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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[Photo News] Fashion meets technology
Kolon Industries, KT and Nokia on Wednesday signed a memorandum of agreement in Seoul on codeveloping Internet of things-related fashion products and services incorporating 5G communications technology. The partnership will later expand into construction and home IoT products, officials said. From left: Kolon Industries Business Strategy Division Chief Oh Won-sun, KT Executive Vice President Kim Hyoung-wook, Nokia Market Unit Korea Head Andrew Cope, Kolon Industries Operation TARDIS Executive Vi
May 18, 2016
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Luxury watchmakers turn to S. Korea as test bed
Korea is becoming a new test bed of Asia for luxury watchmakers, industry officials said Wednesday.Recently, two world-class watch manufacturers chose South Korea for the Asia debut of their new products. On Tuesday, Switzerland’s Roger Dubuis showcased its Black Velvet watch. Priced at 57 million won ($48,300). In March, another Swiss label, Panerai, opened its first store in South Korea. Company CEO Angelo Bonati came for the opening, reflecting his interest in the South Korean market.South Ko
May 18, 2016
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Samsung, LG ramp up R&D spending in Q1
Korea’s top two tech giants spent more on research and development projects in the first quarter of the year, data showed Wednesday.No. 1 tech firm Samsung Electronics spent 3.81 trillion won ($3.2 billion) on R&D in the January-March period, accounting for 7.7 percent of its revenue, according to the company’s quarterly report.The figure marks a 0.3 percentage point rise from 7.4 percent posted a year earlier.The firm opened its R&D center -- Samsung Seoul R&D Campus -- in November 2015 to focu
May 18, 2016
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Hyundai Motor‘s Genesis to launch G80 next month
Korea’s top automaker Hyundai Motor said Wednesday that its luxury brand Genesis will launch the G80 next month.The G80 is to be unveiled at an international motor show scheduled to open in South Korea’s second-largest city of Busan next month. Genesis’ EQ900 (Hyundai Motor)The carmaker said it expects the upcoming launch of the G80 to raise more awareness for the Genesis brand and eventually lead to more sales.In November 2015, the carmaker turned Genesis into a separate brand that does not car
May 18, 2016
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BMW to recall 1,751 sedans for potential fuel pump defects
BMW Korea, the local unit of the German carmaker, will recall a combined 1,751 units of its 3 series and 4 series sedans for potential defects in the fuel pump, the Seoul government said Wednesday.A crack in the plating of the fuel pump may lead to an engine malfunction, causing the car to stop without warning, according to the Ministry of Land, Infrastructure and Transport. BMW 320dThe ministry said the South Korean authorities have been inspecting the case since March this year after 10 BMW se
May 18, 2016
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Hyundai Merchant, shipowners to renegotiate charter rates
Financially embattled Hyundai Merchant Marine and the owners of ships that it leases are set to hold final talks here for cutting charter rates, industry sources said Wednesday. The talks come as creditors of the country’s No. 2 shipper is putting pressure on Hyundai Merchant to place it under court receivership should they fail to get “meaningful” results from the negotiations. Hyundai Merchant and high-ranking officials from five major shipowners will discuss the charter rate cut in downtown S
May 18, 2016
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Shinsegae opens duty-free store in Myeong-dong
Korean retail giant Shinsegae opened its first duty-free store in Seoul on Wednesday. The operator of the nation’s largest discount chain E-mart opened the duty-free outlet on the top four floors of its flagship Shinsegae department store, featuring about 600 brands. The store is located a less than 10-minute walk from Lotte’s main duty-free shop, which is South Korea’s largest store by sales. It is also about 3 kilometers from the second-largest outlet, the Shilla Duty Free Seoul.To attract cus
May 18, 2016
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Samsung Bioepis to begin global phase-III trials for Avastin biosimilar
Samsung Bioepis is scheduled to begin its final stage of clinical trials for SB8, its new biosimilar drug referencing Roche’s blockbuster cancer treatment Avastin (bevacizumab), around the world.According to the EU Clinical Trials Register, Samsung Bioepis will carry out phase-III clinical trials for SB8 in 10 countries in Europe, as well as in Taiwan and Korea.A total of 678 subjects are scheduled to participate, according to the EU database.Samsung Bioepis headquarters in Songdo, Incheon (Sams
May 17, 2016
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Overseas expansion puts Forever 21 in a pickle
The Korean-born American founders of global retail chain Forever 21 known for their rags-to-riches story appear to be facing a crisis.The New York Post reported late last month that Forever 21 was “late paying its bills,” which spooked business partners and banks as the company recently took the “unusual step of closing two massive California stores.”A Forever 21 store in Beijing, China (Bloomberg)The founders of Forever 21 are married couple Chang Do-won and Chang Jin-sook, who are often held u
May 17, 2016
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[Super Rich] Jejudo woos Saudi billionaire in bid to host Four Seasons
Jejudo Island, the nation’s popular vacation spot, was presented on Tuesday as a strong candidate for the location of the second Four Seasons hotel in Korea to visiting Saudi billionaire Prince Alwaleed bin Talal, the owner of the Toronto-based luxury hotel chain. “In a face-to-face meeting held at Gimpo International Airport, Jeju Province Governor Won Hee-ryong pitched the island’s world-class resort development project targeting Four Seasons and he gained positive feedback from the Arab tycoo
May 17, 2016
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Eggs for women, chicken for men at Korean convenience stores
From lunchbox meals to kimbap and sandwiches, ready-made food can be easily bought from convenience stores that can be found in just about any street corner in Korea. However, there are some differences to the ready-made food preferred by different genders. Females apparently prefer eggs while men prefer chicken as the main ingredient in such food, according to recent data from the nation’s leading convenience store chain CU.Some 68.3 percent of CU’s egg-based ready-made food, including its egg
May 17, 2016
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[Photo News] CJ meets Indonesian President
CJ Group chairman Sohn Kyung-shik (right) meets with Indonesia’s President Joko Widodo at the CJ E&M headquarters in northwestern Seoul on Tuesday. The two leaders discussed the legacy of CJ Group as well as ways to boost cultural exchanges between Korea and Indonesia. The Indonesian president is currently on a three-day official visit to Korea. (Yonhap)
May 17, 2016
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Korea seeks to export airport know-how
Incheon International Airport Corp. and Korea Airports Corp. are looking to export their know-how in creating Korean-style airports to other countries this year, according to the Transport Ministry on Tuesday.The two companies will be bidding for build-operate-transfer projects in the Philippines, Vietnam, Paraguay and Saudi Arabia. Incheon International Airport (Yonhap)If they are successful, the corporations will be responsible for building airports and operating them for 20 to 30 years before
May 17, 2016
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Budget carriers in Asia-Pacific create new alliance
Eight low-cost carriers in the Asia-Pacific region including Korea‘s Jeju Air formed a new alliance to expand their route networks Monday, but the group excludes some major players.According to a statement, Value Alliance is the largest budget carrier alliance in the world, including Jeju Air, Cebu Pacific Air (Philippines), Nok Airlines (Thailand), Scoot (Singapore), Tiger Airways Singapore, Tiger Airways Australia and Vanilla Air (Japan). Chief executives from the eight airlines of the Value A
May 17, 2016
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SandRidge Energy files for bankruptcy with $4.1b in debt
SandRidge Energy filed for bankruptcy protection Monday, saying it hopes to convert $3.7 billion of long-term debt into equity while allowing the company to keep its operations going.The Oklahoma City-based company filed the Chapter 11 paperwork in the U.S. Bankruptcy Court for the Southern District of Texas. The petroleum and natural gas exploration company said it had the support of creditors who hold more than two-thirds of its $4.1 billion in total debt. (SandRidge Energy)The company said i
May 17, 2016
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Shipbuilders' order backlog dips 19% in 2 yrs
The order backlog held by Korea's top three shipbuilders has dropped 18.6 percent over the past two years amid an industrywide slump in the global shipbuilding segment, data showed Tuesday.According to the data compiled by Hana Institute of Finance, the value of the combined order backlog by Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering stood at $96 billion as of end-March, compared with $118 billion at the end of 2013.Daewoo Shipbuilding held th
May 17, 2016
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Korean Air up, Asiana down in Q1 earnings
Korean Air Lines Co., South Korea's largest flag carrier, reaped a record operating income in the first quarter of 2016, while its local rival Asiana Airlines Inc., saw its profit dwindle.Korean Air's operating profit jumped 70.2 percent to 323.3 billion won (US$274 million) from a year earlier, as demand for its flights was on a steady rise in almost all routes worldwide, the firm said in a regulatory filing. Its revenue dropped 0.1 percent to 2.86 trillion won, with net loss totaling 174.9 bil
May 16, 2016
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Hanjin, Hyundai shippers swing to losses in Q1
South Korea's two largest container carriers posted massive losses in the first quarter, hard hit by plummeting freight rates, the already-troubled firms said Monday. Both Hanjin Shipping Co. and Hyundai Merchant Marine Co. are struggling to stay afloat amid a drawn-out slump in the global industry. They have sought creditors' help to buy time for self-restructuring programs and avoid court receivership. Hanjin, the bigger shipper by revenue, said in a regulatory filing that it swung to a net lo
May 16, 2016
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[Graphic News] Troubled shipbuilding industry to return to normal track in 2018
The shipbuilding industry is unlikely to see any improvement this year, according to the Export-Import Bank of Korea on Monday. The industry will most likely start to recover in 2017 and subsequently stabilize in 2018, as the global shipbuilding industry has continued to perform poorly in the first quarter of this year.Compared with last year’s first quarter performance, the quantity of ship orders dropped by 71 percent to 2.3 million compensated gross tonnage -- an indicator of the amount of wo
May 16, 2016
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Global Gaming Expo Asia kicks off in Macau
Experts and industy officials around the world will gather in Macau on Tuesday for a three-day conference to discuss the future of the premier gaming and entertainment business, organizers said Monday.Co-organized by the American Gaming Association and Reed Exhibition, the annual Global Gaming Expo Asia will offer a broad view on the Asian gaming and entertainment industry, featuring notable speakers as well as an exhibition on online gaming industry and eSports. Speakers include Aaron Fischer,
May 16, 2016