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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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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Controversial cult leader’s sentence reduced to 17 years
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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, Hyundai chiefs to accompany Yoon on Singapore trip
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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[Robert Fouser] Why the US election looks so close
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SK Chemicals to adopt holding company structure
SK Chemicals, the chemicals and biopharmaceutical arm of South Korea’s SK Group, will officially take on a holding company structure from Friday, marking the biggest structural change for the company since its foundation 48 years ago. SK Chemicals will be split into a holdings company and a business operations company, in line with the board’s approval secured in June this year. The holdings firm will hold 48 percent of the initial SK Chemicals shares, while the operating firm will hold 52 perc
Nov. 30, 2017
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Moon vows all-out support for SMEs, new businesses
President Moon Jae-in promised to provide all-out support for small and medium-sized enterprises and startup businesses Thursday, calling them a second heart or engine for growth.The pledge came in a ceremony marking the launch of the newly created Ministry of SMEs and Startups. The ceremony came about a week after Hong Jong-haak was appointed its inaugural minister.Noting the new minister has promised to work as a salesperson for SMEs and new venture firms, the president said the government too
Nov. 30, 2017
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Korea's industrial output dips 1.1% in Oct.
South Korea's industrial output dipped in October from a month earlier, ending its rise for three straight months on a slump in the automaking industry, government data showed Thursday.Production in the mining, manufacturing, gas and electricity industries dropped 1.1 percent on-month in October, following an adjusted 0.2 percent rise in the previous month, according to the data by Statistics Korea.From a year earlier, industrial output also sank 5.9 percent last month, a turnaround from a 8.5 p
Nov. 30, 2017
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China, Turkey, Iran tech firms eye Dongbu Daewoo Electronics
Electronics manufacturers from China, Turkey and Iran are competing to acquire South Korea’s Dongbu Daewoo Electronics, along with two other Korean companies, according to industry sources Wednesday. China’s Meidi Electronics, Turkey’s Vestel and Iran’s Entekhab have submitted letters of intent to purchase a 100 percent stake in Dongbu Daewoo, as of late Tuesday, the deadline for the main bidding applications, according to the financial industry. The two Korean companies are Dayou Winia, a provi
Nov. 29, 2017
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GS E&C set to re-enter Iranian construction market
South Korean construction firm GS Engineering and Construction is moving to jump back into the Iranian construction market after eight years. GS E&C is currently in talks with Entekhab Investment Development Group to lead the construction design of a petrochemicals project in the Middle Eastern country. The design contract is reportedly expected to be worth some $6 million. (Yonhap)“GS E&C in October signed a head of agreement with the Iranian firm with regards to the design of the project,” GS
Nov. 29, 2017
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Panel to review LG Display's factory plan in China
The South Korean government said Tuesday an expert panel will review LG Display Co.'s plan to build an organic light-emitting diode plant in China, which has been delayed due to concerns over technology leaks. LG Display asked the government in July to approve the investment plan worth 5 trillion won ($4.4 billion) to build its first large OLED panel production line in the southern Chinese city of Guangzhou. Following three rounds of preliminary reviews, an expert panel under the Ministry of Tra
Nov. 29, 2017
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Corporate watchdog chief urges cooperation between retailers, suppliers
The chief of South Korea's corporate watchdog said Wednesday that business cooperation between retailers and their suppliers is critical if all sides want to stay competitive."Retailers and their suppliers should seek cooperation for growth and their survival," Fair Trade Commission Chairman Kim Sang-jo said in a meeting with representatives from the local retail and distribution industries.The FTC chief also urged retailers to continue their reforms to root out unfair business practices and str
Nov. 29, 2017
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Shinsegae to continue Incheon store biz until next year
South Korean retail giant Shinsegae will run its department store west of Seoul until next year as the company has reached an agreement with its rival Lotte, the two conglomerates said Wednesday, ending the five-year feud over the business rights of the outlet. The two retailers have been in talks after the Supreme Court ruled in favor of the country's fifth-largest business group Lotte over its acquisition of land in Incheon from the city government in 2012 earlier this month."The two companies
Nov. 29, 2017
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Dongbu Daewoo marks up sales with Global Platform lineup
Home appliances company Dongbu Daewoo Electronics said Wednesday it sold 2.5 million products within 30 months of the launch of its Global Platform lineup by tailoring specifications for different markets.The GP-branded products are remodeled from the standard versions of appliances developed for the domestic market in order to better fit the varying needs of overseas countries. A washing machine, for example, may be built with an 11-15 kilogram capacity for the home market but launched in 9 kg
Nov. 29, 2017
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Court rules against Paris Baguette over baker hiring
A Seoul court on Tuesday dismissed a petition filed by Paris Baguette, a leading bakery and patisserie franchise here, against the government's intervention in its baker employment policy. (Yonhap)After an audit, the Ministry of Labor and Employment concluded in September that the firm, also named Paris Croissant Co., violated labor law in connection with the hiring conditions of more than 5,300 bakers and cafe workers at its franchise stores.Its headquarters were found to have given direct work
Nov. 28, 2017
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S. Korea steps up efforts to export nuke reactors to UK
The Ministry of Trade, Industry and Energy said Tuesday that it had signed a memorandum of understanding with its UK counterpart as part of a move to support Korean firms in the civilian nuclear energy sector. Trade Minister Paik Un-gyu and his British counterpart Greg Clark sign a memorandum of understanding in London on Monday. (Yonhap)South Korean Energy Minister Paik Un-gyu and British Energy Minister Greg Clark met in London on Monday and agreed to fully support South Korea’s state-run ener
Nov. 28, 2017
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Southeast Asia rises as most popular destination for Koreans: report
Countries in Southeast Asia are rising as popular holiday spots for South Korean travelers, with the destinations being the most searched online, market data showed Tuesday.According to travel metasearch engine Kayak, Bangkok and Da Nang came in first and second on a list of most frequently searched destinations by Korean travelers who are preparing trips for next year. (Kayak)Da Nang was the seventh most popular destination searched in 2017. Bangkok came in fifth on the same list. Osaka, the m
Nov. 28, 2017
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S-Oil holds awards ceremony to recognize bravery of citizens
S-Oil on Tuesday held the 2017 Hero Neighbors Award ceremony at its headquarters in Seoul. The oil refiner recognized 18 citizens who had carried out extraordinary acts to help others, and awarded them a total of 145 million won ($133,247), the company said. S-Oil CEO Othman Al-Ghamdi (center, back row) takes pictures with award recipients at the S-Oil headquarters in Seoul on Tuesday. (S-Oil)The ceremony was attended by S-Oil CEO Othman Al-Ghamdi, Korea National Council on Social Welfare Chairm
Nov. 28, 2017
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Renault Samsung ranks high in productivity in Harbour Report
Carmaker Renault Samsung’s Busan-based manufacturing plant ranked high in productivity in the 2016 Harbour Report, the company said Tuesday.Harbour Report is an annual report provided by global consulting firm Oliver Wyman, which measures the productivity of automobile manufacturing plants worldwide. A total of 148 car manufacturing plants were included in the latest report. SM6 vehicles are assembled at Renault Samsung’s plant in Busan. (Renault Samsung)Of the 148 plants, Renault Samsung’s pla
Nov. 28, 2017
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[Photo News] Kumho folds tire unit ambition
Kumho Asiana Group Chairman Park Sam-koo speaks to reporters at group headquarters in Jongno-gu, Seoul on Tuesday. At the press conference, Park said that he has “no interest” in buying Kumho Tire, and that he will focus on strengthening Kumho Asiana focusing on the group‘s competitiveness in express bus lines, construction and aviation. The group’s holding company Kumho & Co. completed its merge with Kumho Buslines Monday, restructuring the group to have Kumho Holdings control Kumho Industrial,
Nov. 28, 2017
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[Newsmaker] After THAAD crisis, major retailers turn to Southeast Asia
[News Focus] Major retail companies including Lotte and Shinsegae are turning to Southeast Asia to diversify their customer bases after a turbulent year amid tensions between Korea and China.“This year has been a lesson to a lot of retail companies that it is unhealthy to focus too much on China,” said an official with one retail company. “It’s a huge market that brings many benefits, but overdependence can be dangerous.” A Lotte duty-free store in Myeong-dong appears emptier than usual. It is u
Nov. 28, 2017
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Kumho Asiana chief says won't buy back former tire unit
The chief of Kumho Asiana Group, an airline-to-construction conglomerate, said Tuesday he won't buy back the conglomerate's former tire unit Kumho Tire Co. now controlled by creditor banks. In a press conference held at its headquarters in Seoul, Kumho Asiana Chairman Park Sam-koo made it clear that the group does not have "any intention" to buy back the tire company, a corporate spokesman said by phone. "Frankly speaking, I had keen interest in Kumho Tire but now have fully given up my right of
Nov. 28, 2017
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KITA launches weeklong events celebrating Trade Day anniversary
The Korea International Trade Association announced Tuesday that it has kick-started its 10th annual Korea Grand Sourcing Fair, a two-day overseas marketing fair, as part of its weeklong hosting of trade-related events in celebration of the upcoming 54th anniversary of Trade Day on Dec. 5. The fair was launched as a means for global industry representatives to source innovative Korean products and form international partnerships, said the association. Some 140 companies from 26 countries are par
Nov. 28, 2017
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[From the scene] Gyeonggi Province seeks independence from Japanese rice seeds
HWASEONG, Gyeonggi Province – Though many don’t realize it, South Korea’s most populous province has long relied on Japanese seeds for rice production. As of last year, Akibare and Koshihikari crop seeds from Japan grew on some 80 percent of 784.8 square kilometers of rice paddies in Gyeonggi Province, which surrounds the capital and is home to some 330,000 farmers. Confronting the need to curb reliance on Japan and cultivate seeds most suitable for Korean soil, the Gyeonggi Province Agricultura
Nov. 28, 2017
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Samsung buys Korean AI startup
Samsung Electronics confirmed Tuesday that it has bought Korean artificial intelligence startup Fluenty in a move to boost its AI capabilities. Samsung’s mobile unit has taken over the fledgling firm, which has around 10 employees who are mostly former developers at Korea’s two largest search giants, Naver and Kakao, according to local news reports. This is the first Korean AI startup acquired by Samsung, which mainly invests in and acquires foreign tech companies. In 2015, Fluenty unveiled a sm
Nov. 28, 2017