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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Hanjin Group fined W1.43b for unjust gains
South Korea’s antitrust agency slapped the owner family of Hanjin Group with a 1.43 billion won ($1.2 million) fine for seeking personal gains from internal transactions between the group‘s key affiliate Korean Air and two other affiliates.The Fair Trade Commission will lodge a complaint against Cho Won-tae, the group’s apparent heir, to the prosecution, it said Sunday. The group’s flagship subsidiary Korean Air favored Cybersky, an online duty-free shopping unit, and exempted the company from p
Nov. 27, 2016
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[Photo News] First E-mart in Vietnam
Shoppers in Ho Chi Minh look closely at a brochure listing an array of discounted Korean products at the E-mart Go Vap branch. The first E-mart store in Vietnam announced Sunday it would kick off a discount event in collaboration with state-run trade promotion agency KOTRA by Dec 7. Yonhap
Nov. 27, 2016
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[Photo News] Kimchi sharing
LS Group Chairman Koo Ja-yeol takes part in a kimchi making event with executives and employees Saturday in Anseong City of southern Gyeonggi Province. LS Group delivered kimchi to local community centers and 1,500 low-income families in the region. (Yonhap)
Nov. 27, 2016
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Biz lobby claims hiking corporate tax would lead to economic slump
A South Korean business lobby said Sunday an increase in the corporate tax would slow economic growth, amid the opposition parties' push to increase burdens on companies.The Korea Chamber of Commerce and Industry said the parliament should be more cautious when increasing corporate taxes, as the move would decrease the government's revenue as it would hurt business sentiment amid the prolonged economic slump. A seminar on a corporate tax hike is under way in Seoul on Nov. 1, 2016. (Yonhap file p
Nov. 27, 2016
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Home construction permits dip 18.3% on-year in Oct.
Construction permits issued for new homes sharply dropped from a year earlier last month, the government said Sunday, amid its move to limit the supply of new homes as a way of curbing household debt.New home construction permits came to 52,438 in October, down 18.3 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport.Home construction permits issued in Seoul have been more than halved to 4,610 from 11,408 over the cited period, while permits iss
Nov. 27, 2016
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S. Korea's cosmetics exports to Canada soar
South Korea's shipments of cosmetic goods to Canada jumped nearly 60 percent in 2015 from four years earlier, data showed Sunday, with the figure set rise further as the free trade agreement between the two countries is to eliminate tariffs on the products next year.According to the data compiled by the Korea Trade-Investment Promotion Agency, Canada's imports of South Korean cosmetic goods reached $25.6 million, up 57.9 percent from 2011. South Korea was also ranked as the seventh-largest shipp
Nov. 27, 2016
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[Weekender] Ajae rise as key customers in trendy modern industries
Gone are the days of men waiting in the resting area while their wife or girlfriend shops for them. South Korea’s middle-aged men are redefining their culture from the outdated and unattractive image embedded in the term “ajeossi,” to a younger and less formidable “ajae.”The new trend is also filtering into industries that were once considered sanctuaries for women, such as fashion, cosmetics and even plastic surgery.(123rf)Industries that traditionally focus on the younger generation, such as g
Nov. 25, 2016
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Korea hit 100 department stores in 2015
The number of department stores in Korea hit 100 at the end of last year, according to data released by the Korea Chainstores Association on Friday.The landmark number comes 85 years after Korea opened its first-ever department store, the Mitsukoshi Department Store Gyeongseong Branch, in 1930. As of October this year, Lotte Department Store had the most branches, with 33 outlets, followed by E-Land’s NC with 19, Hyundai at 15, and Shinsegae at 12. An interior shot of Shinsegae Department Store'
Nov. 25, 2016
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SK C&C establishes logistics joint venture with Jusda
SK C&C, an IT service unit of South Korea’s conglomerate SK Group, established a logistics joint venture called FSK L&S with Jusda to jointly boost the ICT technology-based logistics business, the company said Friday. Jusda is a logistics subsidiary of the Taiwanese company, Foxconn. SK C&C CEO Park Jung-ho (third from right) cuts a cake with his counterpart at the FSK L&S inauguration ceremony held in Pangyo, Gyeonggi Province, Friday. (SK C&C)The two parties unveiled a comprehensive logistics
Nov. 25, 2016
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HMM picked as preferred bidder for Hanjin Shipping’s Spain terminal
Hyundai Merchant Marine was named as the preferred bidder for near-bankrupt Hanjin Shipping’s Spanish terminal, the company announced Friday. The company said it would complete the official contract to take over Total Terminal International Algeciras late next month after two or three weeks of due diligence. The exact value of the deal has not been disclosed. Located in Algeciras, Spain, the TTI Algeciras is considered as a global strategic logistics hub as it serves as the intersecting point of
Nov. 25, 2016
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100 department stores operate in Korea
The total number of department stores operating across the country came to 100 last year, industry watchers said Friday, as more leading players are aggressively expanding and diversifying their outlets.A total of 100 department stores were operating as of the end of 2015, with the number to increase to 103 by the end of this year, the watchers said. Shinsegae Department Store has opened or is opening new outlets in Hanam south of Seoul, Gimhae on the southeastern coast, and in the southeastern
Nov. 25, 2016
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Korean investment in overseas securities rises in Q3
The amount of foreign securities held by major South Korean institutions grew in the third quarter from a year earlier due mainly to a surge in South Korean investment in foreign bonds, central bank data showed Friday.As of the end of September, the value of foreign securities held by South Korea's institutional investors came to $167.8 billion, up 51 percent from $111.2 billion a year earlier, according to data compiled by the Bank of Korea (BOK).Quarter-on-quarter, the value of foreign securit
Nov. 25, 2016
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Poultry sale relatively stable despite AI outbreak
Early records indicate that the recent outbreak of avian influenza has not affected poultry sales, unlike previously when consumption dropped by more than 80 percent during the animal disease scare, a leading retailer said Friday.Figures provided by E-Mart said chicken sales from Nov. 11, when the AI virus was first confirmed from migratory wild birds, to Nov. 23 increased by 23.1 percent compared to same period last year. The number of people buying chicken also increased by 30,000, the retaile
Nov. 25, 2016
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NPS chairman quizzed over Samsung C&T merger
The prosecution questioned Moon Hyung-pyo, chairman of the National Pension Service, Thursday over alleged irregularities surrounding the high-profile merger of two Samsung affiliates last year.Moon was welfare minister when the state-run pension operator backed Samsung C&T’s attempt to incorporate Cheil Industries despite strong opposition from advisory groups and some shareholders. The prosecution questioned Moon as to whether he was pressured by Cheong Wa Dae to push the NPS to exercise its v
Nov. 24, 2016
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[Super Rich]Tracing back Hanmi Pharmaceutical’s ups and downs
Hanmi Pharmaceutical, once an 8 trillion won ($6.76 billion) deal maker with global pharma partners, is currently stuck in free fall.Hanmi Pharmaceutical Chairman Lim Sung-ki and his family’s stock asset value dropped by over 1 trillion won in a week in October as the nation’s pioneering local drugmaker was hit in a scandal over its German partner’s withdrawal from a deal, a belated disclosure and suspected insider trading. On Sept. 30, Hanmi Pharmaceutical publicly disclosed that its German pa
Nov. 24, 2016
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[Super Rich] Author of 50-year-old mathematics book worth W90b
Korean students are familiar with the book “Essence of Mathematics,” which is often described as the “best-seller second only to the Bible” here. It represents Koreans’ excellence in the subject and high schoolers’ intense preparations for exams.This year, the book marked the 50th anniversary since its first edition was published. Over the past five decades, it has earned its author Hong Sung-dae a fortune in the private schooling market, with his total assets from real estate and a foundation e
Nov. 24, 2016
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Yuhan-Kimberly tackles aging by empowering seniors
As the Korean population rapidly ages, government agencies and corporations alike are looking for ways to ease the social burdens that comes with it. Household products maker Yuhan-Kimberly is among the leading companies that have been actively promoting programs aimed at improving the lives of seniors.“Yuhan-Kimberly views the issue of aging as an opportunity rather than a crisis, and has been pursuing Creating Shared Value management since 2012 to create opportunities for senior business,” sai
Nov. 24, 2016
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Lotte, SK raided in probe of duty-free foul play
Prosecutors on Thursday morning raided 10 offices, including those of Lotte, SK, the Korea Customs Services and the Ministry of Strategy and Finance, in its investigation of suspected foul play in the companies’ bid for duty-free licenses. Lotte headquarters in Seoul (Yonhap)The Finance Ministry and the Customs Service are responsible for deciding which corporations receive licenses to operate duty-free stores here. This is the first time in ten years that the Finance Ministry has been raided by
Nov. 24, 2016
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SK chairman vows for new business model with Middle East
SK Group Chairman Chey Tae-won pledged to cultivate a new business model with Middle Eastern countries by utilizing technology, the group said Thursday. Chey talked with Mubadala Development Co. CEO Khaldoon Khalifa Al Mubarak and Mubalada Petroleum CEO Musabbeh Al Kaabi in Abu Dhabi in the United Arab Emirates. They agreed to jointly put effort into raising a new business model.SK Group Chairman Chey Tae-won (left) talks with Sabic officials in Riyadh, Saudi Arabia, Wednesday. (SK Group)“The pe
Nov. 24, 2016
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Korean agro-fisheries exports to reach $8.6b by year-end: aT
South Korea’s agricultural and fisheries exports have steadily increased during the 10 months of this year, led by a recovery in Japan-bound sales and successful marketing activities in China, the Korea Agro-Fisheries and Food Trade Corp., or aT, said Thursday.Korean agricultural and fisheries exports in the January-October period rose 5.9 percent on-year to $7 billion, according to the state-run agency, which promotes local agro-fisheries products.By category, exports of fresh food rose 6.7 per
Nov. 24, 2016