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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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Market uncertain on Korea's October rate cut despite slowed inflation
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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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SK CEOs vows to boost business innovation, work efficiency
SK Group CEOs vowed to change business structure and seek better work efficiency with various measures to boost growth, the company said Friday. SK Group Chairman Chey Tae-won speaks during a CEO seminar. (SK Group)At a three-day CEO seminar held from Wednesday under the theme of “Changes and Challenges for Sustainable Happiness,” 40 executive board members and CEOs, including SK Group Chairman Chey Tae-won, acknowledged the necessity to change the business structure. The specific approaches in
Oct. 14, 2016
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Doosan Heavy bags $850 mln order from Philippines
Doosan Heavy Industries & Construction Co., South Korea's top power equipment maker, said Friday it has secured a $850 million order to build a power plant in the Philippines.Under the deal with Redondo Peninsular Energy Corp., Doosan Heavy will build the coal-powered plant in a region, 130 kilometers northwest of Manila, by December 2020.The deal follows a 1 trillion-won ($884 million) contract to build a power plant in Saudi Arabia.Stocks of Doosan Heavy were trading at 26,850 won on the Seoul
Oct. 14, 2016
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Hanjin Shipping's asset up for sale
Part of cash-strapped Hanjin Shipping Co.'s assets went up for sale on Friday as the company is struggling to raise the cash needed to repay debts and unpaid bills, industry sources said.The country's No. 1 shipper currently under receivership got a nod from a local court Thursday to sell its Asia-US route, including manpower, and vessels, 10 overseas operations, according to the sources.The Seoul Central District Court will receive letters of interest from potential buyers by Oct. 28. Potential
Oct. 14, 2016
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Celltrion confirms efficacy of Rituxan biosimilar in third phase trials
South Korean biopharma company Celltrion said Thursday that its Rituxan biosimilar has shown the same therapeutic effects as the originator drug in its third phase clinical trials.Celltrion’s Truxima is a biosimilar drug referencing Roche’s lymphatic cancer treatment Rituxan. Biosimilars refer to cheaper, near-replicas of biologic drugs that have lost patent protection.(Yonhap)Celltrion said that it has accumulated clinical data from Truxima’s third phase clinical trials that proves the pharmaco
Oct. 13, 2016
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[Photo News] Called in
Chong Il-woo, CEO of Philip Morris Korea (left) and Tony Hayward (right), CEO of British America Tobacco Korea take a witness oath prior to a parliamentary audit by the Planning and Finance Committee on Thursday over tax evasion allegations. (Yonhap)
Oct. 13, 2016
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[Super Rich] Korean conglomerates cash in on EXO's success
Korean conglomerate Lotte Group in March opened a duty-free shop in Tokyo’s luxurious shopping district Ginza, drawing a crowd to its opening ceremony early one morning. To be more precise, they were there to see the duty-free shop’s spokespersons -- EXO, a K-pop boy band under the talent agency S.M. Entertainment. EXO has sold more than 3 million albums since 2013 and has a large social media reach that includes 2 million followers in total on its Instagram accounts. In light of such popularity
Oct. 13, 2016
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[Super Rich] Two moguls behind Starfield's luxury drive
Starfield Hanam, an enormous shopping and entertainment mall, has become the new hot spot for South Koreans in the past month.Located in Hanam, Gyeonggi Province, southeast of Seoul, the shopping mall attracted more than 1.5 million visitors within 10 days since opening on Sept. 9.Equivalent to 70 soccer stadiums combined, the massive mall is a collaboration of South Korea’s retail giant Shinsegae Group and US shopping mall centers management firm Taubman Centers. Shinsegae Vice Chairman Chung Y
Oct. 13, 2016
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China’s PEF takes over a listed Korean entertainment agency
A Chinese private equity fund Gold Finance Group acquired majority stake and management rights of Korean management agency Fantagio Entertainment for 30 billion won ($26.6 million), the agency said Thursday. Fantagio announced early Thursday morning that the Chinese firm became the largest shareholder, holding a 27.56 percent stake in the company, and in doing so acquired management rights.“Chinese firms have expanded their presence Korea’s entertainment business as leading investors. However th
Oct. 13, 2016
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Daesung chief takes over as World Energy chief
Daesung Group Chairman Younghoon David Kim was inaugurated as the chairman of the World Energy Council, a group of energy leaders around the world, at a ceremony in Istanbul on Thursday, the company said.Kim is the first Korean and second Asian to lead the council. His term ends in 2019.Daesung Group Chairman Younghoon David KimHe will represent the council with Jean-Marie Dauger, a former executive vice chair at Engie, who has been appointed as co-chair for the next three years. In his inaugura
Oct. 13, 2016
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S-Oil provides heating oil for Ulsan typhoon victims
Korea’s oil refiner donated heating oil worth 1.5 billion won ($1.3 million) for 3,000 households in Ulsan hit by typhoon Chaba, the company said Thursday. Each household will receive a heating oil coupon worth 500,000 won, it said. Two regions in Ulsan were designated as a “special disaster area” on Monday after the typhoon caused over 9 billion won of damage. S-Oil CEO Othman Al-Ghamdi (S-Oil)“As a member of the Ulsan community, which houses our refinery, S-Oil will make every effort to suppo
Oct. 13, 2016
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Green Cross halts US trials of hemophilia drug to focus on China
South Korean biopharma company Green Cross said Thursday that it has decided to officially halt US-based clinical trials of its recombinant DNA-based hemophilia treatment GreenGene F to concentrate its resources on the Chinese market. The firm said that the decision was based on the new direction and strategy that it has set for its global business agenda.“Given the rising investment costs and burden involved, Green Cross decided to end the clinical trials of GreenGene F in the US,” Green Cross
Oct. 13, 2016
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IBK to issue refund guarantee to Samsung Heavy Industries
The state-run Industrial Bank of Korea has decided to issue a refund guarantee to Samsung Heavy Industries, supporting the company in its latest shipbuilding deal, industry sources said Thursday.Samsung Heavy Industries on Wednesday clinched a deal worth 240 billion won ($220 million) to build four oil tankers for Norwegian company Viken. This is the company’s second order obtained this year. A refund guarantee is a form of security for purchasers who generally pay for a substantial part of vess
Oct. 13, 2016
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K-Beauty Expo showcases Korean cosmetics industry
South Korea's major beauty trade show kicked off Thursday to present the latest makeup and beauty trends and help local companies pave the way for tapping the global market.The eighth K-Beauty Expo opened for a three-day run at KINTEX in Goyang, north of Seoul, gathering 450 companies, overseas buyers and experts in various beauty sectors. KINTEX and the Korea Trade-Investment Promotion Agency co-host the event to promote South Korea's beauty industry, which has rapidly expanded its global prese
Oct. 13, 2016
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More Chinese tourists shop at Korean outlets
An increasing number of Chinese visitors to South Korea are shopping at downtown and suburban outlets thanks to a rise in visits by young and individual tourists, industry sources said Thursday.Chinese tourists have recently emerged as big spenders in South Korea, a great boon for South Korea's major retailers, as they are increasingly flexing their financial muscles here.Lotte Outlets, a subsidiary of the retail and food conglomerate Lotte Group, said sales of its store at Seoul Station spiked
Oct. 13, 2016
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More state-run agencies set to withdraw from largest lobby
More state-run corporations are set to withdraw from the Federation of Korean Industries, as the country's largest lobby is said to have coerced its member companies into funding two non-profit foundations, allegedly linked to aides to President Park Geun-hye, industry sources said Thursday.According to the sources, state-run utility firms -- Korea Electric Power Corp. and Korea Gas Corp. -- and seven other state-run corporations have already seceded from the FKI.A total of 19 state-run firms ha
Oct. 13, 2016
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Samsung crisis highlights S. Korea's 'chaebol' problem
Samsung's corporate car-crash over its exploding Note 7 smartphones has shone a spotlight on South Korea's "chaebol" business culture -- the family-run empires whose rigid corporate structure and opaque governance style aren't always best suited to a crisis.Giant conglomerates like Samsung and Hyundai were widely credited with driving the stellar growth that transformed South Korea from a war-ravaged backwater to Asia's fourth-largest economy in a matter of decades.Their business style was a top
Oct. 12, 2016
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[Photo News] Swimming robots
Participants watch fish robots swim at the 2016 Robot World International Robot Industry Show at Kintex in Goyang City, Gyeonggi Province, Wednesday. A total of 183 companies have joined the four-day event featuring various robot contests and conferences. (Yonhap)
Oct. 12, 2016
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Samsung Heavy Industries wins W240b contract for four oil tankers
Samsung Heavy Industries won a deal to build four oil tankers worth 240 billion won ($220 million), the company said Wednesday.The shipbuilder said it won a contract to build two 123,000-deadweight-ton oil tankers and two other 157,000-DWT oil tankers for Norwegian firm Viken.This is the firm’s second deal of the year, following the first contract two weeks ago involving an order to construct two 180,000-cubic-meter class liquefied natural gas carriers worth 420 billion won for Monaco’s GasLog.
Oct. 12, 2016
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DSME to speed up job cut plan
Daewoo Shipbuilding and Marine Engineering will speed up its job cut plan as part of its restructuring scheme, the company said Wednesday, amid growing concerns over the company’s fate.The ailing shipbuilder said it is pushing for a faster self-rescue plan to cut some 3,000 jobs, thereby, keeping its total staff number under 10,000 by the end of this year. As of June, about 127,000 workers are employed, according to DSME. The company initially sought to gradually cut the jobs by 2020 but the com
Oct. 12, 2016
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Korean municipality to treat 1,300 Chinese buyers to chicken-beer party
The city of Sokcho on South Korea's east coast will treat around 1,300 Chinese buyers and tourists to an outdoor party of fried chicken and beer, or "chimaek," this week as part of its efforts to deepen friendly relations with China on the sidelines of an international fair, city officials said Wednesday.Chimaek, a compound word combining chicken and "maekju," the Korean word for beer, has been a craze among young Chinese people since "My Love from the Star" aired in 2014, as a number of Chinese
Oct. 12, 2016