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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Korean bands get their day in the sun, finally
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Retailers embrace rising influx of independent Chinese travelers
South Korea's retail and tourism industries are seeking ways to embrace a growing number of independent travelers from China with customized services as Beijing is set to tighten regulations on cheap package tours, industry officials said Monday. Duty-free operators and department stores have stepped up customized marketing targeted at shoppers in their 20s and 30s and deep-pocketed travelers from China, as they have become the main customers over the past few years. Lotte Duty Free in Myeongdo
Nov. 7, 2016
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Pharmaceutical industry expanding in South Korea
South Korea's pharmaceuticals sector is gaining workforce, having added 27 percent more employees since 2011, data showed on Monday.Figures supplied by the Korea Pharmaceutical Manufacturers Association said 94,500 people were working in 842 companies of the pharmaceuticals industry at the end of 2015, up from 74,000 in 822 firms in 2011. Data indicated that much of the added workforce was in manufacturing and research. The number of employees in production increased 34 percent from 23,500 to 31
Nov. 7, 2016
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Shipbuilders expecting pickup in demand for container vessels
South Korea's shipbuilders are hoping for a pickup in the market for container vessels on news that relatively new ships are being scrapped due to the expansion of the Panama Canal, industry officials said Monday.TradeWinds, a maritime-focused magazine, reported that Greek shipper Box Ships decided to dismantle its 4,547 twenty-foot equivalent unit (TEU) class container ship Vox Queens, less than 10 years old. German shipper Hermann Wulff also decided to send its 4,546 TEU vessel Viktoria Wulff
Nov. 7, 2016
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Air France’s new travel cabins take off to Seoul
Starting November, Air France has introduced new long-haul travel cabins in its Business, Premium Economy and Economy sections for flights between Seoul and France, company officials said Sunday.New seats in the Business cabin of Air France /Air FranceIt has rolled out three flights per week from Nov. 1 and will operate the new cabins daily from Nov. 21 until March 25 next year.For the Business cabin, Air France has designed a seat that adapts to the shape of each passenger and which is adjustab
Nov. 6, 2016
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Death in family, repeated misfortunes surround CJ Group
Korea’s leading food and entertainment conglomerate CJ Group has been hit hard by a series of misfortunes recently, further devastated by the death of 22-year-old Lee Rae-na, a daughter-in-law of ailing group chairman Lee Jay-hyun, over the weekend.Lee Rae-na, the wife of Chairman Lee’s eldest son Lee Sun-ho, died at her home in New Haven, Connecticut on Nov. 4 at around 3 a.m., local time, Yale Daily News reported Friday. The couple married last April and they have been residing in the US for L
Nov. 6, 2016
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Lotte stalled 3 months before paying W7b to K-Sports: officials
Lotte Group reportedly tried to lower the amount of donations demanded by a foundation closely linked to Choi Soon-sil, before finally paying it 7 billion won ($6.13 million) in May.According to Lotte officials quoted in local news reports, the group engaged in three months of negotiations with the K-Sports Foundation, which was allegedly used to raise money for Choi, a close friend of President Park Geun-hye.News reports said the group eventually agreed to pay the amount, as pressure from the f
Nov. 6, 2016
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T'way Airlines to launch new route linking Muan with Kitakyushu
T'way Airlines, one of South Korea's budget carriers, will launch flight service linking Muan with service to Kitakyushu in Japan this week, the regional government here said Sunday.The low-cost carrier said it will provide round-trip flights three times a week starting Tuesday. Muan lies 385 kilometers south of Seoul and it has one of South Korea's newer airports.The 70-minute flight will be operated for four month, with T'way to turn it into a regular service if there is demand, the South Jeol
Nov. 6, 2016
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Oil imports from Iran more than double through Sept.
South Korea's imports of oil from Iran more than doubled in the first nine months of this year from a year earlier after international sanctions on the Middle East country were lifted in January, industry data showed on Sunday.According to the data, imports of Iranian crude oil and condensates reached 78 million barrels in the January-September period, compared with 33.63 million barrels a year earlier.The Iranian oil accounted for 9.7 percent of the country's total oil imports during the cited
Nov. 6, 2016
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Creditors eye 3.4 tln won equity swap for Daewoo Shipbuilding
Creditors of troubled Daewoo Shipbuilding & Marine Engineering Co. plan to conduct a debt-for-equity swap and other measures, worth 3.4 trillion won($2.97 billion), to help the embattled shipbuilder, one of the country's three big shipyards, avoid a potential delisting from the local stock market, industry sources said Sunday.Last year, the country's two policy lenders -- the Korea Development Bank (KDB) and the Export-Import Bank of Korea (EXIM Bank) -- said they would provide a combined 4.2 tr
Nov. 6, 2016
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Samsung Heavy to raise 1.14 tln won via stock sale
Samsung Heavy Industries Co., a major shipyard here, aims to raise some 1.14 trillion won ($996 million) by selling stocks next week, industry sources said Sunday.According to the sources, the price of its stock offering was set at 7,170 won per share. The shipyard plans to start with its stock sale procedure on Monday.Samsung Heavy's affiliates, such as Samsung Electronics Co, are expected to participate in the proposed stock sale.Samsung Electronics, the largest shareholder, hold a 17.62 perce
Nov. 6, 2016
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Final hurdle cleared for merger of Mirae Asset Securities, Mirae Asset Daewoo
The last hurdle has been cleared to allow a merger that will create South Korea's largest brokerage firm, as the companies' shareholders approved the deal Friday. In April, Mirae Asset Securities, the brokerage unit of the Mirae Asset Financial Group, acquired a 43 percent stake in KDB Daewoo Securities Co. from the state-run Korea Development Bank in a deal worth 2.32 trillion won ($2 billion).The group changed the name of KDB Daewoo Securities into Mirae Asset Daewoo later that month. On Frida
Nov. 4, 2016
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Duty-free bidders brace for Choi scandal impact
Bidders for new duty-free business licenses are concerned about the negative impact from the Choi Soon-sil scandal, as it appears to have begun spilling over to the business community. According to reports quoting business insiders, Lotte Group and SK Group, in particular, have expressed fears their alleged involvement in the scandal may frustrate their efforts to win back operational licenses of lucrative duty-free businesses next month. SK and Lotte are among a list of conglomerates that alleg
Nov. 4, 2016
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Medytox, Daewoong in spat over originality of BTX strain
Medytox, South Korea’s largest marker of botulinum toxin in terms of market share, raised the suspicion that its rival Daewoong Pharmaceutical may have stolen the source of its anti-wrinkle fighting product and urged the company to disclose details of its BTX strain. “Suspicion has grown that Daewoong stole the strain from us, as its genome sequence was found to be identical to Medytox’s,” the firm’s CEO Jung Hyun-ho said during a press conference Friday. Medytox CEO Jung Hyun-ho speaks during a
Nov. 4, 2016
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Hanjin chief admits pressure from Choi’s associate over Pyeongchang Olympics post
Hanjin Group Chairman Cho Yang-ho admitted that he was pressured by a former vice culture minister -- an alleged associate of Choi Soon-sil -- to step down from the top position in the 2018 PyeongChang Olympics organizing committee.He told reporters Thursday that “90 percent” of the speculation over the possible influence of Choi, President Park Geun-hye’s friend, over his sudden resignation, was “correct.” He didn’t give further details.On May 3, the largest stakeholder of the group’s bankrupt
Nov. 4, 2016
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CJ Group’s market price tumbles amid Choi scandal
The market capitalization of CJ Group, the nation’s food and entertainment giant, has tumbled 20 percent this year, hit by slowing domestic consumption and negative external factors, data showed Friday. According to financial information provider Fnguide, the total market price of CJ’s nine listed companies plummeted to 20.5 trillion won ($17.9 billion) as of Thursday, from 25.7 trillion won at the end of last year. CJ was the worst performer among the top 15 conglomerates this year. Of CJ’s nin
Nov. 4, 2016
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CJ Group affiliates suffer 20% drop in market value this year
Nine affiliates of the CJ Group, a South Korean food and entertainment conglomerate, have suffered about a 20 percent drop in their total market value so far this year, hit by sluggish consumption and external risks, a survey showed Friday. According to the survey by industry tracker FnGuide, the total market value of the nine CJ affiliates fell 20.14 percent, or 5.1 trillion won ($4.4 billion), to 20.5 trillion won as of Thursday, compared with 25.7 trillion won at the end of last year. It was
Nov. 4, 2016
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Number of Hanjin ships seized rises to five
Five ships operated by cash-strapped Hanjin Shipping have been seized after South Korea's No. 1 shipping line was put under court receivership in early September, according to industry sources Friday.According to the sources, the Hanjin China cargo ship was seized in Shanghai on Thursday after unloading its cargo, as Hanjin Shipping failed to pay its terminal service fee estimated at 1 billion won ($875,000). The Hanjin China had planned to return to Busan.Consequently, a total of five Hanjin sh
Nov. 4, 2016
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S. Korea's import vehicle sales snap 4-month losing streak in Oct.
Sales of imported cars in South Korea rose from a year earlier last month snapping their four-month losing streak, aided by strong sales promotion and the release of new models, industry data showed Friday.In October, 20,612 new imported cars were registered, according to the data from the Korea Automobile Importers and Distribution Association. The October reading marked an 18.3 percent rise from a year earlier and 22.9 percent gain from the previous month, the data showed.In the first 10 month
Nov. 4, 2016
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Samsung to unveil Tizen for IoT early next year
Samsung Electronics is set to unveil its Tizen operating system for the Internet of Things as early as the end of this year, a source said Friday.The Korean tech giant, which had failed to squeeze into the mobile operating system dominated by Google‘s Android and Apple’s iOS, has recently shifted the target market of Tizen to home appliances.“Samsung is developing Tizen for Internet of Things -- not for smartphones -- with an aim of developing it by the end of this year or early next year,” said
Nov. 3, 2016
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Volvo CEO confident about Korean market
Hakan Samuelsson, president and CEO of Swedish carmaker Volvo Cars Group, emphasized the importance and potential of the Korean market for the company’s growth in Seoul on Thursday. Samuelsson, vising South Korea for the first time since he took the reins of the company in 2012, said the Korean market is important as part of the company efforts to become a luxury brand. Hakan Samuelsson, president and CEO of Volvo Car Group, speaks during a press conference in Seoul on Thursday. (Yonhap)“South
Nov. 3, 2016