Most Popular
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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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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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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
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Prosecutors request arrest warrant for Lotte chairman
South Korean prosecutors requested a warrant to arrest Lotte Group Chairman Shin Dong-bin on Monday as the criminal investigation into alleged corruption at Korea’s fifth-largest conglomerate nears its climax.The Seoul Central District Prosecutors’ Office said it has asked the local court to issue an arrest warrant for the group’s highest-ranking executive on charges of embezzling and misappropriating some 170 billion won ($154 million) over the past decade. Lotte Group chairman Shin Dong-bin ar
Sept. 26, 2016
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Angolan oil firm’s takeover delay deepens DSME’s liquidity woes
Concerns were growing again Monday over liquidity woes of Daewoo Shipbuilding and Marine Engineering, as the Angolan state-run company is likely to delay the takeover of its drill ships once again. The shipbuilder was planning to deliver the two drill ships to Angola’s state-run oil company Sonangol by this month to receive the remaining contract fee of $1 billion. The initial takeover, which had been scheduled for summer, was postponed to September upon agreement. Sonangol, however, has again d
Sept. 26, 2016
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HHI delivers improved LNG vessel to Norwegian company
Hyundai Heavy Industries handed over a liquefied natural gas carrier equipped with a gas treatment system designed by the company to Norwegian firm Knutsen, the company said Monday. Hyundai’s gas treatment system allows the vessel to completely reliquefy evaporated gas and collect it in a storage tank. The independent operation of the two core parts -- a high pressure compressor for evaporated gas and LNG fuel supply equipment -- also ensures the operation of the system in emergency circumstance
Sept. 26, 2016
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Corporate social contributions rose 6.8% in 2015: FKI
More than 250 South Korean companies spent nearly 3 trillion won ($2.7 billion) last year to support underprivileged people despite an economic slump, a business lobby said Monday.A total of 255 companies provided 2.92 trillion won to social welfare programs that range from scholarships and daycare centers to parks and welfare facilities, according to the report by the Federation of Korean Industries.The figure represents a 6.8 increase from 2.71 trillion won in 2014, according to the FKI.The co
Sept. 26, 2016
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Prosecutors seek warrant to arrest Lotte Group chairman over corruption
A warrant is being sought to formally arrest the chief of the embattled South Korean retail giant Lotte, prosecutors said Monday, as the high-profile corruption probe into the country's fifth-largest conglomerate nears its conclusion.The Seoul Central District Prosecutors' Office submitted the request to a local court to detain Shin Dong-bin, 61, on charges of embezzlement and breach of trust. Shin Dong-bin (Yonhap)Shin is suspected of orchestrating a series of shady deals between the group's af
Sept. 26, 2016
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[Graphic News] Korea ranks 35th in health and living standards: report
South Korea ranked No. 35 among 188 countries in a health and living standards report published last week in the Lancet medical journal.South Korea scored an overall 73 points on the Sustainable Development Goal index while North Korea ranked No. 116 with 55 points. Seoul won full points in six sectors, including stunting and wasting.Reflecting Korea’s worrisome suicide rate, highest among 34 Organization for Economic Cooperation and Development member nations, its suicide index stood at 25 poin
Sept. 25, 2016
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HMM seeks to absorb Hanjin assets
Hyundai Merchant Marine, Korea’s second-largest container carrier, is working to absorb valuable assets held by Hanjin Shipping, its bigger rival that stands on the verge of bankruptcy. According to industry sources and Yonhap News Agency, the firm has hired global consultancy A.T. Kearney for business and management strategies, which would include ways to seize on the opportunities created by the fall of Hanjin.Hanjin, before the crisis, was the world’s seventh-largest container line and handle
Sept. 25, 2016
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[Photo News] SK-Chongqing ties
SK Group Chairman Chey Tae-won (left) meets with Chongqing party secretary Sun Zhengcai in the Chinese city on Saturday to discuss business cooperation between the city and the South Korean conglomerate. (SK Group)
Sept. 25, 2016
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KT&G emerges as global cigarette maker
KT&G is rising as the world’s fifth-largest tobacco maker as its overseas sales recorded 46.5 billion cigarettes last year, exceeding domestic sales of 40.6 billion cigarettes for the first time. The firm’s super-slim and low-tar product Esse is recognized as a contributor to sprawling growth to the sales, according to KT&G officials. A consumer buys TIME at convenience store in the US. (KT&G)In the 10 years that followed the company’s privatization in 2002, KT&G’s overseas sales saw a 15-fold j
Sept. 25, 2016
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Georgia Gotica leads Korea’s canned coffee market
Coca-Cola has been leading a new market for the company here, for premium canned coffee, with its brand Georgia Gotica.The product has captured coffee lovers not only with its taste but also with its rich aroma since its market launch in May last year, the company said. South Koreans on average consume 428 cups of coffee a year, according to recent data by Statistics Korea. The country is the sixth-largest market for coffee in the world and its size is estimated to be 5.4 trillion won ($4.9 bill
Sept. 25, 2016
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Korea’s household debt-to-GDP increases at a fast pace
Korea has one of the fastest growing levels of household debt as a percentage of gross domestic product among major economies in the world, a Switzerland-based international organization of central banks said Sunday. Between January and March this year, the ratio of Korea’s household loans to GDP stood at 88.8 percent, up from last year’s 84.3 percent. It was the third-biggest increase among the 42 countries surveyed by the Bank for International Settlements. “Korea’s household debt has reached
Sept. 25, 2016
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Court rejects arrest warrant request for ex-KDB chief
A Seoul court on Saturday rejected a prosecution request to issue a warrant to arrest a former head of the state-run Korea Development Bank (KDB) who is facing a string of bribery allegations. On Wednesday, the prosecution filed for a writ to formally arrest Kang Man-soo, 71, on charges of bribery and breach of trust. The Seoul Central District Court, however, said it is hard to acknowledge the reason and necessity for the detention when Kang's major crime allegations are still disputable.
Sept. 24, 2016
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[Weekender] Cramming for a Samsung job
As the summer heat fades, the cooler weather heralds not just autumn but also the nation’s biggest hiring season. It’s a crunch time for college graduates and graduates-to-be, who have been polishing their resumes in hopes of landing a job at big companies like Samsung, LG and Hyundai. An impeccable resume, however, won’t guarantee the applicant an interview. One must first pass a written exam, for which previous successful applicants strongly recommend old-fashioned cramming, brushing up of one
Sept. 23, 2016
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Daewoo Shipbuilding nixes negotiation to sell headquarters building
Troubled shipbuilder Daewoo Shipbuilding & Marine Engineering Co. has terminated its negotiation to sell off its headquarters building in downtown Seoul due to drawn-out procedures, industry sources said Friday.In May, the shipbuilder picked a local property developer as the preferred bidder to sell its building, a deal estimated at some 180 billion won ($163 million).The shipyard is currently in talks with other potential investors to complete the asset sale, which is part of its self-rescue pa
Sept. 23, 2016
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Hanjin Shipping vessels allowed to unload in Germany
Cash-strapped Hanjin Shipping Co. said Friday that a German court has accepted its stay of proceedings, paving the way for its ships to unload or take on containers at ports in the European country.Vessels operated by Hanjin Shipping, South Korea's No. 1 shipper, have been stranded at sea out of fears that they would be seized by creditors or port workers. Also, service firms have refused to work for the world's seventh-largest shipping line.Hanjin Shipping sought bankruptcy protection in the U.
Sept. 23, 2016
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Small-scale cosmetics firms target made-to-order manufacturing business
South Korea's small-scale cosmetics firms are targeting niche markets by launching made-to-order manufacturing for other firms, a way of expanding their businesses without the cost of having to develop their own brands and marketing them, industry officials said Friday. K-beauty has caught on globally, allowing these companies to gain the trust of foreign cosmetics brands, the officials said. They are seeking business on an original equipment manufacturing and original development manufacturing
Sept. 23, 2016