Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Yoon set for talks with Marcos in Philippines
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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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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[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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'Will AI steal my job?' Koreans among nationalities feeling most threatened by AI
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S. Korea halts test run of new reactor
A nuclear reactor in South Korea was halted Monday while undergoing a test run, but there was no danger of a radiation leak, reactor operators said.The Shin Kori No. 3 reactor shut down at around 4:50 p.m. while undergoing a test to see if the reactor remains stable when its circuit breaker is manually pulled down to prevent an overload, according to officials from the state-run Korea Hydro and Nuclear Power Co.The reactor was running at about 80 percent of its maximum capacity."The reactor shut
July 4, 2016
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Seoul to open startup center in August
[THE INVESTOR] A startup center providing support for foreign nationals and immigrants will open in Seoul in August. The center will also aid startups expand overseas.According to Seoul city government, the center will be opened within the electronics market in Yongsan, central Seoul. Total of 40 startups will be provided with office space at the center, and selected companies will be provided with legal, patent, accounting and consultation services. Foreign nationals will also be aided in obtai
July 4, 2016
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Coway apologizes over contaminant found in water purifier
[THE INVESTOR] Coway, a Korean water purifier-maker, officially apologized over harmful substances found inside its ice-water purifier products. “We deeply apologize for the contaminant found inside the water purifier, which is designed for consumers to drink clean water safely,”Coway said in a statement released on July 4 and offered full refund or exchange of the affected products. On July 3, local broadcaster SBS reported that Coway received complaints from consumers that some metal powder wa
July 4, 2016
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[DECODED] Chung Eui-sun, prepared but still waiting successor
[DECODED] The year 2015 was a watershed year for Hyundai Motor Group’s heir apparent Chung Eui-sun not only because of his expanded role and responsibility in leading projects for future growth like the launch of Hyundai Motor’s first luxury car brand Genesis, but also because of his increased presence in the group’s ownership structure. The only son of the 78-year-old group chairman Chung Mong-koo increased his stake in Hyundai Motor, the group’s flagship affiliate, to 2.3 percent last year fro
July 4, 2016
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CJ Foodville seeks to become next McDonald’s, Starbucks
[THE INVESTOR] CJ Foodville, a food services company under Korean conglomerate CJ Group, will step up its global expansion led by its bibimbab-themed restaurant Bibigo, bakery Tous Les Jours and Twosome Cafe, the head of the company said Monday. “Our goal is to become a top 10 global food services company, beating McDonald’s and Starbucks,” Jung Moon-mok, CEO of CJ Foodville said at a press conference for the opening of its restaurant complex CJ FoodWorld inside the COEX Mall in southern Seoul.
July 4, 2016
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Samsung’s Q2 operating profit likely to exceed W8tr
[THE INVESTOR] Tech giant Samsung Electronics will release its earnings for the April-June quarter on Thursday.All eyes are now on whether its operating profit crosses the 8-trillion-won ($6.9 billion) threshold for the first time in two years. The firm earned 8.5 trillion won in the first quarter of 2014.Samsung posted more than 8 trillion won of operating income for the seventh consecutive quarter since the third quarter of 2012. Its operating profit reached its peak in the third quarter of 20
July 4, 2016
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Bridge Biotherapeutics wins W11.5b investment
[THE INVESTOR] Bridge Biotherapeutics announced on July 4 that it has received 11.5 billion won (US$ 10 million) investment from local venture capital firms including LB Investment and KB Investment. Founded last year, Bridge Biotherapeutics is a local developer of biopharmaceuticals that focuses on commercializing compounds developed or discovered by a third party. The company is currently working on BBT-401, anti-inflammatory agent discovered by a research team led by Sungkyunkwan University’s
July 4, 2016
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LS Tractor wins US award
[THE INVESTOR] LS Tractor, US-based tractor subsidiary of LS Mtron, was awarded the Dealer’s Choice Award from the Equipment Dealers Association on July 4.This is the second time LS Tractor has won the award for the tractor category in two years. LS tractors sit at a US distribution center.According to the company, it was awarded 6.37 points in an assessment by 9,180 dealers across the US. In the survey, LS Tractor was ranked highest in 11 of the 12 categories, and was the only manufacturer to r
July 4, 2016
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[DECODED] Mixed outlook on Hyundai Glovis
[DECODED] Kim Se-yong, a marketing manager at a local energy conglomerate, feels sympathy for minority shareholders of Samsung SDS, an IT solution unit of Samsung Group. They have been protesting the company’s continued stock decline. Its stock price has dropped from 429,500 won ($366) to 132,000 won last Friday due to growing uncertainties over its role in the succession of Samsung Group heir Lee Jae-yong. Lee is the largest individual shareholder of the company with a 9.2 percent stake. (KRX)“
July 4, 2016
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DASAN pens deal to promote Internet connectivity in India
[THE INVESTOR] DASAN Network Solutions has signed a memorandum of understanding with a public broadband infrastructure firm in India to expand Internet connectivity in the state of Andhra Pradesh, the DASAN Networks affiliate said on July 4.Under the agreement, DASAN Network Solutions and Andhra Pradesh State Fibernet will create a joint venture for producing broadband equipment. The two partners will also collaborate to boost the state’s Internet penetration rate to 30 percent from the current
July 4, 2016
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Foreign tourists on cruise ships jump 88% in H1
[THE INVESTOR] The number of foreigners visiting South Korea on cruise ships came in at 720,000 in the first half of the year, rising 88 percent from a year earlier, government data showed on July 4.According to the Ministry of Oceans and Fisheries 720,000 foreign tourists arrived by cruise ship on 305 occasions during the first six months of the year. The ministry projects that the number for the year will break the 1.5 million mark, and rise to 2.2 million in 2017.By port, Jeju Port saw the la
July 4, 2016
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Arrest warrant sought for Lotte chairman's sister
Prosecutors on Monday requested an arrest warrant for Shin Young-ja, the sister of Lotte Group chairman Shin Dong-bin on charges of bribery and embezzlement.Shin Young-ja is accused of embezzling money from a luxury consulting company owned by her son and naming her daughters as executives at the company to receive salaries. She is also suspected of taking kickbacks totaling approximately 3 billion won ($2.6 million) from cosmetics company Nature Republic in exchange for granting favors regardin
July 4, 2016
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US trade commission cites KITA’s report
The United States International Trade Commission has quoted the submission of the Korea International Trade Association in its latest report on the impacts of free trade agreements. The report, titled “The Impact of the Trade Agreement,” published by the USITC in June, cited the paper that suggested positive impacts of the Korea-U.S. free trade agreement, according to KITA on Monday. (123rf)“U.S. exports to Korea of IP (intellectual property)-intensive products and services, including software,
July 4, 2016
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Jeju Air to expand service for peak season
[THE INVESTOR] Jeju Air, Korea’s largest low-cost carrier, will launch new routes and expand the number of airplanes in the third quarter to meet demand in the busiest time of the year. The air carrier on July 20 will launch three new routes leaving from Incheon International Airport. They are to Sapporo in Japan, Kota Kinabalu in Malaysia, and Phuket in Thailand, the company said on July 4. With the new addition, Jeju Air will serve six Japanese cities, including Tokyo, Osaka, Nagoya, Fukuoka,
July 4, 2016
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Hanmi Pharm launches biopharma venture firm
[THE INVESTOR] Hanmi Pharm announced on July 4 that it has founded a 10 billion won (US$ 8.7 million) investment company that will invest in biotech and pharmaceutical fields. The new company, named Hanmi Ventures, will be headed by Hanmi IT CEO Lim Jong-hoon, and the capital was raised from Hanmi Pharm chairman Lim Sung-ki and the company’s affiliates. Hanmi Ventures plans to initially focus on investing in pharmaceutical and biotech related fields, and Hanmi Science and Hanmi Pharm will take o
July 4, 2016
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One-third SMEs exporting to Europe brace for Brexit impact
[THE INVESTOR] A third of small and medium enterprises exporting to the UK and Europe expect Brexit to have a negative impact, a survey showed on July 4. In a Korea Federation of SMEs survey on 179 SMEs that export to the UK and the EU, 33.3 percent said that exports will be negatively affected by the development. Destabilization of the foreign exchange market was the most commonly cited reason, followed by tariffs, and UK’s likelihood of falling into a slump after the country exits the EU. Rega
July 4, 2016
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Hyundai Merchant to expand Middle East-Asia route
Hyundai Merchant Marine Co., South Korea's No. 2 shipping line, on Monday said it will expand its routes linking the Middle East and the Asian region, as part of efforts to capitalize on a surge in shipping demand following the lifting of sanctions on Iran.The shipper said it will mobilize a total of 12 container ships on two separate shipping routes.So far, the shipping line has been operating just one route between the Middle East and Asia.Hyundai Merchant said it expects its market share for
July 4, 2016
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Tourism ministry, FKI ink deal to boost domestic tourism
South Korea's business lobby group signed a deal with the tourism ministry on Monday as part of their efforts to boost domestic tourism and strengthen the competitiveness of the local tourism industry, officials said.The move came as the number of outbound travelers has been on the rise in recent years, a trend that has contributed to the country's tourism deficit.The Federation of Korean Industries, which speaks for South Korea's large businesses, signed a memorandum of understanding with the M
July 4, 2016
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Overseas branches of South Korean firms see economy getting worse
[THE INVESTOR] South Korean companies’ overseas operations feel that they are subjected to increasingly tougher regulations by foreign governments, and expect conditions to worsen during the second half of the year, a survey showed on July 3. In a Federation of Korean Industries survey, Korean firms’ overseas operations said that economic conditions are likely to worsen in the final six months of the year citing uncertainties facing US, China and other major economies. Of the 1,380 overseas oper
July 4, 2016
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Korea to offer satellite imagery from new commercial satellite
South Korea is all set to provide the world with high-resolution commercial satellite imagery from its new satellite, a government ministry said Monday.The Korea Multipurpose Satellite-3A, also known as the Arirang-3A, was put into orbit in March last year as part of South Korea's efforts to emerge as a global power in the space sector. (123rf)Built indigenously by the Korea Aerospace Research Institute in charge of the nation's space program, the earth observation satellite offers clear images
July 4, 2016