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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[Newsmaker] SK Chemicals executive arrested in humidifier sterilizer scandal
An executive of SK Chemicals Co. has been arrested on the charge of destroying evidence on the toxicity of raw materials for humidifier sterilizers supplied to other local companies, court officials said Friday.The Seoul Central District Court reviewed arrested warrants requested for three executives and one employee of the SK Group affiliate amid prosecutors' expanding investigation into the humidifier sterilizer scandal and approved one, for Park Cheol, senior vice president of SK Chemicals.Ar
March 15, 2019
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Prosecutors raid Seoul bourse in Samsung BioLogics probe
Prosecutors raided South Korea's main stock exchange Friday as part of a probe into alleged accounting fraud by Samsung BioLogics Co.Investigators from the Seoul Central District Prosecutors' Office were sent to search the Korea Exchange in western Seoul. They also raided the offices of two Samsung units -- Samsung S&T Corp. and Samsung SDS Co. -- on Thursday in the probe into the biopharmaceutical company. (Yonhap)Prosecutors are investigating allegations that Samsung BioLogics Co. broke accou
March 15, 2019
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Daewoo Shipbuilding 2018 net profit halves on loss from asset sale
Daewoo Shipbuilding & Marine Engineering Co., one of the country's top three shipyards, said Thursday that its net profit halved in 2018 from a year earlier due to a loss from asset sale.Net profit reached 320 billion won ($282 million) last year, compared with a profit of 645 billion won a year earlier, the company said in a regulatory filing.Operating income, however, surged 40 percent on-year to reach 1.03 trillion won as set-aside reserves, against potential losses, were reclassified as oper
March 14, 2019
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Prosecutors raid Samsung Group offices in Samsung BioLogics' accounting fraud probe
Prosecutors raided the offices of Samsung Group's affiliates on Thursday as part of an ongoing probe into alleged accounting fraud by its biopharmaceutical unit, Samsung BioLogics Co.The raids come after the Financial Services Commission ruled that Samsung BioLogics intentionally violated accounting rules ahead of its initial public offering in 2016. The case has been referred to the prosecution. The regulatory review centers on questions about the loss-making Samsung BioLogics' reporting of sud
March 14, 2019
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9 operators to take part in bidding for arrival duty-free shops
A total of nine duty-free operators are set to take part in the bidding for the country's first arrival duty-free shops at Incheon International Airport, the airport's operator said Thursday.Incheon International Airport Corp. said the nine companies have sought to take part in the bidding to operate the shops that are set to open during the first half of this year, without disclosing the name of the companies.Industry sources said that one of the bidders is Dufry Thomas Julie Korea Co., a local
March 14, 2019
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LG CNS introduces coding initiative for Korean teens
LG CNS started its software teaching program LG CNS Coding Genius with 118 students from Shinil Middle School, Seoul, Thursday. A part of the company’s CSR activities aimed at inciting creativity and cognitive thinking among youths, LG CNS has been providing software education program for middle school students since 2017. The program has been taught for over 6000 students in 50 schools across the nation. Students from Shinil Middle School uses Lego robot cars to learn about self-driving technol
March 14, 2019
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[News Focus] Korea’s agriculture deficit grows under FTAs
SEJONG -- South Korea has actively promoted its agricultural products in overseas markets over the past few years by holding K-food fairs in Southeast Asia and elsewhere.The Ministry of Agriculture, Food and Rural Affairs is encouraging “steady” outbound shipments of farming products. The growing volume of farm product exports to destinations such as Vietnam and China drew public attention last year and gave local farmers reason to feel hopeful.This year, K-food fairs are scheduled in seven citi
March 14, 2019
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Samsung SDS to bolster cloud security with ‘homomorphic encryption‘
Samsung SDS on Thursday pledged to bolster its security solution for cloud services by applying advanced encrypted technology to better protect client companies’ data both externally and internally. At a press conference in Seoul, Samsung SDS introduced its latest cloud security total service against cyberattacks using newly developed technologies that include its homomorphic encryption. Samsung SDS CEO Hong Won-pyo. Samsung SDS In order to block hackers, the solution applies artificial intelli
March 14, 2019
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[Newsmaker] SK in crosshairs after probe into toxic humidifier disinfectants reopens
Four high-ranking officials from SK Chemicals attended an arrest warrant hearing Thursday as part of a reopened investigation into toxic humidifier disinfectants that in 2011 were linked to hundreds of deaths.Seoul Central District Prosecutors’ Office suspects the company, now known as SK Discovery, concealed the toxicity reports on CMIT and MIT, two chemical ingredients used in the humidifier disinfectants.SK Chemicals manufactured and supplied humidifier disinfectant ingredients to several com
March 14, 2019
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Korean Air, T’way to ground Boeing 737 Max 8 over safety concerns
South Korea’s full-service flagship carrier Korean Air and budget airline T’way joined a growing list of airlines Wednesday in grounding Boeing 737 Max 8 planes after an Ethiopian Airlines plane crashed and killed 157 people Sunday.The fatal crash came just five months after another plane crash involving the same model took place in Indonesia. Lion Air’s 737 Max plunged into the ocean under similar circumstances, killing 189 people. Boeing 737 Max 8 (Yonhap)On Thursday, Korean Air announced it w
March 14, 2019
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Korea asks Google to change unfair terms for YouTubers’ content
The Korea Fair Trade Commission said Thursday it asked Google to change some of its terms and conditions related to copyright infringement, as the first competition authorities in the world to do so. Google’s video-streaming platform currently allows the firm to arbitrarily delete and reuse video posted by users.The antitrust watchdog said it is unfair that even if a user deletes his or her video, YouTube can still possess and use that video. It is also unfair that YouTube can arbitrarily delete
March 14, 2019
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NPS’ adviser backs Hyundai Motor over Elliott
Local proxy advisor Korea Corporate Governance Service on Wednesday recommended shareholders to vote for Hyundai Motor’s plan to appoint nonexecutive directors, backing the auto giant’s governance overhaul plan that will be put to vote next Friday.The KCGS, which advises National Pension Service and other institutional investors, favored Hyundai’s pick for independent board nominees, dismissing US activist fund Elliott Management’s proposal. The three nominees picked by Hyundai include Yoon Chi-
March 13, 2019
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[Advertorial] LG Chem aims to become global top 5 chemical firm
LG Chem was the first South Korean company to be named as one of the top 10 chemical companies in a magazine published by American Chemical Society last year, demonstrating its business capability and potential as a provider of energy solutions, chemical products and cure for human diseases.The company has recently introduced new sales and investment goals for five of its core business areas in order to pave the way to be rated as a global top five firm in the industry by 2025. The plan includes
March 13, 2019
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[News Focus] Lotte seeks to exit China after investing $7.2b
Despite its hefty investments in China over the years, Lotte Group appears to be seeking a complete departure from the market that was once highly lucrative, after failing to recover from a boycott campaign which was instigated by diplomatic bickering between Seoul and Beijing. The retail conglomerate was the main target of the diplomatic feud between China and South Korea over the deployment of an anti-missile Terminal High Altitude Area Defense system in 2017 on its golf course at the Lotte Sk
March 13, 2019
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Daewoong’s Nabota to enter phase 3 clinical trials in China in H2
Daewoong Pharmaceutical’s botulinum toxin treatment Nabota will enter the final phase of clinical trials in China in the second half of this year, the firm said Wednesday. Daewoong said it gained China Food and Drug Administration’s approval for changing the Nabota manufacturing site for phase 3 clinical trials from the firms’s “first factory” to the “second factory,” both of which are located in Hyangnam, Gyeonggi Province. The approval, granted March 6, signals Daewoong’s kicking spur in to Na
March 13, 2019
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LPG vehicles to be allowed for everyone in Korea
Under legislation passed Wednesday morning, anyone in South Korea can now buy a liquefied petroleum gas-fueled vehicle. Previously, only taxis and rental cars could use LPG fuel. The bill, proposed by Rep. Yoon Han-hong of the main opposition Liberty Korea Party and calling for the complete deregulation of LPG vehicles, passed during the plenary session of the National Assembly’s industry committee. (Yonhap)Yoon proposed the bill in 2016, citing a growing need to expand consumer choices, supply
March 13, 2019
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LG to support schools with 10,000 air purifiers amid fine dust pollution
South Korea’s LG Group will provide 10,000 air purifiers at elementary, middle and high school across the country free of charge amid the continued high levels of fine dust blanketing the country, the company said Tuesday.The conglomerate’s decision was shared via Korean Prime Minister Lee Nak-yeon’s social media post, “Vice Chairman Kwon Young-soo shared the news with me that was finalized at an executive-level meeting led by Chairman Koo Kwang-mo.”“Vice Chairman Kwon said (LG) ‘hopes to help t
March 12, 2019
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Bike-sharing biz heats up in Korea with Kakao, Socar joining
South Korea’s ride-sharing companies are expanding their business portfolios into electric bike-sharing, creating high expectations as municipalities scramble to introduce the service as an alternative to conventional transportation. The country’s major messenger app company, Kakao, has entered the e-bike sharing business with a new service called Kakao T Bike. The company began its service on Mar. 6 in Incheon and Seongnam, Gyeonggi Province. Socar, a Seoul-based car-sharing startup, also joine
March 12, 2019
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Nexon to release 10 new mobile games in H1
Nexon has 10 new mobile game releases on its timetable for the first half of 2019, the company announced Tuesday. Korea’s biggest game company is making use of its original intellectual property and popular foreign titles for various genres, ranging from role-playing games to puzzles.Of 14 major events Nexon has in store for the first half of 2019, four are global launches of games already being serviced in Korea. Nexon will introduce “Durango” globally in the first half in countries other than
March 12, 2019
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ISS backs Hyundai over dividend payouts
Institutional Shareholder Service, a global proxy advisory firm, has supported Hyundai Motor against its conflict with Elliott over special dividend payouts to shareholders.ISS said in a statement that it doesn’t support Elliott’s demand to return almost 7 trillion won in excess cash to shareholders through special dividends. It, however, supported two of Elliott’s three nominees for the board. It also showed support for Hyundai’s nomination of Yoon Chi-won, vice chairman of UBS AG’s wealth mana
March 12, 2019