Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Yoon set for talks with Marcos in Philippines
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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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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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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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Firefighters’ 3,000 won meals spark nutrition concerns
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LG Life Sciences’ diabetes drug to begin overseas sales
LG Life Sciences, the biopharmaceuticals unit of LG Group, said Wednesday it plans to begin selling its self-developed diabetes treatment Zemiglo in five countries in Central America and India starting in March. The scheduled launch comes after the Korean drugmaker sealed a licensing partnership with French-based pharma giant Sanofi and Mexico’s Stendhal in 2013 to distribute and market the new diabetes drug in 104 countries globally.Sanofi will handle Zemiglo’s local marketing in India whereas
Jan. 20, 2016
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[Photo News] S-Oil supports underprivileged fire victims
S-OIL SUPPORTS FIRE VICTIMS — S-Oil senior vice president Lee Chang-jae (center) delivers a total of 50 million won ($41,000) to Seoul Council on Social Welfare chairman Hwang Yong-kyu (right) in a ceremony held Wednesday in Seoul. The funds will be used to support underprivileged victims of fire accidents in South Korea. (S-Oil)
Jan. 20, 2016
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Diesel prices fall to 9-year low this week
As global oil prices have been continuously falling over the past few months, the average price of diesel in South Korea hit a 9-year low this week, according to the Korea National Oil Corporation on Wednesday.The average price of diesel sold at gas stations nationwide this week stood at 1,169.93 won ($1) per liter, cheaper than the 1,162.44 won recorded during the second week of 2007, according to KNOC-operated Opinet.Diesel, which reflects changes in global crude oil prices faster than gasolin
Jan. 20, 2016
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Volkswagen faces new lawsuit over faked emissions
Volkswagen Group and its local unit in South Korea are facing another lawsuit for manipulating the emissions of some of its 3-liter diesel models, a local law firm said Wednesday.Customers have already filed class-action suits against the German carmaker’s 2-liter diesel models whose emissions results were proved to be faked by using a so-called defeat device. “There are many customers making inquiries (on a possible suit) about the 3-liter models also involved in the emissions manipulation,” sa
Jan. 20, 2016
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Beef imports hit record high in 2015
South Korea’s beef imports surged to record highs in 2015 mainly on a spike in local meat prices, government data showed Wednesday. U.S. beef is on display at a supermarket in Korea. (Yonhap)The country imported more than $1.81 billion worth of beef last year that exceeded the previous record of $1.67 billion in 2014, according to data from the Korea Customs Service. It was also the highest figure since the agency started keeping such data in 1995.“Demand for imports rose as local beef prices s
Jan. 20, 2016
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Heady rise and fall of Sbenu founder
Hwang Hyo-jin, founder of sports shoe brand Sbenu, seemed to have it all until last Dec. 17, when his franchisees and suppliers filed complaints for defaulting on payments of more than 7.2 billion won ($5.9 million).The 27-year-old was hailed as the epitome of Korean entrepreneurship, the indefatigable pursuit of success from scratch. However, his alleged embezzlement and fraud have torn down that image, and it will take Hwang and his business considerable time and effort to recover from the sca
Jan. 19, 2016
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[Graphic News] Low credit scores from overdue cell phone bills surge
With most telecom subscribers having only mobile phones, overdue payments are leading to a decline in their credit scores, the Korea Communications Commission said Tuesday. The majority of consumers with unpaid mobile bills are in their teens and 20s, with their credit scores dropping from a high 1 to a low 9. In 2015, the highest number of mobile subcribers with overdue bills were in their 20s - 139,185 cases - which totaled 51.2 billion won ($42.5 million).”Those in their 20s cannot help but r
Jan. 19, 2016
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[Newsmaker] Korean biosimilar drugs on way to global expansion
Led by Celltrion and Samsung Bioepis, South Korea’s biopharmaceutical companies are making strides in the emerging drug category of biosimilars -- lower-cost replications of the world’s top-selling biologic drugs that have lost patent protection. Drawing much spotlight this week, Samsung Bioepis, Samsung Group’s biopharmaceutical affiliate, said Sunday that Benepali, its biosimilar copy of Amgen’s blockbuster rheumatoid arthritis treatment Enbrel (etanercept) has been granted sales approval in E
Jan. 19, 2016
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KRX sets up task force to lure Asian blue chip firms
South Korea's bourse operator said Tuesday it launched a task force to get Asian blue chip companies to go public here. The task force involving financial and legal experts is comprised of two teams -- one to attract firms in Vietnam and the other specialized for Indonesian companies, the Korea Exchange said. The two nations have the largest markets in Southeast Asia and, with their solid economic growth, have many companies that can make successful stock market debuts in South Korea, the KRX sa
Jan. 19, 2016
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SK Gas attracts $100m from Kuwait oil giant
SK Gas said Tuesday it has attracted $100 million from Petrochemical Industries Company, a subsidiary of Kuwait National Petroleum Company, through its subsidiary company, SK Advanced to push for its ongoing propane dehydrogenation (PDH) project.It is the second foreign direct investment for the PDH project, following a $135 million investment from Advanced Petrochemical Company, a Saudi Arabian Joint Stock Company, on September 2014. The capital raised from PIC will be used to build the PDH pla
Jan. 19, 2016
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[News Focus] Korean firms train sights on post-sanctions Iran
South Korean companies, led by construction firms, refiners and automakers, are expecting to expand their presence in Iran after economic sanctions on Tehran are lifted, industry sources said Tuesday. Over the weekend, the U.N. nuclear agency said that Iran has met all of its commitments under last summer's landmark nuclear deal to crimp Tehran's ability to make atomic weapons. For Iran, the move lifts Western economic sanctions that have been in place for years, unlocking access to frozen asset
Jan. 19, 2016
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SK to focus on new energy business at Davos Forum
SK Group chairman Chey Tae-won and high-level group officials including the CEOs of SK’s core affiliates are scheduled to attend this year’s World Economic Forum. The forum, scheduled to draw some 2,500 politicians, business leaders, activists and officials from around the world, is set to begin Wednesday in Davos, Switzerland and continue until Saturday.Eyeing forthcoming changes in the global business landscape following the Paris Climate Conference last month, SK’s top leadership plans to foc
Jan. 19, 2016
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Shipbuilders cut order target by 20 percent this year
South Korean shipyards, led by Hyundai Heavy Industries Co., have trimmed their order targets for the year by 20 percent as a slump in oil prices is widely expected to continue, sapping demand for offshore facilities, industry sources said Tuesday.Hyundai Heavy, Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. are expecting to win some US$37 billion worth of new orders this year, compared with last year's $47 billion, according to the sources.Hyundai Heavy is targeti
Jan. 19, 2016
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KT&G’s exports exceed sales at home
KT&G Corp., the country’s largest tobacco-maker by market share, said Monday that its annual overseas cigarette sales surpassed its domestic sales for the first time last year, largely owing to strong sales in the Middle East and the Asia-Pacific.Packs of ESSE, KT&G’s best-selling cigarette brand in the Middle East, are displayed in a shop in Iran. (KT&G) According to KT&G’s annual sales report for 2015, the Korean manufacturer sold 46.5 billion sticks of cigarettes outside Korea, either manufac
Jan. 18, 2016
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[Photo News] President Park visits KCCI campaign site
PUBLIC PETITION TO URGE BILL PASSAGE -- President Park Geun-hye (center) on Monday visits a campaign site organized by the Korea Chamber of Commerce and Industry led by chairman Park Yong-maan (right) to urge legislators to pass a set of bills on labor reform and economic recovery at the KCCI building in central Seoul. The campaign seeks to collect and submit the signatures of 10 million citizens to the National Assembly, with the aim of putting pressure on the partisan deadlock that has delayed
Jan. 18, 2016
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6 out of 10 chaebol scions graduated abroad: survey
Six out of 10 chaebol scions in their 40s and younger from among the top 240 Korean conglomerates graduated abroad, according to the Korea CXO Institute on Monday.They include company executives born before 1968 who hold director-level positions at the affiliates of Korea’s leading big businesses as of January 2016.(123rf)The institute, which analyzes local corporate data, found that a total of 82 officials from the owner families fell within this target group.Among them, 33, or 40.2 percent, ho
Jan. 18, 2016
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Celltrion’s Remicade biosimilar nearing U.S. approval
Celltrion is drawing closer to launching its rheumatoid treatment Remsima in the U.S. The company said Monday that the U.S. Food and Drug Administration is scheduled to hold a committee meeting Feb. 9 (local time) to review and discuss Remsima’s approval in the North American market. Remsima is a biosimilar replication of Johnson & Johnson’s blockbuster rheumatoid arthritis treatment Remicade.The entrance to Celltrion's headquarters in Incheon (Yonhap) The news prompted Celltrion shares to sur
Jan. 18, 2016
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Korea to create Asian version of Silicon Valley
The government plans to build business zones this year that are modeled after Silicon Valley in the U.S. and house ventures from home and abroad as part of efforts to help develop a startup hub, the science ministry said Monday.In a New Year's policy report to President Park Geun-hye, the Ministry of Science, ICT, and Future Planning said it will build what it calls an "Asian Silicon Valley" in Sangam-dong, western Seoul, which will focus on combining virtual reality and computer graphics techno
Jan. 18, 2016
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Ford to recall Fusion sedans in S. Korea
Ford Sales and Service Korea is recalling 252 Fusion sedans for fuel line issues, the transportation ministry said Monday. Ford Fusion (Ford)The cause was the possibility of a malfunction in the model’s canister purge valve, which is responsible for releasing fuel vapor to the engine for combustion. This could lead to a fuel leak and cause a fire, ministry officials said. The glitch has been identified in 252 Ford Fusions produced between Jan. 19, 2011 and Feb. 28, 2011.Free repair services wil
Jan. 18, 2016
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Hanwha receives $166m for Iraqi city creation
Hanwha Engineering and Construction on Sunday said that the company has received $166 million from the Iraqi government as part of the Bismayah New City Project payment on Friday. Hanwha has already received $210 million in 2015 of the $8 billion-project. The Bismayah project is to design, procure and construct a 1,830 hectare-city in the 10 kilometer southeast of Baghdad including 100,000 housing units, 300 social infrastructures including schools, hospitals and public spaces by 2019. It is the
Jan. 17, 2016