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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Hyundai Heavy inks MOU with Saudi Electricity
Hyundai Heavy Industries Co., a major South Korean shipbuilder, said Tuesday that it has signed a memorandum of understanding with the state-run utility Saudi Electricity Co. to expand their partnership in the Middle Eastern country's growing electricity market.Saudi Arabia is seeking to spend a total of $89.3 billion by 2021 to expand its electricity output to 105 GW from the current 65 GW in order to meet growing electricity demand.Hyundai Heavy has been providing power transformers and gas-in
Oct. 4, 2016
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FTC sees large penalties canceled over 5 years
South Korea's antitrust watchdog has seen a large amount of corporate penalties revoked over the past five years as it loses lawsuits with companies or voluntarily reverses penalty impositions, a report showed Tuesday.In the report submitted to Rep. Park Yong-jin of the main opposition Minjoo Party of Korea for an annual parliamentary audit of its affairs, the Fair Trade Commission said the amount of canceled corporate penalties stood at 995.5 billion won ($903 million) between 2012 and this yea
Oct. 4, 2016
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Bank issues refund guarantee for Samsung Heavy's new order
A policy bank has offered a refund guarantee for a new order won by Samsung Heavy Industries Co., helping one of the country's major shipyards proceed with the new shipbuilding order.Late last month, the shipyard secured a 420 billion-won ($380 million) deal to build two LNG carriers, marking its first contract in almost one year.The deal with a European customer came as local shipyards are suffering from a sharp decline in new orders amid a protracted industry-wide slump.Samsung Heavy is also s
Oct. 4, 2016
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Korea's air passenger traffic soars to new monthly high in Aug.
South Korea's air passenger traffic surged to a record monthly high in August with international passengers to and from the country also reaching a new all-time high, the government said Tuesday.Overall air passenger traffic came to 9.86 million in August, up 20.1 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport.The increase was largely attributed to a surge in international passengers to and from South Korea, which spiked 26.5 percent on-yea
Oct. 4, 2016
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[Photo News] Lotte World Tower completes outer construction
ALMOST COMPLETED -- This Sept. 14 photo shows an aerial view of the 555-meter Lotte World Tower in Jamsil, southern Seoul, which had the last piece of glass window attached Sunday six years after the company broke ground for construction. The 123-floor skyscraper has about 42,000 pieces of glass and 21,000 sets of curtain walls that entirely cover the building. (Lotte Corp.)
Oct. 3, 2016
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Korean seafood exporters seek halal market entry
The Korea International Trade Association, a major export promoting agency in Seoul, held a three-day event in Jakarta, the Indonesian capital, to help Korean seafood exporters make inroads into halal markets, officials said Monday.The event jointly held with the Ministry of Ocean and Fisheries, is a part of a series of promotional events designed to introduce Korean food overseas. Since August, KITA has held events in Chengdu and Shanghai in China and New York in the US, to provide opportunitie
Oct. 3, 2016
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Uncertainty looms for Hanmi’s new lung cancer drug
South Korean drugmaker Hanmi Pharmaceutical’s plans to globally commercialize its novel lung cancer therapy are in jeopardy after a patient died of a severe skin-related side effect linked to the drug’s use.The future of Hanmi’s lung cancer drug began to turn bleak Friday -- when Hanmi’s licensing partner Boehringer Ingelheim announced it would return the drug's development and commercialization rights it had purchased from the Korean drugmaker in July 2015 in a deal valued at $730 million.The s
Oct. 3, 2016
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Korean agriculture, livestock sectors transform in line with anti-graft law
South Korea’s agricultural and livestock sectors are seeking ways to keep business afloat amid concerns the new anti-corruption law that came into force last Wednesday would freeze market demand for their major products. The Improper Solicitation and Graft Act bans members of government agencies, private education institutions, and media outlets from giving and receiving meals priced over 30,000 won ($27), presents over 50,000 won and monetary gifts over 100,000 won.Also known as the “Kim Young-
Oct. 3, 2016
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Prices of imported beef jump in September
Prices of imported beef jumped in September as a dip in Australian exports has pushed up global prices and their popularity over more expensive local supply, industry data showed Monday.The import price of Australian beef ribs was 16,000 won ($14.5) per kilogram at end-September, up 23-33 percent from a year ago, as seasons of drought affected cattle supply in South Korea's top beef import source, according to industry data. US beef prices have also risen after China removed a ban on the wester
Oct. 3, 2016
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Banks, insurance firms shed employees as profits drop
South Korea's financial sector has been shedding employees as banks and insurance companies grapple with falling profitability and the decreased need for bank branches thanks to convenient online banking systems, data showed Monday. A total of 132,170 were working for banks as of end-June, the lowest number in nearly 10 years, the Financial Supervisory Service said.The number of bankers rose to 139,840 in 2008, but it has since declined, as banks have gradually reduced the number of both their b
Oct. 3, 2016
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Brand value of Lotte affiliates hit by corruption probe
The brand value of Lotte Group's affiliates have slid in the third quarter as prosecutors have been widening their corruption investigation into the retail giant and its senior officials, a market researcher said Monday. Lotte, South Korea's fifth-largest conglomerate, has come under extensive investigation since June on allegations of embezzlement and corruption charges involving its chairman and his aides, another setback to the group mired in the prolonged succession feud between the founder'
Oct. 3, 2016
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Sales at department stores up 10% on Korea Sales Festa
Sales at South Korean department stores advanced around 10 percent on-year in the first three days of a nationwide shopping event, industry data showed Sunday, helped by an increase of Chinese tourists visiting the country.Lotte Department Store, a major chain, said its sales jumped 12.1 percent in the first three days of the Korea Sale Festa, which kicked off Thursday, compared with the similar period last year when South Korea celebrated the Korea Grand Sale.The event aims to connect the retai
Oct. 2, 2016
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S. Korea trails Mexico in car exports through Aug.
South Korea's exports of automobiles trailed that of Mexico through August this year, the latest data showed Sunday, as overall weak demand from emerging markets and domestic labor strikes hurt output.Hyundai Motor Co., Kia Motors Corp., GM Korea Co. and other manufacturers shipped 1.69 million cars over the January-August period, down 14.4 percent from a year earlier, the data compiled by the Korea Automobile Manufacturers Association showed. In contrast, that of Mexico edged down 2.7 percent o
Oct. 2, 2016
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Samsung Q3 earnings to remain relatively stable despite Galaxy Note 7 recall
Samsung Electronics Co. is anticipated to post relatively stable earnings for the third quarter, industry watchers said Sunday, despite the worldwide recall of the Galaxy Note 7 phablet caused by defective batteries.According to the data compiled by industry tracker FnGuide, the South Korean tech giant is set to post an operating profit of 7.5 trillion won (US$6.79 billion) over the July-September period, down 6 percent from 8 trillion posted a quarter earlier. The company's sales are estimated
Oct. 2, 2016
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Galaxy Note 7 boasts strong sales on re-debut
Samsung Electronics Co.'s newest Galaxy Note 7 boasted strong sales on its first day of relaunch, industry sources said Sunday, after the tech giant ordered a full recall over the defective battery issues.The new phablet, a cross between regular smartphones and tablet PCs, saw its sales reach 21,000 units in South Korea on Saturday after Samsung officially resumed the sales for the first time after it suspended all shipments last month.The company first kicked off sales of the much-awaited mobil
Oct. 2, 2016
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Posco Daewoo inks MOU with Chinese grain firm
Posco Daewoo signed a memorandum of understanding with Chinese state-run grain company Sichuan Cereals and Oils Group as part of its moves to expand the grain trading business in China, the company said Friday. The two parties agreed to strengthen the ties for grain import and export and boost the joint efforts for facility investment and grain storage. Sichuan Cereals and Oils Group is a state-run company that deals with imports and exports of grains up to 300,000 tons in Sichuan. “The new MOU
Sept. 30, 2016
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Autos drag down South Korea’s industrial output in August
South Korea’s industrial output in August shrank for the first time in four months, dragged down by a double-digit drop in production of automobiles due mainly to an ongoing labor strike, government data showed Friday. Auto production declined 17.7 percent month-on-month and 12.1 percent year-on-year, according to data from Statistics Korea. Drawn-out labor strife at Hyundai Motor, the nation’s biggest carmaker, and other carmakers is estimated to have reduced monthly output by
Sept. 30, 2016
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DSME denies rumors of capital reduction plan
Financially troubled Daewoo Shipping and Marine Engineering on Friday denied the rumor that the company would reduce its share capital as part of moves to improve its financial status. The ailing shipbuilder made a public announcement that nothing had been determined over its financial plans and that various options were under discussion with creditors to improve the financial structure. “(The company) will again offer an announcement as soon as concrete financial plans are finalized,” said the
Sept. 30, 2016
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Korea-China flights highly booked during China's holiday period
South Korean air carriers have reached nearly 90 percent in reservation rate on flights to and from China for two weeks as Chinese travelers come to Korea during a long public holiday, industry officials said Friday.Officials expect up to 250,000 Chinese tourists to come to the country for the Oct. 1-7 National Day holiday, an increase from 203,000 last year. The reservation rate for Korea-China flights came to 89.4 percent for Korean Air Lines during the Sept. 24-Oct. 10 period, the company sa
Sept. 30, 2016
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Samsung Heavy bags 420 bln-won deal for 2 LNG carriers
Samsung Heavy Industries Co., a major South Korean shipyard, said Friday it has secured a 420 billion-won ($380 million) deal to build two LNG carriers, marking the first contract in almost one year.The deal with a European customer came as local shipyards are suffering from a sharp decline in new orders amid a protracted industrywide slump.Samsung Heavy is also set to win more deals valued at a combined 3 trillion won, including from a contract to build offshore facilities.Samsung Heavy is targ
Sept. 30, 2016