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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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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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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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Can Jennie break the K-pop solo artist slump?
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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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Prosecutors summon executive of Volkswagen Korea over emissions scandal
Prosecutors summoned an executive of the local unit of Volkswagen on Monday over their widening probe into the German carmaker's alleged irregularities that came into light following its emissions scandal.The Seoul Central District Prosecutors' Office summoned the executive in charge of the certification process, identified only by his surname Yoon, for questioning to gain a reference.Prosecutors said his status can change to that of a suspect following the investigation, if necessary.Yoon is th
June 13, 2016
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Export rises 5.7 % in first 10 days of June
South Korea‘s exports are showing signs of a rebound after a lengthy slide, as the Korea Customs Service (KCS) said Sunday that the nation’s overseas shipments in the first 10 days of June rose 5.7 percent on-year to US$13.88 billion.The export volume has fallen for 17 months in a row since January 2015, marking the longest streak of decline since the government began compiling monthly export statistics in 1970.But the first 10 days of exports have risen for the second consecutive month this mon
June 12, 2016
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Lotte in crisis as probe widens
[THE INVESTOR] South Korean retail giant Lotte Group is facing its worst management crisis to date as the prosecution expands its probe on the group and its seven affiliates over allegations of embezzlement and the creation of a multibillion won slush fund.More than 200 investigators from the Seoul Central Prosecutor’s office raided 17 Lotte offices Friday morning, including the group headquarters in central Seoul and the residence of Lotte Group chairman Shin Dong-bin and key executives.Lee San
June 12, 2016
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Dongkuk Steel Mill starts operation of steel plant in Brazil
Dongkuk Steel Mill, the nation’s third-largest steelmaker, said Sunday it stared the operation of CSP Steel Mill, its long-awaited first blast furnace steelwork, located in Pecem City of Ceara State, Brazil.Dongkuk Steel vice chairman Chang Sae-wook fired up the blast furnace with other participating VIPs in the ceremony held at the site on Saturday, the company said in a press release. Dongkuk Steel Mill vice chairman Chang Sae-wook fires up the blast furnace to start the operation of CSP Stee
June 12, 2016
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Healthcare sector export tops 10 tln won for first time last year
Annual exports from South Korea's healthcare businesses surpassed 10 trillion won for the first time last year, the Ministry of Health and Welfare said Sunday.Overseas shipment of Korean medicines, medical equipment and cosmetics products totaled $8.83 billion, or 10.2 trillion won, in 2015, up 21 percent from the previous year, the ministry said.The corresponding volume stood at $4.3 billion in 2011, meaning the sector has registered an annual growth rate of 19 percent over the past four years.
June 12, 2016
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Food giant Pulmuone faces crisis
Korea’s top tofu-maker Pulmuone Health & Living is in crisis mode as its brand image is being marred by a franchise worker’s death and its aggravating business performance.On Wednesday, two Pulmuone headquarters officials were arrested on charges of beating a 29-year-old franchise worker to death earlier this month. Three employees alleged had a quarrel over the way the headquarters treated the franchise while drinking together, the police said. The victim was pronounced dead Wednesday after fou
June 12, 2016
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BAT expands factory to increase exports
SACHEON, South Gyeongsang Province -- British American Tobacco Korea has forecast that its export of cigarettes will double after its second factory is completed in January.BAT officials unveiled the outlook during a groundbreaking ceremony Friday at its factory in Sacheon, South Gyeongsang Province, for its second building. Officials from BAT and a construction crew break ground for the second building of BAT Korea’s Sacheon factory. (BAT)They said the second factory, set to open in January ne
June 12, 2016
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[Newsmaker] NHN’s Line to go public in Tokyo, New York
Line Corp., a Tokyo-based mobile messenger platform owned by Korean Internet giant NHN Corp., will go public on the main stock markets in New York and Tokyo next month, the company said Friday.In a regulatory filing, the company said it will begin trading its shares on the Tokyo stock market on July 14th and in New York on 15th.The company will issue 35 million new shares offered at 2,800 yen ($26.20) per share. Goldman Sachs, JPMorgan, Morgan Stanley and Nomura Securities are the lead advisers
June 12, 2016
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Samsung said to resume bid to sell off advertising unit
Samsung Group, South Korea's largest family-controlled conglomerate, is reportedly in talks with about four companies to sell its advertising unit, Cheil Worldwide.The companies include a large Chinese property developer and a South Korean private equity fund, sources in the advertising industry said Sunday.Still, a Samsung official said he had no knowledge on whether Samsung has been in talks with the Chinese property developer over the sale of its advertising agency.The move came after Samsung
June 12, 2016
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HMM, shipowners strike accord to cut 21% of charter rates
Hyundai Merchant Marine inked a deal with 22 shipowners to lower charter fees by 21 percent -- equivalent to 530 billion won ($454 million) -- to take a step forward in normalizing its business, said its main creditor Korea Development Bank on Friday. “For the 530 billion won in charter fees, the shipowners agreed to receive some as new shares and the rest as a long-term bond,” the creditor bank said in its statement, adding this would improve the financial soundness of South Korea’s second-bigg
June 10, 2016
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Samsung, most trustworthy firm among U.S. millenials: poll
Samsung Electronics Co., South Korea's leading tech company, said Friday it ranked first in a recent reputation survey of young adults in the United States.The Reputation Institute, a U.S. consulting firm, conducted the poll of Americans, aged 18-34, who are called "millenials," in the first quarter of this year, Samsung said in a press release. More than 700 firms were on the list of candidates.It did not specify the number of respondents, however.Samsung was followed by Nike, Johnson & Johnson
June 10, 2016
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Lotte group raided over alleged slush fund, corruption
[THE INVESTOR] The prosecution raided the head office of Lotte Group, the nation’s fifth-largest conglomerate, and its seven affiliates in Seoul on Friday over allegations that they created a multibillion won slush fund through shady asset transfers between subsidiaries as well as possible capital inflow to Japan.(Yonhap)More than 200 investigators combed 17 Lotte offices including residences of Lotte chairman Shin Dong-bin and other top executives and the secluded office of Lotte founder Shin K
June 10, 2016
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Drinkable butter - Want a sip?
GS Retail together with Konkuk Milk announced Thursday the launch of YouUs Butter Milk, a honey-butter-milk inspired by the potato chips that stormed Korea with its honey-butter flavor last year. The 300-milliliter milk will sell for 1,000 won (86 centers). It will be available at GS25 convenience stores from Friday and later at GS Super Markets as well. (GS Retail)GS Retail described the milk as a “dessert latte” that blends the rich taste of French gourmet butter with the aroma of fresh milk.
June 10, 2016
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Production cut quickly reduces Korea's coal stockpiles
South Korea's coal stockpiles are running out fast due to a decrease in coal production caused by slumped consumption, industrial data said Friday.The data released by the state Korea Coal Corp. showed that the country's coal stockpiles came to 1.86 million tons in 2015 after peaking at 10.69 million tons in 2000. The stockpile figure was almost on par with the 1.71 tons recorded for consumption in 2015.Coal stockpiles refer to the entire amount of coal stored in pitheads, coal briquette plants,
June 10, 2016
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Lotte Group raided over alleged embezzlement, malpractice
Prosecutors raided the headquarters of South Korea's retail giant Lotte Group, as well as its seven affiliates, on Friday over allegations of embezzlement and malpractice.The Seoul Central District Prosecutors' Office said it sent some 200 investigators to 17 places, including the group's headquarters in central Seoul, its major affiliates and the homes of some executives. Hotel Lotte Co., TV channel Lotte Homeshopping and its key retail unit Lotte Shopping Co. were all raided.Prosecutors said t
June 10, 2016
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LG OLED TV gets top grades in U.S. consumer review
South Korean tech firm LG Electronics Inc.'s organic light-emitting diode TV has received the top grade from a U.S. consumer review magazine, the publication showed Wednesday.In a recent review by Consumer Reports, the 55-inch LG OLED TV, dubbed the OLED55E6, has received the highest marks among 204 rival models with 84 points.The magazine said the LG model gets top scores for "very good color accuracy and unlimited viewing angle" with no particular flaw.Another LG Ultra OLED TV, dubbed the 65EF
June 9, 2016
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Samsung Heavy mulls rights issue in self-rescue plans
Samsung Heavy Industries Co., the world's third-biggest shipbuilder by order backlog, is considering issuing shares to raise funds amid an extended industry slump, the company said Thursday. "We are mulling over a capital increase as part of our self-rescue programs. But the size and the timeframe for the rights issue are not decided yet," the company said in a regulatory filing.The size of the capital increase will be decided in late June after its main creditor Korea Development Bank completes
June 9, 2016
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Daewoo Shipbuilding bags $580 mln order
Daewoo Shipbuilding & Marine Engineering Co., a South Korean shipbuilder, said Thursday that it has clinched a US$580 million order to build four carriers for a Greek shipper. Under the agreement with Maran Tankers Management, a unit of Greece's largest shipper, Angelicoussis Shipping Group, Daewoo Shipbuilding plans to deliver two liquefied natural gas carriers by 2019 and two very large crude carriers by 2017.The latest deal will raise the number of ships delivered or to be delivered by the So
June 9, 2016
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Institute develops new emission reduction tech for diesel cars
A state-funded research institute said Thursday that it has developed a new technology that helps diesel cars reduce soot emissions by nearly 95 percent and improves air quality.The Korea Institute of Machinery and Materials said it has completed 60,000-kilometer on-road tests on a diesel car equipped with the newly developed diesel particulate filter and a plasma burner.The institute said the new system can be applied to vehicles around next year after winning government certification.A PDF is
June 9, 2016
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Incentive tours boost Korean MICE industry
A growing number of foreigners have visited South Korea for travels related to meetings, incentives, conferences and exhibitions over the past year, having a ripple effect across the nation's tourism industry, the state-run Korea Tourism Organization said Thursday. South Korea has become a major incentive travel destination in Asia as its vibrant culture and advanced technology have attracted more travelers from various nations.The KTO said a series of big incentive tours by major Asian companie
June 9, 2016