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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Lotte Mart under probe for unfair pork belly trade
A Lotte Mart employee packs pork in the meat section of the company‘s supermarket at Lotte Mall Gimpo Airport branch in Seoul, South Korea. (Bloomberg)Lotte Mart, South Korea's No. 2 discount chain, is under investigation for allegations of unfairly pressuring a supplier into selling pork bellies below production cost, the antitrust watchdog said Tuesday.A source at the Fair Trade Commission said investigators have been checking the retailer since December after a local pork producer raised comp
Jan. 12, 2016
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Honda, Volvo take top awards at the Detroit auto show
The Honda Civic has been named North American Car of the Year. The truck of the year is the Volvo XC90.The press preview days for the North American International Auto Show officially kick off with the awards. The announcements came Monday morning at Cobo Center in Detroit.The other finalists in the car category were the Chevrolet Malibu and Mazda MX-5 Miata. The Nissan Titan XD and Honda Pilot also vied for the truck award.About 55 automotive journalists vote on winners from the list of finalis
Jan. 11, 2016
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FTC to file complaints against Doosan E&C
The Fair Trade Commission will file a complaint against Doosan Engineering and Construction with prosecutors for illegally exercising its voting rights for its branch unit, despite the antitrust watchdog’s stock disposition order issued in 2013.According to FTC officials Monday, the construction arm of Doosan Group was ordered to dispose its shares in Neo Trans, a subway operating company that the builder established in 2005. The nation’s antimonopoly law bans subsidiaries of a holding company f
Jan. 11, 2016
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Lotte Duty Free workers call for license extension
Unionists of Lotte Duty Free on Monday urged Finance Minister nominee Yoo Il-ho to extend the state license to continue operating its Jamsil store in southeast Seoul for another five years from the scheduled shutdown in June. Lotte lost the bid in November after the Korea Customs Service, a Finance Ministry affiliate, slashed the validity of the license to five years from the previous 10 years. Though the company promised job security for all 1,100 regular and temporary workers at the Jamsil sto
Jan. 11, 2016
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Samsung Bioepis faces patent suit by Amgen
Samsung Bioepis, an affiliate of Samsung Group specializing in developing biosimilars, or cheaper, generic copies of biologic drugs, has been sued by U.S.-based pharmaceutical giant Amgen for patent infringement in Canada.Amgen Canada filed for a prohibition order on July 31, 2015, claiming Brenzys, Samsung Bioepis’ biosimilar copy of Amgen’s blockbuster rheumatoid arthritis treatment Enbrel (Etanercept), breached two patents held by Amgen, according to Canadian court documents and Samsung Bioep
Jan. 11, 2016
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OCI sells U.S. affiliate for $227 mln
OCI Co., a South Korean solar power energy firm, said Monday that it has decided to sell a U.S. affiliate for $227 million to improve its financial status and secure funds for business projects.In a regulatory filing, OCI said it has agreed to sell OCI Alamo 7 LLC to ConEdison Development, a U.S. developer and operator of large-scale renewable energy projects.OCI Solar Power has been constructing the Alamo 7 solar plant in Haskell, Texas. The Alamo 7 plant is part of a 400-MW solar power project
Jan. 11, 2016
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Kia Motors unveils all-new K7 sedan
Kia Motors Corp., South Korea's second-ranked carmaker, disclosed its full change version of the K7 large-size sedan on Monday equipped with its own eight-speed transmission that enhances overall fuel efficiency and driving performance.The all-new K7, whose official sales will start in late January, was disclosed to the media early in the day during a preview event at its Namyang R&D Center, southwest of Seoul.Equipped with its own front-wheel eight-speed transmission for the first time, the lat
Jan. 11, 2016
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Samsung SDI showcases most power-efficient EV battery
Samsung SDI Co., the battery-making unit of the Samsung Group, on Monday showcased its latest battery cell for electric vehicles, which can run 600 kilometers once fully charged.The company said it plans to start mass production of the prototype battery cell, unveiled at the North American International Auto Show in Detroit, in 2020. The performance beats the previous record of 500 kilometers.Samsung SDI estimates the global market for EVs, which stood at 278,000 units in 2015, will reach 1.16 m
Jan. 11, 2016
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Kakao to acquire MelOn operator
Kakao Corp., the country’s leading mobile messenger operator said on Monday that it will acquire a controlling stake in music streaming company LOEN Entertainment. Kakao will purchase a 76.4 percent stake worth 1.87 trillion won ($1.54 billion) in LOEN, operator of MelOn. Kakao’s mobile messenger KakaoTalk is used by around two-thirds of South Korea’s 50-million population. LOEN’s MelOn has 28 million local users.“Music is one of the most loved content genres in the mobile era,” said Jimmy Rim,
Jan. 11, 2016
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Panel makers set sights on curved TV panels amid slump
Global panel makers are poised to ramp up their production of curved models this year in an effort to find a new source of profit amid a slowing global TV market, industry sources said Monday.According to data compiled by China-based market tracker Sigmaintell, global shipments of curved liquid crystal displayTVs are expected to reach 12.5 million units in 2016, up sharply from the 6.1 million units last year.In 2015, Samsung Display Co. was the largest vendor of curved display TVS with shipment
Jan. 11, 2016
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POSCO to present steel technology at Detroit auto show
South Korea’s leading steelmaker POSCO said Sunday it is showcasing its automotive steel plate technology for the first time at this year’s North American International Auto Show taking place in Detroit, Michigan, from Jan. 11-24.Aiming to appeal to global automakers, POSCO is presenting its self-developed advanced automotive steel technology and some 30 types of futuristic car components to be used in next-generation cars at the annual U.S.-based auto show.The steelmaker will be promoting its s
Jan. 10, 2016
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Korean drugmakers seek deals at JPMorgan health care conference
Eyeing new partnerships and foreign investments, South Korea’s leading pharmaceutical companies are participating in the 34th JP Morgan Healthcare Conference which kicks off Monday in San Francisco. The annual U.S.-based event, set to continue until Thursday, is one of the largest and oldest health care symposiums in the world. Each year, more than 300 companies have flocked to the conference hosted by the investment bank, on the lookout for biotech and pharma companies primed for major breakthr
Jan. 10, 2016
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Fintech start-up, KB Kookmin roll out robo-adviser
Financial technology start-up Quarterback Investments said Sunday that it has rolled out a robo-adviser solution for trust goods, dubbed the Quarterback R-1, jointly with KB Kookmin Bank, Korea’s largest retail bank by asset value. Utilizing data from exchange-traded funds and exchange-traded notes in the domestic and global markets, the Quarterback R-1 enables investors to diversify their investment portfolio for stable returns, according to the Korean start-up, an affiliate of fintech firm all
Jan. 10, 2016
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Korean Air inks contract to mass-produce unmanned aerial vehicle
South Korea's No. 1 air carrier Korean Air Lines Co. said Sunday that it has signed a 400 billion-won ($333.5 million) deal with the military procurement agency to mass-produce reconnaissance unmanned aerial vehicles as part of the government's plan to build up its aerial mission capability.Under the contract with the Defense Acquisition Program Administration signed last year, Korean Air will mass-produce the reconnaissance drones from 2016 to 2020, the company said.Detailed terms of the contra
Jan. 10, 2016
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Korea's auto exports drop 2.8% in 2015
South Korea's automobile exports fell 2.8 percent in 2015 from a year earlier on weaker demand from emerging markets, the government said Sunday.Outbound shipments of vehicles came to 2.98 million units for 2015, down from 3.06 million units tallied a year earlier, according to the Ministry of Trade, Industry and Energy.The total value of overseas shipments also slid 6.4 percent on-year to $45.8 billion last year, marking the first on-year drop in three years after peaking at $48.9 billion in 20
Jan. 10, 2016
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Seoul reaps more taxes from tobacco
The government has earned some 3.6 trillion won ($2.90 billion) in tax revenue linked to last year’s hike in tobacco prices, according to government data.Sales, however, were not as affected as anticipated. The Finance Ministry said Thursday that tobacco sales in Korea fell by 23.7 percent from 2014. Prior to almost doubling cigarette prices to 4,500 won from 2,500 won a pack, the government had predicted sales would fall by 34 percent, while tax revenues would rise by 2.8 trillion won.Finance M
Jan. 8, 2016
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Domestic market share of Hyundai, Kia stays below 70%
The combined domestic market share of Hyundai Motor Co. and its affiliate Kia Motors Corp. remained below the 70 percent level for the second straight year in 2015, affected by the marked advances of foreign brands and intense competition from other smaller local rivals, industry data showed Friday.According to the data, Hyundai Motor and Kia Motors commanded 67.7 percent of domestic car sales last year, compared with 69.3 percent a year earlier. In particular, Hyundai's market share dropped to
Jan. 8, 2016
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Samsung puts Q4 operating profit at 6.1 tln won
Samsung Electronics Co. said Friday its operating profit dropped sharply in the fourth quarter of 2015 from three months earlier amid weakening chips and smartphone sales.The tech giant estimated its fourth-quarter operating profit at6.1 trillion won ($5.08 billion), down 17.5 percent from the 7.3 trillion won recorded a quarter earlier. The figure, however, marks a 15.3 percent surge from the 5.2 trillion won registered a year earlier.Fourth-quarter sales were estimated at 53 trillion won, up 0
Jan. 8, 2016
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Volkswagen estimates recall cost in Korea at 8 bln won
The local unit of German carmaker Volkswagen in South Korea has estimated the cost for fixing its emission-faked vehicles at 8 billion won ($6.7 million) in its recently submitted recall plan, industry sources said Friday.It also seeks to recall around 125,000 vehicles during the first half of this year "after getting approval from authorities here," a precondition that could delay the overall process, they added. On Wednesday, Volkswagen Korea submitted its recall plan to the environment minist
Jan. 8, 2016
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Samsung's Q4 operating profit misses forecast
Samsung Electronics’ fourth-quarter earnings in 2015 are expected to remain below par, raising market concerns over its deteriorating businesses.Announcing its earnings guidance for the October-December period, the Seoul-based electronics firm estimated that its operating income would stand at 6.1 trillion won ($5.1 billion), down 17.46 percent from the previous quarter. Samsung employees enter the company`s office in southern Seoul on Friday. YonhapThe operating profit missed an average market
Jan. 8, 2016