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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Performance-linked pay system gains fame, along with opposition
The number of public firms introducing the government-proposed wage system based on workers' performance is growing at a faster rate than hoped for, despite growing labor opposition that might lead to legal battles.As of Tuesday, about 70 state-run firms and public organizations out of the total 120 that are required to introduce the new wage system have done so, well ahead of the June 30 deadline for state-run companies and the Dec. 31 deadline for public organizations set by the government, ac
May 31, 2016
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Logistics association sues Coupang for ‘rocket delivery’
An association of local logistics companies has filed civil and criminal suits against e-commerce firm Coupang, claiming that its delivery system is illegal.According to the Korea Integrated Logistics Association, Coupang’s so-called “rocket delivery” system is in violation of the Trucking Transport Business Act because the delivery vehicles are not licensed as cargo transporters.Since Coupang is an intermediary seller rather than a retailer in its own right, it does not have ownership of the pr
May 31, 2016
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Hyundai Steel to raise price of hot-rolled sheets
Hyundai Steel Co., South Korea's second-biggest steelmaker, said Tuesday it will raise the price of hot-rolled sheets starting from next month as China is set to tackle oversupply in its steel industry.The affiliate of Hyundai Motor Group said it will increase the price of hot-rolled sheets by 50,000-70,000 won ($42-58.70) per ton next month, which comes after a 30,000-won hike in April. The price of hot-rolled sheets was 650,000 won per ton last week, and had stayed in the same range for three
May 31, 2016
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Doosan Heavy bags desalination plant order from Kuwait
Doosan Heavy Industries & Construction Co., South Korea's top power equipment maker, said Tuesday that it has won a 460 billion won ($86 million) deal to build a desalination plant in Kuwait.Under the deal with the Ministry of Electricity & Water, Doosan Heavy will construct the desalination plant by November 2018, and do operating and maintenance work until November 2023, the company said in a statement.The facility will process 270,000 tons of sea water into fresh water a day, which could be c
May 31, 2016
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Snack bread turns into local best-seller after succeeding in France
"Kopan," a dessert-snack bread from South Korea's leading confectionery Paris Baguette, has won over local consumers after earning popularity first in France, hitting 10 million in sales in nine months, the company said Tuesday.Short for Korean pan, Kopan was served as a dessert at the Korea-France summit dinner in Paris in November last year. Because its pronunciation is similar to copain, meaning friend in French, it has been mentioned as being symbolic of the amicable relations between the tw
May 31, 2016
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Daewoo Shipbuilding draws up self-rescue package worth 3 tln won
Loss-making Daewoo Shipbuilding & Marine Engineering Co. has mapped out self-rescue measures worth over 3 trillion won ($2.52 billion) in total which include an employee wage cut and asset sales, industry sources said Tuesday.Last year the shipyard drew up a 1.85 trillion won self-rehabilitation plan in return for 4 trillion won in financial aid. Recently, the shipyard presented an additional step estimated to save 1.5 trillion won, according to the sources.The latest measures include a cut of u
May 31, 2016
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Samsung rules SSD market in 2015
South Korean tech giant Samsung Electronics Co. dominated the global solid state drive market last year on the back of the increased adoption in personal computers, data showed Tuesday.Samsung Electronics saw its share in the global SSD for personal computer market reach 54 percent in 2015, far outstripping U.S. rival Intel Corp.'s 9 percent, according to the data compiled by industry tracker IHS.An SSD is a data storage device made with a NAND flash memory chip that saves data without requiring
May 31, 2016
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Dairy industry hit by low milk consumption, cheaper imports
Unsold milk keeps piling up in storages and attempts to use it to make cheese, about the only dairy product still selling in the market, have been foiled by heavy imports, industry officials said Tuesday.Trouble for the local dairy business turned serious in November 2014, when the milk stock surpassed 200,000 tons for the first time. According to the Korea Dairy Committee, there were 244,146 tons of leftover milk as of March this year, the 16th month that the stock has exceeded 200,000 tons.Sou
May 31, 2016
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Korea's industrial output sinks 2.8% on-year in April
South Korea's industrial output fell for the second consecutive month and widened its downward pace in April due mainly to a sharp drop in the production of the auto and electronics parts sectors, a government report showed Tuesday.Production in the mining, manufacturing, gas and electricity industries fell 2.8 percent last month from a year ago, according to the report by Statistics Korea. From a month earlier, industrial output also retreated 1.3 percent.The April figure represents a contracti
May 31, 2016
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Korean investment in overseas securities rises in Q1
The amount of foreign securities held by major South Korean institutions grew at the fastest clip in over eight years in the first quarter, partly on a surge in South Korean investment in foreign bonds, central bank data showed Tuesday.As of the end of March, the value of foreign securities held by South Korea's institutional investors came to US$135.74 billion, up $14.75 billion from the revised $120.99 billion tallied three months earlier, according to preliminary data from the Bank of Korea.A
May 31, 2016
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Eximbank Korea adopts performance-based wage system
State-run policy lender, the Export-Import Bank of Korea (Eximbank Korea), decided Monday to offer incentives and penalties to their employees based on their performance, becoming the last of nine public financial firms here to introduce the so-called performance-based wage system.The decision, however, may face strong resistance, if not a legal battle, from unionized workers as it was made solely by the bank's board of directors.The decision came one day before the deadline set by the country's
May 30, 2016
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Lotte chairman pins hope on hotel IPO to boost corporate transparency
Lotte Group Chairman Shin Dong-bin said Monday that the upcoming listing of its affiliate, Hotel Lotte, will be a crucial initial step to boost the group's corporate governance, hoping to restore the retail giant's image tainted by a prolonged succession feud.Shin made the remark in a meeting with institutional investors as Lotte's hotel and duty-free operating unit is set to make its debut in the KOSPI market on June 29. The listing is one of the reform pledges that the 51-year-old made as part
May 30, 2016
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[Newsmaker] Lotte chairman seeks to cement power via IPO
Making a rare appearance as the head of the nation’s fifth-largest conglomerate, chairman Shin Dong-bin met top investors in the country Monday, vowing to improve the transparency of Lotte Group’s governance structure. At an investor relations forum held a month prior to the planned listing of the group’s hotel unit on June 29, Shin said the company will no longer remain a private entity but become “a public and trusted firm.”“Through the upcoming initial public offering, Lotte Group will improv
May 30, 2016
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Samsung Bioepis’ Remicade biosimilar approved in Europe
Samsung Bioepis said Monday that Flixabi, its biosimilar drug referencing Johnson & Johnson’s blockbuster rheumatoid arthritis treatment Remicade, has been approved by the European Medicines Agency. The EMA has approved Flixabi for the treatment of rheumatoid arthritis, Crohn’s disease, ulcerative colitis, ankylosing spondylitis, psoriatic arthritis and psoriasis, the company said.Samsung Bioepis' headquarters in Songdo, Incheon (Samsung Bioepis)It is the second Remicade (infliximab) biosimilar
May 30, 2016
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Korea to export ‘samgyetang’ to China
South Korea will begin exporting its traditional ginseng chicken soup “samgyetang” to China from next month, as the two countries have reached an agreement on the trade deal, the Korean Agriculture Ministry said Sunday.The Ministry of Agriculture, Food and Rural Affairs said the two governments have concluded talks on related food regulations including those on quarantine and sanitation, making way for Korea to start exporting its chicken soup to China.A bowl of samgyetang (Yonhap)Once local chi
May 30, 2016
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Haitai Beverage to expand business into medical and health food
Haitai Beverage, an affiliate of LG Household & Health Care, said Monday that it was changing its name to Haitai htb to reflect its plans to diversify its business operations.The company, which makes drinks like Sunkist, Cocopalm and Sunny10, said that removing the word “Beverage” from its official name signaled its decision to diversify into making medical and health food products. The new logo for Haitai htb (Haitai htb)“We do not have a set date for releasing our new medical products, but we
May 30, 2016
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Korea to hand down fashion know-how to Indonesia
A workshop to transfer South Korea's fashion know-how to Indonesia will be held in the Southeast Asian nation this week, one of the event's co-organizers said Monday. The Seoul-based ASEAN-Korea Center said it will co-host the event with Indonesia's trade ministry. The ASEAN-Korea Center was launched by South Korea and the 10-member Association of Southeast Asian Nations) in March 2009 to promote trade, investment, tourism and cultural exchanges between them.A group of South Korean fashion exper
May 30, 2016
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Flight passengers for April up 7.4%
The number of flight passengers in April rose 7.4 percent on-year, the Transport Ministry said Monday.According to the ministry’s data, 8.36 million people took flights in April, continuing a steady increase from 2012. Of them, 5.7 million were international flyers, up 8 percent from last year thanks to expanded routes operated by low-cost carriers.The most notable increases were in flights to Oceania, Japan and Southeast Asia, regions well-served by budget carriers. Flights to those areas rose
May 30, 2016
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Chinese firm proposes investing W211 bln into Dangjin marina project
A Chinese state-run company has proposed a plan to invest a total of 210.7 billion won ($177.2 million) in a South Korean marina project, the government said Monday.The Ministry of Oceans and Fisheries said Liaodi Group, a construction and engineering firm run by China's Liaoning Province, submitted a proposal last week for the marina project in Dangjin on the west coast. Dangjin, Korea (Yonhap)The South Korean government has announced a set of projects to build six marina harbors, including one
May 30, 2016
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Sales at department stores rise in April
Sales at South Korea's major department stores gained at the fastest clip in three months in April from a year earlier on promotion events, government data showed Monday.The combined sales of three department stores -- Hyundai, Lotte and Shinsegae -- jumped 4.3 percent on-year last month, the highest on-year gain since January, when it marked a 9 percent on-year gain, according to the data compiled by the Ministry of Trade, Industry and Energy.At the same time, the major discount stores of E-Mar
May 30, 2016