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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SK hynix to spend 6tr. won in 2016
South Korea’s No. 2 chipmaker SK hynix is planning to spend 6 trillion won ($4.95 billion) this year on investments and other areas for boosting its competitive edge. While the plans are line with the government’s calls for large companies to step up investments, the amount is roughly similar to its capital spending in 2015. SK Group Chairman Chey Tae-won. YonhapThe chipmaker is currently facing a myriad of challenges, including declining demand for memory chips and the surge of Chinese rivals.
Jan. 14, 2016
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Korea set to utilize FTAs to revive exports in 2016
South Korea will make full use of its free trade agreements and diversify products and services it sells overseas to revive exports in 2016 after a disappointing performance a year earlier, the trade ministry said Thursday.In a 2016 policy report to President Park Geun-hye, the Ministry of Trade, Industry and Energy said exports and imports will likely reach $538.2 billion in exports and $448.2 billion this year, resulting in a trade surplus of $90 billion.This represents a 2.1 percent rise in e
Jan. 14, 2016
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Convenience stores wage ‘war of 1,000 won coffee’
It started with Starbucks selling coffees for more than 3,500 won ($2.90) a cup. But convenience stores are now vying to win over the burgeoning local roasted coffee market with its cheap but equally tasty beverages at thousands of outlets. The “war of 1,000 won coffee” is expected to intensify this year when the convenience stores with broad production and sales networks target coffee lovers in need of affordable coffee in their neighborhood. They are expected to compete with the instant powder
Jan. 14, 2016
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Namyang chairman acquitted of tax evasion charges
Overturning a lower court ruling, an appeals court acquitted the head of a major dairy product maker on Wednesday of charges that he evaded taxes worth some 7.3 billion won.The Seoul High Court, however, fined Hong Won-sik, head of the Namyang Dairy Productions Co., 100 million won for illegitimately holding shares under borrowed names.The 66-year-old chairman was indicted in January 2014 for trading shares under borrowed names after inheriting them from his late father and founder of the compan
Jan. 13, 2016
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Leukemia victims demand Samsung's compensation, apology
An advocacy group representing the victims who became ill or died while working at Samsung Electronics Co. said Wednesday the company should make its compensation procedures more transparent and express a sincere apology."Samsung's compensation policies are undisclosed and unilateral," said Lim Ja-woon, a lawyer who works for the Protector of Health and Human Rights of Semiconductor Workers. "Samsung should come to the negotiating table about compensation and apologies."The demand came a day aft
Jan. 13, 2016
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SK Group head back at helm after love child confession
SK Group chairman Chey Tae-won is back at the helm of his enterprise, though he is trying to keep a low profile after he confessed to having a child out of wedlock, group officials said on Wednesday. Last month, the head of South Korea’s third-largest conglomerate admitted to having a child with an unidentified woman, adding he was going through divorce proceedings with his wife. (Yonhap)Since the announcement, Chey has been working mainly from undisclosed locales, rather than at the group’s Se
Jan. 13, 2016
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Suseo bullet trains to start operation in August
New high-speed trains will start to carry passengers departing from Suseo Station in southern Seoul from August, the Transport Ministry said Wednesday.The new bullet train service was to open late last year but was delayed due to additional work on consolidating weak grounds as well as a construction company under a court receivership.The trains will depart from Suseo Station on the new high-speed train line built to connect the southern residential district with Busan, via Pyeongtaek in Gyeongg
Jan. 13, 2016
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Sanofi, LG Life Sciences lock horns over drug promotion contract
LG Life Sciences and Sanofi-Aventis Korea, the local affiliate of France-based global health care company Sanofi, are mired in a dispute over a contract to copromote LG’s top-selling diabetes drugs in South Korea. The two parties are at odds over Sanofi’s fulfillment of their contract. The case could be taken to the courts if the two sides fail to reach an agreement, according to industry watchers. The dispute began when the biopharmaceutical unit of LG Group notified Sanofi last month that it w
Jan. 12, 2016
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DFS geared to enter Korean duty-free market
DFS Group, the world’s leading duty-free operator, based in Hong Kong, is geared to enter South Korea this year by potentially becoming a supplier to a new duty-free store operated by the Jeju Tourism Organization. The JTO, scheduled to open a new duty-free shop in Seogwipo, Jejudo Island on Feb. 12, is “examining the option to source in various foreign brands through DFS, which initially made this offer to the JTO,” a JTO official was quoted as saying in the Korea Economic Daily on Tuesday. Si
Jan. 12, 2016
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Year of Monkey CEOs seek fresh start
According to Chinese zodiac, 2016 is supposed to be the Year of the Monkey. Moreover, people born in the monkey years (1932, 1944, 1956, 1968, 1980, 1992, 2004 and 2016) are said to be smart, lively and quick-witted like forever-playful simians. With the Lunar New Year starting on Feb. 8, business leaders born in these years are also gaining fresh attention. In particular, several CEOs were born in the year 1968 and are called “Earth Monkeys.” The 48-year-old Earth Monkeys are said to be honest,
Jan. 12, 2016
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Nonghyup elects local chapter head as chairman
Kim Byung-won (NACF)The National Agricultural Cooperative Federation, or Nonghyup, announced the appointment of Kim Byung-won as its new chairman Tuesday. Kim, the 62-year-old head of the Nampyeong operations of Nonghyup in Naju, North Jeolla Province, will take helm of the nation’s largest agricultural association with 400 trillion won ($330 billion) in assets, 31 subsidiaries and affiliates, and 8,800 executives. He will represent the 2.35 million members of the farmers’ association. Kim was
Jan. 12, 2016
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Samsung to form watchdog on work-related diseases
Samsung Electronics Co. agreed with victims of leukemia and other work-related diseases Tuesday to set up an independent body in charge of checking working conditions at its facilities as part of efforts to better prevent them. The agreement, signed by representatives from Samsung Electronics and two groups representing the victims and their families, calls for establishing an ombudsman committee outside the firm, which will be charged with reviewing workplace safety measures.The company will
Jan. 12, 2016
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GS Energy affiliate sales faces delays, hurdles
GS Energy, the holding company of GS Group’s energy businesses, is facing delays and structural hurdles in selling its majority stakes in its two city gas affiliates in South Korea, according to industry sources Tuesday. Since officially putting its 49 percent stake held in each of its two gas-providing affiliates, Haeyang City Gas and Seorabeol City Gas, on the market last month, GS has halted further procedures on the deal.“All proceedings have been put on hold, and no future agendas regarding
Jan. 12, 2016
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Hyundai Motor‘s Genesis debuts in U.S.
Hyundai Motor’s G90 Genesis sedan made its U.S. debut this week, highlighting the auto conglomerate’s aspirations to take a bigger slice of the world’s largest high-end car market. The G90 was showcased at the North American International Auto Show that opened Monday. Sold as the EQ900 in South Korea, the G90 is Hyundai’s flagship premium sedan model launched under the Genesis brand in December 2015. Hyundai Motor Co.`s G90 Genesis is unveiled at the North American International Auto Show on Mo
Jan. 12, 2016
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Samsung to create panel for monitoring occupational diseases
Samsung Electronics on Tuesday agreed to create an independent panel for monitoring overall work conditions to help prevent occupational diseases. The world’s largest electronics company signed a deal outlining these and other measures for improving employee health and safety with groups representing leukemia patients and their families who claim the disease comes from working at Samsung factories. A Samsung Group flag flies outside Samsung headquarters building in Seoul. (Yonhap)Controversy ov
Jan. 12, 2016
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Tonymoly to enter Sephora stores in Europe
South Korean cosmetic maker Tonymoly said Tuesday it will display its beauty products in Sephora, a French cosmetics store chain, stepping up its global expansion beyond Asia and North America. Tonymoly has signed a deal with the Louis Vuitton Moet Hennessy-owned chain to sell 35 selected products at 825 stores in 15 European nations starting from April. Tonymoly has been stepping up its overseas bids after going public on the Seoul bourse last year to tap deeper into China for new growth beyond
Jan. 12, 2016
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Kia Motors workers accept wage deal
Unionized workers at South Korea’s Kia Motors have voted for a tentative deal on their salary, bonus and other working conditions at the firm’s annual wage talks, company officials said on Tuesday.On Monday, more than 60 percent of the unionized employees who cast their ballots voted in favor of a deal reached between the union leaders and Kia management last Wednesday. Employees drive Kia Motors’ Picanto vehicles at the port of Pyeongtaek in Pyeongtaek, South Korea. BloombergThe agreement outli
Jan. 12, 2016
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Lotte Mart under probe for unfair meat trade
South Korea‘s No. 2 discount chain is under investigation for allegations of unfairly pressuring a supplier into selling pork belly below production cost, the antitrust watchdog said Tuesday.A source at the Fair Trade Commission said since December investigators have been looking into allegations that Lotte Mart forced some suppliers to sell at below the cost of production. Lotte also allegedly insisted that the meat producers cover shipment and credit card payment-related expenses. “A supplier
Jan. 12, 2016
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Asiana settles with 29 passengers over San Francisco crash
More than half of the 53 passengers have dropped a class suit for compensation against Asiana Airlines over a crash landing in San Francisco in 2013 as they settled with the air carrier, according to their legal representatives Tuesday.An attorney of Barum Law LLC said 29 clients have reached settlements for “a satisfactory sum.” They also have agreed not to reveal the amount of settlement money. The law firm filed the complaint on June last year in the Seoul Central District Court on behalf of
Jan. 12, 2016
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Kia Motors workers approve annual wage deal
Unionized workers at Kia Motors Corp., South Korea's second-ranked carmaker, have accepted a tentative deal on their salary, bonus and other working conditions during annual wage talks, company officials said Tuesday.In a yes-or-no vote Monday, 18,346 workers, or 64.3 percent of those who cast ballots, supported the deal reached between their leaders and management last Wednesday, according to the officials.Under the deal, both sides agreed to an 85,000 won hike in base pay and a 400 percent bon
Jan. 12, 2016