Most Popular
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Son Ye-jin is not worried about aging
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Samsung projects 15-fold surge in Q2 profit
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Man turns self in over offensive comment about car crash victims
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[Exclusive] US troops in S. Korea could be reduced, but not withdrawn, Trump allies tell Seoul lawmaker
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Is Hybe Chairman Bang Si-hyuk really ignoring NewJeans?
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Just 1 in 4 Korean teens 'content with life'
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Opposition leader's attacker sentenced to 15 years in prison
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Hyosung's estranged son donates inheritance, seeks to end family feud
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90% of Gen Z says they won't keep quiet over problems at work
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Surprise appearance of Son Heung-min packs public park in minutes, prompts police to control area
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[Weekender] Beauty from a Korean perspective
Western cosmetics giants have dominated the beauty industry for a long time, but Korean brands are increasingly setting new standards of beauty, driven by the worldwide popularity of K-pop. A growing number of people, regardless of gender and age, are investing time and money on beauty products from Korea’s cosmetic shops. This includes a large portion of foreigners searching for K-beauty -- a new norm referring to a wide range of skin care and makeup products that originate from Korea, and the
Oct. 4, 2018
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[Weekender] Korean makeup companies paint new face of beauty
For beauty-trend followers around the world, “glass skin” has become a buzzword in recent years, as Korean skin care and makeup trends took social media by storm.Glass skin, a term used to describe crystal-clear, flawless, almost transparent skin has been a sought-after beauty ideal in Korea and fans of Korean tyle trends.Korean makeup is having its moment in the sun. What began as a skin care sheet mask has now expanded into a 10 step Korean beauty regimen, commonly known as the “glass skin rou
Oct. 4, 2018
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Daewoong terminates Nabota clinical trial plans in China, plans refiling
South Korea’s Daewoong Pharmaceutical said Thursday that it had voluntarily terminated its clinical trial application for its type A botulinum toxin drug Nabota that was approved by China’s drug regulator in January, citing the need for a production site change. The firm plans to submit a revised CTA by the year’s end, it added. After submitting the CTA and successfully obtaining approval, Daewoong expects that it can initiate phase 3 trials for Nabota, to prove the drug’s efficacy in treating f
Oct. 4, 2018
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One in 4 chaebol family members put up shares as collateral
One in four family members of South Korea's major conglomerate owners have put up shares as collateral to take out loans from financial institutions, a market tracker said Thursday.CEO Score said that 178 owner family members of 51 conglomerates, known here as chaebol, have offered shares in their subsidiaries as collateral as of the end of September.The value of the shares used as collateral totals 11.74 trillion won ($10.4 billion), accounting for 13.4 percent of the combined shareholdings of
Oct. 4, 2018
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Ex-CEO’s ‘secret sale’ of rice burger chain sparks dispute
Former Bongousse Rice Burger CEO Oh Seh-rin has sparked controversy after he reportedly sold the company to popular Korean fried chicken chain NeNe Chicken without giving prior notice to franchise owners. NeNe Chicken recently acquired the burger franchise and replaced Oh with the current CEO Hyun Cheol-ho last month, a company official said Wednesday. With less than $100, Oh reportedly started out as a street food vendor in front of Dongwon High School and Dongwoo Girls’ High School in Suwon, G
Oct. 3, 2018
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[On the Bar] GDPR compliance basics: What businesses need to know
On the Bar is a regular column written by attorneys at Yoon & Yang LLC on various laws and regulations that affect running a business in Korea. The content provided here is general legal information. -- Ed.The European Union’s General Data Protection Regulation 2016/679, popularly known as GDPR, was adopted in 2016 and took effect May 25, 2018. GDPR differs in many ways from Korean statutes such as the Personal Information Protection Act and tends to be vague about the tasks required of those wh
Oct. 3, 2018
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Nuclear phase-out plan to jack up electricity purchase cost by 11% by 2030: govt. report
South Korea's plan to phase out nuclear reactors will increase its electricity purchase cost by 11 percent by 2030, a government report showed on Wednesday.Since taking office in May last year, President Moon Jae-in has pledged to close atomic power plants gradually and increase the ratio of renewable energy to 20 percent by 2030.The new energy policy has raised concerns that reduced dependence on coal and nuclear power and the still high production costs of renewable energy could lead to higher
Oct. 3, 2018
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Korean Air introduces useful mileage tip
South Korea’s leading air carrier Korean Air has introduced ways to efficiently use its mileage system, Korean Air SkyPass. According to Korean Air, miles earned on the air carrier or partner airlines after July 1, 2008 are valid for 10 years from the date of the travel and can be used until Dec. 31 on the 10th year. (Korean Air)The period is relatively longer than other airlines, such as Singapore Airlines, where mileage usually expires in three years. For American Airlines, United Airlines an
Oct. 2, 2018
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Hyosung Chairman Cho seeks expansion in China’s lucrative apparel market
Hyosung Chairman and CEO Cho Hyun-joon attended a textile exhibition in Shanghai and met with clients in a bid to cement the company’s position as the world’s leading textile company, the company said Monday.Cho’s attendance of the exhibition comes amid the company’s aggressive efforts to dominate the global textile market, following visits to Vietnam and India earlier this year. Hyosung Chairman and CEO Cho Hyun-joon (center) visits a client’s booth to examine latest trends during Intertextile
Oct. 1, 2018
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KT&G to open heat-not-burn cigarette Lil flagship store
South Korea’s leading cigarette maker KT&G said Monday it will open Lil Minimalium on Wednesday, a flagship store dedicated to its heat-not-burn cigarette Lil. Located near subway Line No. 9 Sinnonhyeon Station in the bustling Gangnam district, the store will operate as a place for customers to not only experience and purchase the device, but also to try different accessories for Lil such as cases and pouches, KT&G said. KT&G’s Lil Minimalium flagship store is dedicated to its heat-not-burn e-c
Oct. 1, 2018
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Dongwon F&B enters pet food market
Dongwon F&B, Dongwon Group’s food division, said Monday that it has launched pet food for dogs, in a first for the company. According to the company, Nutriplan pet food for dogs comes in two varieties: one features tuna and ginseng powder and the other contains tuna and krill shrimp. (Dongwon F&B)Both products contain tuna, the main product of Dongwon F&B, which is a good source of protein and omega-3 for dogs, the company said. All the ingredients, including ginseng powder and krill, were made
Oct. 1, 2018
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Olive Young’s Gangnam store attracts 5 million visitors
Olive Young, CJ Group’s health and beauty drugstore brand, said Monday that its flagship store in Gangnam has attracted 5 million visitors since it opened last year.Its Gangnam store opened in September 2017 at a four-story building located near subway Line No. 2 Gangnam Station. Its third-quarter sales this year increased by 39 percent on-year, the company said, posting the second greatest sales among its stores. Olive Young Gangnam store (Olive Young)While the Olive Young Myeong-dong store re
Oct. 1, 2018
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Calls persist for Google, Apple to face stricter tax regulations in Korea
Calls continue to grow in South Korea to enforce tax laws more strictly for global tech firms such as Google, Facebook and Apple, as concerns have been raised over ambiguities critics say may create an uneven playing field for local tech firms. For example, Google Korea and Korean tech giant Naver are estimated to have reported similar sales figures of around 4.7 trillion won ($4.23 billion) last year. The US tech giant paid only 20 billion won in corporate taxes, while Naver paid 423 billion wo
Oct. 1, 2018
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LS Cable & System to supply high-voltage cables for Hornsea Project Two
LS Cable & System said on Monday that it had signed a contract with the Denmark-based power company Orsted to supply high-voltage cables for the world’s largest offshore wind farm, Hornsea Project Two.Under the contract, LS Cable will supply 350 kilometers of onshore high-voltage cables, including 400-kilovolt cables, by 2021.Hornsea Project Two will be located 89 kilometers off the Yorkshire coast in the UK. When operational in 2022, it will be capable of supplying electricity to well over 1.3
Oct. 1, 2018
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Philip Morris files suit against Seoul govt. for information disclosure
Philip Morris Korea Inc. said it filed a suit against the Seoul government on Monday, demanding the disclosure of detailed information on its recent announcement over research on harmful substances found in alternative tobacco products. In June, the Ministry of Food and Drug Safety said five cancer-causing substances were found in heat-not-burn tobacco products sold in the local market, with the level of tar detected in some of them exceeding that of conventional cigarettes. The ministry made th
Oct. 1, 2018
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Ediya Coffee hosts annual music event in Busan
Korean coffee shop chain Ediya Coffee hosted the eighth Ediya Music Festa this year, an annual music event held since 2011 in appreciation of its customers and franchise operators, officials said Sunday.Over 12,000 people attended the event in Busan on Saturday, which featured performances by popular musicians including Hong Jin-young, Lee Eun-mi, Haha & Skull, Dok2 & The Quiett, Ailee and Kim Yeon-woo. Participants attend the eighth Ediya Music Festa in Busan on Saturday. (Ediya Coffee)On the s
Sept. 30, 2018
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Global luxury hotel chains phasing out plastic straws to help reduce pollution
Global luxury hotel chains operating in South Korea are moving actively to phase out plastic straws, replacing them with those made of paper, industry sources said Sunday.The move comes as hotels with operations all around the world are taking the lead to reduce plastic waste, which is generating considerable attention in the country and around the globe. (Grand Ambassador Seoul)Grand Ambassador Seoul said it has replaced plastic straws with paper ones despite the change being more costly for it
Sept. 30, 2018
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[Management in Korea] Looking beyond the first day in hiring external executives
Management in Korea is a regular column written by members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.Korean companies have long relied on promoting leaders from within. While there are many benefits to this talent strategy, it often falls short when organizations need leaders with new competencies and experiences. This is why in the face of the widespread changes reshaping the global economy, Korean companies
Sept. 30, 2018
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Brand value of leisure firms up, liquor makers down amid new working hours
The brand value of South Korean leisure-related companies improved in the third quarter following the government's new policy to cut work hours, data showed Sunday, while that of liquor firms lost ground.South Korea earlier reduced its maximum working hours to 40 hours plus 12 hours of overtime per week from 68 hours in July to reduce chronic overwork.According to the data compiled by Brand Stock, leisure, healthcare and resort companies mostly saw their brand value gain ground following the cha
Sept. 30, 2018
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LG family members summarily indicted for tax evasion
Prosecutors charged two LG Group executives Friday for helping its owning family dodge capital gains taxes. Fourteen family members, including the father of Chairman Koo Kwang-mo, were summarily indicted.The executives, former and current financial team leaders, helped the owning family members evade 15.6 billion won ($14 million) in taxes when they sold off their stakes in LG International to LG Corp., the holding company of the nation's fourth-largest business group, the prosecution said. (Yon
Sept. 28, 2018