Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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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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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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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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BTS-themed moon jar to be unveiled on Hangeul Day
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[Robert Fouser] Why the US election looks so close
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Samsung Heavy Q3 net dips 82% on weak revenue
Samsung Heavy Industries Co., a major shipyard here, said Tuesday that its third-quarter net profit plunged 82 percent from a year earlier on delivery of low-priced ships and less orders.Net profit reached 23.4 billion won ($21 million) in the July-September period, compared with a profit of 129 billion won a year earlier, the company said in a regulatory filing.Operating income reached 23.6 billion won in the third quarter, sharply down from an operating income of 84.1 billion won a year earlie
Nov. 7, 2017
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KT&G joins HNB tobacco market in Korea
Korean tobacco manufacturer KT&G rolled out its heat-not-burn device lil at a press conference in Seoul on Tuesday, becoming the third tobacco maker after Philip Morris Korea and British American Tobacco Korea to release the line here. Price competition in the HNB products industry in Korea is expected to heat up further as Korea’s largest cigarette maker jumps into the market with its own products at cheaper prices. A model presents KT&G’s heat-not-burn device lil in Seoul on Tuesday. (Yonhap)K
Nov. 7, 2017
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LG appliance chief says no job cuts from smart factory
CHANGWON -- With LG Electronics slated to complete its new smart factory for home appliances by 2022, the division chief said there will be no job cuts from the automation. The firm will instead hire more employees to supervise the automated facilities. Song Dae-hyun, president of LG’s home appliance & air solution unit (LG Electronics)LG plans to rebuild its aging factory located in Changwon, southeast of Korea, with an investment of 600 billion won ($538 million) to make production more effici
Nov. 7, 2017
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[News Focus] More labor unions being created at Samsung
Monday’s announcement of an additional trade union at Samsung Welstory, a meal service provider separated from former Samsung Everland, has prompted a number of questions, including exactly how influential are the labor unions at the conglomerate which is known to be intolerant towards such activities.The latest trade union internally formed on Sept. 8 also appeared to reflect the ongoing rivalry among the country’s two largest umbrella labor unions, according to industry watchers.The new union
Nov. 6, 2017
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[Newsmaker] Hanssem sexual assault claims spark boycott
Allegations of sexual assault between employees have marred furniture brand Hanssem in controversy, with consumers even calling for a boycott of the firm’s products.In late October, a woman who identified herself as a new employee at Hanssem posted on an online community, alleging that she had been sexually assaulted multiple times since joining the company late last year. Hanssem's headquarters in Southern Seoul (Yonhap)According to the post, the woman was sexually assaulted at a motel by an em
Nov. 6, 2017
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Chef Gordon Ramsay to visit South Korea for Cass
Oriental Brewery, the South Korean unit of the world‘s largest brewer Anheuser-Busch InBev, said Monday that Gordon Ramsay will visit Korea to promote its Cass beer.Ramsay is to arrive at Incheon Airport on Nov. 17 for a four-day trip here. (Oriental Brewery)During his visit, Ramsay will join a meeting with young people around Hongik University, a hip neighborhood frequented by the younger generation, to share his thoughts on food and beer culture here.Ramsay will also visit the nation‘s largest
Nov. 6, 2017
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TissueGene shares begin trading on Kosdaq
Shares of TissueGene, the US-based biopharmaceutical subsidiary of South Korea’s Kolon Group, officially began trading on the Kodaq Monday. They opened at 52,000 won ($47), up 92.6 percent from the initial offering price of 27,000 won. After trading began, however, the firm’s shares plunged by as much as 19 percent from the opening price, before closing at 42,700 won, down 17.88 percent.Despite the drop, the shares still stood well above their initial offering price of 27,000 won. TissueGene’s m
Nov. 6, 2017
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[Ask a Lawyer] What companies should know about origin verification 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.Q: What is the purpose of conducting an origin verification of the goods? A: Goods imported into Korea’s customs territory are subject to either (i) a most favored nation customs duty, which is the customs duty that generally applies to the goods that fall under a s
Nov. 6, 2017
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Vietnam lifts import ban on Korean poultry
South Korean poultry farms will be able to export chickens and ducks to Vietnam, one year after sales were banned due to a widespread outbreak of avian influenza, the agriculture ministry here said Monday.The Ministry of Agriculture, Food and Rural Affairs said Hanoi notified Seoul on Friday of its decision to lift the import ban after the two sides agreed on quarantine measures. A farmer feeds chickens in a henhouse in Danyang, 193 km south of Seoul, on Aug. 17, 2017. (Yonhap)Vietnam suspended
Nov. 6, 2017
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Lotte Duty Free files complaint against airport operator over rental contract
Lotte Duty Free, South Korea's No. 1 duty-free company, said Monday it has filed a complaint against the operator of the country's main gateway, as their negotiations over cutting rental fees show no sign of a breakthrough.Lotte Duty Free said it reported Incheon International Airport Corp. to the Fair Trade Commission on Thursday for what it called "unfair trading practices" regarding the operation of its business at the airport, located west of Seoul.The company and the airport operator have b
Nov. 6, 2017
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Corporate earnings hit record high in 2016
South Korea's corporate earnings hit an all-time high in 2016 on decreased costs amid falling household income stemming from a sluggish job market and anemic domestic demand, government data showed Monday.The combined net profit of local companies, excluding financial firms, came to 116.1 trillion won ($104 billion) last year, up 20 percent from the previous year, according to the data from the National Tax Service.It was the largest amount since 2005, when the NTS began to compile related data,
Nov. 6, 2017
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SK Telecom Q3 net doubles on equity ties with chipmaking affiliate
SK Telecom Co., South Korea's top mobile carrier, said Monday its third-quarter net profit more than doubled from a year earlier, helped by gains from equity ties with chipmaker SK hynix Inc.Net income reached 793 billion won ($710 million) in the July-September period, compared with a profit of 322 billion won for the same period the previous year, the company said in a regulatory filing.Operating profit fell 7.5 percent on-year to 392.4 billion won, while sales moved up 4.7 percent to 444.2 bi
Nov. 6, 2017
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Report urges visa waivers, market diversification for Korea's tourism industry
South Korea should allow visa-free entry for visitors from Southeast Asian countries and relax regulations for translation guide services to strengthen and diversify its tourism industry, a report from a business group said Monday.The report from the Korea Chamber of Commerce and Industry drew a bleak picture of the country's tourism industry, hurt by drops in the number of incoming travelers and the volume of their spending. The number of tourists in the January-September period fell 23.5 perce
Nov. 6, 2017
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[Photo News] Asiana holds first Saekdong Narae Class abroad
CLASS FOR DREAMS -- Asiana Airlines pilot Lee Keun-young and flight attendant Kim Min-ji (in uniform) pose with students at the Kumho Music Hall at Shanghai Korean School in China Friday. Asiana Airlines held its first Saekdong Narae Class abroad in Shanghai on Friday, providing information about the airline industry and information on career planning to 300 students at Shanghai Korean School. Asiana has held over 2,000 Saekdong Narae classes in Korea since 2013. (Asiana Airlines)
Nov. 5, 2017
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BAT expands Glo sales to other major Korean cities
Dunhill maker British American Tobacco has expanded sales of its heat-not-burn Glo systems to regional districts outside Seoul, offering the electronic Glo devices and Dunhill Neostiks at GS25 convenience stores in Busan, Daegu and Daejeon. Glo by British American Tobacco (BAT)The Glo system is used by heating the tobacco Neostiks inside the Glo device to produce vapor rather than smoke, potentially reducing the levels of toxins released into the body.Glo was first released at the brand‘s flagsh
Nov. 5, 2017
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Korean retailers gear up for China's Singles’ Day amid thawing ties
Korean retailers are quickly gearing up for Singles' Day, China’s largest shopping event of the year, in the hopes of scooping up sales as relations between the two countries show signs of improving.Since early this year, Korean retailers have seen sales from Chinese tourists drop significantly after intergovernmental tensions over Korea‘s decision to deploy an American anti-missile shield here soured Chinese consumer sentiment towards Korea. However, with a recent agreement between the two coun
Nov. 5, 2017
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US ITC begins probe over Samsung’s alleged microchip patent violation
US International Trade Commission has embarked on a probe into an alleged patent infringement by Samsung Electronics for its lucrative semiconductor business, it said Sunday, raising further concerns about the Trump Administration’s growing pressures on its major trade partner South Korea. The probe was announced on Oct. 31 after US semiconductor packaging firm Tessera Advanced Technologies accused Samsung of violating patents regarding wafer level packaging. Wafer level packaging is a technolog
Nov. 5, 2017
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CJ to sell healthcare unit, ditching pharma business
CJ Group is looking to sell off its pharmaceutical unit CJ Healthcare in what market watchers perceive is a strategic move to part with less-profitable businesses and concentrate investment into more promising sectors.CJ CheilJedang, which owns a 100 percent stake in CJ Healthcare, announced Friday that it is “internally reviewing plans to sell its shares in CJ Healthcare, but nothing has been decided in detail yet.”The disclosure came following local news reports that CJ Group was preparing to
Nov. 5, 2017
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Incheon airport's 2nd terminal to open Jan. 18
Incheon International Airport will officially open its second passenger terminal Jan. 18, which will enhance user convenience at South Korea's main gateway, the government said Sunday.The transportation ministry and Incheon International Airport Corp., the airport's operator, said once opened, the new terminal will relieve the workload from existing facilities and speed up passenger processing time."Every effort is being made to ensure that the terminal operates smoothly when it opens to the pub
Nov. 5, 2017
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[Photo News] Lotte World Tower hosts Pikachu parade
PIKACHU PARADE -- Several people dressed as “Pokemon” character Pikachu parade at the Pokemon Festa in Jamsil, Seoul, on Sunday. The festival at Lotte World Tower began on Saturday and runs through Nov. 12. (Yonhap) PIKACHU PARADE -- Several people dressed as “Pokemon” character Pikachu parade at the Pokemon Festa in Jamsil, Seoul, on Sunday. The festival at Lotte World Tower began on Saturday and runs through Nov. 12. (Yonhap) PIKACHU PARADE -- Several people dressed as “Pokemon” character Pik
Nov. 5, 2017