Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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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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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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Can Jennie break the K-pop solo artist slump?
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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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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Firefighters’ 3,000 won meals spark nutrition concerns
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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Lost Ark sweeps 2019 Korea Game Awards
BUSAN -- Smilegate RPG’s Lost Ark bagged six awards at 2019 Korea Game Awards including the presidential accolade, receiving 10 million won ($8,550) in prize money. XLGames’ Moonlight Sculptor nabbed the prime minister’s accolade and a 5 million won prize. The culture minister’s accolade went to four games: Cherry Bug’s Blade and Soul Revolution, Funnypaw’s Seven Deadly Sins: Grand Cross, Netmarble N2’s Koongya Catch Mind and Krafton’s Mistover.Los
Nov. 13, 2019
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Asiana’s choice of HDC seen as a boon for Aekyung
Debt-ridden Asiana Airlines’ choice of a consortium led by Hyundai Development Company as its new owner -- one of the three bidders for a controlling 31 percent stake -- is a boon for Aekyung Group which lost out, according to analysts Wednesday.The HDC consortium also includes Mirae Asset Daewoo, which will take 20 percent stake. Soon after the announcement, Aekyung said in a statement that it will continue to advance its budget airline brand Jeju Air’s safety operation system and d
Nov. 13, 2019
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Hyundai Heavy requests EU approval for DSME merger
Hyundai Heavy Industries submitted a request for formal approval from the European Union for its merger with Daewoo Shipbuilding & Marine Engineering, HHI said Wednesday. The EU, which is believed to hold the key to the merger, plans to complete the first round of screening results next month. Hyundai Heavy said, “We are faithfully explaining to competition authorities in line with the review schedule and process of each country. We will do our best to ensure that the tie-up proce
Nov. 13, 2019
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South Korea embarks on large-scale oil hub project in Ulsan
South Korea is accelerating its oil hub project aimed at making Ulsan and Yeosu the center of petroleum trading in Northeast Asia, officials said Wednesday. The oil hub project in Northeast Asia began in 2008 to build large-scale commercial oil and gas storage facilities in the two cities. It seeks to make the regions a hub for the convergence of petroleum logistics, trading and finance in Northeast Asia as well as to enhance the nation’s energy security in the event of an international oi
Nov. 13, 2019
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Primera ‘Let’s Love’ campaign benefits girls in Indian town
Primera, a skin care cosmetics brand under South Korean beauty giant Amorepacific, has launched a limited edition of its Mango Butter Comforting product line as part of its “Let’s Love” campaign.The campaign was first launched in 2013 as part of its corporate social responsibility efforts and benefits girls in Jamui, India, who are affected by poverty and inequality. The product cases feature typography and illustrations inspired by the girls’ handwritten letters an
Nov. 12, 2019
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Banks not as top-heavy as conglomerates: data
The competition to join the C-suite is higher at major banks than at top-tier conglomerates such as Samsung Electronics and Hyundai Motor, data showed Tuesday.When it comes to the four major sectors of the financial market -- banks, insurers, brokerages and credit card companies -- executives accounted for 2,969 of the 23,595 employees as of the end of June, or 1.3 percent, according to the Financial Information Statistics System of the market watchdog Financial Supervisory Service.The correspon
Nov. 12, 2019
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GS Caltex joins new oil futures exchange in Abu Dhabi
GS Caltex said Tuesday it is the first South Korean oil refiner to take part in the launch of ICE Futures Abu Dhabi, a new exchange in the United Arab Emirates. The company has signed a deal with Intercontinental Exchange, an American company that owns exchanges for financial and commodity market exchanges, along with nine other energy traders for the launch of the exchange. The other large energy firms include Abu Dhabi National Oil Co., BP, Shell, Total, Vitol, Petrochina, Inpex, JXTG and
Nov. 12, 2019
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Posco launches premium construction steel brand
Posco announced Tuesday the launch of Innovilt, an integrated brand of its premium construction steel materials. The materials are used in buildings and other infrastructure projects. Posco said its new integrated brand will help not only construction experts but also end-users easily recognize and select the materials. “We are trying to cope with challenges such as oversupply of steel and slowing economic growth index through the integrated brand,” said Jang In-hwa, head of Pos
Nov. 12, 2019
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Taihan selected as Kepco’s top cable supplier
South Korean cable maker Taihan Electric Wire was chosen as the top-quality power manufacturer of the year by the Korea Electric Power Corp., according to the firm Tuesday.Taihan said its underground cables for distribution received an award at the 2019 BIXPO Awards hosted by Kepco in Gwangju last week. The evaluation was made based on quality factors such as defect rate, failure rate, electricity quality and violation of fair trade. Taihan was selected as one of the top 10 manufacturers am
Nov. 12, 2019
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Samsung Bioepis expects 2019 to yield first-ever profit
Samsung Bioepis is anticipated to turn a profit for the first time since the company’s foundation, CEO Ko Han-sung said Tuesday at a press conference, estimating over 1 trillion won ($859 million) revenue in 2019. “We have never held a press conference prior to this one, thinking a company in deficit has nothing to say -- but we expect to turn a profit this year,” said Ko during the conference on the sidelines of the BIOplus 2019 forum at Coex exhibition hall in Seoul. Sa
Nov. 12, 2019
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HDC consortium picked as preferred bidder for Asiana
A consortium of HDC Hyundai Development Company and Mirae Asset Daewoo was picked as the preferred bidder to acquire the country’s second-largest air carrier, Asiana Airlines, Tuesday.The decision comes seven months after Asiana Airlines’ parent company, Kumho Industrial, put a controlling 31 percent stake in its air carrier unit up for sale. Three bidders -- Aekyung Group, Hyundai Development Company and Korea Corporate Governance Improvement -- had submitted applications.“We
Nov. 12, 2019
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Netflix estimated to have 2m users in S. Korea
Netflix Inc. had an estimated 2 million paid viewers in South Korea as of the end of October, more than doubling from a year earlier, data showed Tuesday.South Korean subscribers to the US video streaming platform numbered 810,000 in October 2018, according to the data from industry tracker WiseApp.The latest figure was also up from an estimated 1.91 million users two months earlier. The number of Netflix users in South Korea has been on a steady rise since February last year, when it came to 40
Nov. 12, 2019
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S. Korea recaptures No. 1 spot in shipbuilding orders in Oct.
South Korea recaptured the top spot in global shipbuilding orders last month, industry data showed Tuesday, on the back of its dominance in the liquefied natural gas carrier market. In October, local shipyards, led by Hyundai Heavy Industries Co., won orders totaling 1.29 million compensated gross tons to build 17 ships, accounting for 86 percent of the orders placed around the globe, according to London-based Clarkson Research Services Ltd., the world's leading provider of data for the shipping
Nov. 12, 2019
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[From the Scene] Incheon Airport draws MRO cluster blueprint
EVERETT, Washington -- Despite growing fears on plane defects worldwide, Boeing is relentlessly assembling 24 new aircrafts at its one-roof factory in Washington.At its Everett factory -- the world’s largest by size at 13.38 million cubic meters -- the firm’s wide-body 747, 767, 777 and 787 planes are being assembled by humans, robots and cranes. Robots bring the carbon fiber components for the B777X and fasten them together. They work by going underneath the components, whereas
Nov. 11, 2019
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170 conglomerate affiliates remain in regulation blind spot
Some owner families of South Korean conglomerates control many affiliates outside their holding company system, increasing their possibility of profit-taking, according to the nation’s antitrust watchdog Monday.The Fair Trade Commission noted that although large corporate groups have switched to a holding company structure, many of their affiliates are still controlled by owner families. There are currently 23 large companies that have adopted the structure following government regulations
Nov. 11, 2019
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Vickers Venture plans to invest in high-tech Korean startups
Vickers Venture Partners is looking to invest in promising Korean startups, eyeing the market as a hot spot for innovation, according to a top executive of the Singapore-based firm.The largest venture capital firm in Southeast Asia, with around $1 billion in assets under management, invests in areas including information technology, real estate, platform and consumer goods. It hosted a networking event last week with seven other Southeast Asian VCs and some Korean startups in Seoul to look for i
Nov. 11, 2019
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Korean firms to roll out new games at G-Star 2019
Despite the absence of Nexon and NCSoft, global gaming convention G-Star 2019 that will be held in Busan this week will showcase many new games to whet the appetite of enthusiasts. The two Korean game heavyweights have decided to skip this year’s biggest game event in South Korea to focus on their new titles. Their gap will be filled by small and midsized local companies, Chinese firms, game engine developers and major tech firms here. Netmarble is showcasing four games at its booth includ
Nov. 11, 2019
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Nexon and NCSoft to butt heads with V4, Lineage2M
Korea’s top games companies Nexon and NCSoft are to come head-to-head in the fourth quarter, with mobile games V4 and Lineage2M squaring off.Nexon’s V4 launched Thursday, and in less than five days climbed to the top domain on local mobile games rankings by revenue. On Monday, V4 was the top revenue-generating mobile game on Apple’s App Store, while on Google Play it came second only to longstanding champion Lineage M, threatening to break the latter’s 29-month cons
Nov. 11, 2019
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149-year-old biopharma supplier Sartorius eyes expansion in Korea
GOTTINGEN, Germany -- Behind the market expansion of Samsung’s biologics business is 149-year-old Sartorius, the German firm that has helped it grow rapidly.Founded in 1870, the German company supplies single-use bags and membrane filters on top of many other items that biopharmaceutical firms need to produce cell cultures. As of end-2018, Sartorius had 15 trillion won ($12.95 billion) market capitalization, with offices in over 60 locations in the world and some 8,800 staff. Most of its r
Nov. 10, 2019
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[News Focus] Will Samsung, Hyundai have to pay digital tax overseas?
Top-tier South Korean firms such as Samsung Electronics, LG Electronics and Hyundai Motor may have to pay corporate taxes overseas due to the growing worldwide debate on digital tax, raising concerns about its economic impact here, according to experts. According to the Finance Ministry, a debate is underway in the Organization for Economic Cooperation and Development to apply digital tax -- in the form of corporate tax -- on manufacturing companies selling consumer goods, such as smartphones, h
Nov. 10, 2019