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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[Graphic News] Korea’s childbirths and marriages drop in July
South Korea saw a steep drop in the number of childbirths in July, amid rising concerns over the fast aging society, data showed Wednesday.About 33,900 babies were born here in July, a 7.4 percent on-year decrease from 36,600 last year. It was the biggest drop since November 2013 when there was a 12.3 percent on-year fall in the number of childbirths, according to data from Statistics Korea. Meanwhile, the number of marriages in July was 21,200, marking a 10.2 percent on-year decrease and a 10-m
Sept. 29, 2016
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Hanmi Pharmaceutical inks $910 mln tech export deal
South Korea's leading drugmaker Hanmi Pharmaceutical Co. said Thursday that it has signed a $910 million deal with Zentec Pharmaceuticals to export the technology for its self-developed anti-cancer substance.The deal calls for Hanmi to provide Zenetec with its technology for producing and commercializing "HM95573," an inhibitor that targets cancer cells, the South Korean drugmaker said.Sales rights throughout the world, excluding South Korea, are also to be transferred to the Canadian company sh
Sept. 29, 2016
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CJ CGV fined for awarding lucrative deal to chairman's brother
South Korea's antitrust watchdog said Thursday that it has imposed a fine of 7.17 billion won ($6.5 million) on CJ CGV, the country's largest cinema chain, for awarding a lucrative deal to its affiliate headed by the younger brother of CJ Group Chairman Lee Jay-hyun.The Fair Trade Commission also said it has referred CJ CGV to the prosecution for further investigation.CJ CGV is accused of terminating advertising deals with its existing business partner and awarding the lucrative deals to JS Comm
Sept. 29, 2016
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SME workers‘ pay 40% lower than big firms: data
Korea’s small and medium-sized business employees receive 60 percent of the salaries of their peers at large companies on average, data indicated Thursday.According to a report published by the Small and Medium Business Administration, average monthly pay for workers at small companies came to 2.93 million won ($2,670), while that at big companies reached 4.84 million won. YonhapWorkers at small construction companies suffered the widest pay disparity compared to the nation‘s construction giants
Sept. 29, 2016
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Hanjin Shipping gets 60 bln won loan from Korean Air Lines
Cash-strapped Hanjin Shipping Co. said Thursday that it has secured a 60 billion won ($54.6 million) loan from its largest shareholder, Korean Air Lines Co., which will be used to resolve unpaid fees for chartered ships and help its stranded container vessels unload cargo.With the loan, Hanjin Shipping, which is currently under receivership, has raised a total of 110 billion won in cash, including 40 billion won from the personal account of Cho Yang-ho, chairman of the Hanjin Group, the parent c
Sept. 29, 2016
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World’s first permanent nuclear waste disposal site under construction
EURAJOKI, Finland -- The world’s first permanent nuclear waste repository is under construction on the small and tranquil island of Olkiluoto here.This storage facility, named Onkalo, which means cave or cavity, is being built in the granite bedrock deep underground about five kilometers from the two nuclear power plants at Olkiluoto just off the southwest coast of Finland.It is designed to keep high-level radioactive waste, the most worrisome by-product of nuclear power generation, secure for a
Sept. 29, 2016
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Steel, petrochemical industries oppose state’s new reform plan
Korean steelmakers and petrochemical businesses on Thursday expressed dissatisfaction with the government’s new industry structure improvement plan, claiming that it is unrealistic. The Ministry of Trade, Industry and Energy on Wednesday briefly mentioned its ideas on the ways to improve the business structure of the steel and petrochemical industry upon the analysis reports from two foreign consulting firms. The reports were made upon the industries’ request earlier this year. The concrete plan
Sept. 29, 2016
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Head of LIG Nex1 named Defense Industry Person of 2016
Lee Hyo-koo, vice chairman and CEO of LIG Nex1, Korea’s leading defense company, received this year’s Defense Industry Technology Award in recognition for his contributions to the advancement of the nation’s defense industry, the company said Thursday.The fifth annual awards ceremony took place Tuesday at a convention center in Yongsan, central Seoul, and was attended by some 200 officials from the Ministry of National Defense, Defense Acquisition Program Administration and academia. Lee Hyo-ko
Sept. 29, 2016
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GS Caltex to produce world’s first biomass based bio-butanol
Korea’s second-largest oil refiner GS Caltex held a groundbreaking ceremony of its demo plant, located in Yeosu of South Jeolla Province, taking a step closer to producing bio-butanol made with nonedible biomass, the first of its kind in the world, the firm said Thursday.The oil refiner expects its latest exclusive technology to greatly cut production costs and reduce greenhouse gases by using waste wood and crop residue. GS Caltex holds a groundbreaking ceremony of its demo plant in Yeosu, Sout
Sept. 29, 2016
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Firms expand 'clean card' use over anti-graft law
South Korea's corporate hospitality culture is in a paradigm shift, just two days into the introduction of a draconian anti-corruption law.Local firms are bent on providing workers, especially those in charge of dealing with the government, the National Assembly and the press, with detailed legal information on the so-called Kim Young-ran Act, named after the former chief of the state anti-corruption body.They struggle to avoid the dishonor of becoming the first violators of the law either delib
Sept. 29, 2016
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US consumer protection agency says it's working with Samsung to resolve washing machine safety issues
The US consumer protection agency said Wednesday it's working with Samsung Electronics to address safety issues related to some of its washing machines.The Consumer Product Safety Commission said it's "actively and cooperatively working with Samsung" to resolve the issues "related to certain top-load washing machines made between March 2011 and April 2016.""CPSC is advising consumers to only use the delicate cycle when washing bedding, water-resistant and bulky items. The lower spin speed in the
Sept. 29, 2016
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Lotte Group chairman avoids arrest over corruption allegations
The chief of the embattled South Korean retail giant Lotte avoided arrest Thursday as a Seoul court rejected a prosecutors' request for a warrant to formally arrest him over embezzlement and breach of trust charges.The Seoul Central District Court turned down the request, saying it's difficult to recognize the need for arresting the 61-year-old chairman, Shin Dong-bin."I think our group has a lot of shortcomings," Shin told reporters, leaving the Seoul Central District Prosecutors' Office. Shin
Sept. 29, 2016
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Incheon-bound Asiana plane returns to LA due to false fire alarm
Asiana Airlines Co., South Korea's No. 2 flag carrier, said Wednesday that its Incheon-bound flight has returned to Los Angeles earlier in the day apparently due to a malfunction of a smoke alarm for the cargo section.The A380 plane with 358 passengers on board returned to Los Angeles three hours after its departure at 12:10 p.m. Tuesday (local time), after a smoke warning light came on for the cargo area.Asiana said aviation officials there didn't find any signs of fire or smoke in the cargo se
Sept. 28, 2016
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Lotte founder's daughter additionally charged with tax evasion
The daughter of the embattled Lotte Group's founder, currently standing trial for a string of corruption allegations, has been additionally charged with evading some tens of billions of won in taxes, prosecutors said Wednesday.The Seoul Central District Prosecutors' Office, which is looking into the alleged corporate crimes of the country's fifth-largest conglomerate, said Shin Young-ja is suspected of evading some 56 billion won ($51 million) in gift taxes in the process of receiving shares of
Sept. 28, 2016
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Fate of Lotte chief hangs in balance
A Seoul local court was to decide by late Wednesday on the prosecution’s request to issue an arrest warrant for Lotte Group Chairman Shin Dong-bin over accusations that he inflicted financial damage worth 176 billion won ($160 million) to the company by abusing his power as an heir to the nation’s fifth-largest conglomerate.The chairman attended a court hearing held to determine the warrant’s validity in the morning. He apologized for causing public concern.Last week, the prosecution indicted hi
Sept. 28, 2016
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EU Delegation urges sustainable mobility
The European Union Delegation to Korea on Wednesday stressed the importance of sustainable mobility as part of its efforts to raise awareness on climate change. At a roundtable discussion held during the EU Climate Diplomacy Week, six delegates and experts, including Gerhard Sabathil, the head of the EU Delegation to Korea, shared about green transport policies and the strategies of Europe and Korea, as well as how sustainable transport can contribute to a cut in emissions. “Transport represents
Sept. 28, 2016
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Experts emphasize CSR at Foreign Investment Week
A group of foreign multinationals convened Wednesday to seek ways to enhance corporate social responsibility in South Korea that has been facing growing public disappointment over a series of corporate scandals involving foreign companies here.“A slew of big sandals happened simultaneously and foreign companies are concerned with the animosity toward them,” Jeffrey Kim, head of the Foreign Investment Ombudsman said. “However, there are more than 17,000 foreign companies here contributing 20 perc
Sept. 28, 2016
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Court starts considering plan to sell Hanjin Shipping
A Korean court has begun considering the sale of near-bankrupt Hanjin Shipping while the government has flatly denied rumors that logistics firm Maersk might attempt to take over two Korean shippers, officials said Wednesday. The Seoul Central District Court said it will review plans with Hanjin officials to sell the ailing company, hinting at the possibility of a merger and acquisition.There have been growing speculations that the court has already decided to sell the company before its value f
Sept. 28, 2016
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Mercedes-Benz Korea vows quality customer service
Mercedes-Benz Korea CEO Dimitris Psillakis urged employees to improve the quality of customer service at a biannual event on Saturday, held as part of its effort to meet diversifying market needs in South Korea.“Let’s continue to work hard to achieve our value of ‘customer satisfaction’ with high quality service that fulfills our customers’ needs, the CEO said at the Service and Parts Open Korea 2016 held at Kintex in Ilsan, northeast of Seoul. Dimitris Psillakis, the CEO of Mercedes-Benz Korea,
Sept. 28, 2016
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[DECODED] SK pushes for new growth in chips, biopharmaceuticals, ICT, LNG
Faced with rising global competition and stagnant growth, SK Group, the country’s third-largest conglomerate has been searching for new, promising businesses to propel its continued growth in the long run.In gaining a sense of where the energy-to-telecom giant is headed for in the future, industry watchers typically turn to SK Holdings — the group’s parent company that steers the direction of SK’s 88 affiliates and subsidiaries.For now, SK Holdings’ vision for the group is five-pronged -- raisin
Sept. 28, 2016