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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Software maker Hancom eyes 100 bln won in sales in 2016
Hancom Inc., a Korean software maker, has said it is targeting annual sales of 100 billion won in 2016 by reforming itself and moving more aggressively into new emerging markets.The homegrown software firm said it has logged a surplus in sales for 53 quarters in a row and posted 84.9 billion won in sales last year. (Hancom Inc.)"I want to say with confidence that Hancom will achieve the goal of 100 billion won in sales by the end of the year and generate profits worth 15 percent of the total fro
July 18, 2016
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[Monitor] Korea has one car for every 2.4 people
The number of registered cars in Korea has increased by nearly 500,000 in the past six months to exceed 21.4 million vehicles, according to the Ministry of Land, Infrastructure and Transport. This is equivalent to one car registered for every 2.4 Koreans.
July 17, 2016
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Foreign CEO may be hired for HMM revival
[News Focus] Come Aug. 5, Hyundai Merchant Marine will begin a new chapter in its 40-year history, breaking free from Hyundai Group and becoming a subsidiary of Korea Development Bank. The soon-to-be owner is bent on installing a new leadership at the shipping line and is open to hiring a foreign chief executive, according to sources at the state-run lender. “A CEO-recommendation committee is to launch soon, comprising representatives of various related parties,” said a KDB official.The recruit
July 17, 2016
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KB Financial supports young athletes
KB Financial Group is in the spotlight for supporting young Korean athletes as part of its marketing strategies. This includes Park In-bi, one of the world’s best female golf players who was recently selected to be a member of the Ladies Professional Golf Association. The company has helped Korea’s talented sports athletes demonstrate their talents worldwide. KB Financial Group sponsors rhythmic gymnastics player Son Yeon-jae (left), golf player Park In-bi (center) and badminton player Lee Yong-
July 17, 2016
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KITA to push for global MICE center in Seoul
The Korea International Trade Association plans to establish a new venue for global events and exhibitions in Seoul and foster 500,000 small, promising companies by 2030, the umbrella economic organization said Sunday. “We will push for setting up a global-level complex for MICE -- meetings, incentives, conferencing, exhibitions -- in Jamsil, Seoul,” said Kim In-ho, a chairman of KITA, at an event to mark the 70th anniversary in Seoul. KITA’s chairman Kim In-ho speaks to the audience at its eve
July 17, 2016
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Move easily between Incheon and Seoul via AREX
Travelers trying to get from Incheon International Airport to Seoul can do so with ease by using the Airport Express railway system, which can take them directly to Seoul Station. According to data from the Korea Tourism Organization, 98 percent of tourists from English-speaking countries find their way from the airport to Seoul by themselves. Travelers receive information about the airport railroad at the transfer gate at Seoul Station.(AREX)Although there are several ways to get to the city fr
July 17, 2016
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[KOREAN LUXURY] Heaven-grade ginseng roots: Luxury in health food
This is the second installment of a series of articles on companies in Korea striving to enter the world’s luxury market. -- Ed.From outside, the building seems nondescript. It sprawls wide and low amid the serene natural scenery of Buyeo in South Chungcheong Province, looking like a government building or perhaps a school.But once inside, the rumbling hum of machinery, bright clean rooms and head-to-toe white paper gowns make it clear that this is a factory where something precious is created.
July 17, 2016
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Samsung Heavy close to winning $2.5 bln deal for offshore LNG facility
Samsung Heavy Industries Co., a financially troubled South Korean shipyard, has virtually secured a $2.5 billion deal to build a floating liquefied natural gas facility abroad, industry sources said Sunday.The shipbuilder, a unit of Samsung Group, is leading a consortium made up of French multinational Technip and Japan's JGC in the project, valued at a total of $5.4 billion. The order has been placed by the Italian hydrocarbon company ENI."It's safe to say that Samsung Heavy has virtually won t
July 17, 2016
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[Weekender] Techno valley -- Korea’s start-up hub
Techno valleys in Korea are playing a pivotal role as hubs for technology start-ups as the government pushes to boost innovation through policy measures. Pangyo Techno Valley in Seongnam, Gyeonggi Province, which opened in 2011, is one of the leading techno valleys in Korea. It started small with only 82 companies in the 661,000 square meter area and first-year sales reaching just 5 trillion won, ($4.3 billion).Pangyo Techno Valley in Seongnam, Gyeonggi Province (Yonhap)Pangyo Techno Valley, how
July 15, 2016
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Hanjin Shipping still far from cutting charter fees
[THE INVESTOR] Hanjin Shipping has yet to clinch a deal for cutting charter fees as part of its debt restructuring plan, the company said on July 15. “At the moment, we haven’t reached an agreement,” the company said in a statement, adding it is still negotiating with 22 foreign ship owners. The remark comes after a local media report on July 14 that Hanjin Shipping has almost reached a deal for cutting its leasing rate by 27-28 percent from the current 2.6 trillion won (US$ 2.29 billion). If th
July 15, 2016
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Coson teams up with Yujiahui Cosmetics for sales in China
[THE INVESTOR] Coson has teamed up with Hunan Yujiahui Cosmetics, a leader in mask sheets market in China, to secure the ever-growing market for its cosmetics including mask sheets.The company announced on July 14 that it has signed an agreement to establish a joint venture with the e-commerce firm specializing in cosmetics sales, to sell Coson products in China. (123rf)They will start with Coson’s sheet masks and in the future will develop products through original development manufacturing, t
July 15, 2016
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President will decide on pardoning businesspeople: FM
[THE INVESTOR] The Ministry of Strategy and Finance has not recommended any businessperson for the presidential pardon, Deputy Prime Minister for economic affairs Yoo Il-ho said on July 15. Speaking to reporters at an industrial complex in South Jeolla Province, Yoo said that the president will decide the issue, and that the matter is not at a stage in which the Finance Ministry could make recommendations. “The president will make a decision on pardoning businesspeople after she takes stock of t
July 15, 2016
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US beef import soars on rising hanwoo price
[THE INVESTOR] US beef imports increased significantly as South Koreans turned away from their expensive local beef hanwoo, industry data showed on July 14. US beef imports increased by 25.7 percent from January to May this year from the same period last year, to reach 61,062 tons, according to a report by the National Agriculture Cooperative Federation, better known as NongHyup. South Korea became the third largest beef importer in the world during the period, after Japan and Mexico. 123rfIn Ma
July 15, 2016
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[Weekender] Ilsan out to emulate Pangyo's success
The Gyeonggi government announced last month that it has chosen Ilsan as the site for a large-scale advanced tech cluster focusing on visual reality and IT health care services. The Ilsan techno valley will be “the second Pangyo,” it said.“We highly expect that Ilsan Techno Valley will make great accomplishments in job creations, just like Pangyo,” Gyeonggi Province Gov. Nam Kyung-pil said at a press briefing.A bird’s eye view of Ilsan Lake Park. (Goyang City Hall)The northern part of Gyeonggi r
July 15, 2016
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POSCO chairman donates W300m to stimulate job growth
POSCO chairman and CEO Kwon Oh-joon donated the 300 million won he received in prize last week to institutions that aim to stimulate jobs for young adults, the company said Friday.Last week, Kwon received the “Korea’s best scientist and engineer award” from the Science Ministry. POSCO chairman Kwon Oh-joonIn the awarding ceremony, Kwon said he would use the money to help create more jobs. He donated 100 million won each to the National Academy Engineering of Korea, Seoul National University and
July 15, 2016
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Hanwha Galleria opens duty-free shop in 63 Building
[THE INVESTOR] Hanwha Galleria held a grand opening for its duty-free store in Yeouido, Seoul, Friday. Although it was open to public since December last year, Galleria Duty Free 63 marked its official launch with a ceremony attended by group chairman Kim Seung-youn. Boasting a prime location in the group’s 63 Building, the store seeks to attract tourists who will not only be able to shop more than 540 domestic and international brands but also enjoy the view of Seoul at the observatory and expe
July 15, 2016
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Ilsan eyed as ‘second Pangyo’
The Gyeonggi government announced last month that it has chosen Ilsan as the site for a large-scale advanced tech cluster focusing on visual reality and IT health care services. The Ilsan techno valley will be “the second Pangyo,” it said. A bird’s eye view of Ilsan Lake Park. (Goyang City Hall)“We highly expect Ilsan Techno Valley will make great accomplishments in job creations, just like Pangyo,” Gyeonggi Province Gov. Nam Kyung-pil said at a press briefing.The northern part of Gyeonggi reall
July 15, 2016
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Techno valley -- Korea’s start-up hub
Techno valleys in Korea are playing a pivotal role as hubs for technology start-ups as the government pushes to boost innovation through policy measures. Pangyo Techno Valley in Seongnam, Gyeonggi Province, which opened in 2011, is one of the leading techno valleys in Korea. It started small. Having only 82 companies in the 661,000-square-meter-large land, the first-year sales reached just 5 trillion won, ($4.3 billion).Pangyo Techno Valley, however, soon drew a sharp growth as the number of com
July 15, 2016
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New budget carrier Air Seoul to launch flight services to Japan
Air Seoul, a new low-cost carrier under Asiana Airlines, said Friday it plans to launch flight services to four Japanese cities in October.The budget carrier is set to take over two routes that connect Incheon to Shizuoka and Takamatsu, respectively, from its parent carrier while flying to and from Nagasaki and Yamaguchi Ube in early October.Air Seoul also said it is set to take over some of Asiana Airlines' flight services to Southeast Asian destinations.The budget carrier, a wholly owned unit
July 15, 2016
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Prosecution seeks arrest of Lotte Homeshopping chief
[THE INVESTOR] The prosecution investigating the Lotte Group corruption case filed for an arrest warrant for Lotte Homeshopping CEO Kang Hyun-gu on July 14. Kang is the first CEO of a Lotte Group company to face arrest in the ongoing case. Kang is suspected of destruction of evidence, violating the Broadcasting Act, and embezzlement and breach of trust under the Act on Aggravated Punishment, etc. of Specific Economic Crimes. According to the prosecution, Kang provided false information in applyi
July 15, 2016