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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More than 3 tln won in knockoffs smuggled into the country since 2011: report
More than 3 trillion won ($2.73 billion) in luxury brand knockoffs, most of them from China, were caught while being smuggled into the country over the past five years, with watches replacing handbags as the most popular items, tallies from the customs agency showed Wednesday.Records given to the parliamentary finance committee by the Korea Customs Service said the agency nabbed 3,088 smuggling cases involving fake goods, amounting to 3.24 trillion won.Fake watches accounted for 987.7 billion wo
Sept. 28, 2016
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Korean builders face restructuring as low oil prices persist
Stung by persistently low oil prices that prompted foreign orders to dry up, South Korean construction firms have been preparing for restructuring plans, according to company officials Wednesday. POSCO E&C, a construction arm of steelmaker POSCO, plans to cut 500 jobs by the end of this year via a voluntary retirement program. In the first half of the year, POSCO E&C reported a loss of 177.1 billion won ($161.6 million). POSCO E&C saw sales fall by more than 1 trillion won in the first six month
Sept. 28, 2016
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Gov't offers 84% of earmarked support to Kaesong complex firms
South Korea said Wednesday it has handed out 84 percent of support funds earmarked for local firms that operated factories in the now-shuttered joint industrial park in North Korea to help cover their financial losses.The government has offered 438.5 billion won ($399.8 million) out of about 500 billion won in state funds to South Korean companies that had factories at the Kaesong Industrial Complex, according to Seoul's unification ministry.Seoul shut down the factory zone in the North's border
Sept. 28, 2016
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HDC Shilla, Shinsegae to vie for duty-free stores in Seoul
Shinsegae Group and a joint venture between Shilla Hotel and Hyundai Development said Wednesday that they will apply for a new duty-free license to open new stores in Gangnam, the most affluent district in the capital city.HDC Shilla Duty Free said it has picked iPark Tower in Gangnam, one of the most expensive apartment complexes in Seoul, as the site to open its second duty-free shop, following the first in Yongsan. "We will make the second duty-free store a tourism attraction that presents Ko
Sept. 28, 2016
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DAFZA out to tighten business ties with S. Korea
Dubai Airport Freezone Authority is tapping into the South Korean business community to draw more participation and investment. A DAFZA delegation recently visited to promote business opportunities and advantages ready to be offered to foreign businesses.“Our visit this time is aiming to boost investments from South Korea, which currently enjoys robust trade relations and investments with Dubai and UAE,” said the delegation at a seminar held in a partnership with the Korean Chamber of Commerce a
Sept. 28, 2016
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Finance minister slams striking railway workers
South Korea's top economic policymaker denounced unionized workers of the country's railway and subway services Wednesday for staging a joint strike for the first time in 22 years to protest the introduction of a performance-based pay system.Finance Minister Yoo Il-ho also condemned the labor union of Hyundai Motor Co., the country's biggest carmaker, for orchestrating a walkout in the midst of rising challenges at home and abroad that weigh heavily on the South Korean economy."Strikes at the pu
Sept. 28, 2016
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[Graphic News] Number of farming households on decline
The number of farming households in the nation is decreasing, according to government data Tuesday. Statistics Korea said the number of households engaging in agriculture was 1.38 million in 2000, but the figure fell to 1.21 million in 2005, 1.17 million in 2010 and 1.08 million in 2015. Officials said the decrease is largely due to rapid aging in the farming sector, with the median age of farm owners at 65.6 years old in 2015, up 3.3 years from 2010.
Sept. 27, 2016
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[Photo News] Boasting high technology
People look at car parts made of magnesium displayed by Posco at a fair of industrial steel products at Kintex in Goyang, west of Seoul, Tuesday. (Yonhap)
Sept. 27, 2016
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Corporate Korea braces for change over anti-graft law
The nation’s deeply rooted business entertaining culture is expected to go through a major change with the enforcement of the anti-corruption law Wednesday.There are mixed views toward the law’s potential impact on the economy and its role in building a transparent society. But expectations are high that the law -- known as the Kim Young-ran Act -- will help eradicate closed-door ties among public officials and business people, and also spread the virtue of establishing equal relationships by sp
Sept. 27, 2016
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JAL offers discounts for Japan-bound flights
Japan’s largest carrier Japan Airlines is offering various promotions for JAL Mileage Bank members through its official website from Sept. 23 to Oct. 16, the company said Tuesday.JMB members traveling from Korea to Japan are eligible for a 5 percent discount off original prices, the firm said. A Japan Airlines’ plane (Japan Airlines)The following routes are eligible for the discount: Gimpo International Airport to Haneda International Airport; Incheon Airport to Narita International Airport; and
Sept. 27, 2016
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Oil refiners’ operating profit may hit record high this year
Korean oil refiners are likely to hit a record high of 7 trillion won ($6.38 billion) in operating profit, thanks to the rebounding refining margin, industry sources said. The greatest performance in recent years was in 2011 when operating profit of the four companies reached 6.8 trillion won. In the first half of this year, the companies have already reached 70 percent of such record. The rebounding refining margin has contributed to the sales rise, industry sources said. The refining margin ha
Sept. 27, 2016
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Korea Appraisal Board moves to rise No.1 real estate expert
Korea Appraisal Board is gaining momentum in its rise to be the nation’s No.1 real estate market manager since it reached record-high profits through a tech-based turnaround.Last year, the state-run agency gained its highest 137.4 billion won ($125.2 million) in sales while net business profits recorded 15.5 billion won. According to KAB, its credit was rated “A” and selected as a recognizable public service provider by the government. The Korea Appraisal Board’s real-time market-watching applic
Sept. 27, 2016
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Hyundai Glovis expands ‘safety first’ CSR campaign
Hyundai Glovis Co, a South Korean logistics company, has launched an education program for children, the company said Tuesday.Starting Tuesday, the logistics company will visit 120 elementary schools around the country to carry out a safety-themed puppet show, the company said. This will help teach kids the importance of safety in case of disasters and is part of the company’s larger corporate social responsibility program called “Safety Empathy.” Officials at Hyundai Glovis distribute anti-drow
Sept. 27, 2016
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GS Caltex speeds up efforts to boost global competitiveness
Korea’s second-largest oil refiner GS Caltex is speeding up its efforts to boost its global competitiveness with state-of-the-art facilities and aggressive investment in oil refining, petrochemical and lubricant sector. Starting with a daily refining capacity of 60,000 barrels in 1969, the company has expanded its capacity to 785,000 barrels, with a daily production of 279,000 barrels so far. A GS Caltex employee works for the export shipping. (GS Caltex)It has also raised the aromatics annual
Sept. 27, 2016
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7 food firms lead Korean market: data
Seven South Korean food and beverage firms recorded 1 trillion won ($910 million) or more in production last year, a government ministry said Tuesday.Their combined output of 9.18 trillion won accounted for 12.8 percent of the entire domestic market worth 70.41 trillion won, according to the Ministry of Food and Drug Safety.A total of 37,793 companies here reported their food production data to the ministry in 2015.Nongshim ranked first with 1.8 trillion won of production, followed by Lotte Chil
Sept. 27, 2016
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Lotte founder's third wife indicted over tax evasion charges
The third wife of the embattled Lotte Group's founder has been indicted on charges of tax evasion without being questioned as she failed to comply to prosecutors' summons, authorities said Tuesday.The Seoul Central District Prosecutors' Office looking into alleged corporate crimes of the country's fifth-largest conglomerate said Seo Mi-kyung, 57, is suspected of evading some hundreds of billions of won in gift taxes.The common-law wife of group founder Shin Kyuk-ho became the second member of th
Sept. 27, 2016
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Refiners may report stronger-than-expected Q3 earnings on improving margins
South Korean refiners may report stronger-than-expected earnings for the third quarter as their refining margins are forecast to have rebounded sharply in August, industry sources said Tuesday.The benchmark Singapore complex gross refining margin hovered above $7 per barrel this month, sharply up from $3.9 in August, according to the sources. Singapore is the regional trading hub of the benchmark Dubai crude.The margin is the difference between the total value of petroleum products from oil refi
Sept. 27, 2016
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Samsung launches startup incubation program in Israel
Samsung Electronics Co., South Korean tech behemoth, said Monday that it has launched a startups-incubating program in Israel as part of its efforts to help promising startups expand their presence.The Samsung NEXT Tel Aviv will serve as a center for startups there. A startup may be funded up to US$1 million by Samsung, and the South Korean tech firm will cooperate with venture firms with cutting-edge technologies through a stake purchase and mergers and acquisitions.Samsung Electronics has inve
Sept. 26, 2016
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[Graphic News] Koreans own W34 million on average in net financial assets: report
Korea’s net per capita financial assets stood at 33.88 million won ($30,750) in 2015, far behind its Asian peers Singapore and Taiwan, a report showed Monday.Switzerland came in first at 211.46 million won, followed by the US and the UK, while Korea ranked No. 21 among 53 countries, according to the Germany-based Global Wealth Report published by Allianz.Financial assets grew by double-digit percentages only in Asia, the report emphasized, noting Singapore and Taiwan’s inclusion in the top 10 li
Sept. 26, 2016
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Mirae Asset Daewoo releases fund for US real estate investment
Mirae Asset Daewoo has put on sale a public fund, the first of its kind in Korea, to invest in four prime office buildings in Dallas, Texas, the firm said Monday. The fund, worth a total of 300 billion won ($268 million), cannot be resold before its maturity of seven and a half years. It will be available for purchase until Sept. 28 at the firm‘s branches, but will be closed once the fund reaches the target amount. A model promotes Mirae Asset Daewoo‘s fund product designed to invest in four pri
Sept. 26, 2016