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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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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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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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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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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Nature Republic seeks to revive, first in US
[THE INVESTOR] Nature Republic, the Korean cosmetics brand that focuses on promoting a healthy lifestyle, is set to open two more stores in the US and expand its overseas presence. The company was recently mired in a scandal involving its founder and CEO Jung Woon-ho. He has been in prison for eight months on charges of embezzlement and breach of trust for gambling overseas, and caused a political upheaval allegedly spending billions of won in lobbying for a lenient sentence.Nature Republic stor
July 20, 2016
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Hyundai Mobis sets up distribution center in Belgium
Hyundai Mobis Co., the auto parts unit of Hyundai Motor Group, said Wednesday that it has set up a new distribution center in Belgium in the latest efforts to reduce lead time for its customers.The 56,000 square-meter facility will also serve as a logistics hub for Britain, Germany, Spain, Italy, Sweden and Hungary, the top Korean auto parts maker said.The new facility could shorten lead time -- the time it takes for customers to get their parts -- by more than two days.Previously, the auto part
July 20, 2016
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Korea working to keep foreign financial firms from leaving
Korea's top financial regulator on Wednesday said it will step up efforts for "communication" with foreign banks and other financial services firms to help resolve their troubles in doing business here."It's worrisome that the branches of some foreign financial companies have withdrawn or scaled down their operations," said Jeong Eun-bo, vice chairman of the Financial Services Commission.He was meeting with a group of CEOs of foreign financial firms.There are various reasons for those foreign of
July 20, 2016
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Hyundai Elevator launches in Turkey, gearing up for Europe
[THE INVESTOR] Hyundai Elevator has signed a joint venture agreement with Turkey’s STFA Group in Istanbul on July 19 local time to launch its local operations, it announced on July 20. The Korean company has taken over 51 percent stake in the Turkish group’s subsidiary HMF Asansor and will launch Hyundai Elevator Turkey, aiming to develop the country as “the second home market” and make inroads into Europe as well. Hyundai Elevator headqarter in Ichon“It will top the country’s market share and
July 20, 2016
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Hyundai Motor, Hyundai Heavy workers stage strike for 2nd day
Tens of thousands of workers at Hyundai Motor Co. and Hyundai Heavy Industries Co. downed tools for the second day of partial strikes on Wednesday, pressing the companies to accept their demands for a pay raise, better working conditions and a halt in tough restructuring moves.About 15,000 unionized workers at Hyundai Motor, the country's top automaker, walked off the job for four hours from 11:30 a.m. at the company's plant in Ulsan and other facilities. On Tuesday, they also launched a four-ho
July 20, 2016
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Starbucks drinks to sell for half price between Thurs-Sat
Drinks at Starbucks will sell for half price during the company’s 17th year anniversary event period this week, Starbucks Coffee Korea announced on Wednesday.The “Happy Hour” event will be held from Thursday to Saturday, between 3 p.m. and 5 p.m. at more than 900 Starbucks stores nationwide in Korea. (123RF)Exceptions to the event are stores at leisure complexes Vivaldi Park Ocean World and Phoenix Park, as well as expressway service station Majang Premium. Non-barista-made drinks such as Starbu
July 20, 2016
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KEPCO to use utility poles as electric vehicle charging stations
Korea's state-run power supplier has devised a way to use utility poles as charging stations for electric vehicles, drastically cutting installation costs, its officials said Wednesday.Working with an idea submitted by one of its employees, the Korea Electric Power Corp. said it will conduct a trial test within this year in the southeastern city of Busan. A memorandum of understanding will be signed with the city on July 28, officials said. (Yonhap)The pole-mounted EV charger, being developed fr
July 20, 2016
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NPS' reliance on Samsung stocks grows
The value of Samsung Group shares owned by Korea's state pension fund jumped to 24.2 trillion won ($21.2 billion) in the first half of the year, reaching a quarter of its total investment in the local stock market, data showed Wednesday.The National Pension Service, which manages the world's third-largest public fund, allocates around 100 trillion won in its home market. (Yonhap)The NPS had 5 percent or more of a stake in 98 firms of Korea's 30 largest business groups, totaling 62 trillion won i
July 20, 2016
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Korean-made trainers to be supplied to Senegalese air force
Korea Aerospace Industries Ltd. said Wednesday that it will export its basic trainer to Senegal, the first such deal in the African market. "We decided on Friday to supply four KT-1 basic trainers to the Senegalese air force," KAI, the country's sole aircraft manufacturer, said in a notice released late Tuesday. (Yonhap)The export will increase the accumulated number of the propeller-driven trainers shipped abroad to 81 as it has already sold 17 to Indonesia, 40 to Turkey and 20 to Peru."Talks b
July 20, 2016
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Korean firms in Vietnam falling short in profitability: KOTRA
Korean firms operating in Vietnam have yet to yield profits expected of the amount of investment they have made in the emerging market, a trade report released Wednesday said.Korean companies invested an aggregate total of $15 billion in Vietnam as of the end of last year, the third-largest amount in a foreign country, according to the Korea Trade-investment Promotion Agency. The rate of operating profit was 2.3 percent and net profit 0.6 percent, falling short of the 3.4 percent average for ope
July 20, 2016
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[DECODED] Samsung, a giant in transition
A big question mark hangs over Korea’s top conglomerate, the Samsung Group.With its chairman Lee Kun-hee ill and bedridden for the past two years, succession looms large at the colossal corporate empire, which alone accounts for roughly a fifth of the nation’s economy. The market knows who the successor is -- Lee’s only son Jae-yong -- but has little clue as to what steps the group will take to pass on control to him. Samsung Electronics vice president Lee Jae-yong (Bloomberg)To be sure, Lee Jae
July 19, 2016
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[DECODED] Timeline of Samsung reorganization since 2013
July 19, 2016
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SKT bets big on connected car platform
[THE INVESTOR] Following its failed attempt to take over cable firm CJ HelloVision earlier this week, network carrier SK Telecom said that it would instead put more focus on the connected car solutions business. The company made its car navigation app T-map available to all mobile subscribers of its rivals KT and LG Uplus on July 19.KT and LG Uplus subscribers can now use the app for free. T-map boasts 18 million subscribers, among which around 8 million use it on a monthly basis.“The decision t
July 19, 2016
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BITComputer to provide telemedicine system to Mongolia
[THE INVESTOR] BIT Computer has received a 2 billion won (US$1.76 million) order to supply telemedicine system from the Mongolian government, it announced on July 19. The government is building a new National Diagnostic and Treatment Center in its capital Ulaanbataar and aims to provide remote medical treatment in cooperation with 12 medical facilities nearby. The company already has won the contract for information system for the state hospital. BIT Computer is a leader in medical information m
July 19, 2016
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Hyundai Heavy clinches additional ITER component deal
[THE INVESTOR] Hyundai Heavy Industries has won an additional contract to supply two vacuum vessel sectors, the key component of the multibillion-dollar project International Thermonuclear Experimental Reactor, the company said on July 19. Under the US$101.6 million deal, HHI will build two of the nine vacuum vessel sectors (No.7 and 8) that make up the main body of the ITER, the world’s largest nuclear fusion machine being built in Cadarache, southern France. Each vacuum vessel sectors measures
July 19, 2016
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DSME faces more lawsuits from investors
Daewoo Shipbuilding and Marine Engineering faced three additional compensation lawsuits from institutional investors over the massive accounting fraud, following the first one earlier this month, sources said Tuesday. Government Employees Pension Service and Teachers’ Pension filed the lawsuit against the ailing company for compensation of some 22 billion won ($19 million). Korea Post also separately sought 400 million won in compensation. This has led to over 70 billion won in compensation laws
July 19, 2016
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Hyundai Motor, HHI unions strike
The unions of Hyundai Motor and Hyundai Heavy Industries on Tuesday launched a partial strike against the rupture of the wage negotiation. Two shift teams of the carmaker union staged the strike for two hours each while the heavy industries union did for three hours. This is the first collective strike of the two unions in 23 years when the federation of Hyundai Group’s unions launched it in 1993. The two unions hold a press conference before staging a collective strike in Ulsan, Tuesday. (Yonha
July 19, 2016
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British Airways and KTX offer Busan-London package
British Airways signed an agreement Monday with KTX, Korea’s express train operator, and the Busan Tourism Office to make travel from Busan to Europe easier, the airline said.The agreement, which takes effect on Oct. 1, will allow travelers in Busan to take British Airways’ flights out of Incheon, after taking a KTX train directly from Busan to Incheon International Airport. Until now, many flyers of British Airways had taken a domestic flight from Busan as a stopover before taking off from Inch
July 19, 2016
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Shake Shack vows original quality in Korea
Ahead of the opening of Shake Shack's first outlet in South Korea this Friday, its Korean licensee SPC Group vowed to make the brand available locally at the same quality and pricing scheme it boasts abroad. Shake Shack and SPC Group on Tuesday shared their collective vision and agenda for the burger brand’s business in Korea during a press conference at Shake Shack’s first store near Gangnam Station in southern Seoul.Shake Shack’s first outlet in Seoul near Gangnam Station (SPC Group)“In launch
July 19, 2016
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Korea seeks sales ban of Ikea dressers
[THE INVESTOR] South Korea’s Ministry of Trade, Industry and Energy said on July 19 it is considering sales ban of Ikea dressers that are blamed for the deaths of at least six toddlers in falling accidents.The Korean unit of Ikea said it was reviewing the request. Amid the extending recalls around the world, some 100,000 units of the dressers are believed to have been sold in Korea over the past months. The ministry added that Ikea is not making enough efforts to inform consumers about its recal
July 19, 2016