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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Missha launches Line edition cosmetics across Asia
South Korean cosmetics brand Missha has launched its Line Friends edition cosmetics collection in 12 countries across Asia, the brand’s operator Able C&C said Wednesday. Missha’s cosmetics that showcase the 10 signature characters from Naver’s mobile messenger app Line are now available in China, Taiwan, Hong Kong, Thailand, Singapore, Malaysia, the Philippines, Brunei, Myanmar, Mongolia, Kazakhstan and Vietnam.The brand is offering between 10 to 70 products inspired by Line in each country, dep
June 1, 2016
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Corporate Korea needs culture reform: experts
South Korean firms need to overhaul their corporate culture to enhance global competitiveness, specialists here said Wednesday."What's important, above all, is to change the way of work and culture," Choi Won-sik, head of McKinsey & Company's Seoul office, said in a forum hosted by the Korea Chamber of Commerce and Industry.It will be hard to ride out the current challenges facing South Korea if it fails to improve the nation's corporate culture by sticking to the past success model of focusing
June 1, 2016
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Korea eyes new oil drilling ship
South Korea is pushing for the construction of a new oil drilling ship to replace the existing outdated vessel, a state-run geology and resources research center said Wednesday.The Korea Institute of Geoscience and Mineral Resources (KIGAM) said it has obtained government approval to conduct a six-month preliminary feasibility study on the construction of the 5,000-ton vessel, dubbed Tamhae 3, starting this month.If the project passes the feasibility study, construction will likely begin in 2018
June 1, 2016
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Hana Tour opens third business hotel in Seoul
Hana Tour Co., South Korea's leading tour agency, opened its third business hotel in Seoul, aiming to create synergy with its travel, duty-free and entertainment businesses. Tmark Grand Hotel is located in Myeongdong, the shopping mecca in downtown Seoul, and close to Namdaemun Market, the nation's largest traditional market. The 20-story building has 576 rooms plus a swimming pool, a fitness center and a VIP lounge. The travel agency first opened two business hotels in central Seoul in 2012 and
June 1, 2016
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Pace of export decline slows
The nation’s outbound shipments, a key pillar for economic growth, continued to fall in May compared to the same period a year ago, extending their longest year-on-year monthly fall to 17 months, according to data from the Ministry of Trade, Industry and Energy on Wednesday. “Despite the continued fall in exports, the decline trend slowed last month,” the ministry said in a press release. Exports stood at $39.78 billion last month, down 6 percent from the same period a year ago.The on-year month
June 1, 2016
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Hyundai Heavy gets approval on 3.5 tln-won self-rescue measures
Embattled Hyundai Heavy Industries Co. has mapped out 3.5 trillion won ($2.94 billion) worth of self-rehabilitation measures, including asset sales and a cut in its workforce, in order to stay afloat amid a drop in new orders, industry sources said Wednesday.Under the shipbuilder's self-rescue plans, temporarily approved by the financial authorities and its creditors, led by KEB-Hana Bank, it will sell stocks that it invested in, non-core assets and cut its workforce, which will reduce its debt-
June 1, 2016
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More firms subject to strict antitrust rules in May
The number of South Korean business groups' affiliates subject to restrictions on mutual investments and loan guarantees rose sharply in May from a month earlier, the antitrust watchdog said Wednesday.The Fair Trade Commission said the number of firms on its monthly watch list came in at 1,759 on Monday, up 18 from the previous month. Fair Trade Commission in Sejong City (Yonhap)Such affiliates are owned by the country's 65 largest business groups, including Samsung Group, Hyundai Motor Group an
June 1, 2016
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Korea considers shutdown of aged coal power plants
South Korea is considering closing aged coal-fired power plants as part of efforts to curb fine dust emissions in light of worsening air pollution problems, the government said Wednesday. The Office for Government Policy Coordination under the Prime Minister's Office has been preparing a set of comprehensive measures jointly with the ministries of environment, energy and finance to address the rising environmental concerns.The Ministry of Trade, Industry and Energy has been drafting a plan to cl
June 1, 2016
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Sales of low-priced wines on a roll in Korea
Wine is no longer booze that is consumed only on a red-letter day in South Korea. It is morphing into an alcoholic beverage for the man on the street as more low-priced brands are available and becoming popular.Large discount store chains and wine wholesale stores have chalked up strong growth in sales of wine with a price tag of less than 10,000 won ($8.40) this year as they offer consumers a variety of low-priced brands, industry sources said Wednesday.No. 1 discount chain E-Mart saw such chea
June 1, 2016
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Asset management firms' Q1 net jumps 56.8%
South Korea's 115 asset management companies posted a 56.8 percent on-year jump in first-quarter net profit largely driven by an increase in commission income, government data showed Wednesday. Their combined net profit for the three months ended March 31 soared to 138.8 billion won ($117 million) from 88.5 billion won a year earlier, the Financial Supervisory Service said in a statement."Institutional investors injected more of their capital into equity-linked funds offered by local asset manag
June 1, 2016
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[Graphic News] Overall average pay increases
The average monthly pay of full-time and part-time workers increased by 3.4 percent to 3.2 million won ($2,700), according to a government survey released on Monday. The survey, which was conducted by the Ministry of Employment and Labor on 25,000 businesses, excluding the agricultural industry, showed that the monthly pay of full-time workers increased by 3.6 percent to 3.4 million won, and the pay of part-time workers also increased by 2.1 percent to 1.4 million won. The industries with the hi
May 31, 2016
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Rise and fall of Korean shipbuilding tycoon
The founders of many South Korean conglomerates have led dramatic lives, with resemblance to the domestic economy rising fast from the ashes of the Korean War.One thing that the business tycoons have in common is the culture of pursuing fast growth, which has contributed to the nation’s rapid rise. Their growth obsession, however, sometimes ends in tragedy. The latest conglomerate leader to suffer a freefall is STX Group founder and former chairman Kang Duk-soo. Former STX Group chairman Kang Du
May 31, 2016
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Young start-up acquires 50-year-old B&W
In an unusual development, a well-established company with a history of half a century was acquired early last month by a 2-year-old small start-up.Normally well-established companies acquire smaller firms, not the other way around. However, in this case, the start-up Eva Automation -- with a staff of 50 people in Silicon Valley -- took over the British audio company Bowers & Wilkins that has 1,100 employees.Eva Automation is a specialized audio and video systems firm that is yet to release any
May 31, 2016
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POSCO retakes 4th place in global steel production
POSCO, South Korea's biggest steelmaker, has regained its status as the world's fourth-largest steel-producing firm, data from the World Steel Association showed Tuesday.The Pohang-based company produced 41.9 million tons of crude steel in 2015, ranking as the world's fourth largest steel producer, up one notch in the ranking.It ranked fourth by output in 2011, but it remained fifth for three years till last year.POSCO's production was little changed from the 41.5 million tons recorded in 2014.T
May 31, 2016
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Park calls for fostering maritime industry into future growth dynamo
President Park Geun-hye on Tuesday called for fostering a new maritime industry and developing it into a future growth dynamo, underscoring that the maritime sector will present new economic opportunities for Asia's fourth-largest economy.In a video message at a ceremony marking Marine Day, Park also said that the nation, surrounded by the sea on three sides, should capitalize on its geographical features to fuel its growth momentum."(The country) should find a new maritime industry that is link
May 31, 2016
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LG Life Sciences to commercialize Humira biosimilar by 2018
LG Life Sciences on Tuesday said that it has begun phase III clinical trials for its new Humira biosimilar under development in South Korea, with plans to commercialize the drug in Korea and Japan by 2018. The Korean Ministry of Food and Drug Safety approved the final-stage clinical trials for LBAL, LG’s Humira biosimilar on May 27, prompting the company to begin its trials, said company spokesman Park Jun-hyoung.Developed by U.S. pharmaceutical giant AbbVie, Humira (adalimumab) is the world’s t
May 31, 2016
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Shilla tops new duty-free shops in daily sales
South Korea’s five newly licensed duty-free stores in Seoul are seeing steady improvements in their daily revenue, with HDC Shilla and Hanwha in the lead so far, the companies said Tuesday. HDC Shilla said its new duty-free store in Yongsan has been racking up some 1.1 billion won ($925,000) in daily sales since April. It opened on Mar. 25 as the first of the five new stores permitted to begin business this year.Hotel Shilla president and CEO Lee Boo-jin looks around Shilla I’Park Duty Free stor
May 31, 2016
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Daewoo Shipbuilding to cut wages, sell assets to stay afloat: report
Troubled South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering is seeking pay cuts and sales of subsidiaries as part of self-rescue efforts to stay afloat, a local news report said Tuesday.Based in Geoje in South Gyeongsang Province, the shipbuilder plans to slash 10-20 percent of the wages of executives, office workers and manufacturing employees, as well as to sell shipbuilding subsidiaries such as DSEC, Samwoo Heavy Industries, Shinhan Machinery and Welliv, Yonhap News Agency said
May 31, 2016
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Salary gap may remain burden for SK Telecom in M&As
A steep salary gap may impede South Korea's top mobile carrier SK Telecom Co.'s post-merger integration efforts even if it obtains government approval for its proposed acquisition of CJ Hellovision, industry people said Tuesday.In the January-March quarter, SK Telecom's 4,184 employees received an average of 51 million won ($43,000) per person, almost four times higher than the average salary of 14 million won for CJ Hellovision's 1,109 workers, according to data from the Financial Supervisory S
May 31, 2016
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Korean firms at joint industrial park boycott gov't support measures
South Korean firms suffering months-long financial damage from the shutdown of a joint industrial complex in North Korea expressed discontent with the latest government support measures on Tuesday, saying the partial aid is not enough to compensate for their losses. Seoul shut down the Gaeseong Industrial Complex in the North's border city of the same name on Feb. 10 in response to Pyongyang's January nuclear test and long-range rocket launch in February. Gaeseong Industrial Complex (Yonhap)In
May 31, 2016