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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Samsung BioLogics' Kospi debut boosts owner family’s assets
Making a sensation as a contract manufacturing organization (CMO) in the biopharmaceutical industry, Samsung BioLogics has become one of the nation’s most promising biopharma giants, thereby helping boost the assets of Samsung’s owner family.The 5-year-old biopharma subsidiary that was launched with strong backing of Samsung affiliates, the company debuted on Kospi on Nov. 10 and gained 10 trillion won ($8.6 billion) market cap three days later.Following the listing, the Lee family’s share value
Dec. 8, 2016
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Choi scandal won’t affect duty-free licensing plans
Korea‘s customs service finalized plans Thursday to grant the next round of duty-free licenses next week, despite growing pressure to change the schedule amid a political scandal that has also spilled over to the duty-free project.The Korean Customs Service alerted bidders for new licenses that the evaluation of their presentations would take place over three days, from Thursday to Saturday next week. Lotte World Tower in souther Seoul, where Lotte would re-open a duty-free store if granted a l
Dec. 8, 2016
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Breakdown of Hyundai Motor chief’s sons-in-law
Gil Sung-jin, son of Korea’s veteran TV personality Gil Yong-woo, officially joined the family of one of South Korea’s top business tycoons Chung Mong-koo, chairman of Hyundai Motor Group, on Oct. 11. He married Chung’s 29-year-old granddaughter Sun A-young at Myeongdong Cathedral in central Seoul under the media’s spotlight.A marriage in the chaebol family has always been a subject of interest for the public, partly for the glamour and more so for the anticipated development in the succession o
Dec. 8, 2016
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Johnson & Johnson affirms ‘strong partnership’ with Hanmi over new diabetes drug
Johnson & Johnson said Thursday its partnership with Hanmi Pharmaceutical over a novel diabetes drug licensed out by the South Korean drugmaker “remains strong,” seeking to ease concerns over the drug’s halted clinical trials in the US.According to the US National Institutes of Health’s ClinicalTrials.gov, J&J’s subsidiary Janssen Pharmaceutical had “suspended participant recruitment” for phase 1 clinical trials of JNJ-64565111.The Hanmi Pharmaceutical headquarters in southeastern Seoul(The Kore
Dec. 8, 2016
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Gov't plans additional aid for companies forced out of Kaesong complex
South Korea will provide 6.6 billion won ($5.7 million) in financial assistance to companies struggling with losses from their investments in the shuttered industrial complex in North Korea, the unification ministry said Thursday.The government plans to deliver 5.1 billion won to companies that withdrew their businesses from the Kaesong Industrial Complex to help offset their investment losses and 1.5 billion won to the workers in compensation, according to the Ministry of Unification. The addit
Dec. 8, 2016
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Korea wins bid to host World Forestry Congress 2021
South Korea won the bid to host the 15th World Forestry Congress to be held in 2021, the Ministry of Foreign Affairs and Korea Forest Service said Wednesday.This will be the first time in over 40 years for the congress to take place in the Asia-Pacific region in 1978. The WFC aims to share knowledge and experience, and discuss social, economic and institutional issues in the forestry sector. It is held every six years under the auspices of the Food and Agriculture Organization of the United Nati
Dec. 8, 2016
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Samsung Lee Jae-yong ends up promoting US lip balm
The shrewd eyes of the watchful public caught Samsung Electronics Vice Chairman Lee Jae-yong applying coats of lip balm in between his answers at the parliamentary hearing held Tuesday. Although Lee discreetly covered his mouth every time, the online public quickly identified the lip balm stick to be the US brand Softlips, priced at $1.99. Samsung Electronics Vice Chairman Lee Jae-yong was seen applying lip balm multiple times, at the first round of parliamentary hearings, held Tuesday. (Yonhap)
Dec. 8, 2016
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Subcontractors see improvement in business with big firms: survey
About 70 percent of subcontractors say that their business environment with big companies is improving, as their clients expand cash payments to help protect their profitability, a survey showed Thursday. Under the so-called "shared growth" policy, South Korea has urged big firms not to hand over their losses to their suppliers with unfair transactions.The survey of 317 subcontractors, conducted by the Federation of Korean Industries (FKI), the country's largest business lobby, showed that 71.6
Dec. 8, 2016
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Egg prices set to soar on AI outbreak
Egg prices in South Korea are showing signs of jumping as a large number of chickens have been culled due to the recent outbreak of avian influenza, industry sources said Thursday.The country has seen highly pathogenic bird flu cases spread at a rapid pace since mid-November when the first outbreak was reported at a chicken farm on the southwest coast. A woman passes by stacks of eggs at a large discount store in Seoul on Dec. 7, 2016. (Yonhap)According to the sources, the wholesale price of a l
Dec. 8, 2016
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Samsung set to bag offshore facility deal
Samsung Heavy Industries Co., a major shipyard here, is in final talks to secure an offshore facility deal from a Norwegian firm, industry sources said Thursday, with the final contract to be sealed next month.According to the sources, Samsung Heavy has signed a letter of intent with Hoegh LNG Holdings to build a floating storage regasification unit. Samsung Heavy has an option to build three more FSRUs.If the deal is officially signed, the ordered vessels are scheduled for delivery in 2019 and
Dec. 8, 2016
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Health care exports to reach $10 bln this year
Annual exports from South Korea's health care businesses are forecast to reach $10 billion in 2016, the Ministry of Health and Welfare said Thursday.Outbound shipments of locally manufactured medicines, medical equipment and cosmetics products are expected to total $9.8 billion by the end of this year, up 19.1 percent from the previous year, the ministry said.Exports of cosmetics products surged 37.1 percent on-year, followed by medicine with 15.2 percent and medical equipment with 5.9 percent,
Dec. 8, 2016
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Malibu, SM6, K7 named safest car of the year
GM Korea’s Chevrolet Malibu, Renault Samsung’s SM6 and K7 from Kia Motors were named the 2016 safest car of the year during a ceremony held by Korea’s transportation ministry Tuesday. The Ministry of Land, Infrastructure and Transport examined a total of 14 new vehicles launched from July 1, 2015 to June 30, 2016 in South Korea. Nine domestic and five imported cars were reviewed for the annual assessment. Renault Samsung's SM6 (Renault Samsung)The Chevrolet Malibu by GM Korea, the South Korean
Dec. 7, 2016
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Samsung to review ways to disband future strategy office
Following Samsung Electronics Vice Chairman Lee Jae-yong’s remarks to abolish the group’s future strategy office during a parliamentary hearing on Tuesday, industry watchers projected Wednesday that Samsung will continue to downsize the office, and disband it in the process of creating a holding company.The group has reportedly been scaling down the office, as Lee values pragmatic and responsible management.Chief communications officer at Samsung future strategy office Lee Joon answered “No” whe
Dec. 7, 2016
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The Shilla Duty Free sweeps customer satisfaction indices
The Shilla Duty Free, operated by Hotel Shilla, was ranked first in the duty-free division in two major customer satisfaction indices this year, according to the company Wednesday.The duty-free operator received the highest marks among duty-free companies on the National Customer Satisfaction Index and the Korean Customer Satisfaction Index. Hotel Shilla CEO Han In-kyu poses with employees after receiving the highest ranking on the NCSI on Tuesday. (Hotel Shilla)The NCSI combines survey results
Dec. 7, 2016
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Hanmi shares hit as US drug trial recruitment halted
Shares of Hanmi Pharmaceutical plunged 10.76 percent to close at 311,000 won ($266.30) Wednesday, following news its partner Janssen had stopped recruiting participants for the clinical trials of a new diabetes drug licensed out by the South Korean drugmaker last year.The news came just months after Boehringer Ingelheim terminated a $730 million licensing deal it had entered with Hanmi over a new lung cancer therapy back in July 2015 after patient safety issues emerged, igniting fresh fears amon
Dec. 7, 2016
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US Supreme Court rules in favor of Samsung in smartphone patent suit
The US Supreme Court ruled Tuesday that Samsung may not have to disgorge all profits from smartphone sales even if some designs of the phones were copied from Apple's iPhone, officials said.The decision is a victory for Samsung, which has sought to get some of the damages it already paid Apple reimbursed.Samsung paid Apple $548 million in damages awarded by a lower court for copying designs of the iPhone. Last December, Samsung took the case to the highest court, asking it to reconsider the scop
Dec. 7, 2016
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Fate of Samsung’s future strategy office nears end
Samsung Group’s future strategy office, which its de facto chief Lee Jae-yong vowed to abolish during a parliamentary hearing Tuesday, has long been the tech giant’s key organ in charge of acquisitions of companies and the entry of new businesses. “I will remove Samsung’s Future Strategy Office, which is subject to negative public sentiment,” Lee said.The office, dubbed the control tower of Samsung Group, was formed under the direction of group founder Lee Byung-chull in 1959. It started as a se
Dec. 6, 2016
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Hearing fails to deliver, only scars corporate image
The parliamentary hearing Tuesday to question nine business moguls involved in a political scandal failed to reveal new facts, leaving only scars on the companies’ reputations, industry watchers said. The rare televised hearing failed to hit the spot as lawmakers repeated outdated and often irrelevant questions and chiefs feigned ignorance.“There were no new facts discovered from the hearing. The same questions that have been addressed during the prosecution’s investigation achieved little excep
Dec. 6, 2016
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Lee Jae-yong put at center in largest hearing on chaebol
The nation was glued to television broadcasts Tuesday as the country’s top chaebol owners sat in front of lawmakers at the National Assembly to face questions over allegations they made secret deals with President Park Geun-hye and her longtime friend Choi Soon-sil in exchange for favors.The historic hearing put Samsung Electronics Vice Chairman Lee Jae-yong at the center of the Choi scandal, turning the entire session into a rare event that laid bare alleged irregularities surrounding Lee’s rol
Dec. 6, 2016
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[Graphic News] Asia’s digital music market flourishes
Asia’s digital music market is expanding as a growing number of millennials prefer streaming online and downloading, according to a report by McKinsey & Company.By region, Japan topped the rank in digital music market sales at $432 million last year. South Korea recorded the second-largest with $173 in sales. China ranked the third earning $152 million last year, seeing the most aggressive 28.5 percent of market growth annually. India and Thailand followed with $58 million and $30 million, respe
Dec. 6, 2016