Most Popular
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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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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Korean bands get their day in the sun, finally
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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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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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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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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Dongwon Group founder resigns, hands over power to younger son
Kim Jae-chul, chairman and founder of Dongwon Group, on Tuesday announced his resignation after 50 years of leadership, the group said in a press release.Taking over management control of the food and logistics conglomerate is Kim’s younger son Kim Nam-jung, who has been serving as the group’s vice chairman. Dongwon Group founder Kim Jae-chul (left) and his younger son Kim Nam-jung (Dongwon Group)“Trusting your capacities, I now plan to step down from the chairmanship,” the 84-year-old business
April 16, 2019
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Bio Korea convention to kick off in Seoul
The annual Bio Korea International Convention 2019 opens on Wednesday at Coex in southern Seoul, gathering researchers, developers and biopharmaceutical firms to discuss next technologies and innovation, organizers said Tuesday.The event, running through Friday, will feature talks on topics including immuno-oncology drug development, global business expansion strategies, cell therapies for incurable diseases and current and next-generation therapeutic antibodies. Participants will also share vie
April 16, 2019
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Desperate Kumho Asiana decides to sell flagship carrier
Under a mountain of debt and pressure from creditors, Kumho Asiana Group’s board of directors decided Monday to sell its core unit Asiana Airlines, a day after the creditors rejected its latest self-rescue proposal amid a snowballing liquidity crisis.“For normalization of Asiana Airlines, we considered the best option and decided that its sell-off will recover trust in the group and the airline,” the group said in a statement. “The sale of Asiana -- with 31-year-long history -- is also for the s
April 15, 2019
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Why is SK mentioned as prime bidder of Asiana Airlines?
With the nation’s second-largest flagship carrier now up for sale, speculation is rampant as to who will acquire Asiana Airlines, with the unlikely candidate SK Group -- a telecommunications-to-chips giant that has no business experience in transportation -- emerging as a potential dark horse.The nation’s third-largest conglomerate has so far denied all rumors it is interested in acquiring the heavily indebted air carrier. But market analysts continue to point at its sizeable capital resources,
April 15, 2019
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From pixels to the past: Games firm helps preserve Korean cultural heritage
In a match that may sound unusual at first, there is a gaming company in South Korea that has been consistently contributing to the country’s cultural heritage preserving organization.The Korean arm of Riot Games has given over 5 billion won ($4.4 million) to the Cultural Heritage Administration here for the past seven years. The funds were spent on helping preserving palaces, heritage sites, and most recently for the recovery of a 102-year-old printing woodblock that had been lost for many year
April 15, 2019
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Coupang posts 65% on-year growth in revenue
South Korean e-commerce company Coupang announced Monday its revenue for 2018 marked 4.42 trillion won ($4.1 billion as of the date of the report), posting 65 percent growth from the previous year.In its 2018 financial statements Coupang indicated that its operating deficit stood at 1.09 trillion won due mainly to its heavy investments. Throughout 2018, the company invested in its popular next-day delivery flagship service Rocket Delivery by expanding item selections from 2 million to 5 million
April 15, 2019
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Sephora to open Korea’s first store in Oct.
Beauty retailer Sephora, owned by French luxury group LVMH, will open its first store in Korea on Oct. 24, the group said Monday.Sephora said it has decided to enter Korea amid growing interest here in multi-brand health and beauty stores. “It is exciting for us to introduce Sephora to the Korean market, which leads the global beauty trend. Korea is one of the most dynamic markets in Asia. I expect Sephora will serve as a place to exchange domestic and global beauty trends,” said Benjamin Vuchot
April 15, 2019
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[Sky’s the Limit] Lotte World Tower, witness to group’s twist and turns
Korea’s tallest skyscraper is a double-edged sword for its owner, as the building could either become a landmark that adds value or end up being a costly, low-liquidity asset.South Korea’s fifth-largest conglomerate Lotte Group has bet on its building becoming a landmark. Lotte World Tower, which came about from a long-held dream of Lotte Group founder Shin Kyuk-ho, was completed in December 2016, after yearslong disputes over its height, safety and profitability, just to name a few.The tower wa
April 14, 2019
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[Newsmaker] Feuding Hanjin siblings mourn brother’s death
Over the weekend, renowned corporate and political figures paid tribute to late Hanjin Group Chairman Cho Yang-ho, who died of a chronic illness last week. However, his younger brothers Cho Nam-ho and Cho Jung-ho garnered more attention due to their strained relations in the past. Another brother, Cho Soo-ho, former chairman of Hanjin Shipping, died in 2006. Nam-ho is the former chairman of Hanjin Heavy Industries, while the youngest Jung-ho is current chairman of Meritz Financial Group. The sib
April 14, 2019
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HHI wins $600m orders in 2 weeks
The world’s largest shipbuilder Hyundai Heavy Industries said Sunday it has signed contracts to build vessels, including liquefied natural gas carriers, valued at $600 million over the past two weeks. The Korean shipbuilder said it has signed a contract with a Greek company to build a 174,000 square-meter LNG vessel -- its latest deal in two weeks. HHI said it has signed contracts to make a total of five carriers, including LNG vessels, with Greek, Japanese and Korean firms. The names of the com
April 14, 2019
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LG G8 ThinQ launched in North America, Canada
LG Electronics launched its latest premium smartphone, the LG G8 ThinQ, in North America on Friday via major mobile carriers including Verizon Communications, AT&T, Sprint Corp. and T-Mobile, the tech firm said Sunday. (LG Electronics)The new model features a biometric unlock system that recognizes the pattern of veins on a user’s palm. It also has a fingerprint sensor and a rear camera assembly that is flush with the glass. In addition, the call-receiver speaker has been removed to allow the or
April 14, 2019
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Funeral for Korean Air chief begins
The funeral for Hanjin Group and Korean Air Chairman Cho Yang-ho began Friday. Cho’s body was transported to a funeral hall at Yonsei Severance Hospital in Seoul after arriving at Incheon Airport from the US at around 5 a.m. Friday. Korean Air CEO Cho Won-tae enters a funeral hall at Yonsei Severance Hospital in Seoul on Friday. (Yonhap)Cho’s first son, Korean Air CEO Cho Won-tae, and second daughter, former Korean Air Executive Director Cho Hyun-min, were seen leaving the airport on Friday morn
April 12, 2019
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Designation of Hanjin Group chief may be delayed: Kim Sang-jo
With ongoing market speculation on Hanjin Group’s ownership following its chairman’s death on Monday, head of the country’s Fair Trade Commission said Friday it might delay the designation of the owner of the group. During a radio interview, FTC chief Kim Sang-jo said that considering the current situation, schedule of the designation may be delayed by two weeks to May 15.On May 1 each year, the Fair Trade Commission designates an individual or a legal entity as the business group’s de-facto chi
April 12, 2019
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[Newsmaker] Korea welcomes WTO ruling, vows to continue import ban on Japanese seafood
The South Korean government on Friday welcomed a ruling by the World Trade Organization that upheld the government’s import ban on Japanese seafood in the wake of the 2011 Fukushima disaster.“The government has been making all-out efforts to follow the principle of making the health and safety of the people a priority, and the government highly appraises the WTO’s decision,” the Ministry of Trade, Investment and Energy said in a statement, adding that it would continue the import ban on Japanese
April 12, 2019
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Renault Samsung's Busan plant to stop operations for 4 days
Renault Samsung Motors Corp. said Thursday that its plant in the southern port city of Busan will stop operations for four days starting later this month.Unionized workers at the factory will go on a so-called premium vacation for two days starting on April 29 and for another two days from May 2, officials said. This Yonhap file photo shows unionized workers of Renault Samsung Motors Corp. holding a press conference in the southern port city of Busan, demanding higher pay. (Yonhap)The vacation i
April 11, 2019
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Hyundai to test run 1-MW fuel cell generator in Ulsan
Hyundai Motor said Thursday it has signed a memorandum of understanding with Korea East-West Power Co. and Deokyang, a local hydrogen producer, to test run a 1-megawatt fuel cell generator in the nation’s southeastern city Ulsan.Under their partnership, Hyundai will set up fuel cell power generation system, while EWP, an affiliate of state-run Korea Electric Power Corp., will maintain the hydrogen-powered system and sell electricity generated from the plant. The hydrogen gas will be supplied by
April 11, 2019
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[News Focus] Creditors pressure Kumho Asiana to sell off flagship air carrier
Kumho Asiana Group, South Korea’s 28th-largest conglomerate, stands on the brink of selling off Asiana Airlines -- the group’s flagship unit and the nation’s second-largest air carrier -- as financial authorities and creditors voiced disapproval over the group’s latest self-rescue proposal.Main creditor state-run Korea Development Bank on Thursday denied the cash-strapped conglomerate’s request for financial help and a grace period.“Creditors found Kumho’s self-rescue plan insufficient to restor
April 11, 2019
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Riot Games, SKT forge alliance for ‘League of Legends’ contents
Riot Games Korea and SK Telecom on Thursday forged a strategic alliance to air the final match of League of Legends Champions Korea (LCK) 2019 live on the latter’s platform Oksusu. The LCK Spring Final 2019 is slated for Saturday at Jamsil Arena in Songpa, Seoul. Fans can watch the game on SKT’s Oksusu’s sports channel.This partnership is not a one-off affair. SKT said it will work as LCK’s official 5G sponsor till end-2020, with exclusive rights to create virtual and augmented reality contents
April 11, 2019
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Funeral for Korean Air’s Cho to begin Friday
The funeral for Hanjin Group and Korean Air’s late Chairman Cho Yang-ho will begin from Friday and extend until Tuesday at Yonsei Severance Hospital in Sinchon, Seoul, the company said Thursday. They will be flying in the body on Friday from Los Angeles, it added.Cho passed away at a hospital in Los Angeles on Monday, where he had been receiving medical treatment for pulmonary fibrosis since December.The company said Cho’s funeral will be led by Hanjin KAL CEO Suk Tae-soo. Cho will be interred a
April 11, 2019
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Celltrion bags Canadian approval for Truxima
Celltrion recently gained approval from the Canadian Health Ministry to begin sales of Truxima, a rituximab biosimilar used to treat blood cancer, the company announced Thursday.“Celltrion will quickly enter the Canadian market so that patients there will enjoy a more affordable high-quality anticancer biosimilar,” said a Celltrion representative. This is the first time Canada has approved a rituximab biosimilar. Truxima (Celltrion)Canada has made efforts of late to cut drug costs and improve pa
April 11, 2019