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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Kolon Life Science seeks approval for degenerative arthritis drug
[THE INVESTOR] Kolon Life Science has filed for government approval for a drug it developed to treat degenerative arthritis, the company said on July 11. After 17 years of research, the pharmaceutical company introduced Invossa, Korea’s first gene therapy for degenerative arthritis. The new drug injects healthy human cartilage cells into the space between the bones to alleviate pain and treat the major symptoms. It can also be an alternative for surgical treatment, according to Kolon Life Scienc
July 12, 2016
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Korean Air, Asiana lose veteran pilots to Chinese rivals
[THE INVESTOR] Korea’s flag carriers Korean Air and Asiana Airlines are losing veteran pilots to their fast-growing Chinese rivals in recent times. According to the companies on July 12, Korean Air lost 46 pilots last year to Chinese airlines, compared to nine combined in 2013 and 2014. Its smaller rival Asiana said it also saw the number more than doubling from six in 2014 to 15 last year. Chinese air carriers are pouring resources to attract veteran pilots as they suffer from a lack of experie
July 12, 2016
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Nexon’s entertainment expenses threefold that of rival NCSOFT: Chaebul.com
[THE INVESTOR] Embattled game developer Nexon’s entertainment expense from 2004 to 2015 was more than triple that of its main rival NCSOFT, according to conglomerate tracker Chaebul.com on July 12. Between 2004 and 2015, financial documents from NXC -- the Jejudo Island-based holding company of Nexon Korea -- showed that the firm and its local subsidiaries spent 17.43 billion won (US$15.13 million) on entertainement expenses. The figure compares dramatically with industry competition NCSOFT, whi
July 12, 2016
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Hyundai Heavy signs US$40m robot supply deal
[THE INVESTOR] Hyundai Heavy Industries announced on July 12 that it signed a US$ 40 million robot supply contract with the Chinese subsidiary of Taiwanese display producer Chunghwa Picture Tubes. Under the contract, Hyundai Heavy will supply about 300 robots designed for transporting LCD glass panels. Hyundai Heavy's LCD panel transporting robot. Hyundai HeavyThe robots will be deployed at CPTF Visual Display’s plant in Fuzhou, Fujian province in southeastern China, by the second half of next y
July 12, 2016
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Gov't plans to pick new site for relocation of Daegu airport in one or two months
The South Korean government plans to pick a relocation site for an airport that can serve Daegu in one or two months, with some provincial governments expressing their interest in hosting the new transportation hub, a source said Tuesday.The project to relocate the airport whose runway has been used by both military and civilian aircraft has been put on a fast track since President Park Geun-hye called on her government on Monday to forge ahead with the move.The project has been long-cherished b
July 12, 2016
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Scandal-mired Nexon's entertainment expenses record shows big increases
Nexon Corp., a game developer being investigated for alleged stock gifts, had visibly increased its entertainment expenses at about the same time that the reported gifts were first given, a corporate analyzer said Tuesday.The expenses increased from 92 million won ($80,000) in 2004 to 200 million won in 2005 and to 887 million won in the following year, according to the analysis by Chaebul.com, which tracks activities of South Korea's major companies. The figures were derived from the consolidat
July 12, 2016
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Doosan Heavy acquires US energy software firm
[THE INVESTOR] Doosan Heavy Industries and Construction announced on July 12 that it has established Doosan GridTech by acquiring US-based 1Energy Systems.Founded in 2011, 1Energy Systems is a developer of energy storage system software. 1Energy Systems CEO David Kaplan (left) and Doosan GridTech CEO Choi Dae-jin pose after signing the deal in San Francisco on June 30. Doosan Heavy Industries and ConstructionDoosan Heavy said that with Doosan GridTech, it has secured industry leading control so
July 12, 2016
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Lotte Homeshopping chief summoned over illegal lobbying
The chief of Lotte Homeshopping, the TV channel of retail giant Lotte, was summoned by prosecutors Tuesday to face questioning over irregularities the company committed to renew its business license last year.Kang Hyeon-gu appeared before the Seoul Central District Prosecutors' Office as a suspect on charges of violating the Broadcasting Act, becoming the first chief of Lotte affiliates to be openly summoned after prosecutors launched a full-fledged investigation into the country's fifth-largest
July 12, 2016
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Samsung Heavy's self-rescue scheme to be finalized this week
The state-run Korea Development Bank will finalize a self-rescue plan proposed by Samsung Heavy Industries Co., a major South Korean shipyard, this week, which includes a capital increase and workforce layoffs, industry sources said Tuesday.According to the sources, the policy lender, the main creditor for the shipbuilder, will decide whether to approve the proposed self-restructuring plan, after reviewing it along with a consulting firm.Earlier, Samsung Heavy proposed a 1.45 trillion won self-r
July 12, 2016
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Korea's inbound tourism market rebounds in H1
South Korea's inbound travel market rebounded in the first half from a temporary slump a year ago in the wake of the Middle East Respiratory Syndrome outbreak, the state-run tourism agency said Tuesday. About 8.1 million foreigners visited South Korea in the January-June period, surging 21 percent from a year earlier, the Korea Tourism Organization said.The tourism sector was hit hard last year by MERS since the first case was discovered in May 2015, with the number of inbound travelers retreati
July 12, 2016
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Lotte Homeshopping CEO resummoned, this time as suspect
[THE INVESTOR] Lotte Homeshopping chief executive Kang Hyun-koo will be questioned on July 12 for his involvement in the Lotte Group(chairman Shin Dong-bin) affiliate’s alleged irregularities that include creating slush funds. This is the second time he was summoned since July 9 when Kang was questioned as a witness. This time he will be the first Lotte CEO to be questioned as a suspect. Kang faces allegations that he attained government approval for Lotte Homeshopping in 2015 through illegal me
July 12, 2016
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HMM to upgrade overseas terminals
[THE INVESTOR] Struggling Hyundai Merchant Marine will install four new gantry cranes at its container terminal based in Taiwan as part of the shipbuilder’s effort to strengthen service quality in the overseas market. HMM will complete setting up the large gantry cranes -- which are used to lift shipping container -- at Kaosiung Hyundai Terminal in Taiwan on July 12, the company said on July 11. The terminal will be able to handle 700,000 twenty-foot-equivalent-unit volume annually, an increase
July 11, 2016
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Lotte most frequent violator of fair trade laws: watchdog data
[THE INVESTOR] Lotte Group was the most frequent violator of Korean fair trade laws among the country’s top 10 conglomerates, according to a local legislator on July 11.Citing data from the Fair Trade Commission, Yoo Eui-dong of Saenuri Party said Lotte violated related laws on 73 different occasions between 2013 and 2015.This was the highest among the 10 largest industrial groups in South Korea.Of the 93 Lotte affiliates, Lotte Shopping’s violations reached nine, followed by Woori Homeshopping
July 11, 2016
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Cheil Worldwide teams up with Facebook to expand presence in mobile ad
[THE INVESTOR] Cheil Worldwide, the advertising unit of Samsung Group, has teamed up with Facebook to expand its presence in the soaring mobile advertisement market. Under the partnership announced on July 11, Cheil and Facebook will develop diverse ad platforms and products using Facebook and Instagram services. Facebook has also invited Cheil executives to participate in the Facebook Ambassador program organized by the social network giant’s Asia-Pacific branch to offer them opportunities for
July 11, 2016
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NH Investment & Securities to invest in Yeouido’s Parc One complex
[THE INVESTOR] NH Investment & Securities is set to invest 700 billion won (US$599.5 million) in Yeouido’s Parc One multiple complex, according to sources familiar with the issue on July 11. The firm recently reached an agreement with property developer Y22 Development Co. to buy a 56-story office building -- one of the four buildings to be built within the complex. A bird's eye view of Parc One multiple complexNH Investment & Securities will dip into its own coffers for 200 billion won of the a
July 11, 2016
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Former LG Display executive to head CSOT
A former vice president of LG Display was appointed to head China’s second-largest display maker CSOT, according to news reports Monday. This has raised concerns about an outflow of skilled manpower from the Korean display industry, amid Chinese display makers’ heavy investment to catch up with Korean firms. Kim Woo-sik (right), a former vice president of LG Display, receives an award from Dell in 2007.Kim Woo-sik, who left the nation’s second largest display maker in 2007, was a key member who
July 11, 2016
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S. Korean manufacturing sector sees worse conditions in Q3
[THE INVESTOR]The South Korean manufacturing sector expects conditions to worsen during the third quarter of the year, a survey showed on July 11. According to the Business Survey Index compiled by the Korea Institute for Industrial Economics and Trade, local manufacturing companies expect third-quarter sales and exports to worsen compared to the previous quarter.In the survey of 462 manufacturing companies, the BSI for exports and sales respectively came in at 98 and 97 points. A BSI below 100
July 11, 2016
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[DECODED] Suh Kyung-bae, not your usual chaebol
In the Korean corporate world, 2015 was the year of AmorePacific Group chairman Suh Kyung-bae.The cosmetics company celebrated its 70th anniversary that year and the second-generation leader of the conglomerate had managed to transform the initially domestic-focused firm into a cosmetics powerhouse in Asia, cashing in on consumers’ desire for beauty to reap growth of more than 20 percent a year. As of July, AmorePacific is the sixth largest company in South Korea in terms of market capitalizatio
July 11, 2016
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[DECODED] AmorePacific: A legacy that started in grandma‘s kitchen
The origin of AmorePacific traces back to Suh Kyung-bae’s grandmother Yun Dok-jeong who came up with an idea of selling hair oil made of camellia oil in Gaeseong, in present day North Korea. Attracting upper class customers with the high-quality oil, Yun soon established a cosmetics shop, Changseong Store, in 1932 and expanded to other products, such as facial cream and powder. Learning from Yun’s entrepreneurship and business skills, Suh’s father Suh Sung-whan began to fully engage in the busin
July 11, 2016
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POSCO chairman, SNU professor awarded for scientific achievements
POSCO chairman Kwon Oh-joon and Seoul National University professor Hyeon Tae-ghwan have won prizes that recognize them as the nation’s top scientists, officials said Monday.The Korea Federation of Science and Technology Societies and the Ministry of Science announced the winners for this year. The award has been given since 2003 to those who have made outstanding achievements in research and development or innovative technology development in Korea. POSCO chairman Kwon Oh-joon (left) and IBS di
July 11, 2016