Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Yoon set for talks with Marcos in Philippines
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Korean bands get their day in the sun, finally
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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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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Firefighters’ 3,000 won meals spark nutrition concerns
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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Injured captain Son Heung-min dropped from nat'l team for World Cup qualifiers
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Excessive red tape forces local firms to remain small: report
Despite years of government efforts to remove regulations that hinder investment and employment, too many old and new regulations continue to discourage business activities in South Korea, some even discouraging local firms from expanding their size, a report said Wednesday.According to the report from the Federation of Korean Industries, a business lobby that represents the country's top 600 companies, large firms were currently subject to 81 separate regulations under 39 laws as of end-July.Th
Aug. 3, 2016
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Korean exporters still face growing protectionism
South Korean companies are confronted with growing trade barriers in overseas markets as major economies toughen import rules amid a protracted economic slowdown, industry sources said Wednesday.As of the end of July, South Korean products were affected by 179 anti-dumping measures, safeguards and other import regulations worldwide, according to the sources and the state-run Korea Trade-Investment Promotion Agency.In the first seven months of this year alone, 24 new complaints involving import r
Aug. 3, 2016
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Korea's homegrown drug set to post record sales
Annual sales of a diabetes drug manufactured by LG Life Sciences Ltd., the pharmaceuticals unit of South Korea's LG Group, are likely to exceed 50 billion won ($44.9 million) this year, the drug firm said Wednesday.It would mark the first time for the annual sales of a single homegrown drug to breach the 50 billion-won mark.The combined sales of Zemiglo , which was approved as the nation's 19th new drug in 2012, and its composite drug Zemimet came to 23.7 billion won in the first half of the yea
Aug. 3, 2016
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CJ’s 4DX theaters make inroads in U.S.
LOS ANGELES -- CJ CGV, the multiplex chain operating arm of CJ Group, said Wednesday it has signed a contract with Regal Entertainment Group, the largest movie theater operator in U.S., to increase the number of the homegrown 4DX theaters to 20 by the end of 2018.The 4DX theaters, developed by CJ in 2009, provide various sensory effects, including scented mist, seat motion and vibration, as well as splash of water while watching the film. Moviegoers enjoy watching film at 4DX theaters. (CJ CGV)
Aug. 3, 2016
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[Graphic News] Korean firms’ lifespans shrinking : survey
The average duration Korean manufacturers expect their firms to last is growing shorter, as they suffer from falling profitability amid the prolonged economic slowdown at home and abroad, a survey showed Monday.Korean firms’ average expected longevity was 8.4 years, according to a poll by the Korea Chamber of Commerce and Industry of 2,400 manufacturers across the nation Electronics-makers forecast the shortest lifespan, while textile producers had the longest. Nearly half of the respondents sai
Aug. 2, 2016
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Korean city to hike seedless watermelon exports to Japan
The South Korean city of Jeongeup has drawn up a plan to increase its seedless watermelons to Japan this year on the back of their growing popularity in the neighboring country, the municipal government said Tuesday.The municipal government said it will ship 128 tons of its "Danpoong Mi-in" (Maple Beauty) seedless watermelons to Japan in the second half of the year, compared with 40 tons in the first half of the year. (Yonhap)The 40 tons marked a 2.3-fold increase from the same period last year,
Aug. 2, 2016
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DSME liquidity concern eases
Daewoo Shipbuilding and Marine Engineering is to receive $470 million from four ship owners earlier than expected, easing concerns about the liquidity of the money-losing shipbuilder, industry sources said Tuesday. The plan was disclosed ahead of the upcoming expiry of its corporate bill, according to the sources. The Korean shipbuilder said that the four ship owners agreed to make payments earlier than expected and they are expected to do so no later than next month. Another client company that
Aug. 2, 2016
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S-Oil supports Korean team at Rio Paralympics
Korea’s third-largest oil refiner S-Oil provided financial support for the Korean national team for the Rio 2016 Paralympics as part of its continuous efforts to raise awareness for the event, the company said Tuesday. S-Oil CEO Nasser al-Mahasher presented 100 million won ($90,200) at the inaugural ceremony for the 2016 Paralympics national team, held in Seoul. The financial support is aimed at boosting the national Paralympics team’s pride and widen the awareness of the event, it added. S-Oil
Aug. 2, 2016
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Foxconn joins bidding war for Tongyang Magic
Taiwan’s Hon Hai Precision Industry, more widely known as Foxconn, is joining a bidding war to acquire Tongyang Magic, a South Korean appliance maker whose key business includes water purifier rental service. According to news reports on Tuesday, Foxconn has recently hired a global securities firm as the deal advisor. The deal is expected to be carried out through Japan’s Sharp that the company acquired in April. “Foxconn sees business synergies among its manufacturing prowess, Sharps’ brand pow
Aug. 2, 2016
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Yanolja aims to elevate Korea's motel industry
Yanolja, a South Korean motel booking app operator, on Tuesday said it will lead the way in transforming public perceptions of local motels from unclean, shabby spaces for sex to high-quality, affordable lodging options for locals and foreigners.While Westerns perceive motels as simplistic, cheap lodging facilities, Koreans have long considered motels -- often referred to as “love motels” here -- as private spaces rented usually for the objective of sex, rather than for accommodation.Yanolja fou
Aug. 2, 2016
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Korea to build more public EV charging stations
The South Korean government on Tuesday announced plans to invest a total of 200 billion won ($181 million) into building more public charging stations for electric vehicles, with the aim to nurture the growth of the local EV market. The Ministry of Trade Industry and Energy and the state-owned Korea Electric Power Corp. plan to build 150 public charging stations in Seoul, Jejudo Island and other parts of the country by the end of this year. The 150 public charging stations -- 60 in Seoul, 60 in
Aug. 2, 2016
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‘Naver tops e-commerce market’
South Korea’s portal giant Naver ranked No.1 in the nation’s electronic commerce platform, Mirae Asset Securities said Tuesday.The brokerage said in its report that Naver took nearly 20 percent of the market share in the second quarter of this year mainly thanks to its diversity of shopping channels and its easy-to-use online payment system.Naver’s total e-commerce revenue for the cited period reached 80.8 billion won, a 21.1 percent increase from the first quarter, according to the report.Mirae
Aug. 2, 2016
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Outbound travelers jump over 40% in July
The number of South Koreans going overseas for vacation jumped more than 40 percent on-year in July as more people flock to foreign destinations despite a prolonged slump in domestic demand, industry data showed Tuesday.Hana Tour Co., the nation's leading tour agency, said the number of its clients going abroad came to 289,000 last month, up 43.3 percent from the same month last year.China was the destination that saw the biggest on-year jump with 92.3 percent, followed by Japan with 48.3 percen
Aug. 2, 2016
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Builders fare poor in H1 on weak overseas business
Major South Korean construction companies posted lackluster orders in the first half of this year as they fared poor in overseas markets amid low oil prices, industry data showed Tuesday.According to the data, eight out of the country's top 10 construction firms by building capacity posted first-half orders that hovered well below half their yearly targets. The remaining two have not disclosed their 2016 order goals.Of the eight builders, six registered orders that amount to some 30 percent of t
Aug. 2, 2016
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[Graphic News] Hyundai-Kia tops domestic output proportion
Hyundai Motor Group beat global rivals in terms of the percentage of vehicles produced in its home country last year, with nearly 45 percent of its cars produced locally, a carmakers’ business lobby said Sunday. The combined proportion of domestic output for Hyundai Motor Co. and its sister company Kia Motors Corp. was 44.8 percent, the highest among the world’s top five carmakers by sales, according to data from the Korea Automobile Manufacturers Association. Hyundai Motor and its 34 percent-ow
Aug. 1, 2016
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CJ Foodville to open character exhibit at N Seoul Tower
CJ Foodville on Monday said it is opening a new character exhibition at the “N Seoul Tower” located in central Seoul, showcasing famous characters such as Hello Kitty and Marvel Comics heroes. CJ will operate two exhibits — “Hello Kitty Island” showcasing diverse Hello Kitty-themed exhibits and activities and the “Ssentoy Museum & Showroom” featuring limited-edition animation figures, Marvel heroes and diverse spaces that utilize virtual reality technology.“We decided to open this character exhi
Aug. 1, 2016
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Purchase limits at tax-free shops dampen cosmetics sales outlook
The recent decision by the South Korean customs agency to impose a purchase limit at the country’s tax-free outlets is dampening the sales outlook for local cosmetics firms which generate a major part of their sales via duty-free channels. On July 11, the Korea Customs Service notified all Korean duty-free operators -- including Lotte, Shilla and Shinsegae -- to limit the number of purchases made by each customer to 50 cosmetics and perfume products, and 10 bags and watches at each brand. Touris
Aug. 1, 2016
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Issues over DSME-Sonangol contract to be cleared up
Speculation is growing that the takeover problem of the Sonangol project is expected to be clear no later than this week, determining whether Daewoo Shipbuilding and Marine Engineering will be able to receive the scheduled contract fee, sources said Monday. In October 2013, Angola’s state-run oil company Sonangol placed an order for two drill ships with the Korean shipbuilder with $1.2 billion. Sonangol initially agreed to pay 80 percent of the contract fee -- $990 million --when it takes over t
Aug. 1, 2016
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Duty-free sales nearly double on-year on tourism boom
Sales of duty-free products nearly doubled last year’s levels due to the recovering tourism industry and continued high spending by Chinese tourists, data showed Monday.According to data from Statistics Korea and the Korea Customs Service, duty-free sales this June were 94.1 percent higher than June last year. Tourists shop at Lotte Duty Free in Sogong-dong, Seoul. (Yonhap)“The numbers may be a bit misleading, because sales were so low last year because of the Middle East Respiratory Syndrome s
Aug. 1, 2016
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Korean Air hits record for in-flight meals
Korean Air made the largest number of in-flight meals in its history on Saturday, the company said Monday.On Saturday, Korean Air produced 84,936 meals, breaking its record of 77,339 meals on Aug. 1 last year. This shows that a record number of passengers has been flying out of Korea. Korean Air flight attendants pose with in-flight Korean cuisine meals. (Korean Air)In-flight meals are produced at facilities in Incheon International Airport and Gimpo International Airport. Korean Air provides m
Aug. 1, 2016