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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Railway services to run without disruption despite walkout: gov't
Railway services will run without any major disruption despite a scheduled strike by unionized railroad workers next week, the government said Friday.All KTX trains will run as scheduled as the government will use temporary workers, with the military also providing their skilled drivers, the Ministry of Land, Infrastructure and Transport said.Operations of other passenger train services, including Saemaul trains, will likely be reduced to around 60 percent of their normal levels should unionized
Sept. 23, 2016
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Hyundai Engineering to unveil Hillstate Chojeon in Jinju
South Korean construction company Hyundai Engineering Co. plans to unveil a new apartment complex in the newly developed residential town Chojeon District in Jinju, South Gyeongsang Province, the company said Thursday. The company will open a model house for Hillstate Chojeon on Friday and begin sales on Sept. 27. Hillstate Chojeon will consist of nine 33-story apartment buildings with a total of 1,070 houses ranging in size from 84 square meters to 91 square meters. The Chojeon District in Jinj
Sept. 22, 2016
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Posco Energy supports underprivileged with incurable diseases
Posco Energy has provided financial support for underprivileged children with incurable diseases as part of its regular moves to support those in need, the company said Thursday. The company said it offered 20 million won ($18,100) to Korea Childhood Leukemia Foundation. The fund was raised from monthly donations from employees of 1 percent of their wages. Posco Energy officials pose for a photo with Korea Childhood Leukemia Foundation officials at the foundation office in Jongno, Seoul, Wednes
Sept. 22, 2016
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Citibank Korea supports young job seekers
Citibank Korea’s tie-up with Ewha Womans University and Kyung Hee University is helping students trying to get ahead in the nation’s sluggish job market.Since opening in 2001, the Ewha-Citi Global Finance Academy has been offering lessons about the financial market and providing job experience opportunities to students in pursuit of a career in the industry. Ewha Womans University students attend a lecture at the Ewha-Citi Global Finance Academy. (Citibank Korea)The program invites finance exper
Sept. 22, 2016
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[Newsmaker] Bumpy road ahead for Hanjin, despite W60b from Korean Air
Hanjin Shipping still faces a bumpy road ahead, despite Korean Air's decision to provide financial support for the near-bankrupt company. The airliner, the largest shareholder of Hanjin Group, decided late Wednesday to provide 60 billion won ($58.9 million) to the ailing shipper in loans secured by accounts receivable. Hanjin Shipping’s accounts receivable are estimated to be around $200 million, as of the time when the company filed for the court receivership. The final decision came two weeks
Sept. 22, 2016
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Ikea Korea bans sales of 15 products amid safety concerns
Swedish furniture maker Ikea has banned 15 models of drawers from sale in Korea as of Sept. 20, in a voluntary measure amid lingering concerns over safety.Andre Schmidtgall, CEO for Ikea Korea, said in a press conference that the company suspended sales of 15 products that do not comply with a preliminary safety standard set up by the Korean government. Ikea stopped selling 15 models, also due to major defects found in its Malm chest that led to the death of six children. Andre Schmidtgall, CEO
Sept. 22, 2016
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Overseas orders for Korean builders forecast to hit 10-yr low this year
Overseas orders won by South Korean construction companies this year may drop to the lowest level in a decade, a trade association said Thursday, in the latest sign that local builders are reeling from the impact of low oil prices and a protracted global economic slump.This year's combined overseas orders came to US$18.47 billion by Wednesday, according to data compiled by the International Contractors Association of Korea.The figure represents 53.7 percent of the $34.59 billion posted during th
Sept. 22, 2016
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Korean Air agrees to provide 60 bln won loan to Hanjin Shipping
Korean Air Lines Co., the largest shareholder of Hanjin Shipping Co., decided Wednesday to provide 60 billion won ($58.9 million) to the cash-strapped shipper, company officials said.The decision came at a meeting of the Korean Air board of directors, which earlier refused to help out the troubled affiliate, citing fears of misappropriation charges as the container shipping line had little to offer in collateral.The 60 billion won will be injected based on accounts receivable, according to Korea
Sept. 22, 2016
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[Graphic News] Desktop ads to be hardest hit by smartphones
Global spending on ads for desktops will soon be hit hard by the rise of smartphones, data showed Wednesday.In 2015, expenditure on desktop advertising made up 19.5 percent of total global ad spending, while the proportion of mobile advertising stood at 10.4 percent, according to research provider Zenith in France.However, the proportion of mobile advertising is expected to sharply increase to 23.3 percent by 2018, in line with the surge in smartphone users. Meanwhile, the figure for desktop adv
Sept. 21, 2016
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Finance minister calls for self-help efforts by businesses
South Korea's finance minister said Wednesday that the government will push forward with reforming the corporate sector under the principles of self-help efforts by businesses and do its best to minimize the adverse impact."Based on the principles that creditor banks give out additional aid only when troubled companies come up with painstaking self-reform plans, the government will firmly lead the nationwide corporate restructuring process," Finance Minister Yoo Il-ho said in a meeting of econom
Sept. 21, 2016
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Prosecution remains undecided on detaining Lotte chief
The prosecution is likely to indict Lotte Group Chairman Shin Dong-bin for alleged embezzlement and tax evasion, but it remains undecided on whether to detain him or not.After 18 hours of questioning, Shin left the prosecutors’ office in Seoul early Monday. He said he sincerely responded to the prosecution’s investigation without elaborating. The tycoon has reportedly denied allegations that he created slush funds and evaded taxes. Regarding suspicions that he shifted damages from failed M&A att
Sept. 21, 2016
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Sanofi files patent suit over Lantus biosimilar developed by MSD, Samsung Bioepis
French pharmaceutical giant Sanofi has filed a patent infringement lawsuit against US-based Merck & Co. over a Lantus biosimilar the US drugmaker developed with partial funding from Samsung Bioepis. Sanofi on Monday sued Merck & Co. in the US District Court of Delaware, claiming that Merck’s international division Merck Sharp & Dohme infringed as many as 10 patents held by the French drugmaker for its blockbuster diabetes treatment Lantus and its injection device SoloStar. The French company sai
Sept. 21, 2016
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Demand for emergency supplies soars over earthquake risk
Sales of disaster-related supplies in South Korea are skyrocketing due to heightened safety concerns after unprecedented quakes hit the nation’s southeastern area last week.Since the magnitude 5.8 quake hit Gyeongju in North Gyeongsang Province on Sept. 12, online retailer G-market has seen the sales of some goods rise. For instance, gas masks and emergency generators saw a 37 percent increase in sales compared to last year. Pain relief patches and first aid kits have also been selling well on G
Sept. 21, 2016
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Korea pushes to develop high capacity secondary cells for electric cars
The government will jointly develop high capacity secondary cells for electric vehicles with the private sector to boost the local electric car industry, officials said Wednesday.The Ministry of Trade Industry and Energy said it launched a large-scale project with the private sector to develop the high capacity batteries for electric vehicles that allow up to 400 kilometers of travel on a single charge.The participants consist of 230 researchers from 27 private institutions, including conglomera
Sept. 21, 2016
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Hyundai to build Seoul's largest department store in Yeouido
Hyundai Department Store Co. said Wednesday it will open Seoul's largest outlet in a new skyscraper to be built in the financial district of Yeouido by 2020.Hyundai Department Store said it has been selected as a preferred bidder to build its latest shopping facility in the new skyscraper called "Parc 1" under a 20-year lease contract for 30 billion won ($26.74 million). It will sign a formal agreement next week.Parc 1 will be built next to the International Finance Center in Yeouido in a space
Sept. 21, 2016
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Antitrust watchdog seeks legal punishment against Lotte founder
South Korea's antitrust watchdog said Wednesday that it will file a petition against the founder of retail giant Lotte Group with state prosecutors for falsely reporting its overseas affiliates' shareholding.The Fair Trade Commission made the final decision to take the legal punitive step after a months-long review of the case that dates back to when Shin Kyuk-ho was in control of South Korea's fifth-largest conglomerate.Under South Korea's fair trade law, companies with assets exceeding 5 trill
Sept. 21, 2016
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Price jump pushes consumers to buy ready-made kimchi
Consumers are resorting to packaged kimchi after record summer heat and drought have sent prices of napa cabbage, the side dish's key ingredient, up by more than 230 percent, retailers said Wednesday.At E-Mart, sales of packaged kimchi rose 67 percent so far this month compared to the same period last year, totaling 4 billion won ($3.58 million), company officials said. Such a rise is common during the summer vacation months of July and August, when travelers buy ready-made kimchi for convenienc
Sept. 21, 2016
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Ukraine wants Korean TV channels: report
A senior Ukrainian official said Tuesday his country wants South Korean satellite TV channels to fill in for blocked Russian ones, according to a news report.Ukraine blocked 77 Russian satellite TV channels over the past two years amid the worst-ever bilateral ties over the Crimea issue.Instead, dozens of new Ukrainian TV channels began services."We don't have enough. So we want Korean (TV satellite channels)," the Interfax news agency quoted Yuri Artemenko, the head of Ukraine's national counci
Sept. 21, 2016
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[Graphic News] A Twosome Place tops in sales among franchise coffee brands
Among 10 major franchise coffee brands in Korea, CJ Group’s A Twosome Place posted the highest annual sales per store, while Ediya Coffee operated the most number of franchises in 2015, government data showed Tuesday. A Twosome Place recorded some 482 million won ($431,500) in average yearly sales per store last year, according to a report by the Korea Fair Trade Mediation Committee.Trailing behind, SPC‘s Cafe Pascucci shops earned 370 million won on average, and Hollys Coffee posted 350 million
Sept. 20, 2016
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Lotte chairman questioned over alleged corruption
Lotte Group Chairman Shin Dong-bin appeared before the prosecution Tuesday for questioning over alleged embezzlement and tax evasion, as the high-profile probe into the nation’s fifth-largest conglomerate nears an end.The chairman was the first Lotte chief to be summoned by state prosecutors as a suspect since the group’s formation in 1967.The 61-year-old chairman is suspected of creating slush funds and evading taxes, involving in total more than 200 billion won ($179 million).Paper is hurled b
Sept. 20, 2016