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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Can Jennie break the K-pop solo artist slump?
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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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Daewoo Shipbuilding in final stage of crafting self-restructuring program
Embattled shipbuilder Daewoo Shipbuilding & Marine Engineering Co. is in the final stage of mapping out its self-restructuring scheme to raise some 5.2 trillion won ($4.39 billion), more than the previously proposed 4 trillion won, after coming under pressure from creditors and financial authorities to plan a stronger rehabilitation scheme, industry sources said Friday.Under the plan being crafted, Daewoo Shipbuilding intends to sell two of its five floating docks, which could translate into a 3
June 3, 2016
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Attracting global pharma companies key to sustained growth: FKI
The Federation of Korean Industries said Friday that the rising Korean biopharmaceutical industry will be unable to sustain growth without bringing in big pharma companies from abroad through tax breaks and customized infrastructure.Choo Kwang-ho, a senior official at FKI, said through a statement that it was important to attract foreign pharmaceutical companies now, when “global pharmaceutical companies are actively expanding into other countries.” An SK Biotek factory (SK Corp.)He also said,
June 3, 2016
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Samsung SDS mulls spit of logistics biz: sources
Samsung SDS, a key IT unit of Samsung Group, is considering splitting its logistics business and merging it with Samsung C&T Corp., the group's fashion and trading arm, industry sources said Friday.Samsung, South Korea's top family-controlled conglomerate, will likely announce a plan next week to split off Samsung SDI's global logistics division and combine it with Samsung C&T's trading segment, they said.The merger would help Samsung C&T form a competitive business portfolio and thus create syn
June 3, 2016
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Korea to double investment in clean energy by 2021
South Korea will spend more than 1 trillion won ($841 million) by 2021 on research and development of clean energy as part of international efforts to reduce greenhouse gas emissions and fight climate change, the government said Friday.It will mark twice the amount earmarked for clean energy research and development this year, according to the Ministry of Trade, Industry and Energy.The plan was announced at the inaugural ministerial meeting of Mission Innovation in San Francisco, where South Kor
June 3, 2016
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Hyundai Heavy bags order for 2 LNG carriers
Hyundai Heavy Industries Co., an embattled shipbuilder, has clinched a deal estimated at $400 million, to build two liquefied natural gas carriers, industry sources said Friday.According to the sources, Hyundai Heavy has won the order from SK E&S Co., a local LNG importer, to build the two vessels, which can each carry 180,000 cubic meters of LNG.The vessels will be delivered starting in the first half of 2019, the sources said.Hyundai Heavy and other local rivals, such as Samsung Heavy Industri
June 3, 2016
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Samsung Heavy considers stock sale, sister firms' participation in focus
Samsung Heavy Industries Co., a shipbuilding unit of the country's top conglomerate Samsung, has included a stock sale in its latest self-restructuring program, spawning speculation that its affiliates, including Samsung Electronics Co., may join forces to salvage the embattled shipyard, industry sources said Friday.According to the sources, Samsung Heavy's self-rescue plan to raise 1.5 trillion won ($1.26 billion), provisionally approved by its creditors, includes asset sales and a cut in the w
June 3, 2016
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Minister vows to support overseas entry of bio drug products
The government Thursday vowed to support Korean biopharma products in their efforts to expand overseas during a meeting with top executives of major firms.In the meeting held to hear from industry’s concerns on research and development in biopharma products, Minister of Food and Drug Safety Sohn Mun-gi said he would seek ways to strengthen exports and support the manufacturing of Korean bio products developed by researchers. Minister of Food and Drug Safety Sohn Mun-gi (Yonhap)The meeting was a
June 2, 2016
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Health considerations fuel Korea’s probiotics market
Like many others, Lee Jun-sung, a 33-year-old office worker living alone in Seoul, spends most of his day sitting at his office. He also eats out frequently and drinks several times a week with clients — all of which have steadily taken a toll on his physical health.Seeking to relieve his indigestion as well as hangovers, Lee started taking a probiotic supplement every morning upon a friend’s recommendation that probiotics can improve intestinal health.Cell Biotech’s Duolac“Since I began taking
June 2, 2016
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[Consumer This Week] Lucky Chouette, KT&G, E-mart, MCM, Dior, Pepero
Lucky Chouette offers virtual fittingsCasual fashion brand Lucky Chouette will be testing out a virtual fitting service called “Try Clothes Online” until the end of July.Try Clothes Online is a collaborative service provided by British IT start-up Metail and Kolon Benit. Consumers will be able to virtually try on 100 looks from Lucky Chouette’s spring-summer collection using an avatar customized to the user’s body measurements.The service will recommend optimal sizes for the items chosen by user
June 2, 2016
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Organica juices now available at CU
Just Juice Cleanse, a line of premium cold-pressed detox juices from Herald Corp. affiliate Organica, is now available at CU convenience stores nationwide, Organica said Thursday.The detox juices will be available at 9,800 CU convenience stores in three flavors exclusively made for the chain: Light Green, Strengthening Shine and Pretty Pine. Each flavor retains the health benefits and nutrients of its ingredients thanks to Organica‘s unique high-pressure processing method while appealing to popu
June 2, 2016
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Safety concerns growing over AmorePacific’s lip product
A growing number of consumers who purchased lip products by Aritaum, cosmetic giant AmorePacific’s budget brand, are claiming to have adverse skin reactions after applying the product, according to local reports Thursday.Online posts showing swollen lips and pustular eruptions have been uploaded by users who have complained the symptoms began only after applying Aritaum Volume-Up Oil Tint.Aritaum’s Volume Up Oil Tint (AmorePacific Mall)Reports by Environment TV quoting a dermatologist said the s
June 2, 2016
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Korea’s asset management firms eye global markets
South Korean asset management companies are increasingly eyeing global markets to seek higher returns, as local capital markets face low interest rates, industry officials said Thursday.The number of overseas offices operated by Korean asset management companies more than doubled to 35 as of the end of 2015 from 14 in 2008, according to data by the Korea Financial Investment Association.The head office of the Korea Financial Investment Association in Seoul. (KOFIA)Among 35, 14 are run by Mirae A
June 2, 2016
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Global chat app LINE under suspicion of overseas listing push
LINE Corp., the Japanese arm of South Korea's Internet giant Naver Corp., is suspected of pushing to list shares on overseas markets in a bid to allow its staff to exercise stock options for a profit, market watchers said Thursday.Headquartered in Japan, LINE Corp. operates the mobile messenger LINE that is extremely popular in Japan, Thailand, Taiwan and Indonesia. The number of LINE's monthly active users came to 215 billion as of December last year.LINE, the flagship of Naver, has been engulf
June 2, 2016
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Korea's big 3 shipyards clinch no orders in May
South Korea's top three shipbuilders failed to clinch any new orders last month, mirroring a protracted slump in the global shipbuilding sector, industry data showed on Thursday.According to the data compiled by global research firm Clarkson Research Services, the nation's top three shipyards -- Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. -- won no new orders last month.But Hyundai Mipo Dockyard Co., an affiliate of Hyundai Heavy In
June 2, 2016
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Hanjin Shipping faces hurdles in charter rate cut negotiations
Financially troubled Hanjin Shipping Co. has not made any progress in its negotiations with the owners of its chartered ships to cut leasing rates, one of the key preconditions set by its creditors to avert court receivership, industry sources said Thursday.According to the sources, the country's No. 1 container shipping line had contacted the owners of its charter fleet to slash the rates, but failed to receive any "positive" responses from them.The shipper's struggle for the charter rate cut i
June 2, 2016
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Exports of fruits, vegetables jump 23% in 5 yrs
Exports of fruits and vegetables have grown 22.9 percent over the past five years on rising demand from Asian countries and the United States, customs data showed Thursday.A combined $304 million worth of fruit and greenstuffs were shipped overseas last year, up from $248 million in 2011, according to the data compiled by the Korea Customs Service. (Yonhap)Shipments of fruit including pears and strawberries rose 29.8 percent to $127 million over the five-year period, while exports of vegetables
June 2, 2016
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NPS to expand investment in private equities in Asia
Korea’s largest institutional investor National Pension Service said it will increase the proportion of overseas investment in private equities in the Asian region to around 30 percent in its long term strategy.Out of the 512 trillion won ($429 billion) pension fund, 19.5 trillion won is allocated as global private equity investment, according to Yang Young-sig, the head of global private market at the investment division of the National Pension Service.National Pension Service (Yonhap)“NPS aims
June 1, 2016
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Hyundai Merchant's debt recast proposal approved by all bondholders
Bondholders of Hyundai Merchant Marine Co. on Wednesday approved an additional 170 billion won ($142 million) debt rescheduling proposal by the financially shaky shipper, clearing one of the hurdles for a creditor-led restructuring, company officials said.During a two-day meeting that started on Tuesday, the shipper's bondholders gave the nod to a total 804.2 billion won debt rescheduling scheme under which more than half of the debt will be swapped for the shipper's stocks and the remaining deb
June 1, 2016
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Eco-friendly soap sales soar due to Oxy fears
Sales of eco-friendly soaps are on the rise as consumers here continue to be wary of potentially harmful household supplies after the Oxy toxic humidifier disinfectant case, data showed Wednesday.According to data from online open market Auction, sales of natural and eco-friendly dishwashing soaps rose 74 percent in April and May compared to the previous year, reflecting growing demand from retailers and consumers over natural replacements for chemical soaps. A consumer browses natural cleaners
June 1, 2016
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Korea to support venture capital for fintech start-ups
The government will fully support venture capital to finance start-ups in financial technology business, as digital innovation will play a critical role in the fourth industrial revolution, Korea’s top financial regulator said Wednesday. “With the advent of fintech and ICT-based firms, once-exclusive financial services are evolving into new types of services,” Financial Services Commission chairman Yim Jong-yong said at a forum in Seoul.Financial Services Commission chairman Yim Jong-yong (Yonha
June 1, 2016