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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Samsung Engineering files ISDS suit over Saudi power plant
Samsung Engineering has filed an investor-state dispute settlement suit against Saudi Arabia with the International Center for Settlement of Investment Disputes of the World Bank over changes made to its power plant construction contracts for Yanbu Industrial City. Earlier this year, Saudi Arabia’s Saline Water and Conversion Corp. canceled the contract for a major power and desalination plant in Yanbu Industrial City after disagreements arose with Samsung Engineering over changes to the projec
Nov. 20, 2017
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Samsung Bioepis’ Herceptin biosimilar approved in Europe
South Korea’s Samsung Bioepis said Monday that its biosimilar referencing Roche’s Herceptin has been approved for sale in Europe, marking the first cheaper copy of the blockbuster breast cancer therapy to win regulatory approval in the region. The European Commission granted marketing approval for Ontruzant, Samsung’s Herceptin biosimilar, for the treatment of early breast cancer, metastatic breast cancer and metastatic gastric cancer. With the approval, Ontruzant can now be sold in all of the
Nov. 20, 2017
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Korea's tourism deficit swells on China setback
The trade deficit in South Korea's tourism industry rose to a record high level in the first eight months of this year, due largely to a drop in Chinese visitors following a diplomatic row between Seoul and Beijing over a US missile defense system here, data showed Monday.The country's tourism-related income came to $8.85 billion in the January-August period, down 23.6 percent from the same months a year earlier, according to the data provided by the Korea Tourism Organization.South Koreans, mea
Nov. 20, 2017
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Korean Air receives US approval for joint venture with Delta
Korean Air and its joint venture with US carrier Delta has received a regulatory approval from the US government, the company said Sunday.Korean Air and Delta are now waiting for an approval from the Ministry of Land, Infrastructure, and Transport in Korea, it added. If approved by the Korean transport ministry, Korean Air and Delta will accelerate implementing services to increase their footing in the trans-Pacific market. Hanjin Group Chairman Cho Yang-ho (fourth from right), Korean Air Presi
Nov. 19, 2017
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Government collects W125b tax from growing HNB shipments
The government has collected 125 billion won ($114 million) of new tax revenue from the rapidly growing shipments of heat-not-burn cigarette sticks, the finance ministry said Sunday.According to Ministry of Strategy and Finance, shipments of HNB cigarettes reached 71.9 million packs as of October this year, in seven months since the product has reached the market in April. A combined 1,739 won of taxes were imposed per HNB cigarette pack, including tobacco sales tax and value added tax.The Korea
Nov. 19, 2017
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Coupang highlights creativity, openness in its new office
Located from the eighth to 26th floors of Tower 730 in southeastern Seoul, the new headquarters of e-commerce firm Coupang are a far cry from the drab cubicle farms often associated with Korean companies. There are no partitions between the wide open desks, and employees freely roam about the building with laptops in hand, looking for a plush couch or window seat where they can work more effectively. Few office chairs were actually occupied although there were coats and bags draped over their ba
Nov. 19, 2017
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[ASK A LAWYER] A tip on the customs value evaluation in doing business in Korea
Ask a Lawyer is a regular column written by attorneys at Yoon & Yang LLC on various legal aspects of the Korean life or business. The content provided here is general legal information, not legal advice on a specific situation. -- Ed. (123rf)Q. If a local Korean subsidiary of a global corporation is considered as an independent “importer,” a lower customs value is accepted compared to the case where the local subsidiary is considered as a mere “branch” of the global corporation. How can a local
Nov. 19, 2017
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[PyeongChang 2018] Shin Dong-bin promotes PyeongChang at FIS
LOTTE CHIEF FOR PYEONGCHANG -- Lotte Group Chairman Shin Dong-bin, who heads up the Korea Ski Association, briefs Italian Winter Sports Federation President Flavio Roda on preparations for the 2018 PyeongChang Winter Olympics at a meeting of the International Ski Federation Council in Switzerland, Friday. Shin briefed the council members on the overall preparations for PyeongChang and answered concerns regarding security during the Winter Games, according to Lotte Group. (Lotte Group)
Nov. 19, 2017
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Gordon Ramsay calls Cass a ‘beer of the people’
Michelin-starred chef and television personality Gordon Ramsay called Oriental Brewery‘s beer Cass a “beer of the people,” saying that its easy accessibility and fit with Korean cuisine was what drew him to endorse the brand. Gordon Ramsay speaks to reporters at the Conrad Seoul on Saturday. (OB)“I have fallen in love with Korean food, and it doesn’t need to have an oversophisticated, slightly unique beer that costs a fortune,” Ramsay told reporters at a press conference at the Conrad Seoul on
Nov. 19, 2017
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Output of alcohol down in 2016
Output of alcohol beverages decreased in 2016 for the first time in three years, data showed Sunday.The total production of alcohol beverages, excluding imported ones, inched down 3.3 percent on-year to 368 million kiloliters last year, according to the National Tax Service (NTS) data.The data showed that 53.8 percent of the annual output was beer, followed by soju -- a traditional Korean rice-based alcohol -- and rice wine. (Yonhap)The production of alcoholic beverages had increased starting in
Nov. 19, 2017
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US likely to push more local auto parts in Korean cars: experts
Ahead of future trade amendments negotiations of the five-year Korea-US Free Trade Agreement, the United States is likely to demand an increased use of American-made parts on Korean vehicles exported to the states, according to industry experts on Sunday. As the Trump Administration is already pushing for a higher percentage of American auto parts to be used by its major trading partners through its ongoing North American Free Trade Agreement trade renegotiation talks, local trade officials are
Nov. 19, 2017
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S. Korean auto exports to US at standstill, imports up 4.6 %
South Korean auto exports to the US in the first nine months of 2017 practically stood unchanged from the year before, while imports moved up 4.6 percent, trade data showed Sunday.The outbound shipment figures come even after Washington removed the 2.5 percent import duties it levied on South Korean cars starting in 2016 in accordance with the bilateral free trade agreement (FTA). This is an indication that there is little correlation between the trade pact and automobile exports. (Yonhap)Accor
Nov. 19, 2017
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China poaching Korean battery experts
Korean battery firms are on alert over Chinese companies’ aggressive moves to poach researchers and engineers from Korea, one of the leading nations in developing and producing electric vehicle batteries, according to sources on Sunday. Chinese automakers have been luring experts from Korean battery firms, including Samsung SDI, LG Chem and SK Innovation, with high salaries and compensation. They are offering jobs both in open and private recruitment processes. “A recruiting firm with knowledge
Nov. 19, 2017
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[PyeongChang 2018] Gangwon gears up to offer best cultural events during Olympics
CHUNCHEON -- The regional government of Gangwon Province said it is determined to offer the best cultural experiences to Korean and foreign visitors during the2018 PyeongChang Winter Olympic and Paralympic Games.The province, where the host city of PyeongChang, some 180 kilometers east of Seoul, and two sub-host cities Gangneung and Jeongseon are located, has already been running 41 cultural programs -- 11 in the runup to the event, and 30 during the Olympics and Paralympics -- with a budget of
Nov. 19, 2017
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Seoul 7th most visited city last year: data
The South Korean capital city Seoul ranked as the seventh most visited city by foreign travelers in 2016, an industry report showed Sunday.The ranking is up three notches from a year earlier, with the city attracting 12.29 million foreign travelers, the Korea Tourism Organization said, citing data from payment-services provider MasterCard Inc.According to the report, Bangkok topped the list with 19.41 million visitors, followed by London with 15.45 million, Paris with 15.45 million, Dubai with 1
Nov. 19, 2017
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Delta says US approves joint venture with Korean Air
Delta Air Lines says U.S. regulators have given the green light to a joint venture with Korean Air, and the carriers are waiting for approval from the South Korean government. Delta said Friday that the U.S. Department of Transportation approved the arrangement. It still needs approval from South Korea's transport ministry. With antitrust immunity, the airlines can share costs and revenues from flights. Delta says the airlines will sell seats on more of each other's flights and allow cu
Nov. 18, 2017
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Posco to donate W1.5b toward Pohang earthquake relief
Posco said Friday that it would donate 1.5 billion won ($1.37 million) toward ongoing relief operations in the South Korean city of Pohang, which was hit by a magnitude 5.4 earthquake on Wednesday.The Posco headquarters, the Posco Foundation and Posco’s subsidiaries will each provide 500 million won to the charity organization Community Chest of Korea’s North Gyeongsang Province office.Subsidiaries taking part in the donation include Posco E&C, Posco ICT, Posco Chemtech and Posco C&C. (POSCO)The
Nov. 17, 2017
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[News Focus] Samsung prepares organizational change focused on R&D convergence
Samsung Electronics is preparing to announce follow-up organizational reshuffles of executives and employees possibly Tuesday with a focus on collaborative research and development across different divisions in order to accelerate synergy, according to company officials Friday. After promoting 221 executives -- 27 executive vice presidents, 60 senior vice presidents, 118 vice presidents and one fellow and 15 masters -- Thursday, the South Korean tech titan is continuing to work on the formation
Nov. 17, 2017
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[Photo News] Memorial organized for late Samsung founder Lee Byung-chull
MEMORIAL FOR SAMSUNG FOUNDER -- Cars presumed to be occupied by members of the Samsung Group’s owner family are seen near Hoam Art Museum in Yongin, Gyeonggi Province, on Friday, when the 30th memorial ceremony for the late Samsung founder Lee Byung-chull took place. As Samsung’s de facto chief Lee Jae-yong remains jailed for corruption, the commemorative event took place with the smallest number of participants this year. (Yonhap)
Nov. 17, 2017
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Kakao celebrates decade of donation platform
Mobile app service provider Kakao said Friday that a total of some 14.59 million users had participated in donation platform “with Kakao” in the 10 years of its operation.In a special webpage dedicated to celebrate the 10th anniversary, Kakao said that it has collected 17.17 billion won ($15.7 million) so far, which would amount to a tower of 1,000 won bills 7.2 times taller than Seoul’s N Tower. (Kakao)First introduced as the Daum fund in 2007, a user can pick and choose an online contribution
Nov. 17, 2017