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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Price of tap water to rise 4.8% this week
The price of water supplied by public utility companies will be hiked by an average 4.8 percent later this week, to cover growing costs, the government said Monday.The price of tap water used by households will be increased to 323.6 won ($0.29) per ton, up 14.8 won from the current 308.8 won, according to the Ministry of Land, Infrastructure and Transport.The increase will mark the first of its kind since January 2013 but only the second in 10 years."Over the past 10 years, consumer prices have
Sept. 19, 2016
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Korea to give incentives for energy storage system
The South Korean government will provide incentives to encourage solar power plant operators to set up bulk energy storage facilities as part of its efforts to foster the local renewable energy market, the trade ministry here said Monday.Those who install the energy storage system at their solar power plants will be given additional points on assessment of their renewable energy certificates starting next year, according to the Ministry of Trade, Industry and Energy.The REC-tagged electricity is
Sept. 19, 2016
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30% of Hanjin ships unloaded
About one third of the container ships operated by near-bankrupt Hanjin Shipping Co. have completed their cargo unloading at ports around the globe as of Sunday, the troubled shipper said Monday, with 34 container ships still stranded at sea.Of the 97 container ships operated by the financially shaky shipper, 28 have unloaded goods. Hanjin Shipping said it is also in negotiations to begin unloading in New York, Singapore and Mexico next week.Hanjin Shipping is also set to return a total of 17 sh
Sept. 19, 2016
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UPS eyes e-commerce as growth engine in Asia-Europe shipping
BRUSSELS -- The world’s largest package delivery company is looking to transcontinental shipping and the rise of e-commerce as growth engines, according to the chief executive of the company’s European branch.Nando Cesarone, CEO of United Parcel Service Europe, told a group of Asian reporters at UPS Europe’s headquarters in Brussels that the rise of e-commerce and the increasing preference among consumers to shop online and across borders were creating a shift in transcontinental shipping trends
Sept. 18, 2016
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Banks to issue refund guarantee for HHI
Local banks decided to issue a refund guarantee for Hyundai Heavy Industries, allowing the company to go ahead with ship-building projects, sources said Sunday. According to the financial sources, seven banks, including the firm’s main creditor KEB Hana Bank, made the decision to issue the refund guarantee for the company by early next month. A refund guarantee is a form of security for purchasers who normally pay for a substantial part of the vessels in advance of delivery. A ship-building cont
Sept. 18, 2016
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Superrich gravitate to Yongsan: data
The most Korean superrich in terms of stock value were found to live in Yongsan-gu in central Seoul, data showed Sunday. According to corporate information provider Chaebul.com, 19 percent, or 48 of 243, of rich individuals owning over 100 billion won ($88 million) in stocks live in Hannam-dong and Itaewon -- both of which are in Yongsan-gu, Seoul. Among them, 14 were found to possess over 1 trillion won in stocks. Samsung Group Chairman Lee Kun-hee's house in Yongsan, Seoul. (Yonhap)The Itaewon
Sept. 18, 2016
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Lotte group chairman to be summoned by prosecutors Tuesday
State prosecutors said Sunday they will summon Shin Dong-bin, the chairman of the embattled South Korean retail giant Lotte, this week to undergo questioning over corruption allegations involving the conglomerate.The Seoul Central District Prosecutors‘ Office said the business tycoon will be questioned as a suspect on charges of embezzlement and breach of trust on Tuesday.Prosecutors here have been looking into Lotte’s alleged wrongdoings since they launched full-fledged raids into the group‘s h
Sept. 18, 2016
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[Photo News] Starbucks’ tea brand Teavanna takes off in Korea
TEAVANNA TAKES OFF IN KOREA -- Starbucks Korea employees celebrate the local launch of the company’s flagship tea brand Teavanna at a Starbucks outlet inside the Starfield Hanam shopping complex in Hanam, Gyeonggi Province on Sept. 6. Since its official launch, more than 1 million Teavanna drinks have been sold at Starbucks outlets nationwide as of last Friday, according to Starbucks Korea. (Starbucks Korea) TEAVANNA TAKES OFF IN KOREA -- Starbucks Korea employees celebrate the local launch of t
Sept. 18, 2016
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Corporate M&As in Korea fall in H1
Corporate mergers and acquisitions by South Korean firms fell sharply in the first half of this year as local conglomerates remained reluctant to streamline their business, the antitrust watchdog said Sunday.The value of reported M&As reached 13 trillion won ($11.7 billion) in the January-June period, down from 39.4 trillion won a year earlier, according to the Fair Trade Commission.The number of merger cases also dropped to 209 from 249 over the cited period.The FTC said domestic companies rema
Sept. 18, 2016
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Official recall of 1m Samsung Note 7 phones
SAN FRANCISCO (AP) -- US safety regulators announced a formal recall of Samsung's Galaxy Note 7 smartphone Thursday after a spate of fires led to injuries and property damage -- along with a global marketing headache for the South Korean tech giant."Because this product presents such a serious fire hazard, I am urging all consumers ... to take advantage of this recall right away," said Elliot Kaye, chairman of the US Consumer Product Safety Commission.Samsung had already initiated a voluntary re
Sept. 16, 2016
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Galaxy Note 7 recall shows challenges of stronger batteries
Samsung's recall of 2.5 million Galaxy Note 7 phones after several dozen caught fire and exploded may stem from a subtle manufacturing error, but it highlights the challenge electronics makers face in packing ever more battery power into ever thinner phones, while rushing for faster release dates. Announcing the recall on Sept. 2, Samsung confirmed dozens of cases where Note 7 batteries caught fire or exploded, mostly while charging. It plans a software update that will cap battery recharging
Sept. 15, 2016
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Lotte chief to be questioned after Chuseok holiday
South Korean prosecutors are seeking to end the months-long investigation into Lotte Group by summoning the group chairman after the Korean Thanksgiving holiday. The group’s owner family has been accused of a range of illegal activities including tax evasion, embezzlement and slush fund creation.“We will summon the chairman Shin for questioning right after the Chuseok holiday,” the Seoul Central District Prosecutors’ Office said, adding, “the date may be confirmed during the holiday period.”Pros
Sept. 13, 2016
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Record earthquake triggers safety concerns
A record-breaking earthquake has raised safety concerns over nuclear reactors in South Korea, despite meteorological chief saying that larger earthquakes are unlikely.Ko Yun-hwa, the head of the Korea Meteorological Administration said on Tuesday morning that strong earthquakes exceeding a magnitude of 6.5 are unlikely to occur in South Korea although earthquakes of magnitudes higher than 6 could happen in the future.Following the 5.8 magnitude earthquake in the southeastern city Gyeongju on Mon
Sept. 13, 2016
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Hyundai, Samsung production facilities resume after quake
A number of South Korean businesses were forced to halt their production and assembly lines for safety inspections Tuesday, one day after a powerful quake rocked the country.Nearly a dozen major industrial facilities, including a power plant, had their operations halted after a 5.8 magnitude earthquake jolted the nation, according to the commerce ministry.The quake was the strongest ever to be recorded on the Korean Peninsula, the Korea Meteorological Administration has said.The nation’s largest
Sept. 13, 2016
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Rice prices slump due to consecutive bumper harvest
Rice prices in South Korea dropped this year as local farmers had the bumper harvest for a second consecutive year thanks to the favorable weather, coupled with rising stockpiles, industry and government officials said Tuesday. A record amount of 4.32 million tons of rice was cropped across the nation last year, and it is expected to be robust this year as well because the extended summer heat and absence of typhoon and flood helped increase rice production, the Ministry of Agriculture, Food and
Sept. 13, 2016
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Regulator warns against loan sharks making illegal threats
The financial regulator on Tuesday issued an alert to consumers against loan sharks who threaten family members of borrowers, telling them such acts are against the law.The Financial Supervisory Service said it has received 483 complaints this year as of July about abuse and threats from unregistered lenders over returning money borrowed by a family member. The annual interest rate on loans from such lenders is3,476 percent. Reported cases include a father who was threatened to pay back his son'
Sept. 13, 2016
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Korea becoming more vulnerable to stock market shocks: report
South Korea's import prices fell for a second straight month in August due to a stronger local currency, central bank data showed Tuesday.The nation's import price index dropped 1.9 percent on-month to 74.44, according to the Bank of Korea. It marks an 8.5 percent decline from the same period last year.The BOK said the won's strength against the US dollar is to blame for the decline in import prices, despite a hike in global oil prices.The won gained 0.48 percent against the dollar at the end of
Sept. 13, 2016
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More than 150 businesses to participate in 'Korea Sale Festa'
More than 150 local retailers, fashion companies and cosmetics firms will participate in South Korea's biggest shopping festival, "Korea Sale Festa," slated for later this month, the trade ministry here said Tuesday.During the Sept. 29-Oct. 9 event, 153 companies will offer big discounts to shoppers and foreign visitors at their 45,000 shops across the nation, according to the Ministry of Trade, Industry and Energy.Among the firms on the list are big retailers including Lotte Department Stores a
Sept. 13, 2016
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S. Korean icebreaker finds gas hydrates in Arctic sea
A South Korean icebreaker exploring the Arctic discovered new gas hydrate reserves in the East Siberian Sea, the ship's operator said Monday.The Korea Polar Research Institute (KOPRI) said the Aaron successfully extracted gas hydrates from about 500 meters under the East Siberian Sea, a marginal sea in the Arctic Ocean.Gas hydrates refer to a semisolid mixture of methane gas and water molecules that are created through a combination of the water pressure and cold temperatures found in deep ocean
Sept. 12, 2016
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Samsung heir tightens grip, shares tumble on recall
Lee Jae-yong, vice chairman of Samsung Electronics and the heir apparent of Samsung Group, was named as a registered boardroom member, the company said Monday, signaling him moving one step closer to the throne.The decision was made during a board meeting earlier in the day, Samsung said in a statement, calling it a decision that would have him more responsible for the management of the nation’s largest conglomerate. Registered boardroom members at firms are obliged to take responsibility in bot
Sept. 12, 2016