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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Netmarble may seek IPO on main bourse
Netmarble Games, South Korea‘s No.1 mobile game developer and publisher, is expected to seek listing on the country’s main bourse instead of the tech-heavy KOSDAQ or overseas, sources said Friday.“Netmarble has internally decided to seek listing on the local bourse,” one of the sources said. “Given the scale of the company, the likelihood is that it will be the main bourse rather than the KOSDAQ.”The company is expected to request an initial public offering review with the Korea Exchange as earl
March 25, 2016
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[Weekender] 'Giving up not an option for Korea’s space development'
DAEJEON -- Like many people, Cho Gwang-rae, president of the Korea Aerospace Research Institute, has always been fascinated by space rockets and outer space. He grew up watching foreign astronauts land on the moon, amid fierce space competition between the U.S. and then-Soviet Union in the late ’60s. However, he never envisioned that he would one day become the person in charge of Korea’s space project. After earning his Ph.D. in high-frequency microwave engineering, Cho was asked to participat
March 25, 2016
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[Photo News] Hotel Shilla opens new duty-free shop
HOTEL SHILLA OPENS NEW DUTY-FREE SHOP -- Hotel Shilla president Lee Boo-jin (center), the eldest daughter of Samsung Electronics chairman Lee Kun-hee, looks around the floor space of the hotel’s new urban duty-free store HDC Shilla Duty Free that opened Friday in Yongsan, central Seoul. (Yonhap)
March 25, 2016
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HDC Shilla formally opens duty-free store in central Seoul
HDC Shilla Duty Free, a joint venture between Hotel Shilla and Hyundai Development, officially opened its new duty-free store in central Seoul on Friday, featuring 200 more brands four months after its pre-opening. The new outlet spanning 16,500 square meters is located in the Hyundai I'Park Mall in Yongsan, the railway hub nestled in between key tourist spots scattered north and south of the Han River. Hotel Shilla president Lee Boo-jinShilla Hotel, a hotel chain under Korea's biggest conglomer
March 25, 2016
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Accounting firms come under criticism for moral hazard
Accounting firms have come under criticism for their incompetence and moral hazard as they increasingly fail to spot fraudulent accounting in clients and trade stocks using information obtained during audits, government officials and industry people said Friday. Most recently, Deloitte Anjin LLC confessed its failure to uncover that Daewoo Shipbuilding & Marine Engineering had cooked the books to make its snowballed losses in recent years look smaller, according to the Financial Supervisory Serv
March 25, 2016
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AmorePacific opens Sulwhasoo flagship store in Seoul
AmorePacific, South Korea’s top cosmetics maker, said Friday it will be opening the flagship store of its luxury brand Sulwhasoo next week.According to the company, it will be the nation’s largest flagship store for a single cosmetics brand, housed in a four-story building in the affluent Gangnam district. The grand opening is slated for March 30. The new facility will even offer spa and beauty-consulting services for VIP customers, AmorePacific said.Launched in 1997, Sulwhasoo is sold at 20 sto
March 25, 2016
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Lotte aims for No.5 spot in global confectionery market
Lotte Confectionery of South Korean retail giant Lotte Group is seeking to step up cooperation with its Japanese sister company in a bid to elevate its global status, according to the confectionery unit chief. “We have been stepping up collaboration with the Japanese operation with the goal of becoming the world’s fifth-largest confectionery manufacturer by 2020,” Lotte Confectionery CEO Kim Yong-soo told Korean media Thursday. Lotte Choco pies (Lotte Confectionery)Kim said the company would be
March 25, 2016
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DSME may face investor class-action suit over false earnings report
Daewoo Shipbuilding & Marine Engineering, one of the nation’s top three shipbuilders, may face a class-action lawsuit by long-term investors over its past false earnings report, according to industry sources.The move was detected a day after the shipbuilder restated the past earnings Wednesday, with its external audits pointing out that the loss of 2 trillion won ($1.7 billion) in the 2015 earnings report should be dated 2013 and 2014.(Yonhap)“Some investors are considering legal action against
March 24, 2016
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Hanwha, Daewoo land $20b Saudi housing deal
A three-party consortium including Hanwha Engineering & Construction has won a $20 billion project to build 100,000 homes in Saudi Arabia, company officials said Thursday.The housing development plan will mark the largest ever project that a Korean builder has clinched from a foreign country, Hanwha officials said.The two other stakeholders in the consortium are Daewoo Engineering & Construction and Saudi Pan Kingdom for Trading, Ind. & Contracting, or SAPAC, a leading Saudi builder. Representat
March 24, 2016
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CJ sees edible insects as future of food
Eating insects is not new to Koreans. During the postwar era, people struggled to find sources of protein, particularly in rural areas. Now decades later, they might be making a comeback in the Korean diet, not as a mere protein source, but as the future of food. CJ CheilJedang, the food-processing arm of CJ Group, said Thursday that it is looking into edible insects as a smart alternative to traditional protein such as meat. (123RF)“Protein sources, such as meat, have production limitations. In
March 24, 2016
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[Photo News] Giving back to community
GIVING BACK TO COMMUNITY -- S-Oil president Kim Dong-cheoul (left) poses with Siru representative Pyo Jae-soon (center) and S-Oil senior vice president Lee Chang-jai after donating 200 million won ($170,000) to the nonprofit arts and culture-sharing network at the firm’s headquarters in Mapo. The charity activity is part of S-Oil’s art and culture-sharing campaign for the community. (S-Oil)
March 24, 2016
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[Consumer This Week] Starbucks, 7-Eleven, Uniqlo, Su:m37, CJ Foodville, Pringles, Tous Les Jours
Starbucks Korea offers ‘Cherry Blossom’ drinksStarbucks Korea is offering three types of “Cherry Blossom” drinks as part of its limited-edition spring promotional menu until April 18.The cafe franchise is offering several beverages -- latte, white chocolate and cream Frappuccino -- topped with flakes that are infused with cherry blossoms, recreating the appearance of flower petals. During the “Cherry Blossom” promotional period, Starbucks is also selling a variety of cherry blossom-themed tumble
March 24, 2016
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China has enough tools to keep economy stable: Li
China has enough policy tools to keep the economy stable despite “deep rooted” structural problems and downward pressure, Premier Li Keqiang said on Thursday, according to a report by Reuters. Speaking at an annual forum in Boao on the southern Chinese island of Hainan, Li said high economic growth rates are not sustainable, so the government will pay more attention to the quality and efficiency of economic growth.The comments echoed previous statements by policymakers who are grappling with the
March 24, 2016
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GS Caltex to build plant for biobutanol in H1
GS Caltex will begin the construction of a plant for mass-production of biobutanol, a renewable biofuel for cars that can be used as a substitute for gasoline, during the first half of this year, the Korean oil refiner said Thursday.Biobutanol is an alternative fuel produced from biomass such as sugar, starch, straw or wood. It can be used as a transportation fuel in vehicles with internal combustion engines without any additional modifications. GS Caltex engineers do research on biobutanol. (G
March 24, 2016
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Hanjin Shipping to offload assets to cut debt
Hanjin Shipping, another shipping line struggling to stay afloat amid the tides of trouble, is all out to reduce its debt through asset sales. “(Various plans) are under consideration to secure liquidity and improve finances, but nothing has been decided yet,” the company said in a filing Thursday. Among the items being eyed for sale are an office building on London’s Pepper Street and shipping terminals, including one in Korea’s southwestern port of Gwangyang, local reports said.The company is
March 24, 2016
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Budget hotels locked in price competition
Competition is growing among business hotel operators in Korea as they are seeking deeper price cuts and aggressive promotion to lure more foreign and budget-conscious travelers, market watchers said Thursday.Business hotels offer small rooms at about one-third the price of standard rooms available at brand suites. Some feature stylish rooms with various amenities for fashion-savvy younger clients. Shilla Stay in central Seoul (Yonhap)Many of the hotels have sprung up in Myeongdong, a downtown s
March 24, 2016
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New housing permits soar 61.3% in Febuary
New housing permits in Korea jumped 61.3 percent in February from a year earlier, data showed Thursday, amid the government's efforts to prop up the local real estate market.The number of new home permits issued came to 53,723 last month, up from 33,301 a year earlier, according to the data compiled by the Ministry of Land, Infrastructure and Transport. Apartment complex in Seoul (Yonhap)January marked the 14th consecutive month of an on-year increase in new home permits.February's sharp rise is
March 24, 2016
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Improved earnings forecast for refiners, chemicals firms in Q1
South Korean oil refiners and petrochemicals firms are expected to report better earnings for the first quarter of the year on the back of higher cracking margins and stronger demand, industry sources said Thursday.They said SK Innovation, the country’s top refiner, is likely to log an operating income of 547 billion won ($468 million) during the January-March period, up from 321 billion won a year earlier. SK Innovation headquarters in Seoul. (Yonhap) No. 3 player S-Oil Corp. is also expected t
March 24, 2016
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Shinhan Financial eyes fintech, global expansion
Shinhan Financial Group chairman Han Dong-woo said that it will focus on financial technology, or fintech, and global expansion this year.Chairman Han revealed the plan after his financial group revealed a net profit of 2.4 trillion won ($2.06 billion) in 2015, the highest of its kind in the domestic financial industry. The company has surpassed the 2 trillion won mark in profits for two consecutive years. Shinhan Financial Group chairman Han Dong-woo speaks at a forum in Seoul in January. (Shin
March 24, 2016
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Korean ‘cup food’ appeals to global tastes
In Korea, the “cup food” phenomenon has long been a big part of the fast-paced lifestyle here, but it has lately been growing popular abroad too. “Cup food” is a Korean term referring to one-dish meals that are usually sold in a small container – including paper boxes and cartons -- to allow customers to eat on the go. It originated from the many carts that line the streets of Seoul, offering quick bites and simple meals in paper cups. The “Cupban” line from CJ CheilJdang (CJ CheilJedang)One loc
March 24, 2016