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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Korea's clean energy exports on rise
South Korea's exports of clean, renewable energy products have sharply increased from a year earlier in the first seven months of the year, the trade ministry said Monday, indicating improving competitiveness of South Korean products.Outbound shipments of solar panels and other related equipment came to $2.01 billion in the January-July period, jumping 46.7 percent from the same period last year, according to the Ministry of Trade, Industry and Energy.Exports of energy storage systems have also
Sept. 5, 2016
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Processed meat market grows as eating habits change
Growing preference for meat dishes and quick foods has increased demands for processed meat products, industry data showed Monday.The market for canned meat products, such as ham and sausage, reached nearly 1.24 trillion won ($1.11 billion) last year, a 12.4 percent expansion from 2013, according to tallies from the Ministry of Agriculture, Food and Rural Affairs and the Korea Agro-Fisheries & Food Trade Corp.Sales grew 6.6 percent to 349.5 billion won in the first quarter of this year alone, co
Sept. 5, 2016
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[Graphic News] 4G LTE usage surpasses 5GB
The monthly average data usage of fourth-generation Long Term Evolution surpassed 5 gigabytes for the first time last July, according to data by the Ministry of Science, ICT and Future Planning. The overall data usage per person has rapidly grown due to the advancements of mobile technology and services such as live video-streaming and instant messaging.Industry experts say the increase is attributable to a growing number of consumers subscribing to unlimited monthly data plans and watching vide
Sept. 4, 2016
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Gov't expands task force to handle Hanjin Shipping crisis
The government on Sunday said it will expand a task force to ensure there are no delays to the flow of cargo after the country's No. 1 container carrier Hanjin Shipping Co. went under court receivership.On Friday, the world's seventh-largest shipper was put under receivership. A day earlier, it filed for court protection after its creditors, led by the state-run Korea Development Bank, rejected its self-restructuring plan.Following the decision, the government set up a task force led by the Mini
Sept. 4, 2016
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Korea Productivity Center’s 2017 brand forecast
In the automobile industry, consumers saw a wider range of new products integrated with innovative concepts and technology in 2016, resulting in an increase in the Korea Productivity Center’s brand awareness index by one to three points. Hyundai Motor ranked at the top for the all six auto segments. However, other brands are closely chasing after Hyundai in large vehicle and SUV sectors. (Yonhap)It is expected that the gap between Hyundai and its competitors will get shorter as the industry move
Sept. 4, 2016
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Diageo eyes whisky resurgence in Korea
FUKUOKA, Japan -- South Korea’s whisky market is facing a dark age, in light of sluggish demand for strong liquors and pricey bars serving high-end foreign liquors.Today, major whisky brands are seeking ways to revitalize Korea’s lackluster whisky sales, which fell by 38 percent from 2008 to 2015. In lieu of such efforts, Diageo, the world’s largest distiller and producer of major whisky brands including Johnny Walker and Windsor, said it can help ease the problem by looking to the nearby market
Sept. 4, 2016
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Korean firms boost brand power
The brand power of Korean goods and services increased this year on the strength of companies’ effort to boost their brands despite the global economic slowdown, the state-run Korea Productivity Center said Monday. The KPC-provided National Brand Competitiveness Index, a key indicator for the brand power of Korean goods and services, stood at 73.5 points on average, up from 72.3 points last year. The KPC surveyed a total of 232 brands in 64 industries.“The index increase is important for compani
Sept. 4, 2016
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Korean firms win $5.1 bln deal to construct fertilizer factory
A South Korea-led consortium has signed a $5.1 billion deal to construct a massive fertilizer production factory in Russia's eastern port city of Nakhodka, Seoul's presidential office Cheong Wa Dae said Sunday.The signing of the deal took place on Saturday after President Park Geun-hye and her Russia counterpart Vladimir Putin held a summit on the sidelines of the Eastern Economic Forum in Russia's Far East city of Vladivostok.The consortium consisting of Hyundai Engineering Co., Hyundai Enginee
Sept. 4, 2016
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Samsung starts U.S. recall program for Galaxy Note 7
Samsung Electronics Co. has begun the U.S. exchange program for the Galaxy Note 7 smartphones amid concern over a battery problem, the local sales arm of the South Korean tech giant said.On Friday, Samsung announced its findings that some of the new devices that went on sale two weeks ago caught fire due to a "battery cell issue."Samsung announced a global recall of all Galaxy Note 7 phones sold worldwide in a quick and bold response."Samsung is taking a proactive approach to address customer ne
Sept. 3, 2016
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USITC finalizes massive antidumping duties on Korean steel products
WASHINGTON (Yonhap) -- The U.S. International Trade Commission on Friday endorsed massive antidumping and countervailing duties that the Commerce Department imposed on steel product imports from South Korea. In July, the department decided to impose 64.7 percent of antidumping and countervailing duties on imports of cold-rolled steel flat products from South Korea's POSCO and 38.2 percent of duties on imports from Hyundai Steel, saying their products were sold in the U.S. at less than fair value
Sept. 3, 2016
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Fewer firms subject to strict antitrust rules in August
The number of South Korean business groups' affiliates subject to restrictions on mutual investments and loan guarantees fell in August from a month earlier, the antitrust watchdog said Friday.The Fair Trade Commission said the number of firms on its monthly watch list stood at 1,769 as of end-August, down 12 from the previous month.Such affiliates are owned by the country's 65 largest business groups, including Samsung Group, Hyundai Motor Group and Kakao Corp., the operator of South Korea's to
Sept. 2, 2016
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45 of Hanjin Shipping ships stranded at sea
Hanjin Shipping Co., South Korea's leading container shipper currently under receivership, said Friday that 45 of its ships, including 41 container carriers, have been stranded at sea worldwide due to port entry denials in many nations.The world's seventh-largest shipper was put under receivership on Thursday, a day after it filed for court protection after its creditors, led by the state-run Korea Development Bank, rejected its self-restructuring plan.Since late last month, some of Hanjin Shipp
Sept. 2, 2016
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Hanwha steps up efforts to curb desertification in China
Hanwha Group is stepping up its efforts to create more forests in Chinese desert areas to prevent desertification and sand dust, officials said Friday.Top officials from the nation’s business conglomerate on Thursday had a tree planting ceremony in Maowusu desert in the Ningxia Hui Autonomous Region, northwestern part of China. Hanwha Vice President Choi Sun-mok (right) receives an appreciation plaque from an official from the nature reserve agency in Ningxia province Wednesday. (Hanwha Group)A
Sept. 2, 2016
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[Super Rich] K-beauty’s global rise produces new superrich
The rising popularity of Korean dramas and K-pop overseas has left the impression on international fans that Korean cosmetics are trendy and attractive, setting beauty standards in Asia. In light of hallyu, international firms, luxury brands and even investment banks are taking notice of the business opportunities provided by Korean cosmetics brands, and their investments are casting the spotlight on entrepreneurs here. Lee Jin-wook of Dr. Jart Contrary to the brand’s name, Dr. Jart is a local c
Sept. 1, 2016
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Hyundai Motor celebrates archery medalists
Hyundai Motor Group Vice Chairman Chung Eui-sun (center, left) poses with the national archery team at an event held by the company Thursday at a Seoul hotel to celebrate the medalists of the Rio Olympics. (Hyundai Motor)Hyundai Motor Group hosted a celebration dinner Thursday for the national archery team, who swept medals at the Rio Olympics 2016, the automotive company said.Hyundai has invited archery medalists -- who gained four gold medals and one bronze medal at the Olympics -- and their
Sept. 1, 2016
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Dongwon supports future leaders
Korea’s leading canned fisheries producer Dongwon Group is running various education-related projects to support children and students who will lead Korea in the future, the firm said Thursday. Living up to its vision of giving back to the community, the conglomerate provides one free children’s book a month for a year to recipients who are 6-years-old or younger, the company said. The project was started in 2007, based on group Chairman Kim Jae-chul’s belief that “In order for Korea to become a
Sept. 1, 2016
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AmorePacific chairman donates W300b for his science foundation
Cosmetics giant AmorePacific chairman Suh Kyung-bae announced Thursday a plan to donate his private wealth of 300 billion won ($270 million) to the science foundation he will soon establish. “I wanted to personally contribute to the society as I owe a lot to many people for my success,” Suh said during a news conference in Seoul.AmorePacific Chairman Suh Kyung-bae speaks at a news conference in Seoul on Thursday. (AmorePacific)He stressed that the SUH Kyungbae Science Foundation is not related t
Sept. 1, 2016
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Starbucks to launch tea brand next week in Korea
Starbucks will launch its tea brand Starbucks Teavana in Korea on Sept. 6 at some 930 stores nationwide, Starbucks Coffee Korea announced Thursday. Starbucks Corp. acquired the black tea brand Teavana, based in Atlanta, for $615.8 million in 2013 to tap into the $125 billion worldwide tea market, according to the U.S business magazine Fortune.Starbucks Coffee Korea staff promote Starbucks Teavana at the Starfield Hanam GL store on Thursday. (Starbucks Coffee Korea)“Starbucks Teavana will offer a
Sept. 1, 2016
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Prosecutors summon Lotte founder's son over alleged embezzlement
The elder son of Lotte Group founder Shin Kyuk-ho was summoned by prosecutors Thursday as they resumed an investigation into the embattled retail giant after one of its senior executives was found dead in an apparent suicide last week.Shin Dong-joo appeared before the Seoul Central District Prosecutors' Office as a suspect on charges of embezzling some tens of billions of won from the group's major affiliates.Prosecutors suspect he received the money as a stipend by just being listed as a board
Sept. 1, 2016
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Population changes to hit steel industry: report
The expected decline in the working age population in South Korea beginning next year will hit the steel and its related markets, as seen in the case of Japan, a research report said Thursday.The report from the POSCO Research Institute projected that the construction market, which accounts for 42 percent of total steel demand, will be the hardest hit. The auto market, whose steel consumption accounted for 18.5 percent, is also likely to be affected, as well as the machinery, home appliances and
Sept. 1, 2016