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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Ssangyong E&C bags three overseas projects worth $280m
Ssangyong Engineering and Construction said Thursday it has won three overseas projects worth $280 million in total. The company won a contract from the Investment Corp. of Dubai to participate in a large-scale tourist district project in Dubai, United Arab Emirates. The blue print of the Duabi project (Ssangyong E&C)It will build a 14-story hotel, two residential buildings and a 10-story office building. The contract amounts to $170 million.The company also reached a deal with City Developments
Nov. 24, 2016
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Ministry plans to cut electricity bill by 11 percent
The government Thursday released three possible power cut scenarios after the record-breaking heat wave last summer caused public uproar over the cumulative electricity bill system. The Ministry of Industry, Trade and Energy said the new power charge system will reduce electricity bills by about 11 percent on average for households, as it lowers the cumulative rate. Under the current system, residential electricity bills are cumulatively charged under six brackets based on power usage, with the
Nov. 24, 2016
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Cargo processed at Busan port dips 6.5% in Oct.
Transshipment cargo processed at South Korea's largest seaport of Busan shrank more than 6 percent in October due mainly to a logistics disruption stemming from the court receivership of cash-strapped Hanjin Shipping Co., the world's seventh-biggest shipper, government data showed Thursday.Busan port's transshipment cargo, or cargo processed here while en route to a final destination, fell 6.5 percent on-year to 817,000 twenty-foot equivalent units (TEUs) last month, while the port handled a tot
Nov. 24, 2016
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Vietnam's consumer market key to growth in Korean exports: report
South Korea must work to boost shipments of consumer goods to Vietnam to maintain the growth of its exports to the world's third-largest destination for South Korean goods, a report said Thursday.The report from the Korea International Trade Association noted Vietnam's own exports were expected to shrink following the election of Donald Trump as the next US president, suggesting South Korea's exports of industrial parts and materials to Vietnam may dwindle in turn."While Vietnam's economic growt
Nov. 24, 2016
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Pension fund chief questioned over Samsung's merger deal
Prosecutors on Thursday questioned the chief of South Korea's state-run pension fund over allegations the presidential office influenced its decision to back Samsung's merger plan last year, as the investigation into the scandal involving President Park Geun-hye and her confidante widens.Moon Hyung-pyo, chief of the National Pension Service (NPS), appeared before the Seoul Central District Prosecutors' Office to bear witness to suspicions it gave undue favors to the country's largest business gr
Nov. 24, 2016
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Ex-Korean trade minister joins WTO body
A former South Korean trade minister has been appointed a new member of the World Trade Organization's (WTO) dispute settlement body, officials said Thursday.Kim Hyun-chong was elected one of seven members of the Dispute Settlement Body (DSB) on Wednesday (local time) and will serve a four-year term, succeeding another South Korean, Chang Seung-wha.The DSB is a body under the WTO which makes the final decision on trade disputes between governments that are adjudicated by the organization. Kim's
Nov. 24, 2016
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Court reject arrest warrant for ex-presidential aide accused of pressuring CJ Group
A Seoul court on Thursday rejected an arrest warrant for a former presidential secretary accused of pressuring local food and entertainment giant CJ Group to fire its vice chairwoman.Prosecutors had sought the warrant to formally arrest Cho Won-dong, a former senior presidential secretary for economic affairs, on charges of attempted coercion, but the Seoul Central District Court rejected the request, saying it's hard to recognize the reason and need for his arrest.Prosecutors plan to decide whe
Nov. 24, 2016
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Prosecutors raid Lotte, SK offices over influence-peddling scandal
Prosecutors raided the offices of South Korea's retail giant Lotte and major conglomerate SK Group on Thursday over allegations they donated large sums of money to two nonprofit foundations controlled by a close friend of President Park Geun-hye in return for business favors. The prosecution team looking into the scandal surrounding Park and her friend said it raided 10 places, including Lotte's corporate headquarters in central Seoul and SK SUPEX Council, the group's top decision-making body co
Nov. 24, 2016
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Controversy over Samsung C&T merger rekindled by Choi probe
The prosecution Wednesday raided Samsung Group and the National Pension Service over allegations that the pension fund supported the South Korean conglomerate’s merger plan last year under political influence, raising questions again over the motive of the landmark deal.The deal was widely seen as a crucial part of Samsung’s succession scenario that involved transferring power from the bedridden Chairman Lee Kun-hee to his only son, Lee Jae-yong.Individual shareholders led by US hedge fund Ellio
Nov. 23, 2016
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Dutch prince encourages Korean startups
Prince Constantijn of the Netherlands encouraged South Korea’s entry-level entrepreneurs to pursue their dream at a special edition of the Get in the Ring startup event held Tuesday in Gangnam, Seoul. While acknowledging that startups in both Korea and the Netherlands have to operate in a tough environment, the Dutch Prince boosted the spirit of entrepreneurship by reminding the event’s attendees that they have a chance to create the future and put ideas to work.Prince Constantijn of the Netherl
Nov. 23, 2016
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SR offers free SRT tickets for new line’s firstcomers
Supreme Railways held a special event offering two free tickets Tuesday to their first customers at three different stations for the company’s new high-speed rail service that will begin operation next month. Customers who bought the day’s first tickets at Suseo, Dongtan and Jije stations were awarded two free Super Rapid Train tickets in the promotion.“I have planned for a trip with friends for the past year upon hearing that SRT was launching,” said Park Byeong-gyu, 70, who was one of the winn
Nov. 23, 2016
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State-run LX expands access to real estate information
The state-run land information provider Korea Land and Geospatial Informatix Corp. (LX) is running various online services to boost public access to information about land here, the company said Wednesday. Since February, the LX has provided the LX basic land information map -- a new platform that allows citizens to access real estate information based on satellite images. There has been growing public interest in the map, with its number of users hitting 5 million within eight months.The compan
Nov. 23, 2016
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DSME strives to secure liquidity amid handover delays
Financially troubled Daewoo Shipbuilding and Marine Engineering is striving to secure liquidity amid a series of delays in the handover of ships. US offshore driller Atwood Oceanics recently requested that the company postpone the delivery of two drill ships, citing a delay in a relevant project.DSME was planning to hand each of the drill ships over to Atwood Oceanics in September next year and June 2018. The delivery date had already been put off twice. The two parties signed two drill ship dea
Nov. 23, 2016
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[Photo News] Shinsegae and Alipay expand partnership
(Shinsegae Duty Free)SHINSEGAE’S PARTNERSHIP WITH ALIPAY -- Shinsegae Group signed Wednesday an agreement with Chinese mobile payment solution Alipay, expanding their cooperation beyond department stores and duty-free stores to include five major affiliates including Shinsegae Property, E-mart, Withme, Starbucks Coffee Korea and Shinsegae Simon. From left: Yang Chun-Man, CFO and executive vice president of corporate office at Shinsegae Group, Kweon Hyeuk-Goo, president of Shinsegae Corporate Off
Nov. 23, 2016
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Singles pay more tax than married couples: report
Single-person households paid more in taxes than those with at least two children by an average of 790,000 won ($673) a year, research showed Wednesday.The report published in the Korea Academic Society of Taxation’s journal said the disparity was caused by the government’s policy aimed at raising the country’s birthrate, stressing that the tax burden should be balanced out as the number of single-person households is rapidly rising. (123rf)The thesis analyzed income, consumption and other taxes
Nov. 23, 2016
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Korean Air cuts back on routes to Middle East
Korean Air is pulling back on its destinations in the Middle East, instead opting to focus on in-demand routes to the western United States, the company said Wednesday.The airline said that it would temporarily cut flights with low demand. These include the Incheon-Riyadh-Jeddah route from Korea to Saudi Arabia, which will be indefinitely suspended starting February. Korean Air said in a statement that Saudi Arabia’s recent economic hit from low oil prices and decreasing plant projects had reduc
Nov. 23, 2016
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Breaking down retail’s new e-commerce challenges
Competitiveness in the retail sector will increasingly hinge on the ability of companies to integrate their online and offline strategies, according to experts speaking at the second “New Retail Trends and Future Growth Strategy” conference Tuesday.The conference, hosted by the Korea Chamber of Commerce and Industry, invited specialists from Korea, China and Japan to share their insights on the developments of the retail industry in each country and their future direction. Accenture Managing Dir
Nov. 23, 2016
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US FDA completes review of Green Cross immunodeficiency drug
South Korean biopharma company Green Cross said Wednesday that the US Food and Drug Administration has completed its review of the firm’s immunodeficiency drug that was filed for approval in January. Green Cross had submitted its biologics license application for IVIG-SN -- human normal immunoglobulin G for intravenous administration -- on Jan. 22. After a yearlong review, the US FDA has asked Green Cross to submit additional data related to the drug’s production. The US drug regulator was satis
Nov. 23, 2016
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Korea to list 3 new KOSPI 200-related futures products
Three more KOSPI 200 Sector Index Futures products will be listed next week in a bid to support the government's efforts to diversify derivative-related investment vehicles here, South Korea's stock market operator said Wednesday.The Korea Exchange (KRX) has seven KOSPI 200 sector futures programs -- energy and chemicals, information technology, financials, consumer discretionary, construction, heavy industries and health care. An image of stock numbers next to South Korea's stock market buildin
Nov. 23, 2016
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Korea's terms of trade improve in October
South Korea's terms of trade improved from a year earlier in October due to a decline in import prices and a slight increase in export prices, central bank data showed Wednesday.The terms of trade index for products came to 102.92 last month, up 1.4 percent from a year earlier, according to preliminary data from the Bank of Korea.The index measures the amount of imports a country can purchase for each unit of exports, showing how the country's exports are doing in comparison with those of others
Nov. 23, 2016