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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BTS-themed moon jar to be unveiled on Hangeul Day
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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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Yoon set for talks with Marcos in Philippines
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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Korea reports 8.5% rise in suicide rate
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Imported beers enjoy boom amid summer heat
Beer sales are soaring this summer as South Korean drinkers strive to fight the choking heat wave gripping the Korean Peninsula for weeks, industry data showed Friday.Local drinkers have shown particular enthusiasm towards imported beers this year due to the options of various flavors and a flurry of discount events, they said.Discount and convenience stores nationwide reported a steep jump in sales of imported beers, compared with far slower sales growth of mostly lager-dominated domestic beers
Aug. 12, 2016
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Watchdog probing Hanjin's inter-affiliate transactions
The antitrust watchdog has been investigating transactions between affiliates of Hanjin Group, South Korea's 15th largest conglomerate, to figure out whether children of the group's chairman took undue profits from unfair business practices, officials said Thursday. The investigation by the Fair Trade Commission focuses on transactions between Uniconverse, an IT service provider under Hanjin Group, and CyberSky, which operates an online duty-free shopping mall for Korean Air Co. It is the group'
Aug. 11, 2016
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[Obituary] Mother of Hanwha chairman passes away
Kang Tae-young, wife of Hanwha Group founder late Kim Jong-hee and mother of group chairman Kim Seung-youn, passed away Thursday morning. She was 90.Kang was born in 1927 in Korea’s western port city Pyeongtaek, Gyeonggi Province. She married the late Kim in 1946 after graduating from high school in Suwon.Kang Tae-young (Hanwha Group)Hanwha, formerly Korea Explosives, was established in 1952, and Kang is known for her dedication to the company’s prosperity.In the initial stage of its growth, in
Aug. 11, 2016
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[Industry 4.0] Korea eyes additive manufacturing industry
As a latecomer to the global additive manufacturing industry, South Korea is striving to boost technology and cultivate expertise in the market, despite lack of human resources and investment. According to the Korea Institute of Science and Technology Information, the local additive manufacturing industry was worth 59 billion won ($54 million) in 2014 and 82 billion won in 2015. This year, it is expected to exceed 116 billion won. Neurosurgeon Kwon Jeong-taik performs a surgery to transplant a
Aug. 11, 2016
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30 of 51 overseas investments by KEPCO suffered deficit: data
A number of Korea Electric Power Corp.’s investment corporations in foreign countries were found to have suffered deficits, a report showed Thursday.According to corporate tracker Chaebul.com’s data, 30 out of 51 overseas investment corporations recorded business losses last year, making up 60 percent of the total. (Yonhap)Total assets of the 51 investment corporations stood at 28.9 trillion won ($26.2 billion), while net profit was 234 billion won last year, accounting for 0.8 percent of total
Aug. 11, 2016
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JTI to unveil new design of bestselling tobacco
Global Tobacco brand JTI will relaunch its premium million-seller tobacco Mevius, with a significant change to its packaging design, the company said Thursday.The upgraded design features an arc that represents the fundamentals of modernity and dynamics, and embossed textile to give a pleasant sense of texture, according to the company. Newly launched Mevius tobacco set (JTI Korea)The new tobacco set contains four different varieties -- Original, Sky Blue RB, Sky Blue soft pack and Wind Blue. Th
Aug. 11, 2016
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‘Korean nuclear power plants safe from earthquakes’
Korean nuclear power plants are constructed to be safe from earthquakes, the state-run electric power company said, amid concerns over the safety of such facilities after an earthquake here last month. Korea Hydro and Nuclear Power Co. said all nuclear power plants including those in Wolseong and Gori were designed to be earthquake-resistant even if earthquakes of over magnitude 6.5 hit the plants. Construction is underway on the foundation rock where the nuclear reactor of the nuclear power pla
Aug. 11, 2016
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K-ITC Born2Global Center and its Members ⑧ Redtable
Business agreement signed with China’s leading travel agency to offer food travel packages and culinary information tailored to local tastesRedtable, a global restaurant platform, announced on Aug. 8 that it signed an agreement with China’s leading travel agency, Ctrip, earlier this month to launch a joint venture for providing restaurant travel packages. This will enable future Chinese tourists traveling to Seoul to choose and purchase culinary travel packages based on the preferences of locals
Aug. 11, 2016
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Convenience stores, fast food chains flourishing from solo diners
Convenience stores and fast food chains have rapidly grown in South Korea in line with a rising number of people who dine or drink alone, while pubs have been on a steady decline, data showed Thursday. Among 1.46 million who owned small retail businesses, 32,096 operated convenience stores as of May, up 11.6 percent from a year earlier, according to the data compiled by the National Tax Service.Industry officials attribute a continuous rise in single-person households to their fast expansion, ci
Aug. 11, 2016
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Chief of Audi Volkswagen Korea summoned over emissions scandal
State prosecutors on Thursday summoned the local chief of German carmaker Volkswagen to question the executive over irregularities committed by the automaker in South Korea. Johannes Thammer appeared before the Seoul Central District Prosecutors' Office on charges of getting involved in fabrication of reports on noise level, fuel efficiency and emissions results to obtain approval from the local authorities. "Fist of all, I want to say that I am sorry for the situation and we will do everything,
Aug. 11, 2016
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Lotte Chemical chief summoned over tax corruption
The chief of Lotte Chemical Corp., the chemicals maker of retail giant Lotte, was summoned by prosecutors Thursday to face questioning over a string of irregularities, including alleged tax corruption.Huh Soo-young appeared before the Seoul Central District Prosecutors' Office over allegations of lobbying the local tax authorities and engaging in the company's unlawful suit against the government."I will fully cooperate with the prosecution," he told reporters before entering the prosecutors' of
Aug. 11, 2016
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Bizmen again seek gov't approval to visit joint factory park
A group of South Korean businessmen on Thursday said they plan to ask the government again to approve their plan to visit the now-shuttered joint industrial park in North Korea.Businessmen said there is a pressing need to visit North Korea to check their facilities at the Kaesong Industrial Complex, which was shut down six months ago.Previously, the group made two similar requests to Seoul's unification ministry, but the government rejected them, saying the move is not proper as the internationa
Aug. 11, 2016
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[Graphic News] Impact of aging population on Korean economy
Korea‘s gross domestic product is projected to shrink 8 percent in the next 10 years, as the population’s rapid aging takes the steam out of the economy, a local think tank said Tuesday. In its report, Korea Economic Research Institute estimated that a 1 percentage point growth in the proportion of people aged 65 in the total population leads to a 0.97 percent drop in gross domestic product. As Korea is projected to enter by 2026 the stage of a “super-aged society,” where over 20 percent of the
Aug. 10, 2016
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Households pay 1.5 times more for electricity in summer: data
Korea’s state-run power company collected nearly 900 billion won ($823 million) in August last year from household users, 1.5 times more than the monthly average charged for electricity use in spring and fall, data showed Wednesday. According to the Korea Electric Power Corp, the company charged 885 billion won for household users, nearly 60 percent higher than bills levied in October worth 556 billion.A salesperson introduces air conditioners to a customer at a store in Seoul. (Yonhap)In contra
Aug. 10, 2016
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Seoul unveils W2.2tr plan to nurture AI, future tech
Korea will invest 2.2 trillion won ($2.01 billion) over the next 10 years to nurture future technologies, including artificial intelligence, virtual reality and automated driving, the government said Wednesday. The plan, endorsed at a meeting presided over by President Park Geun-hye, entails nine projects receiving a total of 2.2 trillion won in governmental and private investments by 2026, as “new growth engines” in the Korean economy. (123rf)The sectors for future growth are autonomous vehicle
Aug. 10, 2016
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‘Samsung Electronics trails behind in infotainment development’
Samsung Electronics is trailing behind other global firms in in-vehicle infotainment patents, an industry report said Wednesday.According to IP Wacthdog, the Korean electronics giant ranks No. 8 in terms of the number of U.S. patents in the car infotainment field, making up 3.9 percent of the total. GM ranks No.1, owning 21.4 percent of all related patents, followed by Porsche and Ford. In-vehicle infotainment refers to IT technology that allows drivers to use navigation, phone calls and other
Aug. 10, 2016
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First-ever Korean chartered flight lands in Scotland
The first-ever Korean chartered flight landed in Glasgow, Scotland on Aug. 5, opening a fresh and convenient travel experience for Korean customers, a local company Hanjin Travel said Wednesday.Hanjing Travel, an affilate of the nation‘s largest air carrier Korean Air, also plans to send two more from Incheon Airport to Glasgow Airport on Aug. 12 and 19, the company said. Kwon Oh-sang, ceo of Hanjin Travel (center) recieves warm welcoming from locals at Glasgow International Airport, Scotland. (
Aug. 10, 2016
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BMW to recall over 10,000 cars over defects
BMW Korea will recall 11,968 cars sold here after a defect was found in their baby seat latch, the transportation ministry said Wednesday.According to the Ministry of Land, Infrastructure and Transport, the cars ISOFIX baby seat latch may break under repeated stress and thus become unable to hold the baby seat safely in place.The recall affects 11 models, including X3 and xDrive20i, produced between Nov. 19, 2010 and April 15, 2016. Owners of the cars can get their vehicle fixed at BMW Korea ser
Aug. 10, 2016
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One in 3 conglomerate subsidiaries survive on intragroup deals
Nearly one out of every three subsidiaries of large conglomerates here depend on intragroup transactions for a greater part of their overall sales, a report showed Wednesday, indicating many firms and their owners may be engaged in inappropriate, if not unlawful, means to boost their personal wealth. According to the report from market research firm Chaebul.com, 261 or 28.2 percent of 926 companies affiliated with the country's top 20 conglomerates had more than 50 percent of their sales come fr
Aug. 10, 2016
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Duty-free stores post dull Q2 earnings
Major duty-free store operators in South Korea posted lackluster earnings in the second quarter as tougher competition and rising marketing costs eroded their profitability, data showed Wednesday.Foreigners' local duty-free shopping has rebounded this year after a dismal drop last year from the outbreak of a contagious respiratory disease, but operators saw profitability worsening due to heavy marketing costs and commission payments to lure more shoppers. Hanwha Galleria Timeworld Co., which ope
Aug. 10, 2016