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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Hanwha denies acquiring global aircraft engine maker
[THE INVESTOR] Hanwha Group on June 30 denied a news report that the the company was seeking to acquire a global aircraft engine manufacturer in the latter half of this year. Earlier in the day, the Maeil Business News reported that the nation's No. 1 defense manufacturer is contacting with five companies with 500 billion won to 1 trillion won (US$430 million to US$870 million) in sales that are supplying parts to top defense companies. Hanwha Group chairman Kim Seung-younThe nation’s 10th lar
June 30, 2016
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Yozma inks MOU on investment in Korea's biotech sector
The Yozma Group, an Israeli venture capital firm, said Thursday it will make a massive investment in Korea's biotech sector.Yigal Erlich, founder and chairman of the globally known group, signed a related memorandum of understanding with Seo Jeong-sun, head of the Korea Biotechnology Industry Organization, in Seoul on the sidelines of the third "Korea Bio Plus" forum. (Korea Biotechnology Industry Organization)It was co-organized by KBIO and the Korea Institute for Advancement of Technology.The
June 30, 2016
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Seo Jae-hwan named Kumho E&C president
Seo Jae-hwan, the president of Kumho Asiana Group’s strategic management unit, has been named president and CEO of the group’s construction arm Kumho Engineering and Construction, the group said Thursday.He is an expert in finance, said the group, adding that appointing him to the post was aimed at improving its competitiveness by seeking more profitability within its business.The group also assigned Park Hong-seok, the senior vice president of Kumho Tire, to replace Seo’s post at the group.By C
June 30, 2016
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Bukwang Pharmaceutical attains license to sell Denmark’s anti-cancer drug
[THE INVESTOR] Bukwang Pharmaceutical ’s subsidiary Dyna Therapeutics has clinched a deal with Denmark’s Solural Pharma for its new anti-cancer drug, the company said on June 30. Solural PharmaDyna Therapeutic attained the exclusive rights to develop and sell SOL-804, which is used for the treatment of castration-resistant prostate cancer, around the world. “Bukwang is continuously pursuing to develop new medicine and the establishment of Dyna is part of that effort,” an official of the company
June 30, 2016
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DSME denies rumors on buying Samsung Heavy
Daewoo Shipbuilding & Marine Engineering on Thursday denied swirling market speculations that it could be acquired by its rival Samsung Heavy Industries.“We are seeking ways to survive through additional self-rescue plans,” said the company’s spokesperson.“The creditors have not reviewed the plans for the normalization by selling the firm to Samsung Heavy Industries.”The remark came after multiple local reports that DSME’s creditors would review the sales to Samsung Heavy in August after Mckinse
June 30, 2016
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Ex-DSME chief embezzled over W2b: prosecution
The prosecution looking into Daewoo Shipbuilding and Marine Engineering has found new allegations of embezzlement amounting to 2 billion won ($1.7 million), on top of the suspected 5 trillion won accounting fraud, sources said Thursday. The investigators suspected that DSME’s former CEO Nam Sang-tae created about $500,000 worth of slush funds in 2008 through a DSME affiliate to purchase stocks in a paper company set up by his college friend surnamed Jeong. In exchange for business favors, Nam al
June 30, 2016
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DSME, Homeplus named worst performers in mutual growth
A total of 21 big firms, including troubled Daewoo Shipbuilding & Marine Engineering and local discount chain Homeplus, received the lowest grades in an independent survey that measured their efforts in forging mutuality with their subcontractors last year. The worst performers also include Kumho Petrochemical, Booyoung Group’s construction arm, 3M Korea and Seoul Semiconductor, according to the Korea Commission for Corporate Partnership, an independent watchdog on corporate activities on Thursd
June 30, 2016
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Lotte Group founder’s mental state poses problems for both heirs
Whether Lotte founder Shin Kyuk-ho has dementia has become a hot button in the Lotte drama that involves his two sons fighting over who should succeed him in the 90-trillion won conglomerate. A source from Shin Dong-joo’s side -- the older brother ousted from the Lotte helm by his younger brother -- revealed to the media earlier this week that the 92-year-old father had been taking medicine for dementia since 2010. It was the first time in the Lotte Group’s prolonged family feud that the older b
June 30, 2016
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[Photo News] Policy talk to AMCHAM
Finance Minister Yoo Il-ho (left) talks with James Kim, the chairman of the American Chamber of Commerce in Korea, during a meeting with AMCHAM members at a hotel in Seoul on Thursday.(Yonhap)
June 30, 2016
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Stock prices fluctuate on rumors of Samsung chairman’s death
Share prices of Samsung Group’s affiliates rallied Thursday afternoon after rumors of the group chairman’s death went viral on social media, according to sources at Seoul’s stock market. Around lunchtime, a short message that read “Chairman Lee Kun-hee has passed away. Samsung to announce his death at 3:00 p.m., embargoed,” began to spread fast. His alleged death was even reported to South Korea’s presidential office Cheong Wa Dae, according to the message.Samsung Group immediately denied the ru
June 30, 2016
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KEPCO’s microgrid enters Canadian market
The state-run Korea Electric Power Corp. has successfully built its state-of-the-art independent power system in Penetanguishene, a small town in Ontario, Canada, expanding its business to the North American market, officials said Thursday. KEPCO said it held a completion ceremony for the establishment of a microgrid in the town where some 440 households reside. Microgrid is a power system that can be autonomously run in a limited region. The energy monitoring system controls the renewable energ
June 30, 2016
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Outdoor apparel brands exit the market
[THE INVESTOR] Many outdoor gear and apparel brands are closing down their business in response to the sliding domestic sales in the already-saturated outdoor market. Fashion Group Hyungji recently decided to withdraw its outdoor apparel brand Northcape after five years in business. According to industry insiders, Hyungji has already notified its 70 franchise owners across the country. Actress Ha Ji-won and actor Ji Chang-wook model for NorthcapeIn 2011, Hyungji clinched a deal to exclusively se
June 30, 2016
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Hair salons called on to improve price transparency
Hair salons will be obligated to inform clients of the complete details of their service fees prior to doing the work, effective from July 15. The Ministry of Health and Welfare said Wednesday that the latest industrywide guideline would help eradicate the prevalent malpractice of the enterprises charging more than clients expect. (123RF)This move comes as a response to an incident in early June when a disabled customer was charged 10 times the rate she had expected. The owner of the hair salon
June 30, 2016
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[Super Rich] Chaebol Cornell graduates with hold on hotel business
With the prestigious Ivy League known to offer top-notch education, elites with a business family background are flocking to the U.S. universities to gain an edge when they themselves inherit the family business. One Ivy institution located by the natural waterfalls in New York is especially known for its hotel management curriculum: Cornell. Graduates of Cornell University with a major in hotel management are known to dominate the hotel industry. Cornell University (Cornell Website)Of Cornell h
June 30, 2016
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[Super Rich] Rise of the daughters in fashion Korea
[THE INVESTOR] Step aside gentlemen, it’s time for the ladies to shine.South Korean conglomerates have long been dominated by men -- usually the sons and grandsons of the founders. Shinsegae International CEO Chung Yoo-kyung (left) and Samsung C&T’s fashion division head Lee Seo-hyunAlthough a few, such as Lee Myung-hee, chairwoman of Shinsegae, have made their mark, the role of women has primarily been to support their husbands or sons. This trend, however, is changing, slowly but surely. The d
June 30, 2016
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High Q2 performance projected for refiners
[THE INVESTOR] South Korean refineries are expected to post healthy results for the second quarter of the year, buoyed by improving market conditions. Local refiners and securities firms are in agreement that good second quarter results are likely for the industry. Analysts’ consensus on SK Innovation, the industry leader, stands at 10.41 trillion won (US$9 billion) for second quarter sales, and operating profit of 829.7 billion won. The figures fall short of those posted for the same period las
June 30, 2016
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Pharma firms post 0.2% ROE increase in Q1
[THE INVESTOR] Local pharmaceutical companies showed a less than 1 percent increase in their return-on-equity ratio in the first quarter of this year, data showed on June 30. The ratio -- a measure of corporate profitability -- of 80 public pharmaceutical companies rose just 0.2 percent on-year to 1.9 percent, according to Pharmscore, a provider of analysis on health and medical industry. Shareholders’ equity of the 80 firms stood at 15.059 trillion won (US$13 billion), up 1.89 trillion won from
June 30, 2016
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Overseas construction contracts fall 40%, outlook remains dark
[THE INVESTOR] South Korean construction firms’ overseas contracts won in the first half of the year plunged 40 percent from a year earlier, industry data showed on June 30.According to the International Contractors Association of Korea, the value of overseas contracts awarded to local builders during the first half of the year came in at US$15.2 billion. By region, Middle Eastern contracts dropped 32 percent to come in at about US$4.7 billion, while the figure for Asia was US$6.9 billion, down
June 30, 2016
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Medipost gets US patent for cartilage treatment technology
[THE INVESTOR] Korean pharmaceutical firm Medipost has been granted a US patent for its cell therapeutic technology used in its osteoarthritis treatment solution Cartistem, the company’s spokesperson said on June 29. The mechanism alleviates knee cartilage pains with mesenchymal stem cells extracted from allogeneic umbilical cord blood. Medipost's osteoarthritis treatment solution CartistemMedipost already holds US patents for its two other cell-based technologies that act as bases for treatment
June 30, 2016
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Coal consumption forecast to gain 2.7% this year
South Korea's coal consumption is expected to grow nearly 3 percent in 2016 from a year earlier, a report said Thursday, despite government efforts to cut back on coal-fired power generation to tackle growing concerns over fine dust.According to the report by the Korea Energy Economics Institute, the country's coal consumption will likely climb 2.7 percent this year from 2015 on increased demand from thermal power stations, with its total energy demand rising 1.5 percent on-year to 289 million t
June 30, 2016