Most Popular
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Slew of top K-pop stars ready to return from military
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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BTS-themed moon jar to be unveiled on Hangeul Day
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Samsung unveils 'personalized AI' for all devices
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Market uncertain on Korea's October rate cut despite slowed inflation
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Special counsel bill to probe first lady scrapped
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Korean bands get their day in the sun, finally
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Posco to support 5,500 job seekers over 5 years
South Korea’s leading steelmaker Posco will support 5,500 job seekers over the next five years by offering job training as part of its vision for mutual growth with society, the company said Thursday. Its three education programs are an artificial intelligence and big data academy for young adults, hands-on experience of working in the corporate world and an entrepreneur incubation school.For participants to focus on learning, Posco will cover accommodations and provide an allowance of between 5
Oct. 25, 2018
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Italy fines Apple, Samsung millions for slowing phones: official
Italy's competition authority on Wednesday said it was fining Apple and Samsung 10 and five million euros ($11.5 and $5.7 million) respectively for the "planned obsolescence" of their smartphones.The ruling is believed to be the first against the manufacturers following accusations worldwide that they encourage operating system updates for older phones which slow them down, thereby encouraging the purchase of new phones. (Yonhap)An investigation by the anti-trust authority revealed that "Apple a
Oct. 24, 2018
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Construction experts gather to discuss how to achieve rebound in global market
Representatives of South Korean construction companies and related associations gathered at a forum hosted by KOTRA on Wednesday to discuss how to achieve a rebound in the global market. Among the challenges they discussed were low oil prices and increased competition from Chinese companies. Over the last five years, Korean companies saw the value of their overseas contracts drop from $65.2 billion in 2013 to $29 billion last year -- mainly the result of a plunge in oil prices and the stronger p
Oct. 24, 2018
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Asiana Airlines donates to school in Fujian
South Korean air carrier Asiana Airlines has supplied classroom equipment for local students in Fuzhou in China’s southeastern Fujian province, and delivered special lectures for young aspiring flight attendants, the company said Tuesday. Local students in Fuzhou, Fujian province, China pose for a photo with Asiana Airlines flight attendants during its “Beautiful Classroom” project. (Asiana Airlines)It was part of the airline’s “Beautiful Classroom” project, a corporate outreach campaign the co
Oct. 24, 2018
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Lotte Confectionery buys Myanmar’s top bakery company
Lotte Group’s confectionery-making unit said Wednesday that it had acquired a bakery company in Myanmar to facilitate its penetration into the Southeast Asian market.According to the company, Lotte Confectionery will own an 80 percent stake in L&M Mayson Company for 76.9 billion won ($69 million).Established in 1996, L&M Mayson is the largest bread-making company in Myanmar with annual sales of approximately 35 billion won. It runs three manufacturing plants, 12 sales branches and 10 logistics c
Oct. 24, 2018
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Mediation for victims of Samsung's work diseases behind schedule
The settlement process to resolve the dispute between Samsung Electronics Co. and its former employees suffering from work-related illnesses is behind schedule, industry sources said Wednesday, apparently as their mediation committee is still contemplating details on compensation.In July, South Korea's top chipmaker and an advocacy group representing victims of work-related diseases, the Supporters for the Health and Rights of People in the Semiconductor Industry, inked an agreement to uncondit
Oct. 24, 2018
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Samsung BioLogics Q3 operating profit down 55.7% on production changes
Samsung BioLogics said Tuesday that its third-quarter operating profit fell 55.7 percent on-year to 10.5 billion won ($9.23 million), attributing the decline to production changes at two of its biologics manufacturing plants.The company’s revenue in the July-September period reached 101.1 billion, down 19.4 percent from the previous year. The drop in revenue was also accredited to production changes at the firm’s No. 1 and No. 2 plants.Samsung BioLogics headquarters in Songdo, Incheon (Park Hyun
Oct. 23, 2018
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[Photo News] Industry visit to Samsung BioLogics
SONGDO VISIT -- Participants of the 17th World Korean Business Convention, an annual event celebrating the achievements of overseas Korean businessmen and traders and exploring new business opportunities, listen to a presentation at Samsung BioLogics’ headquarters in Songdo, Incheon, Tuesday. The theme of this year’s World Korean Business Convention is “United Hansang.” Hansang means “Korean merchants” in Korean. (Yonhap)
Oct. 23, 2018
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LG Household & Healthcare posts record-high Q3 performance
LG Household & Healthcare, South Korea’s No. 2 cosmetics and household goods maker in terms of sales, reported a record-breaking quarterly performance for its third quarter Tuesday. The company said it recorded 1.7 trillion won ($1.49 billion) in sales and 277.5 billion won operating profit in the third quarter this year. By sector, its cosmetics business saw 23.5 percent increase in sales year-on-year and 30.6 percent increase in operating profit. The performance was mainly driven by luxury cos
Oct. 23, 2018
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Posco’s Q3 operating profit hits record high
Posco, South Korea’s largest steelmaker, flagged its best ever quarterly operating profit between July and September at 1.5 trillion won ($1.32 billion), showing a sharp 36 percent on-year surge, on the back of improved performance across most businesses, the company said Tuesday.Posting over 1 trillion won in operating profit for the fifth consecutive quarter, this is the company’s highest operating profit since the Korea International Financial Reporting Standard was implemented in 2011.The fi
Oct. 23, 2018
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Diageo launches brand campaign for low-alcohol W Signature
South Korean branch of British spirits maker Diageo Korea said Tuesday that it has launched a brand campaign for its low-alcohol W Signature spirit drink to encourage consumers to better understand it.(Diageo Korea)Under theme of “How Old Are You,” the campaign aims to encourage consumers to find out the age and value of the spirit drink they choose, so they can learn the meaning and importance of the age of low-strength spirit drink.The company said it expects consumers to better determine the
Oct. 23, 2018
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Lotte Group announces W50tr investment plan for next five years
Lotte Group announced plans Tuesday to invest 50 trillion won ($44 billion) over the next five years, a move intended to quickly normalize the group’s business after its Chairman Shin Dong-bin returned to the helm after eight months away, upon being released from jail earlier this month.The retail-to-chemicals giant said it plans to invest 12 trillion won in 2019, the largest investment amount for a single year. Lotte Group Chairman Shin Dong-bin enters Lotte Group headquarters in Lotte World To
Oct. 23, 2018
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Lawmakers divided over inter-Korean economic cooperation
South Korean lawmakers from ruling and opposition parties were divided over the prospects of economic cooperation with the North during the parliamentary audit sessions on Tuesday.While the lawmakers from the ruling Democratic Party of Korea said economic cooperation with the North would help South Korean companies make a U-turn and create more jobs here, representatives of opposition parties were pessimistic, saying such cooperation would impose financial burdens on the public.Rep. Park Jung of
Oct. 23, 2018
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Online malls planning big sales for November
Online shopping malls are planning big sales for November, a month that used to be a slow season but is turning out record sales from discounts, industry officials said Tuesday.EBay Korea racked up sales in November last year through its "Big Smile Day" discounts. Although it did not disclose details, sales of home appliances are said to have increased 15 percent from the same month the previous year, clothing and fashion accessories 18 percent, beauty products 19 percent and food 14 percent. (Y
Oct. 23, 2018
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K-water succeeds in pilot water management project in Vietnam
The Korea Water Resources Corporation, or K-water, said it succeeded in its pilot project of smart water management customized for Vietnam that was carried out together with Korean companies and Vietnam’s National Center for Water Resources Planning and Investigation.They shared the performance of the pilot project during a meeting in Hanoi, Vietnam last week, according to K-water on Monday.A Korean company employee explains the equipment to monitor underground water to Vietnamese employees in H
Oct. 22, 2018
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KIPO, WIPO to hold global IP certificate course
The Korean Intellectual Property Office, jointly with the World Intellectual Property Organization, is holding a special certificate course in Seoul this week for intellectual property practitioners and learners, officials said Monday.The Advanced International Certificate Course kicks off Tuesday and runs throughout the week at the Korea Intellectual Property Service Center building in Yeoksam-dong. The event comes as part of KIPO’s sustainable efforts to promote the use of intellectual propert
Oct. 22, 2018
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LCCs to lead capacity growth for Korean aviation industry: Boeing
Low-cost carriers will continue to drive capacity growth in the Korean flight industry, which has expanded into the largest market in Northeast Asia, US aircraft manufacturer Boeing said Monday. According to Boeing, more than 70 percent of new Northeast Asian flight routes in the past three years were established by Korean LCCs. Randy Tinseth, vice president of marketing for Boeing commercial airplanes, speaks during a press conference held in Seoul, Monday. (Boeing)“LCCs are currently responsib
Oct. 22, 2018
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FTC chief to reduce legal uncertainties, urge CEOs to make fair corporate environment
The nation’s antitrust watchdog chief said Monday the agency will make efforts to reduce regulatory uncertainties while urging large companies to create a fair business environment.Fair Trade Commission Chairman Kim Sang-jo spoke at the Korea Chamber of Commerce &Industry in Seoul before around 150 executives and employees from large and small companies, including Samsung, Hyundai Motor and LG, to explain the upcoming overhaul of the fair trade law and the revision of subcontract law that was en
Oct. 22, 2018
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Cosmetics exports continue to surge
Beauty products are becoming a very important export driver, with shipments growing by leaps and bounds, a report by a local trade promotion agency said Monday. According to the Korea Trade-Investment Promotion Agency, South Korea exported $4.96 billion worth of cosmetics last year, four times more than in 2013. (Yonhap)K-beauty exports for January-September this year came to $4.6 billion, up 31.4 percent from the same period last year, the report said.Cosmetics exports last year were equal to 1
Oct. 22, 2018
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Online malls losing visitors
Online shopping sites are losing visitors, with the number falling by some 14 percent over the past two years, industry data showed Monday.The data counted 77.97 million people visiting the six major online shopping malls in September, down from 83.86 million in the same month last year. Compared with 90.89 million in September 2016, the latest figure is a 14.2 percent drop. (Yonhap)By company, TMON showed the biggest decline of 25.6 percent during the two-year period, followed by 11st, which lo
Oct. 22, 2018