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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Hyundai Merchant in last-ditch effort to cut charter rates
Financially troubled Hyundai Merchant Marine Co. is in its last-ditch effort to trim the leasing rates for its chartered ships, industry sources said Monday, as the country's No. 2 shipper has made some progress in the negotiations.Since February, Hyundai Merchant, the country's No. 2 shipper, has been in talks with the ship owners of its chartered vessels to slash the leasing rates, one of the key prerequisites demanded by its creditors, led by the state-run Korea Development Bank, to stay aflo
May 30, 2016
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Korean Air plane taxied 700 meters after engine caught fire: investigation
An investigation by the Japanese Transport Safety Board into a Korean Air Lines jetliner whose engine caught on fire at Haneda Airport in Tokyo said that the plane coasted 700 meters after the fire broke out, according to Kyodo News.The scan of the engine revealed that dozens of turbine blades towards the back of the plane‘s left engine had been shattered. Pieces of the blade and engine cover were found on the runway around the point the fire broke out, with track marks extending 700 meters past
May 29, 2016
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GS25 tops convenience stores: survey
Convenience store chain GS25 achieved the highest level of consumer satisfaction among Korea’s top five convenience store chains, according to a survey by the Korea Consumer Agency. GS25 received an average rating of 4 out of 5 points, pushing it ahead of rivals 7Eleven (3.9 points) and CU (3.8 points).The survey was conducted by the Korea Consumer Agency from last November. It asked consumers to rate stores based on factors such as food quality, store cleanliness and service quality.The results
May 29, 2016
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Sales of Korean-made products rise in duty-free shops
Sales of Korean-made products have risen in domestic duty-free shops to reach 40 percent of all sales, according to data from the Korea Customs Service on Sunday.Duty-free outlets in Korea saw revenues of 3.74 trillion won ($3.17 billion) in the first third of 2016, marking an 18.1 percent increase from the same period last year. Korean-made products were credited for 42.2 percent of those sales.Tourists shop for cosmetics at Shinsegae Duty Free in Myeong-dong. (Yonhap)The latest numbers show a
May 29, 2016
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Samsung releases new large-sized SUHD models
Samsung Electronics Co. on Sunday said it plans to release three new large-sized models of its SUHD TV series, amid the rising demand for bigger displays among local consumers. Samsung said it plans to start the sales of 68-, 78- and 88-inch TVs, providing consumers with a wider scope of choices. The price tags on the three products stand at 7.89 million won (US$6,647), 12.9 million won and 33 million won, respectively. The SUHD TV incorporates quantum dot technology, which refers to a fi
May 29, 2016
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S. Korea's self-sufficiency of beef, pork drops in 2015
South Korea's self-sufficiency of beef and pork decreased together for the second consecutive year in 2015, data showed Sunday, amid the falling number of cattle raised and the rising demand for pork-related products in the country. According to the data compiled by the Ministry of Agriculture, Food and Rural Affairs, South Korea's self-sufficiency rate of beef came to 46 percent in 2015, down from 50.1 percent posted in 2013.The figure is anticipated to reach 38.8 percent in 2019. Industry
May 29, 2016
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SK Telecom becomes chairman of 5G union
South Korea's top mobile carrier SK Telecom Co. became the inaugural chair of the Telecom Infra Project (TIP), a global union of companies studying fifth-generation (5G) network technologies, the company said Sunday. SK Telecom said TIP has named Choi Jin-sung, its chief technology officer, as the first chairman of the organization. Led by Facebook CEO Mark Zuckerberg, TIP is an organization that studies deeper into the 5G network technology. Along with SK Telecom, the members also include G
May 29, 2016
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GKL hosts global casino forum
Grand Korea Leisure, the operator of the foreigner-only Seven Luck casino in Korea, hosted the Global Leisure Forum 2016 at Coex in southern Seoul on Friday. Casino industry leaders from around the world, including lawyers, professors, and company presidents, gathered at the forum to discuss the development strategy of city-based casinos in Korea as well as job creation by focusing on the future trends of the industry. GKL president Lee Gi-woo gives a speech at the Global Leisure Forum 2016 in
May 29, 2016
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STX Shipbuilding files for court-led restructuring
Financially shaky STX Offshore & Shipbuilding Co. Friday filed for a court-led restructuring scheme as it struggled with a protracted slump and mounting losses, officials at the shipbuilder and the Seoul Central District Court said.The court will soon decide whether to put the ailing shipbuilder under its receivership or on path to liquidation, the officials said.STX Shipbuilding, once the country's No. 4 shipbuilder, has been under the control of its creditors since April 2013 amid a protracted
May 27, 2016
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Steel firms seek preemptive restructuring
In light of shipping and shipbuilding companies that are being swept up by debt after years of oversupply, Korea’s steel firms are seeking preemptive steps not to succumb to the same fate. Industry watchers say the steel makers will likely hasten restructuring moves after summer when a new law that eases regulations on small mergers, splits and asset sales takes effect. The act, dubbed the “one shot law,” would clear regulatory hurdles associated with tax codes, commercial code and fair trade la
May 27, 2016
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S-Oil breaks ground for residue upgrading complex
S-Oil, the nation’s third-largest oil refiner, broke ground for its much-awaited residue upgrading complex and olefin downstream complex, the company announced Friday. Nasser Al-Mahasher, chief executive of S-Oil (S-Oil Corporation)This is the oil refiner’s first massive investment project since Saudi Aramco, the world’s largest oil exporter, became its largest shareholder by purchasing additional shares last year. The project worth 4.8 trillion won ($4 billion) is also the largest plant constru
May 27, 2016
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Lotte Shopping suspended for false documents
The government on Friday ordered Lotte Shopping, a TV shopping channel under retail giant Lotte, to stop operating programs for six hours during prime time for six months, as part of a disciplinary measure for submitting false documents.The suspension is set to begin on Sept. 28, according to the Ministry of Science, ICT and Future Planning, adding that the TV channel will be banned from broadcasting programs between 8 a.m. and 11 a.m., and 8 p.m. and 11 p.m. daily. The decision came after Lotte
May 27, 2016
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Korean Air plane catches fire
More than 300 passengers and crew members were evacuated from a Korean Air plane, as fire broke out on its left-side engine just before taking off from a Tokyo airport on Friday. Korean Air`s Boeing 777-300 jet is seen at Haneda Airport in Tokyo on Friday after fire at its left-side engine is extinguished. (Yonhap)The Boeing 777-300 jet was speeding up on the runway of Haneda Airport for departure but suspended its operation immediately after a spark was detected at 12:20 p.m. on its No.1 engine
May 27, 2016
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Fried chicken market anything but small in Korea
Fried chicken has found a firm place in present-day Korean cuisine, despite being commonly considered a creation from the United States. Among other things, it is a staple as a midnight snack for Koreans and the food of choice at baseball stadiums, for get-togethers along the river and for those entertaining guests at home. Despite the saturated market, the fried chicken industry remains strong and is still growing, with technology allowing for efficient deliveries and continuously evolving rec
May 27, 2016
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YG Entertainment lures 100 bln won in investment from China
South Korean music company YG Entertainment on Friday said it has attracted 100 billion won ($85 million) in investment from the Chinese online giant Tencent and mobile ticketing service, Beijing Weiying Technology Co.YG said its CEO Yang Min-suk will sign an investment deal with Suman Wang, who is in charge of Tencent's video, film and drama businesses, and Ning Lin, founder and CEO of Weiying, at a Seoul hotel Tuesday.Under the deal, YG will issue shares worth $55 million for Weiying, whose se
May 27, 2016
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SK Chemicals hemophilia drug approved by FDA
SK Chemicals Co., the chemical and pharmaceutical arm of South Korea's conglomerate SK Group, said Friday it has won approval from the U.S. Food and Drug Administration to sell its hemophilia drug, taking a step closer toward commercializing the homegrown drug in the global market.The "NBP601," which was developed by SK Chemicals and licensed out to Australia's biotechnology firm CSL Ltd. in 2009, is a recombinant DNA biologic drug to treat the rare bleeding disorder.SK Chemicals forecast that F
May 27, 2016
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Lotte Homeshopping ordered to suspend prime time broadcasting
Lotte Homeshopping Inc., the TV channel of retail giant Lotte, was ordered on Friday to suspend its six-hour prime time broadcasting for six months starting from late September. The Ministry of Science, ICT and Future Planning imposed the heavy administrative measure on the nation's No. 3 home shopping channel for submitting false documents to renew its business license.The ministry said Lotte Homeshopping intentionally cut the number of executives and employees implicated in bribery to renew it
May 27, 2016
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Samsung likely to countersue Huawei in U.S. in July: watchers
South Korean top tech giant Samsung Electronics Co. is likely to file a countersuit against Huawei Technologies Co. with a U.S. court in July, industry watchers here said Friday, after the Chinese company launched lawsuits claiming Samsung's infringement of its patents.Earlier this week, Huawei brought two suits against the world's top smartphone maker with a U.S. federal court in California and the Chinese city of Shenzhen, seeking financial compensation for the alleged unlicensed use of 4G tec
May 27, 2016
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Korea Herald to launch online business news service
The Korea Herald, the nation’s largest English newspaper, will launch The Investor, a pioneering real-time English online business news service, in June. The Investor will cover more than 300 listed companies and the 300 richest people in Korea, and deliver breaking market news and developments with in-depth data and analysis.From stock market news to corporate governance, The Investor will offer accurate and fast access to information on Korean markets in English for serious investors around th
May 26, 2016
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GE picked as preferred bidder to supply engines for next-generation fighter jets
U.S. company General Electric was selected on Thursday as the preferred bidder to supply engines for South Korea's next-generation fighter jets, Seoul's state arms procurement agency said.GE has been picked as the supplier for the Korean Fighter Experimental (KF-X) program, according to the Defense Acquisition Program Administration.European engine maker Eurojet Turbo GmbH and GE had been vying to become the engine provider for the 18 trillion won ($15.3 billion) project that calls for building
May 26, 2016