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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Hanjin Heavy wins 200 bln-won order for patrol boats
Hanjin Heavy Industries Co., a mid-sized shipbuilder here, said Wednesday that it has received a 200 billion won ($178 million) deal to build three high-speed patrol boats for the South Korean Navy.Under the deal with the Defense Acquisition Program Administration, Hanjin Heavy will deliver the vessels by 2019, the company said.The newly ordered vessels weigh 200 tons each, and will be loaded with guided rockets and remote-controlled guns, it said.The new patrol boats are expected to be deployed
Oct. 12, 2016
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Packaged Korean food rises in popularity among foreigners
Sales of packaged Korean food are surging at Incheon Airport, boosted by their popularity with foreign travelers, a local food service company said Wednesday.The number of foreign customers now equals that of Korean passengers who purchase Korean home meal packages at food courts located in the airport’s concourse and passenger terminal, said food service company Ourhome. Korean home meal replacements are sold at a food court in Incheon Airport. (Ourhome)The company attributed the rise in deman
Oct. 12, 2016
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Hanwha seeks to strengthen global communication
Hanwha Group held a four-day workshop with its newsletter writers from 13 countries to strengthen communication with the group’s affiliates around the world, the company said Wednesday.A total of 38 members in charge of publishing Hanwha’s Global Newsletter participated in the event. The nation’s eighth-largest conglomerate has published a monthly newsletter in four languages -- English, Chinese, German and Japanese -- since September last year. Hanwha Group Vice President Choi Sun-mok speaks at
Oct. 12, 2016
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Posco picked as top steelmaker in climate change efforts
Korea’s No. 1 steelmaker Posco was picked as the top steelmaker in the world for its climate change efforts, the company said Thursday. According to the Carbon Disclosure Project, the UK-based non-governmental organization which assesses the green policies and emissions level of companies, Posco topped the steelmaker’s ranking for its efforts into cutting the emissions, followed by Saab in Sweden and Thyssenkrupp in Germany. Korea’s Hyundai Steel stood at No. 4. This is the first time that the C
Oct. 12, 2016
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Note 7 crisis puts Lee Jae-yong to test
The unprecedented global recall and the consequent decision to scrap Samsung’s Galaxy Note 7 smartphones puts immense pressure on Lee Jae-yong, the heir apparent to the nation’s largest business empire, as he faces the biggest crisis ever at a critical time when the group is gearing up for a leadership transition. The Samsung Electronics vice chairman is set to join the boardroom after a shareholders’ meeting on Oct. 27, a move seen as him tightening his grip on the tech giant after the smartpho
Oct. 11, 2016
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Hanwha chairman meets former Heritage Foundation chief
Hanwha Group Chairman Kim Seung-youn and former Heritage Foundation chief Edwin J. Feulner discussed Korea-US economic relations, Northeast Asia affairs, and the prospects of renewable energy in central Seoul on Monday afternoon, the company said Tuesday.“In the midst of a frosty political climate in Northeast Asia surrounding the Korean Peninsula, I ask for your help in taking Korea-US relations to the next level,” Kim was quoted as saying to Feulner during the meeting. Hanwha Group Chairman Ki
Oct. 11, 2016
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S-Oil provides W100m for Ethiopian children
Korea’s oil refiner S-Oil provided 100 million won ($89,000) of financial help for Ethiopian children in need as part of its program to support the underprivileged, the company said Tuesday. The donation will be used for constructing and repairing classrooms and purchasing livestock for a school in Beritene town in the Enemorena Ener district where 120,000 students attend, it said. S-Oil CEO Othman al-Ghamdi (left) poses for a photo with World Vision Korea CEO Yang Ho-seung after offering finan
Oct. 11, 2016
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15 convenience stores open daily in Korea: lawmaker
Around 15 convenience stores were newly opened in South Korea everyday on average last year, a ruling lawmaker said Tuesday, urging the fair trade watchdog to seek measures to avoid excessive competition in the market.According to the data compiled by Rep. Yoo Ui-dong of the Saenuri Party, 5,508 convenience stores were newly established in 2015 alone, casting concerns over a potential oversupply of such shops in the domestic market.Yoo said while the numbers may seem to reflect the boom in the i
Oct. 11, 2016
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Tobacco company CEOs to appear at parliamentary audit
South Korean lawmakers are poised to grill CEOs of four tobacco companies operating in the country over their suspected tax evasion during a parliamentary audit this week, industry sources said Tuesday.South Korea's sole tobacco maker KT&G, Philip Morris Korea, British American Tobacco Korea and Japan Tobacco Inc. are suspected of dodging taxes on huge profits from a tobacco price hike last year.According to the sources, the National Assembly's safety and administration committee has summoned th
Oct. 11, 2016
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Estranged brother sues Lotte chairman over accounting fraud
The elder brother of Lotte Group's chairman has sued the embattled businessman on suspicions of accounting irregularities related to a key unit, his aides said Tuesday, adding woes to the ongoing investigation into the retail giant. Shin Dong-joo, the former vice president of Tokyo-based Lotte Holdings, filed a complaint with South Korean prosecutors on Sept. 30, claiming Lotte chairman Shin Dong-bin and two other officials were involved in cooking the accounting books of Lotte Shopping Co., SDJ
Oct. 11, 2016
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Sales of top 10,000 firms hit over 1,900 tln won in 2015
Sales of South Korea's top 10,000 companies exceeded the 1,900 trillion-won ($1.71 trillion) mark in 2015, with the top 4 percent accounting for more than 70 percent of the total, data showed Tuesday.According to the data by the Korea 20000 Corporate Research Institute, the combined revenue of the firms that close their books on Dec. 31 reached 1,910 trillion won last year.A total of 219 corporations posted sales of 1 trillion won or more, with the largest number of 4,802 firms registering sales
Oct. 11, 2016
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[Photo News] For the marginalized
Daelim Industrial CEO Kim Han-ki (right) carries a bag of rice to donate to the marginalized in Jongno in central Seoul, Monday, as part of a celebration to mark the 77th anniversary of the foundation of the civil engineering and construction services company. (Yonhap)
Oct. 10, 2016
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Keum Chun-soo promoted to Hanwha vice chairman
Keum Chun-soo, head of Hanwha Group’s strategic planning office, was named the vice chairman of the nation’s eighth-largest business as part of the group’s managerial reshuffle conducted Monday.Keum, 63, has contributed to stabilizing the group’s overall operations and setting a concrete direction for its future growth since he began to lead the planning office in 2014, the company said in a statement. Keum has led a number of Hanwha’s high profile corporate restructuring cases including a merge
Oct. 10, 2016
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Biggest annual sales in Korea continues
The mega discount shopping event of the Korea Sale Festa ended last Saturday with participating brands seeing a major sales boost, but the festival will continue through cultural events and additional discount offers through Oct. 31, organizers said.Visit Korea Committee has set up an event center at Korea’s fashion hub Dongdaemun to provide various services for visitors during the bargain sale organized specifically for foreigners. Visiting tourists will be offered free translation services in
Oct. 10, 2016
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Top court reviews faster procedure for patent disputes
The Supreme Court is considering reducing procedures for the patent trial system so that it can resolve patent disputes quicker, industry sources said Monday.Currently, an applicant or an agent for a patent trial has to receive an administrative ruling from the Intellectual Property Trial and Appeal Board under the Korean Intellectual Property Office, before appealing to higher courts -- the Patent Court and the Supreme Court.However, the highest court is considering abolishing the administrativ
Oct. 10, 2016
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Walkerhill to drop other names
SK Networks, a trading and retail arm of SK Group, will run its flagship hotels Sheraton Grande Walkerhill and W Seoul Walkerhill under its own brand Walkerhill from Jan. 1 2017, the firm announced Monday. SK Networks has decided to stop using the brand names Sheraton and W as of Dec. 31 this year, and go ahead as an independent brand highlighting on its 53 years of experience in hotel management, the company said. (Yonhap)Sheraton Grande Walkerhill has been moving to position itself as a family
Oct. 10, 2016
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[Photo News] Starbucks ‘Siren Order’ tops 10m users
Starbucks Coffee Korea said Monday that more than 10 million users are now using its mobile order system “Siren Order” since the system was first launched here in May 2014. Available at Starbucks outlets nationwide, customers can order and pay for their drinks via the Starbucks Coffee Korea app. Korea was the first country in the world to adopt the “Siren Order” system. (Starbucks Coffee Korea)
Oct. 10, 2016
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Doosan Bobcat to delay IPO
Doosan Bobcat said Monday it will delay its slated initial public offering on the local stock market to next month, due mainly to low market response. Doosan Group’s subsidiary was seeking to offer a price band between 40,100 won ($36) and 50,000 won for the IPO next week amid concerns that the sale price was too high. It had been projected to draw 2.45 trillion won if the price reaches the upper limit. “(Doosan Bobcat) will make a public announcement over the changed public offering conditions
Oct. 10, 2016
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LG H&H forms joint venture with US hair product maker
South Korean cosmetics maker LG Household & Health Care has formed a joint venture with US-based hair care product maker Farouk Systems to expand its domestic and overseas business. LG H&H said Sunday that the two companies have agreed to step up their former partnership in Korea and form a 50-50 joint venture called LG Farouk Co.A number of Farouk Systems’ products on display (LG Household & Health Care)Since 2013, LG’s has been exclusively selling Farouk’s hair care brand Silk Therapy as well
Oct. 10, 2016
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Posco produces thinnest hot rolled coil plate in Korea
Korea’s top steelmaker Posco has succeeded in producing the thinnest hot rolled coil plate with its own technology, the company said Monday, opening the way for cheaper steel for carmakers and other manufacturers. The steelmaker said it produced a hot rolled coil plate that is 0.8 millimeters thick. This is the world’s second success following Italian firm Arvedi. The development of thinner hot rolled coil is expected to reduce factory costs for its customers, as that thickness could previously
Oct. 10, 2016