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 Marine’s fate in hands of chartered fleet owners
Creditor banks of Hyundai Merchant Marine were widely likely to approve a 760 billion won ($638 million) debt relief plan Tuesday, but even if they do throw a lifeline to the ailing shipping line, its fate will still remain in the hands of foreign ship owners from whom the firm leases fleet. The Korea Development Bank and eight other creditor institutions were set to vote on a debt-equity swap proposal, which would turn more than 700 billion won of their loans into the company’s stocks, on condi
May 24, 2016
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E-Land Group seeking to sell Teenie Weenie
The E-Land Group is considering selling one of its womenswear brands in the face of heavy debt and falling credit ratings, the group said Tuesday.The brand up for sale is Teenie Weenie, a womenswear brand affiliated with E-Land International Fashion Shanghai Co., owned by the group‘s Chinese arm. The brand broke into the Chinese market in 2004, and became the first Korean brand in China to reach 500 billion won ($419.5 million) in annual sales last year.Since Teenie Weenie is a major part of E-L
May 24, 2016
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Philips aims to be Korea’s top ‘healthtech’ company
Philips Korea is looking to take the lead in bridging health care with advanced technology to offer local customers the most efficient and cost-effective services, its chief executive said Tuesday.“Digitalization is the key to redesigning health care to best benefit Korean society,” Philips Korea CEO Dominique Oh said during a press conference in Seoul on Tuesday to mark the company’s 40th anniversary.Philips Korea CEO Dominique Oh speaks during a press conference at the Westin Chosun Seoul on T
May 24, 2016
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Hermes logs high sales growth despite market recession
Despite the prolonged market slump, French luxury house Hermes has been enjoying a stellar sales growth in South Korea over the years, thanks to a growing number of consumers seeking not just luxury but also exclusivity.The annual sales of a Hermes store operating at a local department store chain surged around 25-30 percent a year since 2012, according to industry sources. The figure is exceptional compared to other luxury houses that have been suffering from slowing growth in the face of a sta
May 24, 2016
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Korea to join Sri Lanka’s $63b smart city project
The Korean government is set to participate in Sri Lanka’s $63.2 billion smart city development project, Seoul’s Ministry of Land announced Tuesday. The project is part of Sri Lanka’s plan to develop nine new towns in Colombo and its adjacent areas by 2030.The Land Ministry said Minister Kang Ho-in and Sri Lanka’s Megapolis Minister Champika Ranawaka inked a memorandum of understanding in Seoul on Tuesday for the partnership of the new city project. “We believe Korea’s experiences in developing
May 24, 2016
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Pangyo Techno Valley posts over 70 trillion won in sales in 2015
The Korean version of Silicon Valley crossed the 70 trillion won ($59 billion) line in gross sales for the first time last year, a report from a think tank of the Gyeonggi provincial government said Tuesday.The number of companies operating at Pangyo Techno Valley, just south of Seoul, reached 1,121 as of the end of last year, up 119 firms or 11.9 percent on-year. Their total sales recorded 70.27 trillion won, also up 1.3 percent from a year before, according to the Gyeonggi Institute of Science
May 24, 2016
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International Taurine Meeting kicks off in Seoul
Experts from all over the world gathered in Seoul for the 20th International Taurine Meeting on Tuesday for a conference focusing on the health effects of taurine on the brain, Dong-A Pharmaceutical said Tuesday.Cosponsored by Dong-A Pharmaceutical and the Seoul Metropolitan Government and hosted by the Korean Taurine Society, the four-day conference is a forum for sharing the latest research results about taurine. Seoul is hosting the conference for the first time in the event’s 40-year history
May 24, 2016
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Samsung Bioepis submits Remicade biosimilar to U.S. FDA
Samsung Bioepis said Tuesday it has submitted SB2, a biosimilar drug referencing Johnson & Johnson’s rheumatoid arthritis treatment Remicade, for review by the U.S. Food and Drug Administration.SB2 is under review for the treatment of rheumatoid arthritis, Crohn’s disease, ulcerative colitis, ankylosing spondylitis, psoriatic arthritis, and psoriasis, the firm said.Samsung Bioepis' R&D center in Songdo, Incheon (Samsung Bioepis)It is Samsung Bioepis’ first biosimilar to seek entry into the U.S.
May 24, 2016
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Return on gov't funds shrinks in 2015
The average return on government-operated public funds dropped significantly from a year earlier in 2015, but it was largely due to record low interest rates, the finance ministry said Tuesday.The average yield of 44 separate government funds came to 2.41 percent last year, compared with 3.04 percent the previous year, according to the Ministry of Strategy and Finance.The on-year drop was mostly attributed to low interest rates."Earnings of the public funds reviewed dropped from a year earlier d
May 24, 2016
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Samsung depends heavily on China, Taiwan panels for TV production
Samsung Electronics Co. has sharply increased its dependence on Chinese and Taiwanese panel suppliers for its TV production, data showed Tuesday.The ratio of internal supply came to only 25.1 percent in March, while shipments from Chinese and Taiwanese firms accounted for 68.4 percent, according to market researcher IHS and industry figures here.The South Korean tech giant's affiliate Samsung Display Co. provided it with 885,000 panels during the period, when its Taiwanese rival Innolux offered
May 24, 2016
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Challenges lie ahead for Hyundai Merchant even after charter rate cut
Financially troubled Hyundai Merchant Marine Co. may face more challenges even after the country's No. 2 shipper successfully completes its drawn-out negotiations with owners of chartered ships to cut their leasing rates, industry sources said Tuesday.This week, the shipping line has to wrap up its months-long negotiations to lower its charter rates by 28 percent on average, one of the prerequisites that its creditors, led by state-run Korea Development Bank, have demanded in return for thorough
May 24, 2016
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Korean cosmetics manufacturers thrive in China
South Korean cosmetics manufacturers have grown quickly in China on the back of their advanced production technology and K-beauty boom in the fast-rising market, industry officials said Tuesday. Chinese cosmetics brands have expanded their partnerships with Korean original design manufacturers, which design and manufacture a product as specified and rebrand it for its client to sell.Cosmax Co., South Korea's leading ODM, has produced cosmetics in China and supplied products to 150 Chinese brands
May 24, 2016
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Gov't, Saenuri mull over delaying taxes for shipbuilder subcontractors
The government and the ruling Saenuri Party said Tuesday they will consider holding off on taxing the subcontractors of financially troubled shipbuilders to help those companies better deal with the sweeping restructuring efforts under way.During the meeting, the two sides agreed to give tax-related favors and waive mandatory insurance fees from the subcontractors of local shipbuilders as they have been struggling with belt-tightening measures to stay afloat amid the present industrywide slump."
May 24, 2016
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Super luxury goods free from economic slump
Hermes, a French high fashion brand, has proven to be a rare exception to the downturn in the luxury market, its trademark handmade handbags having long run out of stock in South Korea, industry officials said Tuesday.Global consulting firm Bain & Company in January estimated that the world's luxury market sales stopped at 1-2 percent growth last year, down from 7 percent two years before. Hermes, however, has displayed high and continued sales growth, at least in South Korea, data from local de
May 24, 2016
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Ex-Paris Croissant CEO loses appeal on unfair dismissal suit
An appellate court on Thursday ruled against Jung Tae-soo, former CEO of Paris Croissant, a bakery and cafe chain under the SPC Group, who claimed that he was unfairly sacked by the company.The Seoul High Court said in its ruling that the evidence was insufficient to support Jung’s claims. Jung took the CEO position of Paris Croissant in March 2013 but stepped down from the post in May 2014 on accusations that he abused his position, for example by using corporate credit cards for personal purpo
May 23, 2016
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Korea sees first biopharma trade surplus in 6 years
South Korea recorded a trade surplus in biopharmaceutical products last year led by a sharp growth in Celltrion’s overseas sales, the Ministry of Food and Drug Safety said Monday.Korea’s biopharmaceutical exports rose 37.4 percent on-year to $892.4 million in 2015, while biopharma imports declined by 15.8 percent on-year to $738.22 million last year, according to the ministry data.(123RF)It marks Korea’s first biopharma trade surplus in six years, with exports exceeding imports by $71.02 million
May 23, 2016
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Chinese market share of Hyundai, Kia tops 9 pct in April
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. saw their combined shares in China surpass 9 percent for the first time this year in April, the companies said Monday.The two Korean carmakers sold a combined 146,378 cars in April in China, up 0.1 percent from a year earlier, according to the data provided by the companies.The combined share by Hyundai and Kia in the world's largest auto market stood at 9.2 percent in April, compared with 8.2 percent in March, the data showed.The data
May 23, 2016
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Hyundai to unveil 50 cars at motor show in Busan
Hyundai Motor Co., Korea's top automaker, said Monday that it plans to unveil a total of 50 cars at a motor show to be held in Korea's second-largest city of Busan next month.Among cars to be unveiled at the motor show include the G80, which will be renamed from the Genesis DH, and the RM16, an upgraded version of the RM15 coupe concept.The RM16, a midship-engined car based on Hyundai's Veloster, has a lighter and stronger frame using aluminum and carbon fiber.Hyundai's luxury brand Genesis is s
May 23, 2016
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Firms mull removing antimicrobial agents from cleaning products
Korean beauty and household product manufacturers said Monday they are considering taking out antimicrobial substances from all products, in the latest response to aggravating toxic chemical fears. The nation’s two largest cosmetic giants -- Amore Pacific and LG Household & Health -- are seeking ways to get rid of CMIT and MIT, ingredients that have been linked to an ongoing deadly humidifier disinfectant case.The government approves the use of the two substances for washable cleaning products,
May 23, 2016
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Illegal sites selling smuggled duty-free cigarettes on rise
Illegal sites selling smuggled duty-free cigarettes at low prices have been steadily rising as the excise tax increase last year nearly doubled domestic tobacco prices.The Tobacco Business Act outlaws any online transactions of cigarette products, as well as sales by unregistered retailers. These illegal sites operate their informal stores through blogs and other noncommercial channels.Prices on the smuggled cigarettes can be as low as 2,900 won ($2.50) per pack, significantly lower than the 4,5
May 23, 2016