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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Doosan Heavy receives award from MEED
Doosan Heavy Industries & Construction received an award from Middle East business media group MEED for successfully completing a thermoelectric power plant in Saudi Arabia’s Rabigh, the company announced Thursday. The “MEED Quality Awards for Projects” selects the best construction project in 16 areas including electricity generation, fresh water, oil and gas led by six member nations of the Gulf Cooperation Council -- Saudi Arabia, Bahrain, Kuwait, United Arab Emirates, Qatar and Oman. Doosan
May 26, 2016
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[Consumer] Early summer speeds up battle over cooling apparel
Summer came early this year, with temperatures already surpassing 30 degrees Celsius by mid-May in Seoul. The hot weather has prompted activewear companies to roll out daily wear made with fabrics that dry fast and keep wearers cool, boosting sales in an otherwise slow season for fashion. “The release of (cooling fabrics) was definitely moved up this year,” said a spokesman from Kolon Industries, which makes the sportswear brand Kolon Sports. “Last year, most of those products came out in the fi
May 26, 2016
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KEPCO named No.1 global public firm in electric utility
The state-run Korea Electric Power Co., the nation’s largest utility giant, was ranked 97th for 2016 in an annual ranking of the top 2,000 public companies in the world, released by Forbes, a U.S. business magazine. The surveyor said the ranking was based on a mix of four metrics -- sales, profit, assets and market value.It is the first time for KEPCO to enter the top 100 list in the survey. The firm was ranked 197th last year. In addition, the Korean utility giant topped in the electric utility
May 26, 2016
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KOMIPO focuses on renewable energy
Korea Midland Power Co., a subsidiary of Korea’s largest electricity supplier Korea Electric Power Co., is developing clean and renewable energy to expand its presence in the Korean new energy industry. With the government supporting the Korean new energy market, which is currently mostly comprised of electric vehicles, the state-run KOMIPO plans to expand clean and renewable energy availability in Korea by 20 percent through investments in facilities for renewable energy, according to company o
May 26, 2016
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Samsung adds patents across globe to prepare for disputes
The number of patents registered by South Korea's Samsung Electronics Co. in the United States last year jumped nearly two-fold from six years ago, a company official said Thursday, as the tech player battles for an upper hand in the ongoing global patent wars.The world's No. 1 maker of smartphones and memory chips said it registered a total 5,072 patents in the U.S. last year, up 1.7 times from 2009, which is the second-greatest number of patent filings in the U.S. after multinational technolog
May 26, 2016
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[Consumer This Week] Hite Jinro, Innisfree, Lotte, Ikea, Gmarket, Pascucci
Hite Jinro’s premium soju wins Monde Selection award Hite Jinro on Tuesday said its premium soju brand Ilpoom Jinro has won the grand gold prize in the spirits and liquor category at the Monde Selection 2016 International Awards.It marks the seventh consecutive year that Ilpoom Jinro has kept its title in the category, Hite Jinro said, stressing that the award “signifies international recognition of Ilpoom Jinro’s tasteIlpoom Jinro is a premium soju made by aging Hite Jinro’s original distilled
May 26, 2016
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STX Shipbuilding put on path to court-led restructuring
Creditor banks said they have begun discussing whether to put Korea’s midsized shipbuilder STX Offshore & Shipbuilding under court receivership, as their years of financial aid have failed to improve the shipyard’s business prospects.Leading creditor Korea Development Bank said Wednesday the creditors agreed to put an end to the shipyard’s self-rescue plan and to decide on whether to put the company into the hands of a court by the end of this month.“Creditors have concluded that the company goi
May 25, 2016
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Korea’s 30 largest conglomerates slash 500 executives
South Korea’s 30 largest business groups are down around 500 executives in the last year amid the nation’s prolonged economic slowdown, according to industry data Wednesday. Corporate researcher CEO Score said the total number of executives of the nation’s 30 largest conglomerates stood at 9,632 as of May, a drop of 4.8 percent from the same period of last year. By title, vice presidents, the lowest level among Korean executives, vacated the most jobs, accounting for more than half of total cuts
May 25, 2016
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Korea releases 1st roadmap to build facility for spent nuclear fuel
Korea will select a site for an underground storage facility to permanently dispose spent nuclear fuel, or high-level radioactive waste, by 2028 and complete the construction of the facility by 2053, according to the first roadmap for the project released by the Ministry of Trade, Industry and Energy on Wednesday. “A further delay in building the facility will put a drag on future generations, considering the saturation level of interim storage units located in the nuclear power complexes nation
May 25, 2016
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[Photo News] Foreign tobacco for military
A solider takes a cigarette pack at a PX store within an army unit in Seoul that started selling foreign tobacco brands for the first time on Wednesday. The foreign brands chosen by the government to go on sale in such places are Marlboro Gold Original by Philip Morris and Mevius LSS Wind Blue by Japan Tobacco International. (Yonhap)
May 25, 2016
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Steel industry speeds up restructuring
South Korea’s steel industry is speeding up restructuring amid growing concerns over chronic oversupply in the sector, according to local news reports Wednesday. The reports said the Korea Iron & Steel Association -- whose members include all the major steel firms -- recently hired Boston Consulting Group to make a report on the steel industry’s restructuring measures. The report will reportedly include how to address chronic oversupply of the nation’s three largest steelmakers -- POSCO, Hyundai
May 25, 2016
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Rights watchdog to recommend government tighten corporate ethics
The state human rights watchdog on Wednesday said it will recommend the government require state-funded corporations to consider a human rights factor in their operations, a move to shore up corporate ethics. The decision came amid the prosecution's sprawling investigation into the toxic humidifier disinfectant case that sparked intense criticism against businesses that churn out products despite their potential health risks. National Human Rights Commission of Korea (Yonhap)In the wake of the
May 25, 2016
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Samsung hints at counter-suit against Huawei over patent
South Korean top tech giant Samsung Electronics Co. hinted Wednesday that it may take a counteraction against Huawei Technologies Co. after the Chinese company launched lawsuits claiming Samsung's infringement of its patents.Earlier, the Chinese firm brought two suits against the world's top smartphone maker in the U.S. state of California and the Chinese city of Shenzen, seeking compensation for the alleged unlicensed use of 4G technology.Huawei, the world's third-largest smartphone maker, clai
May 25, 2016
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Huawei files lawsuits accusing Samsung of violating patents
Chinese tech giant Huawei said Wednesday it has filed patent infringement lawsuits against South Korean mobile phone rival Samsung in the United States and China, in a case that highlights the rise of Asian competitors as technology creators.Huawei Technologies Ltd. said it wants “reasonable compensation” but gave no financial figure for its claim against Samsung Electronics Ltd. Huawei smnartphones (Yonhap)Huawei is a leading maker of network switching gear used by phone companies and launched
May 25, 2016
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Steel industry hastens restructuring drive to benefit from new law
Korea's steel industry is expediting restructuring, hoping to complete a market review within months to decide whether to seek state help, industry sources said Wednesday.According to the sources, the Korea Iron & Steel Association has picked Boston Consulting Group to write up a report, detailing areas and products of overcapacity. They said the report is due out in about two months.The restructuring drive has won over support from both the government and private companies as the local industry
May 25, 2016
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Top 30 biz groups reduce executives by nearly 500 in one year
Korea's top 30 business groups reduced the number of their executives by about 500 over the past year due mainly to downsizing and business restructuring moves, data showed Wednesday.The total number of senior executives at the 30 largest conglomerates was 9,632 as of May 16, down 484, or 4.8 percent, from a year ago, according to the data compiled by corporate researcher CEO Score.Leading conglomerate Samsung Group shed the largest number of executives at 374 in the process of selling its defen
May 25, 2016
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Court receivership looms larger over STX Offshore & Shipbuilding
Creditors of STX Offshore & Shipbuilding Co. are moving to put the midsize local shipyard under court receivership this month, ending their yearslong financial aid, amid ongoing efforts to revamp the ailing industries, such as shipping and shipbuilding, industry sources said Wednesday.According to the sources, the creditors, led by the state-run Korea Development Bank, will discuss later in the day whether to extend a lifeline to the financially troubled shipbuilder. But the sources said the cre
May 25, 2016
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Billionaires eye future cars
Many consumer-centric technologies are disrupting the automotive industry, which will no longer be a monopoly of traditional carmakers in the near future.Cars are the new frontier for tech companies and the distinct 200-year-old line between different industries is slowly fading away. With companies spreading out from their core business, many industry insiders have concluded that “anyone who can create the best cars will create them.”As a result, existing competition is growing fierce. Moreover
May 24, 2016
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Chaebol investing in K-pop industry
Korean chaebol -- family-controlled conglomerates -- are rushing to capitalize on K-pop which is steadily gaining global popularity. One example is LS Group. Koo Bon-woong, the grandson of late LG Cable & System honorary chairman Koo Tae-hoe and eldest son of LS-Nikko Copper chairman Koo Ja-hong, recently invested in a new K-pop related Korean venture firm called My Music Taste. Formation 8 cofounder Koo Bon-woongThe younger Koo is already well-know
May 24, 2016
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Hyundai pushes to extend Ioniq Electric's range to 400 km by 2020
Hyundai Motor Co., Korea's top automaker, has been stepping up collaboration with leading battery makers to extend its electric vehicle's driving range to 400 kilometers on a single charge by 2020, company officials said Tuesday. Hyundai is set to officially launch the Ioniq Electric next month, which topped the nation's fuel economy test with a 191 km range on a single charge earlier in the day. Hyundai Motor's new electric vehicle model, the Ioniq Electric (Yonhap)Its range was evaluated at 20
May 24, 2016