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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KEPCO eyes renewable energy development in Mongolia
[THE INVESTOR] Korea Electric Power Corp., South Korea’s state-run power utility firm, eyes to develop renewable energy with Mongolian and Japanese firms. Cho Hwan-ik, KEPCO CEO, signed a memorandum of understanding with Enkhbold Nyamjav, CEO of Mongolian energy company Newcom Group and Shigeki Miwa, CEO of Japan’s Internet firm SoftBank, to cooperate and make joint investments in the solar and wind power projects in Mongolia, KEPCO said on July 19. (From left) SoftBank CEO Shigeki Miwa, KEPCO C
July 19, 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. To be sure, Lee Jae-yong, Samsung Electronics vice chairman, has been the group’
July 19, 2016
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Air Seoul takes off smoothly
Air Seoul, a budget airline operated by Korea’s second-largest carrier Asiana Airlines, is off to a good start, filling on average 97 percent of seats on its flights, officials said Tuesday.Its route from Gimpo to Jeju saw an average of 96 percent filled seats and its Jeju-Gimpo route saw 98 percent of seats filled between July 11 and 17.Air Seoul (Air Seoul)It currently operates four flights daily between Gimpo International Airport in Seoul and Jeju Airport.The airline also said that 95 percen
July 19, 2016
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CJ chairman drops reappeals in hopes of Park's pardon
Insisting on right to life, CJ Group chairman Lee Jay-hyun on Tuesday dropped appeals to the Supreme Court and requested the prosecution to postpone his imprisonment citing difficulties of continuing treatments in jail.“Chairman Lee’s health condition has deteriorated to an extreme level that put him in a difficult situation both physically and mentally to continue trials,” the group said in a statement. “We have submitted documents to the Supreme Court that he would withdraw appeals today.”CJ G
July 19, 2016
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DSME signs new Navy submarine project
[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering and the Defense Acquisition Program Administration on July 19 signed a contract for exploratory development stage of South Korea’s new submarine development. Under the 70.5 billion won (US$61.99 million) contract, DSME will draw up the basic requirements for the 3,000-ton submarine until the end of 2018. DSME’s tasks include calculating the specifications for the submarine, and determining the materials. The project is part of a larger pr
July 19, 2016
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Korean biosimilars make inroads into Europe
[THE INVESTOR] Propelled by Samsung Bioepis and Celltrion, South Korean biopharmaceutical companies are gaining a foothold in Europe with their biosimilars, cheaper copycat versions of biologics. Celltrion’s Remsima -- biosimilar replication of rheumatoid arthritis treatment drug Remicade -- and Samsung Bioepis’ Benepali -- biosimilar copy of Amgen’s rheumatoid arthritis treatment Enbrel – along with Flixabi, another Remicade biosimilar, are already selling in Europe, one of the world’ largest m
July 19, 2016
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HHI to build training ship for Navy
[THE INVESTOR] Hyundai Heavy Industries will build a 4,500-ton training ship for the South Korean Navy by 2020, the Defense Acquisition Program Administration said on July 19. “A conference on launching the training ship development program was held with officials from Hyundai Heavy, military and other concerned organizations in attendance,” the DAPA said. “The basic development plans, detailed schedule and other elements were discussed.” The DAPA signed on HHI for the 260 billion won (US$ 228 m
July 19, 2016
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Chairman of CJ Group, in custody for tax evasion, drops reappeal
The ailing chairman of Korea's CJ Group, Lee Jay-hyun, who is now in custody on charges of embezzlement and tax evasion, dropped the reappeal on Tuesday, the group said. The decision by Lee, who was sentenced to two and a half years in prison, raised the possibility that he could be included into next month's planned special pardon by President Park Geun-hye.If Lee is included into the planned pardon, his guilt verdict should be upheld. CJ Group, a food and entertainment conglomerate, said Lee d
July 19, 2016
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Hyundai Motor, Hyundai Heavy workers stage simultaneous strike
Unionized workers at Hyundai Motor Co., Korea's top automaker, walked off the job for four hours on Tuesday demanding a pay raise and better working conditions.Last week, a majority of the automaker's some 48,000 unionized workers voted for a strike as their talks with the company's management over a wage increase and other issues were ruptured. (Yonhap)Their partial walkout was staged for two hours from 1 p.m., and unionized workers will go on another two-hour strike from 10:30 p.m.The workers
July 19, 2016
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Former Lotte Chemical chief summoned over irregularities
A former chief of Lotte Chemical Corp., the chemicals maker of retail giant Lotte, was summoned by prosecutors Tuesday to face questioning over the company's alleged fake accounting books.Ki Joon appeared before the Seoul Central District Prosecutors' Office as a suspect as prosecutors widened their investigation into the country's fifth-largest conglomerate early last month."I will tell everything based on facts," he told reporters before entering the prosecutors' office. "Please wait until the
July 19, 2016
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Doosan posts profit in Q2 on restructuring efforts
[THE INVESTOR] Doosan Group, led by chairman Park Jeong-won, posted a profit in the second quarter of the year on the back of stringent restructuring measures.The nation’s 12th largest conglomerate recorded sales of 4.25 trillion won (US$3.72 billion) and an operating profit of 306.3 billion won on a consolidated basis, according to its regulatory filing on July 18. Net profit stood at 181.2 billion won, up 767 percent from the same period in 2015. Sales were down 1.5 percent, but operating prof
July 19, 2016
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Recreational vehicle sales hit 14-year high
The sales of recreational vehicles, such as SUVs and minivans in Korea, reached a 14-year high in the first half of the year, driven by rising demand for such vehicles and diversified models, industry data showed Tuesday.According to the data, the country's five automakers, including Hyundai Motor Co. and Kia Motors Corp., sold a total of 271,523 recreational vehicles in the January-June period, up 8.7 percent from a year earlier. The first-half figure marks the highest since the 266,018 units s
July 19, 2016
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Samsung Electronics' M&As focus on cloud, B2B services
Samsung Electronics' mergers and acquisitions over the past 10 years indicate the tech mogul is betting its business on cloud and business-to-business services, corporate watchers said Tuesday.Samsung pushed through 22 M&As since 2007, including Canada's digital ad startup AdGear in May and U.S. cloud computing firm Joyent in June. Eight of the deals were related to cloud and B2B services.The M&A pace picked up from 2010. Before then, there were only two deals. In May 2012, Samsung acquired U.S.
July 19, 2016
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Seoul to update emissions trading rules
[THE INVESTOR] The government will update the country’s emissions trading system to allocate more permits to industries that claim shortage, Vice Minister of Trade, Industry and Energy Woo Tae-hee said on July 18. “(The Energy Ministry) will work with the Ministry of Strategy and Finance, and related ministries to improve the system,” Woo said. (123rf)“In the mid- to long-term, a support system will be established to encourage the industry to reduce emissions, and improve the system so that (cor
July 18, 2016
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Duty-free sales in H1 top W5tr for first time
[THE INVESTOR] Duty-free stores in Korea performed well in the first half of this year, as a total of 50 outlets recorded sales of 5.77 trillion won (US$5.08 billion), a 26.1 percent increase from the same period last year, according to customs data released on July 18. This is the first time that duty-free sales in H1 have passed the 5 trillion won mark, and if the upward turn continues into the second half, it might reach 12 trillion won, doubling from that of 2011. (123rf)A total of 22 urban
July 18, 2016
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S. Korea to host 8th Asian Business Summit
[THE INVESTOR] South Korea has been selected as host of the eighth Asian Business Summit that is to be held in 2017.The decision was made during this year’s summit on July 16 in Singapore. The Asian Business Summit is an important forum for leading business organizations across Asia to meet and deliberate upon the key challenges, identify new partnership opportunities, as well as build a roadmap for accelerating growth. This year, a total of 24 representatives from 15 corporate organizations in
July 18, 2016
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HHI delivers world’s largest semi-submersible rig
[THE INVESTOR] Hyundai Heavy Industries has delivered the world’s largest semi-submersible drilling rig to a US contract driller last week as scheduled, the company said on July 18. In 2013, HHI won the US$630 million order from Texas-based Diamond Offshore Drilling to build the Ocean Greatwhite that measures 123 meters in length and 78 meters in width. The rig can operate in waters up to 3 kilometers deep and drill down to a depth of 10.67 kilometers from the sea surface. Ocean Greatwhite / HH
July 18, 2016
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FNC Entertainment establishes JV in China
[THE INVESTOR] Korean entertainment agency FNC Entertainment has set up a joint venture with China’s Suning Universal, the entertainment unit of China-based real estate company Suning Group, it announced on July 18.The two sides said they hope the new entity will establish a strong foothold in the Chinese entertainment industry. CNBLUE, a K-pop acoustic band under FNC Entertainment / FNC Entertainment“Our aim is to lead China’s cultural content industry by utilizing FNC’s production skills and S
July 18, 2016
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[Newsmaker] Nexon’s Kim: From classy to notorious
[THE INVESTOR] Kim Jung-ju seemed to have it all.The 48-year-old tech tycoon was born with a silver spoon, with a father who is a lawyer and a mother who majored in piano at the nation’s top university, Seoul National University -- coincidentally Kim’s alma mater too. Kim Jung-ju YonhapIn the ’80s, when personal computers were still a rarity, Kim had the luxury of owning one. While tinkering on it, he decided to become an engineer. At the same time, he was also an accomplished violinist, accor
July 18, 2016
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Doosan Heavy swings to black in Q2
Doosan Heavy Industries Co., Korea's top power equipment maker, said Monday that it swung to the black in the second quarter from a year earlier, aided by increased gains from equity ties with affiliates and tough restructuring moves aimed at reducing costs.Net profit reached 126 billion won ($111 million) in the April-June period on a consolidated basis, compared with a loss of 25 billion won a year earlier, the company said in a regulatory filing.Operating income surged 58 percent on-year to r
July 18, 2016