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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Hanjin Group sheds biggest in market cap from shipping affiliate's downfall
Hanjin Group, whose shipping affiliate filed for court receivership this week, fell five notches in market capitalization rankings this year among the top 30 listed conglomerates, according to the Korea Exchange on Thursday.The group, whose businesses range from hotel operations to flag carrier, had 4.39 trillion won ($3.98 billion) in market cap as of Wednesday, shedding 274.2 billion won. The loss put the group at No. 28 in the rankings, down from No. 23 at the end of last year.The conglomerat
Sept. 1, 2016
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Korea to introduce new license plate for electric cars in Oct.
South Korea will introduce a new license plate for electric vehicles before the end of next month, the government said Thursday, in an apparent effort to further promote environmentally friendly cars.The new license plate will be picked from four designs in a public vote that will last 10 days until next Thursday, according to the Ministry of Land, Infrastructure and Transport."The government will decide which design will be used as a new license plate for electric cars in the popularity vote to
Sept. 1, 2016
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Hyundai Merchant may take over Hanjin Shipping assets
Hanjin sees vessels arrested as it files for court receivership As the days of Hanjin Shipping seem numbered, officials in Seoul are already talking about ways to have its local rival take over any valuable assets the beleaguered shipping firm still has. Jeong Eun-bo, vice chairman of the Financial Services Commission, floated the idea in an emergency meeting early Wednesday morning. Hours later in the afternoon, Hanjin filed for court receivership, seen by many industry insiders as entering the
Aug. 31, 2016
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Shin Dong-joo to be grilled in Lotte Group corruption probe
A court appointed a pro bono organization as guardian of the 91-year-old Lotte Group founder Shin Kyuk-ho, deeming him mentally unfit to carry out business operations.The Seoul Family Court said Wednesday that it appointed The Sun, a nonprofit affiliate of a law firm led by former Seoul High Court head Lee Tae-woon, as Shin’s guardian. Under a limited guardianship, The Sun will have the power to make certain decisions on behalf of Shin.The request for adult guardianship for Shin was filed last D
Aug. 31, 2016
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Hyundai Merchant may take over Hanjin Shipping assets
As the days of Hanjin Shipping seem numbered, officials in Seoul are already talking about ways to have its local rival take over any valuable assets the beleaguered shipping firm still has. Jeong Eun-bo, vice chairman of the Financial Services Commission, floated the idea in an emergency meeting early morning Wednesday, while Hanjin’s board of directors voted to file for court receivership. “With Hanjin Shipping filing for court receivership, there is a worrying view that Korea’s shipping indus
Aug. 31, 2016
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‘Interpark hack was spearphishing scam’
A strategy known as spearsphishing was used in the hacking incident that leaked the personal information of over 10 million consumers registered with e-commerce site Interpark, according to the ICT Ministry and the Korea Communications Commission on Wednesday.According to the two agencies, the Interpark hack leaked over 26.6 million pieces of personal information. The hacker used a spearphishing scam, which targeted one specific employee to spread malware throughout Interpark’s network servers a
Aug. 31, 2016
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[DECODED] Celltrion to face stiff competition in biosimilars business
South Korea’s Celltrion is one of the hottest companies to watch in the biopharmaceuticals world, with soaring share prices and rising expectations, but it may soon find itself being chased by competitors.Founded in 2002, the Korean drugmaker is considered a pioneer in the world’s emerging market for biosimilar drugs -- cheaper, near-replicas of expensive biologic drugs that have lost patent protection.Researchers work at a Celltrion lab. (Celltrion)Having jumped into the field earlier than othe
Aug. 31, 2016
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S-Oil offers scholarship for children of deceased firefighters
Seventy children of firefighters who died while on duty received a total of 210 million won ($187,869) in scholarship funds from Korea’s third-largest oil refiner S-Oil to support their academic studies, the company said Wednesday.This year the refiner delivered 3 million won ($2,711) to each recipient at the Yeongdeungpo Fire Station in Seoul, as part of its annual scholarship program for children of fallen firefighters. S-Oil president Kim Dong-cheoul (center) poses with student recipients dur
Aug. 31, 2016
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Posco completes first automotive steel plate plant in Thailand
RAYONG, Thailand -- Korea’s biggest steelmaker Posco on Wednesday completed its first automotive steel plate plant in Thailand as part of moves to expand the steel business in the Southeast Asian market. The company built a continuous galvanizing line plant named Posco-Thailand Coated Steel with an annual capacity of 450,000 tons in Amata City Industrial Estate in Rayong province, 140 kilometers southeast of Bangkok. The steelmaker broke ground for the plant in the heart of Thailand’s automotive
Aug. 31, 2016
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DSME head visits Europe to calm shipowners' concerns
Cash-strapped Daewoo Shipbuilding & Marine Engineering Co. on Wednesday said its president is visiting Europe in a bid to help dispel shipowning firms' concerns over its financial health.Daewoo Shipbuilding said CEO Jung Sung-leep left Seoul for northern Europe on Monday to hold meetings with major shipowners, during which he will brief them on the company's current state and assure them that vessels and offshore platforms will be delivered without delay."Concern is growing among shipowners on n
Aug. 31, 2016
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Korean airlines cut emissions by 287,000 tons in H1
South Korean airlines reduced their greenhouse gas emissions by over 280,000 tons in the first half of the year, cutting their use of fuel in the process, which reduced the travel cost for passengers, the government said Wednesday.Under a voluntary agreement, seven South Korean flag carriers, including industry leaders Korean Air Lines Co. and Asiana Airlines Inc., reduced their combined greenhouse gas emissions by 287,000 tons from the business as usual levels in the first six months of the yea
Aug. 31, 2016
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Korea's business sentiment climbs to 4-month high for Sept.
South Korean companies' business sentiment for the upcoming month rose sharply from a month earlier, but a majority of local firms continued to hold a negative outlook due to weak demand at home and abroad, a survey showed Wednesday.The business survey index for September came to 95, the highest level since 102.3 registered in April for the following month, according to the Federation of Korean Industries.The monthly index is based on a survey of 600 largest companies here. A reading below 100 m
Aug. 31, 2016
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Korea's manufacturing sentiment to improve next month
South Korean manufacturers' business sentiment will improve next month as they expect a slight recovery in domestic demand and exports, central bank data showed Wednesday.The business survey index of manufacturing firms here came to 74 for the upcoming month, up from 71 for August, according to the Bank of Korea.A reading above 100 means optimists outnumber pessimists, while a reading below the benchmark means the opposite.An index measuring local firms' sentiment toward exports came to 87 for S
Aug. 31, 2016
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Herald adopts cloud system, eyes digital era
Herald Corp. CEO Lee Young-man (right) poses with Lee Han-joo, CEO of Hostway IDC, Inc. at Herald‘s headquarters in Yongsan, Seoul, Tuesday. Lee Sang-sub/The Korea HeraldHerald Corp. said Tuesday it will adopt a cloud computing system to better serve mobile users. As well as benefiting from stable management of corporate networks and servers, the company plans to use the system to analyze big data and create quality news, it added. “As the cloud system greatly enhances data expandability, we exp
Aug. 30, 2016
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Mirae Asset’s overseas bond fund grows popular
The overseas bond fund managed by Korea’s leading Mirae Asset Financial Group is drawing attention amid the prolonged global economic slowdown, group officials said Tuesday.Mirae Asset’s Global Dynamic Fund is an overseas bond fund that distributes investors’ money to gilt-edged securities from developed and developing countries. Through a globally spread research network, the product makes money from company stocks and mortgage backed securities to high yield bonds and mortgage funds, the compa
Aug. 30, 2016
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[DECODED] Founder’s era continues at Celltrion
Celltrion founder and CEO Seo Jung-jin stepped aside for more professional management of his phenomenally successful bio venture last year, but few in Korea think his era is over.The 59-year-old entrepreneur, who started the pharmaceutical firm in 2002 with 50 million won ($44,400) and very little prior knowledge of drugs, still has a firm grip on the business through personal holdings of company stocks and a team of close confidants among top management. “Celltrion shares are widely dispersed.
Aug. 30, 2016
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Homeplus vows to create fair business environment
Homeplus, a local discount store chain, said Tuesday that it would create an environment for fair trade and improve the quality of products and services to restore its brand value and woo customers.In a show of confidence, the retail company has changed its foundation day from May 1999 to Sept. 4 1997 when it opened its first store in Daegu. Homeplus was established in 1999 by British retail giant Tesco in coordination with Samsung C&T. Homeplus‘ Gangseo branch opened after renovation last Apri
Aug. 30, 2016
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LIG Nex1 to establish cybersecurity research center
LIG Nex1 Co, a South Korean aerospace manufacturer and defense company, plans to establish a joint research center with a top university to develop core technology for cyber warfare, the company said on Tuesday. LIG Nex1 signed an agreement with Korea University on Tuesday to launch the Cyber War Technology Joint Research Center, which will combine the 40-year-old defense company’s technology and experience with Korean University’s research capability. LIG Nex1 CEO Lee Hyo-koo (LIG Nex1)“Cyberat
Aug. 30, 2016
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Hana Financial Investment issues new high-yield RP
Korea’s Hana Financial Investment is seeking to attract new customers and activate idle money by issuing a high-yield repurchase agreement, or RP, the firm said Tuesday. The RP product, which consists of securities with an annual interest rate of 3 percent before tax, is valid until March 30, 2017. The suggested interest rate is higher than the central bank’s 1.25 percent base rate, the company said. A model promotes a repurchase agreement with 3 percent interest rate issued by Hana Financial In
Aug. 30, 2016
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Galleria Department Store celebrates anniversary with discounts
Galleria Department Store celebrates anniversary with discountsHanwha Group’s retail unit Hanwha Galleria is celebrating the 37th anniversary of its first department store opening, providing various promotional events until Oct. 1, the company said.Hanwha Galleria opened its very first Galleria Department Store in September 1979 in Apgujeong, southern Seoul, known as one of country’s most luxurious and affluent neighborhoods.With Wtih the event Family Party underway, customers can receive a 5 pe
Aug. 30, 2016