversify business portfolio
GS Chairman Huh Chang-soo urged the group to diversify its business portfolio and make various attempts to explore new markets.“With the uncertainty growing over the management environment, we should diversify profit-oriented platforms by making drastic investments and explore new business opportunities and new markets by encouraging (employees) to make various attempts,” he said during his New Year’s address delivered at a meeting at GS Tower in Seoul.Citing the unfavorable political situation
Jan. 2, 2017
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LG Group calls for fundamental changes
LG Group Chairman Koo Bon-moo on Monday called for a fundamental change in the company’s business portfolio, urging employees to seek new opportunities with creative ideas.“The past ways of achieving success are meaningless when facing the new management environment ahead of us,” he said.“We need to bring changes in R&D and the manufacturing (process).”The nation’s fourth-largest conglomerate -- which operates a wide range of businesses including electronics, energy and display panels -- has sou
Jan. 2, 2017
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Samsung Electronics urges drastic reform
Calling for a complete reform, Samsung Electronics Vice Chairman Kwon Oh-hyun on Monday urged the South Korean tech giant to move on from the Galaxy Note 7 debacle last year and seek new opportunities for future technologies.“Taking last year’s experience, which cost a lot, as a lesson, we have to achieve a complete reform this year,” he said at meeting to kick off the year at Samsung Digital City in Suwon, Gyeonggi Province.“We should not compromise with even minor problems in terms of product
Jan. 2, 2017
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Samsung SDI vows safety-first New Year
Korean battery maker Samsung SDI’s chief executive stressed the importance of safety Monday, amid growing demand for secondary batteries powering electric vehicles and diverse digital devices.“We should establish a corporate culture that puts safety first,” Samsung SDI chief executive officer Cho Nam-seong said during the New Year’s kickoff meeting at its research complex located in Suwon.Samsung SDI CEO Cho Nam-seong (Samsung SDI)The battery maker plans to improve product safety technologies by
Jan. 2, 2017
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SK vows to achieve deep change
SK Group Chairman Chey Tae-won shares a New Year's message on Monday at the SK Networks' Sheraton Grande Walkerhill Hotel. (SK Group)SK Group Chairman Chey Tae-won on Monday emphasized creating new values through change, as the firm’s management policy for this year, in his New Year’s speech.“We must strive for deep change on innovation and dynamism,” Chey said at the New Year’s meeting held in SK Networks’ Sheraton Grande Walkerhill Hotel in Gwangjin-guChey pinpointed three factors -- self-moti
Jan. 2, 2017
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Online shopping hits record high in November
Online shopping in South Korea reached a fresh record high in November, a government report showed Monday, in the latest sign that a growing number of South Koreans are using computers or mobile devices to buy goods.Total online transactions reached a record 6 trillion won ($4.9 billion) in November, up 23 percent from a year earlier, according to the report compiled by Statistics Korea.Purchases made through smartphones, tablets and other mobile gadgets also soared 40.5 percent on-year to a rec
Jan. 2, 2017
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Kumho Asiana hopes to rebuild group for 4th industry
Kumho Asiana Group‘s goal for the new year is to become a “leader of the fourth industrial society,” according to the new year’s address given by Chairman Park Sam-koo.In addition to completing the “last task” of buying back Kumho Tire from creditors to rebuild his Kumho Asiana Group, the chairman said that it was imperative for the group to make preparations for big changes coming to Korea‘s business environment. Kumho Asiana Chairman Park Sam-koo (Kumho Asiana Group)“By the fourth industrial s
Jan. 2, 2017
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Lotte calls for innovation, ethical management
Lotte Group Chairman Shin Dong-bin began the year with an address emphasizing “bold innovation and change” for survival in the face of difficult business conditions.Shin called on Lotte to focus on improving its core capabilities and advantages by conducting operations focused on on-site supervision rather than depending on the group’s central control tower. Lotte Group Chairman Shin Dong-bin (Lotte Group)He said that each of Lotte’s affiliates will have to create a strategy to prepare for comin
Jan. 2, 2017
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Hanjin Group to prioritize safety-security balance
Hanjin Group Chairman Cho Yang-ho called in his new year‘s address for a balance of safety and service to bring “customer happiness” in 2017.As for Korean Air, the chairman said that employees must go beyond a simple understanding of service rules and manuals, and make the rules a part of their daily lives through repeated training. Hanjin Group Chairman Cho Yang-ho (Hanjin Group)Cho said that precise and strict application of existing rules will allow Korean Air to “prevent problematic situati
Jan. 2, 2017
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Unicity Korea launches new multivitamin ‘Core Health Pack’
Unicity Korea, the local branch of US-based direct sales company Unicity International, has officially introduced its new multivitamin product “Core Health Pack” in South Korea. Unicity’s “Core Health Pack” consists of packs of dietary supplements which are divided into morning and night formulas. Each serving is packaged separately for easy storage and portability. Unicity's Core Health Pack (Unicity Korea)The morning formula, designed to give an energy boost throughout the day, includes 13 vit
Jan. 2, 2017
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CJ Group to push for M&As
South Korea’s CJ Group vowed to actively pursue new strategic mergers and acquisitions in 2017 to strengthen its core businesses and to boost their global competitiveness.“Despite the continued economic downturn and unstable market conditions, I ask all our employees to make this a historic year in the future growth of the company,” said CJ Group Chairman Sohn Kyoung-shik. CJ Group Chairman Sohn Kyoung-shik (CJ Group)Sohn urged CJ to pursue strategic M&A’s to expand its main businesses -- food,
Jan. 2, 2017
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Online podcast platform ‘Podbbang’ rises as alternative media
The recent Choi Soon-sil scandal that involves some of Korea’s politicians, business moguls and media pundits has caused citizens to take to the streets in protest for the last 10 weeks. Much of the public outrage has targeted traditional media for failing to keep corruption in check which has resulted in many people seeking alternative news sources. Podbbang, Korea’s first and largest podcast platform, has stepped in to fill this void. Top six broadcasts in Podbbang list. From top to bottom in
Jan. 2, 2017