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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[Monitor] 12 of 38 Hanjin firms are ‘zombie’ firms
Among the nation’s top 10 largest conglomerates, Hanjin Group ranked first in percentage of “zombie” firms among its subsidiaries, at 31.6 percent, according to online corporate research firm Chaebul.com. Lotte was found to have the most zombie firms. A zombie firm has paid-in capital already impaired by losses or is unable to cover interest costs with what the company earns.
Sept. 7, 2016
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[Photo News] Defense cooperation
Jung In (left), CEO of Dong In Optical, Korea’s leading red dot sight manufacturer, and Hamad Salem al-Ameri, CEO of Caracal International, an arms manufacturer based in Abu Dhabi, pose after signing a memorandum of understanding to foster mutual growth by sharing expertise and technology at a defense expo at Kintex in Goyang, Gyeonggi Province, northwest of Seoul, Wednesday. (DI Optical)
Sept. 7, 2016
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LG Chem chief named best CEO: survey
Park Jin-soo, vice chairman and chief executive officer of LG Chem, was chosen as the country‘s best-performing CEO during the first half of this year, according to market researcher CEO Score on Wednesday. The research firm released the 500 Top CEO rankings among the companies with 5 trillion won ($4.5 billion) in sales. (Park Jin-soo)Vice Chairman Park won 68 out of 100 points while the average score for the CEOs surveyed was 52.5. CEO Score tracked the performance of 363 executives who have
Sept. 7, 2016
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Hanwha E&C shares Chuseok spirit
Executives and workers at Hanwha Engineering and Construction Corp. visited a community center in Jung-gu, central Seoul, to share the spirit of the upcoming Korean Thanksgiving holiday Chuseok with minority groups, the company said Wednesday.“I am glad to share the holiday spirit with those in need,” said Choi Kwang-ho, CEO of Hanwha E&C, adding that he hopes the food and presents delivered could be helpful. Employees and executives from Hanwha E&C make Korean rice cake songpyeon to share with
Sept. 7, 2016
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Cargo chaos spreading worldwide over Hanjin fiasco
Cargo disruptions triggered by the cash-strapped Hanjin Shipping deepened worldwide Wednesday, with shippers holding both the parent company and the government responsible for failing to come up with preventative measures.Of 128 Hanjin Shipping carriers owned by the company, 85 or about 66 percent of the total are in abnormal status, according to the company’s latest data released late Tuesday. Abnormal status refers to ships standing by on the high seas or banned from loading and unloading at p
Sept. 7, 2016
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Convenience stores tapping into overseas market with PB products
Amid a stagnant domestic economy, Korea’s convenience store chains are tapping into markets abroad to sell private brand products, industry sources said Tuesday.Major convenience store chain CU is exporting its self-branded cheese-flavored and red pepper-flavored instant noodles to Jumei, a Chinese online retailer.GS25, meanwhile, has been selling its own Chinese-style instant noodle product Gonghwachun in Australia and New Zealand. The product was made in partnership with a Chinese cuisine fran
Sept. 7, 2016
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Shipbuilders' order backlog hits 12-year low
The order backlog held by South Korean shipyards fell to the lowest level in over 12 years in August amid a protracted slump in the global shipbuilding sector, industry data showed Wednesday.According to the data compiled by global research firm Clarkson Research Services, the shipbuilding order backlog held by Hyundai Heavy Industries Co. and its other local rivals stood at 23.31 million compensated gross tons as of end-August, the lowest since October 2003, when the comparable figure was 22.56
Sept. 7, 2016
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Gov't projects cigarette sales to increase in 2017
A government report on Wednesday predicted a second straight year of cigarette sales increase in 2017 despite a price hike meant to discourage smoking, giving the state more revenue from taxes levied on each pack.In the report submitted to the parliament by the Ministry of Strategy and Finance, the government projected a 5.4-percent increase in cigarette sales next year to approximately 3.65 billion packs. This would mean a 5.4-percent increase, or 320 billion won ($289 million), in the money th
Sept. 7, 2016
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Investor-owned hospitals can create 19,000 jobs: report
A think tank here on Wednesday urged the revision of government regulations that prohibit private investment in large hospitals, claiming investor-owned hospitals could help create up to 19,000 new jobs.In a report, the Korea Economic Research Institute also argued investor-owned hospitals will generate up to 10 times more in taxes than non-profit hospitals while lowering the average medical costs of patients."Tax revenue from hospitals open to private investment will reach 475,000 won ($430) pe
Sept. 7, 2016
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Hyundai Motor chairman visits US branch
The chief of South Korea's top automaker Hyundai Motor Group on Tuesday called for strengthened efforts to develop luxury, environmentally friendly and sports utility vehicles to catch up with the latest market trends.Group Chairman Chung Mong-koo made the calls during his visit to the US sales branch and a design center in California. Chung said the future-oriented strategy is needed to further expand Hyundai's presence in the US market, the world's second-largest auto market. Hyundai Motor ch
Sept. 6, 2016
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JTI releases refill cartridge type electronic cigarettes
Japan Tabaco International Korea, a branch of a Japan-based global tobacco maker, has launched ‘Logic Pro,’ a new electronic cigarette model that uses refill cartridges, the first of its kind to be sold in Korea, the firm said Tuesday. “Logic Pro will deliver a one of a kind experience to electronic cigarette smokers on capsules made with premium materials from Europe and an outstanding production line,” said an executive level official at JTI Korea. JTI Korea releases Logic Pro, electronic cig
Sept. 6, 2016
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Hanjin Shipping to get W100b from parent group
Near-bankrupt Hanjin Shipping looks set to get an injection of 100 billion won ($90.5 million) from its parent group, although the amount falls far short of covering its entire overdue balance that approaches 600 billion won. Hanjin Group said Tuesday that it would provide the funds to the country’s largest container carrier which is facing disruptions in its freight handling worldwide due to overdue debt. Saenuri Party Chairman Rep. Lee Jung-hyun (right) and other lawmakers attend the governme
Sept. 6, 2016
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Inbound tour increase boosts convenience store sales
Convenience stores in Korea’s popular tourist areas saw an upsurge in sales in summer due to an increase in inbound tours, reports showed Tuesday.Major convenience store chains 7-Eleven and CU released a report based on a survey of its sales in the nation’s major tourist sites. The stores in Jeju Island recorded a 19.4 percent increase in sales in July and August compared to the same period last year. A rise in Chinese visitors contributed to the boost in the local sales, a market analyst said.O
Sept. 6, 2016
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Passengers demand Korean Air compensate them for incident on codeshare partner flight
A set of passengers have taken Korean Air Lines Co. to court for an incident aboard a foreign carrier with which it has a codeshare agreement, a case that may set the boundary of responsibilities between the actual operator of a flight and its partner, aviation industry officials said Tuesday.The plaintiffs were headed to the Czech Republic on a Czech Airlines flight on Sept. 12, 2014, out of Incheon International Airport, west of Seoul. The flight was a codeshare with Korean Air, with Czech Air
Sept. 6, 2016
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[Graphic News] Chuseok bonuses, holidays increase
Despite the economic depression, a majority of Korean companies plan to increase bonuses for the upcoming Chuseok, or Korean thanksgiving. According to a survey of 373 Korean companies conducted by the Korea Employer Federation, there will be a slight increase of 3 percent in bonuses and 0.5 days in allowed holidays for this year’s Chuseok, which falls on Sept. 15. Many Korean companies give cash bonuses or gifts to their employees on Chuseok, which is one of the two biggest traditional holidays
Sept. 5, 2016
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Posco expands business in Vietnam
HANOI, Vietnam -- Korea’s top steelmaker Posco is expanding its business in Vietnam in various fields, especially in steel-processing and new city projects. Since the steelmaker entered Vietnam in 1991, one year before Seoul and Hanoi established an official diplomatic channel, Posco has established 12 corporations and two offices in Vietnam, mostly in steel-making, steel-processing and construction. The view of Splendora in An Khanh, Vietnam (Posco)The steelmaker has run its Vietnam Ha Noi Pro
Sept. 5, 2016
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Former Aramco Korea director appointed as new S-Oil CEO
Korea’s oil refiner S-Oil has appointed Othman Al-Ghamdi, the former Aramco Asia Korea’s representative director, as the new CEO, the company said Monday.The Saudi-born CEO will succeed Nasser Al-Mahasher who headed S-Oil for four and half years. (S-Oil CEO Othman Al-Ghamdi)Building career as an engineer at Saudi Aramco from 1990, he worked for Fujian Refining and Petrochemical Company in China, the joint venture that Saudi Aramco established with Exxon Mobil and Sinopec, from 2004 to 2008. Al-
Sept. 5, 2016
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Kotra revamps its news portal
State-funded Korea Trade-Investment Promotion Agency announced Monday that it revamped its 10-year-old news portal website to better serve domestic and overseas companies with up-to-date business news. Kotra will launch Thursday the Kotra Overseas Market News, a new website providing news and in-depth reports on overseas markets produced by 126 KOTRA regional offices. (Kotra's new portal capture)At news.kotra.or.kr, the new site will be user-friendly and equipped with more visualized content su
Sept. 5, 2016
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Shinsegae’s ‘Starfield’ aims to be ‘shopping theme park’
Shinsegae Group is slated to open Korea‘s largest shopping mall complex, Starfield, in Hanam, some 20 kilometers east of Seoul on Friday, with the aim of providing the “shopping theme park” experience for customers. Designed to attract shoppers of all age groups, the mega-multiplex embodies a variety of unprecedented venues from the country’s first in-mall recreational sports arena Sports Monster to the first Tesla store in Korea scheduled to open in November.Starfield Hanam, Korea‘s first shopp
Sept. 5, 2016
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Lotte executive summoned over group's corruption allegations
A senior executive of retail giant Lotte was summoned Monday as prosecutors accelerated their investigation into the embattled conglomerate after one of its executives was found dead in an apparent suicide late last month.So Jin-sei, a close aide of the group chairman Shin Dong-bin and executive in charge of external affairs, was called in by the Seoul Central District Prosecutors' Office as a suspect on charges of breach of trust.In mid-August, prosecutors summoned So to gain insight into the i
Sept. 5, 2016