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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Cheap whiskies lead new drinking trend in Korea
Whisky brands in South Korea have released affordable, smaller products to target a growing number of people who drink at home and cope with the enforcement of an anti-corruption law later this month, industry officials said Friday. Lotte Liquor Co., a liquor unit under Lotte Group, said it has released "Scotch Blue King," which blended Scottish grain whisky and malt extract, at 16,500 won ($15), removing unnecessary packaging to lower the price below $20.The latest product comes after they laun
Sept. 9, 2016
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'Time commerce' apps spreading in hotel industry
Mobile commerce is rapidly changing the way people are reserving hotel rooms amid the growing popularity of "time commerce" apps, industry officials said Friday.It's apparently a win-win business model for consumers and hotels, timed with the spread of the view that hotels are not just a place to sleep but also a space for entertainment and rest.Time commerce methods for hotel reservation services enable people to book vacant rooms at cheaper prices. On the day of a stay, vacant rooms are provid
Sept. 9, 2016
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Sales of mobile gift cards surge ahead of Chuseok holiday
Online retailers have reported a surge in sales of mobile gift certificates ahead of the Chuseok holiday, according to the retailers on Friday. Thanks to their convenience, mobile gift cards have rapidly gained popularity in South Korea and become a staple of gift-giving before major holidays such as Chuseok or Christmas. According to an online shopping website, 11th Street, sales of mobile gift certificates jumped about six times more during the first seven days of this month, compared with the
Sept. 9, 2016
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IKEA recalls dressers in Korea on tip-over concerns
Swedish furniture group IKEA on Friday said it will recall 15 dressers sold in South Korea over concerns they could pose a safety risk to children, months after similar products caused deaths in North America.IKEA recalled 36 million dressers in the US and Canada in June after six children were crushed to death when Malm chests toppled on them. The company has since stopped selling the drawers in North America but continued to sell similar products in South Korea as there were no regulations on
Sept. 9, 2016
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Top 30 biz groups to pay nearly 8 tln won in advance ahead of Chuseok
Displaying their holiday spirits and goodwill, South Korea's top 30 business groups will pay nearly 8 trillion won ($7.28 billion) in advance to their suppliers ahead of the upcoming traditional harvest holiday Chuseok, a survey showed Friday.In the survey conducted by the Federation of Korean Industries, the 30 largest business groups here said they planned to pay 7.94 trillion won in advance to their suppliers before the start of the three-day Chuseok holiday on Wednesday.The amount marks a 31
Sept. 9, 2016
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Accounting firms' revenues jump 10% in 2015: FSS
Accounting companies operating in South Korea saw their combined revenues climb 10.1 percent on-year to 2.46 trillion won ($2.25 billion) in fiscal 2015, data showed Friday.Their profits increased in major fields such as audit, consulting and tax-related services during the period, according to the data compiled by the Financial Supervisory Service.The proportion of sales by the so-called Big Four firms fell to 51.2 percent from 53.3 percent a year earlier, as more than a dozen new companies wer
Sept. 9, 2016
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Park pledges to support South Korean firms operating in Laos
President Park Geun-hye on Thursday pledged to strengthen government support for South Korean firms operating in Laos, expressing expectations that it can help deepen economic ties between the two countries.During a meeting with South Korean residents in the Laotian capital of Vientiane, Park also expressed her appreciation for their contribution to the development of the relations between Laos and South Korea -- the Southeast Asian state's fourth largest trading partner."South Korean companies
Sept. 9, 2016
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[Graphic News] Cargo transportation hit by Hanjin crisis
Hit by the Hanjin Shipping crisis, the damage of cargo transportation has escalated. According to the Korea International Trade Association, a total of 161 export damage cases have been reported as of late Wednesday. The number is five times higher than when the association started to receive damage reports on Sept. 1. The financial losses are estimated to have reached about $70 million so far, the agency said. By types of damage, ship arrest accounted for the most, with 58 cases, followed by do
Sept. 8, 2016
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[Photo News] Spreading Korean language
Asiana Airlines Vice President Cho Young-seok (third from left, back row), Korean Consul General to Almaty Jeon Seung-min (fifth from left, back row) and related officials pose with a group of students learning Korean at a school in Almaty, Kazakhstan, after delivering 3,737 Korean books donated by the company and the Seoul Metropolitan Office of Education. (Asiana Airlines)
Sept. 8, 2016
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[Super Rich] Pharma firms’ third-generation tycoons
They say a family business rarely succeeds past three generations. But in Korea’s pharmaceutical sector, the grandchildren of firms’ founders are proving this wrong, growing their company’s fortunes and their own. This week, the Super Rich team takes a look at the five richest third-generation pharma tycoons and the path they took to reach the top of the family business. The ranking is based only on the value of shares owned in listed and non-listed companies. Lee Kyung-ha, JW Group -- 206 billi
Sept. 8, 2016
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Chinese tourists‘ card spending in Korea hit record
Chinese tourists’ credit card spending in Korea recorded 4.3 trillion won ($3.93 billion) in the first half of 2016, a more than fivefold increase compared to the same period in 2012, a report showed Thursday.Among foreign visitors’ card expenditures, the Chinese spending accounted for 62 percent, up more than 30 percent from 2012, according to the joint report by Korea Culture & Tourism Institute and Shinhan Card big data center.The largest Yuan spending was for shopping, at 2.4 trillion won. T
Sept. 8, 2016
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Solar energy and ESS to bring industrial paradigm shift
Solar energy and energy storage systems would fundamentally change people‘s lives, said Hanwha Group heir-apparent Kim Dong-kwan on Wednesday.“The energy revolution along with the integration of the energy storage system, or ESS, and the solar power system would integrate together, and this synergy would provide us with totally different ways of living,” said Kim, chief commercial officer of the group’s solar energy unit of Hanwha Q Cells Co. “Solar energy is set to possess 26 percent of the ren
Sept. 8, 2016
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S-Oil’s new CEO begins term with sharing for Chuseok
S-Oil’s newly appointed CEO Othman Al-Ghamdi participated in a volunteer event on Thursday to support the underprivileged in his first official appearance as CEO, the company said. Some 100 employees and executives of Korea’s third-largest oil refiner visited a community center in central Seoul, run by Ewha Womans University, to deliver presents for neighbors in need ahead of the Chuseok holiday, which will begin on Sept. 14. S-Oil‘s new CEO Othman Al-Ghamdi (left) delivers a box filled with so
Sept. 8, 2016
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Concerns rise over fall in orders from foreign shipowners
Concerns grew Thursday that the Hanjin Shipping crisis may affect new ship orders from foreign shipowners, possibly dealing another blow to ailing Korean shipbuilders such as the world’s No.1 Hyundai Heavy Industries. Greek container shipowner Danaos has made a long-term contract with Hanjin Shipping to lend it eight container ships. Danaos has been one of the major clients for Korean companies. According to Clarksons, 48 out of Danaos’s 58 ships were built by Korean companies such as Samsung He
Sept. 8, 2016
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[Photo News] Lotte showcases 'Super Moon Project' in Jamsil
SUPER MOON PROJECT IN JAMSIL -- Lotte Group and the Songpa District Office are together showcasing the “Super Moon Project” -- a 20-meter-wide sphere-shaped installation accompanied by eight smaller inflatable sculptures symbolizing planets -- at the Seokchon Lake next to the Lotte World Mall in Jamsil, southeastern Seoul from Sept. 1-30. The moon and the planets will be lit up in seven different colors from 6-10 p.m. every day this month. The project was created by FriendsWithYou, a Los Angeles
Sept. 8, 2016
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Gallery Duty Free selects 3 part-timers for $20,000 weekly pay
Galleria Duty Free 63, a duty-free store run by Hanwha Galleria, said Thursday it has picked three part-timers who will get paid $20,000 for one week of marketing and brand-advertising activities.Galleria Duty Free 63 put out the ad for the high-paid part-timers after fully opening its outlet in the gold-tinted 63 Building skyscraper in Yeouido in July following a partial opening in December. One Korean and two Chinese promoters were selected through an online vote based on their self-instructio
Sept. 8, 2016
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Korea wins WTO case against US punitive duties on washing machines
South Korea has finally won its case against the United States' antidumping duties imposed on South Korean washing machines, the government said Thursday.The World Trade Organization's dispute settlement panel delivered its final report on the case to members on Wednesday, and the report maintained all key points of an earlier ruling that found the US in violation of the antidumping agreement, according to officials from the Ministry of Trade, Industry and Energy.They said the report will likely
Sept. 8, 2016
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Three companies selected for fast-track corporate restructuring
Three South Korean companies received government approval on Thursday to become the first beneficiaries of the newly established law aimed at facilitating voluntary corporate restructuring, the trade ministry here said.The Special Act on the Corporate Revitalization, dubbed the "one-shot act," came into effect in early August to help businesses carry out an intra-corporate merger and spin-off through simplified procedures including exemptions from the strict antitrust laws and financial market r
Sept. 8, 2016
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E-Mart to invest $200 million in Ho Chi Minh City
E-Mart Co., South Korea's largest discount chain, on Thursday said it will sign an agreement with Ho Chi Minh City to invest $200 million in the area that serves as the country's commercial hub.The memorandum of understanding, to be sealed on Friday, establishes a strategic partnership between the two parties to build giant retailers, supermarkets and various other types of commercial facilities in the Vietnamese city, E-Mart officials said. Investment money will also go to local social developm
Sept. 8, 2016
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[Graphic News] Korean overseas consumption hits record high
Korean households spent 13.61 trillion won ($12.27 billion) overseas in the first half of the year, 10.7 percent higher than the same period last year, the central bank said Wednesday.The figure compiled by the Bank of Korea excludes the money spent by Koreans on online overseas shopping or on business trips. The steep increase in overseas consumption appears to be correlated to the rise in the number of Koreans leaving the country for holidays, according to reports.The number of overseas travel
Sept. 7, 2016