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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Daewoo Shipbuilding raided over alleged accounting fraud
Prosecutors raided Daewoo Shipbuilding & Marine Engineering Co. (DSME), one of the country's top three shipbuilders, on Wednesday over alleged accounting fraud and poor management amid an industrywide slump.The Supreme Prosecutors' Office said it dispatched some 150 investigators to raid the company's headquarters in central Seoul and its Okpo Shipyard on Geoje Island off the southern coast.State-run Korea Development Bank, the largest shareholder of the shipyard, as well as Deloitte Anjin LLC w
June 8, 2016
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Mirae Asset to acquire Hawaii hotel
Mirae Asset Financial Group, South Korea's asset managing giant, will acquire a hotel in Hawaii for US$780 million in a business diversification strategy, people familiar with the matter said Wednesday. Mirae Asset Global Investments Co., a major unit of the country's biggest asset management company by funds under its management, has recently signed to take over a whole 100 percent stake in the Hyatt Regency Waikiki Beach Resort and Spa from the U.S.-based private equity fund Blackstone Group,
June 8, 2016
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State energy firms lose big on debt, price falls in 2015
State-run energy-related companies suffered huge losses in 2015 as they were hammered by crippling debt and sinking commodity prices, government data showed Wednesday.The three public energy firms -- Korea Water Resources Corporation (K-Water), Korea National Oil Corp. (KNOC) and Korea Resources Corp. (KORES) -- chalked up combined losses of more than 12 trillion won ($10.4 billion) last year, according to the data by the finance ministry and the All Public Information In-One government web site
June 8, 2016
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Amid growing uncertainty Hotel Lotte delays IPO
Hotel Lotte on Tuesday postponed a plan to list itself on the nation’s main bourse this month in the face of growing concerns over an ongoing probe into a lobbying scandal involving the firm’s former executives.Hotel Lotte, the operator of the nation’s largest duty-free business, said in its report to the Financial Services Commission that it would delay its IPO to next month. It also said it would lower the price range to between 85,000 won and 110,000 won per share, from 97,000 won to 120,000
June 7, 2016
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[Photo News] POSCO’s enlarged blast furnace
POSCO chairman Kwon Oh-joon (right) lights up the steelmaker’s reconstructed blast furnace No. 5 at Gwangyang steelworks in South Jeolla Province on Tuesday. The furnace grew to 5,500 cubic meters from 3,950 cubic meters following 112 days of repair works. (POSCO)
June 7, 2016
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STX Shipbuilding put under court receivership
A local court on Tuesday approved a filing by financially shaky STX Offshore & Shipbuilding Co. to be put under a court-led restructuring scheme, paving the way for the shipyard to avert liquidation.Last month, STX Shipbuilding, once the country's No. 4 shipbuilder, filed for receivership to stay afloat as its creditors decided to end a similar rehabilitation program for the shipbuilder.The shipbuilder has been under the control of its creditors since April 2013 amid a protracted slump in the sh
June 7, 2016
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[Super Rich] Nexon founder likely to face summons
Kim Jung-ju, founder of the country’s biggest online gaming giant Nexon, is likely to be summoned by the Supreme Prosecutors’ Office soon in a probe to determine whether he paid kickbacks. Kim, who founded Nexon in 1994 with his university friend Song Jae-kyng -- current CEO of XLGames -- is a new breed of superrich in Korea. He is a self-made billionaire, having accumulated wealth of 4.9 trillion won ($4.2 billion) by incubating Nexon and investing in start-ups at home and abroad in a variety o
June 7, 2016
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[Super Rich] Like father like son-in-law
Legendary Korean baseball pitcher Park Chan-ho and his millionaire father-in-law have more than family connections in common. Both currently have sizeable real-estate earnings and are committed to philanthropy. Park, the first Korean pitcher in Major League Baseball, currently has a net worth of $40 million, according to Celebrity Net Worth. Making his MLB debut in 1994 with the Los Angeles Dodgers, he earned a total of $88.9 million during his 18-year career thanks to his powerful pitching deli
June 7, 2016
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Seoul probing crash of U.S. cargo plane in Incheon
A U.S. cargo plane operated by United Parcel Service of America skidded off a runway at the main gateway to South Korea due to a breakdown in the landing gear. No casualties were reported, the aviation authorities here said Tuesday.Flight 5X61 bound for Anchorage in the United States was about to take off at Incheon International Airport at 10:48 p.m. on Monday, but instead rolled off the runway, according to the state-run airport operator.Five crew members, including one pilot, safely escaped f
June 7, 2016
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Amid growing uncertainty Hotel Lotte delays IPO
Lotte Group on Tuesday postponed a plan to list its hotel unit on the nation’s main bourse later this month in the face of growing concerns over an ongoing probe into a lobbying scandal involving former executives of Hotel Lotte, the operator of the nation’s largest duty-free business.According to sources, the decision came after a meeting with market regulators earlier in the day where they shared views that it would be difficult to complete necessary procedures before trading Hotel Lotte share
June 7, 2016
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Hanwha pushes automotive business in U.S.
Hanwha Advanced Materials Corp.’s move to buy a Michigan-based car parts company is being seen by industry watchers as Hanwha Group’s attempt to expand its automotive business in the U.S. market. The group confirmed Tuesday that its material arm Hanwha Advanced Materials Corp. recently submitted a letter of intent to buy the U.S.-based automotive materials supplier Continental Structural Plastics. CSP is a supplier of lightweight materials to the U.S.’ big three automakers General Motors, Ford a
June 7, 2016
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Lotte Chemical bids to acquire Axiall in U.S.
Lotte Chemical, the petrochemicals unit of South Korea’s Lotte Group, said Tuesday that it has made an offer to buy U.S.-based chemicals producer Axiall Corp. with aims to expand its business portfolio and strengthen its footing in North America.The company said it submitted its bid to take over Axiall Corp. last Saturday. No further details were disclosed, including its offering price.Axiall Corp. is an Atlanta-based chemicals firm that specializes in producing integrated chlorovinyls and vinyl
June 7, 2016
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eBay Korea’s Auction, Gmarket expands O2O reach
E-commerce platforms Auction and Gmarket, run by eBay Korea, will expand their online-to-offline shopping services with a new delivery network launching in August, the company said Tuesday.Since its mobile launch in March 2011, Auction has continued to offer new services in the O2O market. Auction’s A.Tag service (eBay Korea)Last October, the e-commerce platform launched a new technology called A.Tag which allows shoppers to make additional purchases of a previously purchased product by touchin
June 7, 2016
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11st opens second offline customer center
Online open market 11st, which was the first e-commerce operator here to create an offline customer service center, has opened its second center in Daegu, operator SK Planet said Tuesday.Called “V Center,” the center serves customers who want to return items for exchanges or refunds. The first center opened in Guro-gu, Seoul, in April, and the second Daegu branch opened on Tuesday. 11st V Center (SK Planet)According to SK Planet, V Center seeks to expand 11st’s interactions with customers -- bey
June 7, 2016
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Koreans' rice consumption halves in 30 yrs
The annual rice consumption of the South Korean population has halved over the past three decades due mainly to changes in diet and eating habits, government data showed Tuesday.Per capita rice consumption in South Korea reached 62.9 kilograms per year in 2015, sharply down from the 128.1 kg tallied in 1985, according to the data compiled by Statistics Korea.South Koreans consumed 172.4 g of rice per day last year, also down 3.3 percent from a year earlier, indicating that they eat less than two
June 7, 2016
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O2O startups struggle on high marketing costs
South Korean startups in the online-to-offline (O2O) business have been faring poorly over the past couple of years due to high marketing costs amid a lack of solid revenue sources, data showed Tuesday.With the use of smartphones growing fast, O2O startups have sprung up in South Korea in recent years, enabling consumers to use an app or website to order food, car rides, real estate and other services.According to the data by the Financial Supervisory Service, Woowahan Brothers, the operator of
June 7, 2016
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Gov't resumes telemedicine law revision
The government will push ahead with a plan to revise a law in order to allow doctors to see patients and provide treatment through the use of telecommunications and information technology, government officials said Tuesday.According to the Health and Welfare Ministry, the Cabinet approved a bill on the revision of the Medicine Law the same day to implement the practice of telemedicine designed to provide quality health care for those in hard-to-access areas and for the elderly by connecting pati
June 7, 2016
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Home-grown brand Golden Blue rapidly eats into whisky market share
To many South Koreans, a Scotch whisky aged over 17 years has been a symbol of luxury and the ultimate drink for successful businessmen. But that became a thing of the past amid the prolonged economic slowdown and changing drinking trend. Golden Blue, a home-grown whisky released in 2009 by a fledgling Korean distiller based in Busan, has been increasingly widening its base among whisky lovers who prefer a mild taste and affordable price tag.Unlike a typical whisky with a Scotch label and 40 per
June 7, 2016
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Over 40% of local cow farms closed since KORUS FTA: report
More than four out of 10 South Korean cow farms have shut down in the last four years since the implementation of the free trade deal between Seoul and Washington, dealing a hard blow to the local livestock industry, a report showed Tuesday.The number of cow farms stood at 154,000 units in 2012, when the Korea-U.S. free trade agreement took effect, but it plunged 42 percent to 88,000 units in 2016, according to the report compiled by Nonghyup, a state-run farmers' cooperative.Nearly 16,500 farms
June 7, 2016
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Korean Air keen to secure cash to handle maturing debt
Korean Air Lines Co., South Korea's top air carrier, is going all out to secure liquidity by issuing a large amount of asset-backed securities in an apparent bid to handle maturing debt, industry sources said Tuesday.Korean Air, whose parent Hanjin Group is beset by a liquidity crisis engulfing its shipping arm, floated some 340 billion won ($287 million) worth of ABS in April and May. The airline is also considering issuing an additional 700 billion won in July.Last year, Korea Air issued 570 b
June 7, 2016