Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Military aircraft evacuating S. Koreans in Lebanon returns home
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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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Can Jennie break the K-pop solo artist slump?
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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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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First lady’s Dior bag scandal to be at center of Assembly audit
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Firefighters’ 3,000 won meals spark nutrition concerns
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S-Oil sponsors 2018 PyeongChang Winter Olympics
Korea’s leading refinery S-Oil said Monday it will support the 2018 PyeongChang Winter Olympics as a sponsor to successfully hold the world sports festival.S-Oil CEO Nasser Al-Mahasher and president Cho Yang-ho of the organizing committee for the Winter Olympic Games signed a sponsorship agreement. The refinery will provide oil products as needed for operating vehicles to transport athletes and committee members during the games. S-Oil CEO Nasser Al-Mahasher (left) poses with Hanjin Group chairm
April 11, 2016
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Hanwha E&C wins $400m construction deal from Saudi Arabia
Hanwha Engineering and Construction Corp., a major South Korean builder, said Monday that it has won a deal to build a chemical plant in Saudi Arabia for about US$400 million. The deal signed last week, local time, with Saudi Calcined Petroleum Co. called for Hanwha E&C to build the plant in an industrial complex located in the southeast region of the Middle East country. The plant, if completed as planned during the first half of 2018, will be able to produce about 670,000 tons of petroleum-rel
April 11, 2016
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Samsung narrows market share gap with Intel
Samsung Electronics is steadily closing the gap with its global rival Intel Corp. in the semiconductor sector last year, data showed Monday.As the world‘s No. 2 supplier of semiconductor chips, Samsung had a 11.6 percent market share in 2015, up 0.9 percentage point from a year earlier, according to data from industry tracker IHS.U.S.-based Intel had 14.8 percent share in terms of sales, up 0.7 percentage point on-year. The data showed that the gap between the two firms is narrowing gradually fr
April 11, 2016
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Hyundai Motor’s Sonata 4th best-selling hybrid in U.S.
South Korea’s leading automaker Hyundai Motor’s hybrid car sales in the U.S. grew just over 9 percent in the first quarter to become the fourth best-selling vehicle in the segment, industry data showed Monday.The Sonata -- the only hybrid model available from Hyundai in the U.S. -- sold a total of 4,436 units during the January to March period, according to U.S. website Hybridcars.com. Hyundai Motor’s Seoul headquarters confirmed the figures. Hyundai Motor’s Sonata hybrid (Yonhap)The Sonata hyb
April 11, 2016
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Green building conference kicks off in Seoul
Global experts will discuss the role of green buildings in reducing carbon emissions at a three-day conference that kicks off in Seoul on Thursday, officials said Sunday.Hosted by the Korea Green Building Council, the conference brings representatives from the Asia-Pacific region together to seek ways to promote the use of environmentally friendly buildings after a landmark agreement reached in Paris late last year.Global leaders urged the building sector to devise ways to cut down carbon emissi
April 10, 2016
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CJ chairman absent from son’s wedding
The ailing CJ Group chairman didn’t attend his son’s wedding on Saturday, due to his health condition and the court’s order that bans him from leaving the hospital, officials said Sunday.Lee Jay-hyun’s 30-month jail term is currently suspended due to complications from a kidney transparent in 2013. “The chairman could have requested the court’s permission to attend his son’s wedding but didn’t even ask for it considering his health,” a CJ official said.Lee Sun-ho (CJ Group)The chairman’s son, Le
April 10, 2016
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Celltrion donates least among top Korean pharma companies
Celltrion has offered the least amount in charitable donations among Korea’s top 10 pharmaceutical companies last year, data showed Sunday.According to its audit report filed with the Financial Supervisory Service, Celltrion donated a total of 18.9 million won ($16,390) last year, equivalent to about 0.003 percent of its revenue of 603.4 billion won.(Yonhap)The data shows Celltrion lagging in the area of corporate social responsibility despite being the most-watched company in the field, followi
April 10, 2016
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LG Chem's takeover deal to be finalized next week
LG Chem Co., South Korea's top chemicals company, said Friday that it has agreed to take over a local pesticides and fertilizer maker for 425 billion won (US$369 million). Previously, LG Chem signed a deal to buy Dongbu Farm Hannong for 515 billion won and sought to complete it by March this year. In a regulatory filing, LG Chem said it will wrap up the deal by April 15. The takeover push comes as LG Chem faces a growing challenge from Chinese rivals in its flagship chemicals and electric
April 8, 2016
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Drive to attract global firms fades
A report on the attractiveness of six Asian locations as regional corporate headquarters showed Korea lags far behind. The study titled “Asia Pacific Regional Headquarters,” released by Cushman & Wakefield, a global real estate agency, on Friday, showed that Singapore remains the most attractive Asia-Pacific destination for multinational companies, followed by Hong Kong and Shanghai. (Cushman & Wakefield)The number of regional corporate head offices in Singapore, Hong Kong and Shanghai reached
April 8, 2016
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[Newsmaker] Food industry to join Korea’s war on sugar
The South Korean food industry pledged Friday to actively partake in new government measures aimed at reducing citizens’ sugar consumption and promoting public health. Local food companies say they are already engaged in efforts to reduce sugar content in their products and will continue on this trajectory in line with rising health consciousness here and abroad. “The food industry will actively abide by the government’s new policy toward sugar reduction,” the Korea Food Industry Association sai
April 8, 2016
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Analysts divided on Samsung's Q2 after earnings surprise
Korean analysts were divided over Samsung Electronics's second-quarter earnings, industry data showed Friday, after the firm delivered a report saying its first quarter earnings may beat the forecast for the January-March period, apparently on the back of improved smartphone sales.On Thursday, Samsung said it is believed to have posted an operating profit of 6.6 trillion won ($5.6 billion) in the January-March period, up 10.37 percent from the same period last year. From the previous quarter, th
April 8, 2016
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Mobile carriers indicted over illegal subsidies
Prosecutors said Friday they have indicted Korea's three mobile carriers on charges of violating a law strictly banning excessive discounts or subsidies to customers.The Seoul Central District Prosecutors' Office said the carriers -- SK Telecom, KT and LG Uplus -- are accused of paying subsidies far over the limit to retail stores to woo more customers at the time of the new iPhone 6 launch in late 2014.Prosecutors said three incumbent and former board members of the firms who were in charge of
April 8, 2016
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Corporate earnings outlook upgraded on techs, refiners
Korea's listed firms are expected to have racked up improved earnings in the first quarter, helped by a good performance from logistics firms, oil refiners and tech firms, including Samsung Electronics, data showed Friday.The combined operating profit estimate for 192 listed companies was raised by 2.26 percent to 30.67 trillion won ($26.4 billion) for the first quarter as of Wednesday from a month earlier, according to the data by financial information provider FnGuide."Some companies are expec
April 8, 2016
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Drugmakers' tech exports top 10 tln won in 2015
Korean pharmaceutical and bio companies saw exports of their drug-manufacturing technologies exceed 10 trillion won ($8.64 billion) in 2015 thanks to their efforts to tap into overseas markets, industry data showed Friday.According to the data by the Korea Drug Research Association, industry leader Hanmi Pharmaceutical and other pharmaceutical companies clinched a combined 26 deals on technology exports and out-licensing last year.The value of 20 agreements, whose financial terms were disclosed,
April 8, 2016
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Samsung to share production solutions with textile firms
Samsung Electronics said Friday it will share its know-how with local textile producers, helping them to adopt more efficient production solutions and seek shared growth.Samsung said it will provide the solutions to 16 textile firms based in Gyeonggi Province under an agreement with the Center for Creative Economy & Innovation based in the region. The government has been opening up so-called creative economy centers throughout the country sponsored by conglomerates, aimed at bolstering the devel
April 8, 2016
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Tsingtao tops import beer sales in Korea
The Chinese beer Tsingtao has emerged as the No. 1 import brand in Korea at a leading supermarket chain, industry data showed Friday, amid the rising popularity of Chinese cuisine in the country.According to the data compiled by E-Mart, Tsingtao outpaced other rivals in sales over the January-March period, pushing out traditional leaders, including the Netherlands' Heineken and Japan's Asahi.In 2014, Heineken stood as the No. 1 player, trailed by Asahi and Belgium's Martens. At that time, Tsingt
April 8, 2016
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[Photo News] Pledge for fair trade
PLEDGE FOR FAIR TRADE---POSCO chairman Kwon Oh-joon (seventh from right) poses with Fair Trade Commission chairman Chung Jae-chan (eighth from right) and executives from the steelmaker’s affiliates and their subcontractors after signing an agreement with the antitrust watchdog for fair trade. (POSCO)
April 7, 2016
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Is K-beauty ready for global halal market?
From China to the U.S., South Korean cosmetics firms have been making inroads into the global market by diversifying their product lines and brand image to satisfy customers with different skin conditions, culture and style. Despite their rapid growth overseas, they may be missing a big opportunity to take a lead in the Islamic countries -- seen as markets with great potential and demand for beauty products, industry insiders said.The reason for Korean companies’ passive attitude has a lot to do
April 7, 2016
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Lotte seeks to acquire global luxury houses
The duty-free unit of Hotel Lotte will seek to acquire global luxury brands as well as foreign tax-free operators as part of efforts to expand its presence and influence in the global retail market, according to reports on Thursday.Lotte Duty Free, the nation’s largest duty-free operator, believes that acquiring a foreign luxury house will have a synergy effect on its business, citing the success of foreign rivals that use the value of luxury brands as a negotiation tool for their global expansi
April 7, 2016
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13 Korean builders may face huge fine for collusion
The antitrust watchdog is likely to slap 13 Korean builders with combined fines of 500 billion won ($430 million) for collusion, industry sources close to the matter said Thursday. The sources said the construction companies, which include Hyundai E&C, Daewoo E&C and Daelim E&C are suspected of fixing prices for the liquefied natural gas tank project, which started in 2005. The project valued at around 1.3 trillion won was ordered by the state-run Korea Gas Corp. “We are making an investigation
April 7, 2016