Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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Man escapes DUI charges by downing bottle of soju while pulled over
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Pay debate plagues foreign nanny pilot
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K-pop star lip-syncing controversy flares up again
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35% of S. Koreans view unification 'unnecessary'
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Slew of top K-pop stars ready to return from military
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Pianist Lim Yunchan double winner at Gramophone Awards
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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[Reporter’s Notebook] Was Netflix film opening BIFF really a bad thing?
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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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[Photo News] Busan holds career fair for vocational high school graduates
SEARCHING FOR JOBS – Prospective graduates of Korea’s vocational high schools line up at a career fair that saw the participation of more than 80 regional companies and was organized by Busan City. As part of the program, the participating firms are slated to hire around 2,000 graduates of the specialized high schools designed to provide students with vocational training to immediately join the workforce. (Yonhap)
July 18, 2017
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FTC to crackdown on unfair food franchise practices
The Fair Trade Commission announced on Tuesday that it will be establishing new measures to eradicate unfair practices in the franchise restaurant sector in an effort to protect smaller businesses. Head of Korea‘s antitrust watchdog Kim Sang-jo announced that the FTC will create a healthy franchise market by enforcing fair affiliate transactions. The FTC will revise its policies in order to expand the disclosure of information, such as the list of essential items that a franchisee must purchase
July 18, 2017
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Celltrion to begin clinical trials of Avastin biosimilar in Korea
Celltrion is slated to initiate the phase 1 clinical trials of its biosimilar referencing Roche’s blockbuster cancer drug Avastin in South Korea as the trials were officially approved by local regulators on Monday. Korea’s Ministry of Food and Drug Safety has granted Celltrion approval to start phase 1 trials of its biosimilar referencing Avastin, developed by Roche-owned Genentech for the treatment of various cancers including colorectal cancer and lung cancer.Celltrion's headquarters in Songdo
July 18, 2017
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Hyundai Cement bought by consortium led by Hanil for $553m
A consortium led by Hanil Cement Co. has bought a controlling stake in Hyundai Cement for 622.1 billion won ($553.1 million), the state-run creditor bank said Tuesday. Korea Development Bank said creditors completed the sale of 14.17 million shares, or an 84.56-percent stake, in Hyundai Cement to the Hanil-led consortium. (Photo courtesy of Hyundai Cement Co.)Hyundai Cement, which has been under a debt workout program since 2010, posted operating profits over the past five years. By acquiring H
July 18, 2017
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Korean clinical trials for new drugs inch up in H1
Clinical trials carried out by South Korean pharmaceutical companies inched up in the first half of this year, while overall biomedical research and test numbers declined globally, data showed Tuesday.According to the findings by the Korea National Enterprise for Clinical Trials, experiments and tests carried out locally made up 2.19 percent of the global total for the January-June period, compared with 2.08 percent a year earlier.Meanwhile, the number of global clinical tests decreased 22.5 per
July 18, 2017
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Samsung seeks to recycle collected Galaxy Note 7s
Samsung Electronics said Tuesday it kicked off efforts to recycle parts from the Galaxy Note 7 phablets in environmentally friendly ways after the product was discontinued last year due to faulty batteries.The South Korean tech giant released the Galaxy Note FE, a refurbished version of the ill-fated Note 7, earlier this month. The Note FE kept key features of the flagship but came with a lower battery capacity amid safety concerns. Visitors take a look at the Galaxy Note FE at a shop in Seoul i
July 18, 2017
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Retailers moving quickly to allow employees to balance work with family
South Korean retailers have moved quickly to create a favorable work environment for expecting and child-rearing mothers, including incentives for fathers, industry observers said Tuesday.Retail businesses have been fast movers in accommodating women who in most cases make up nearly half of their workforces. With the government encouraging more women to hold on to their careers or return to work after marriage and childbirth, the industry has introduced an array of measures to follow the policy
July 18, 2017
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LG Display leads automobile display market
LG Display Co. topped the world's market for large-sized displays for automobiles both in terms of shipment and sales, data showed Tuesday, expanding gap with Japanese and Taiwanese rivals.According to the data compiled by IHS Markit, LG Display took up 16.8 percent of the market for automobile display panels sized 5 inches and above in the first quarter, beating Taiwan's AUO, which accounted for 16.1 percent. Taiwan-based Innolux Corp., Japan's Sharp Corp., Taiwanese CPT and Japan Display Inc.
July 18, 2017
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Samsung Pay partners with PayPal
Samsung Electronics said Monday it signed a partnership agreement with the US payment service provider PayPal to collaborate for the mobile payment service Samsung Pay. Through the partnership, more than 200 million users of Samsung Pay will be able to pay through their accounts with PayPal, one of the world’s largest internet payment companies. “Samsung Pay in partnership with PayPal will provide more abundant mobile wallet experiences to users,” said Rhee In-jong, Samsung Mobile’s chief techno
July 17, 2017
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‘Financial aid for minimum wage hike is temporary’: FTC chief
Fair Trade Commission chief Kim Sang-jo on Monday said the government’s financial aid to small firms to help them pay for the minimum wage hike will be temporary, in light of growing debate over the government’s surprise decision and its sustainability.“It will not be possible for the government to give financial aid to the private sector for long,” Kim said during a breakfast meeting held at the Korea Chamber of Commerce & Industry.Kim’s remark came after the government made an impromptu announ
July 17, 2017
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[News Focus] Hamburger phobia spreads following child's illness
A lawsuit filed against McDonald’s Korea claiming that a 4-year-old contracted a condition causing kidney failure after consuming a hamburger at the fast-food chain has been spreading fear about the safety of burger patties. (Yonhap)Earlier this month, a woman surnamed Choi filed a suit against McDonald’s Korea claiming that her daughter became sick with hemolytic uremic syndrome after eating a Happy Meal at a McDonald’s branch in Pyeongtaek, Gyeonggi Province.The child suffered kidney failure a
July 17, 2017
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Samsung’s Harman acquires British hi-fi brand
Harman International, a wholly-owned subsidiary of Samsung Electronics, acquired British hi-fi company Arcam this month, Samsung confirmed on Monday. “It is true that Harman acquired Arcam in July to deliver the best sound quality to consumers,” said a Samsung official. Arcam is one of the best known brands in hi-fi technology, which refers to high-quality reproduction of sound for home cinema, TVs, tablets, smartphones, streaming systems and speakers. Through the acquisition, Arcam will now sit
July 17, 2017
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LG Chem completes new production plant for diagnostic reagents
South Korea’s LG Chem said Monday that it has completed its new plant designed to produce diagnostic reagents — drugs used to conduct tests using samples taken from the human body such as blood and hair strands to detect diseases, infections and other medical conditions. Located in the city of Osong in North Chungcheong Province, the new drug production plant spans across 2,370 square meters, according to LG Chem’s life sciences business division.(LG Chem)The facility will produce 12 products, i
July 17, 2017
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LS Cable to export submarine cables worth W62b to Singapore
LS Cable, Korea‘s leading cable manufacturer, said on Monday that the company clinched a deal to supply submarine cables worth 62 billion won ($54 million) for the Singapore Powergrid’s project. Under the contract, LS Cable would provide cables starting early next year and finish replacing the 30-year old submarine cables by the end of same year, it said. This is the first time for LS Cable to export its submarine cables to a country in Southeast Asian region, LS Cable added. (Yonhap)Starting w
July 17, 2017
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GS Retail to work with China’s SF Express
GS Retail on Monday said that its delivery service unit CVS Net had signed a contract with China’s major delivery service solutions company SF Express to provide overseas delivery services to local customers.Under the agreement, CVS Net will offer overseas delivery services at lower costs, especially for those to and from the US, China and Japan. Customers who send parcels to the countries will receive around 10 percent discount. (Yonhap)Among CVS Net’s total international shipment requests, ar
July 17, 2017
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No. of self-employed retailers drops amid weak consumption
The number of people who run small businesses without any employees in the retail sector declined this year, data showed Monday, amid a prolonged slump due to lukewarm private consumption in Asia's fourth-largest economy.According to the data from the Bank of Korea, the number of small business owners without employees in the sector dropped to 832,000 in May from 851,000 at end 2016. In this file photo taken on March 2, 2017, banners hung at a clothes shop in Seoul's Namdaemun Market advertise a
July 17, 2017
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Top financial regulator nominee vows restructuring in petrochemical, steel sectors
The nominee for the nation's top financial regulator said Monday he would take "bold" steps in restructuring the petrochemical and steel sectors Choi Jong-ku, a former deputy finance minister who served at the finance ministry for about three decades, was picked by President Moon Jae-in to head the Financial Services Commission.If appointed, he will be tasked with slowing down the nation's mountain of household debt and restructuring some of the country's bloated business sectors. Asked by lawma
July 17, 2017
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Jin Air services 19m passengers since launch
Jin Air Co., the budget carrier unit of Korean Air Lines Co., said Monday the number of passengers it has served has exceeded the 19 million mark since it began operations nine years ago. Jin Air currently operates flights between Seoul and the popular resort island of Jeju and other domestic routes.On top of the local routes, it also serves 33 foreign destinations, with a fleet of 22 planes composed of four B777-200s and 18 B737-800s. (Yonhap)In 2016, the country's six budget carriers -- Jin
July 17, 2017
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Top conglomerates stingy in making public donation
Listed firms of the nation's top 10 conglomerates were stingy in making public donations last year, even though their profits increased, industry data showed Monday. According to the data by market researcher Chaebul.com, listed firms of the conglomerates donated 963.2 billion won ($847.8 million) last year, down 1.7 percent from a year earlier. Last year, their combined operating profit rose 4 percent on-year to 44.5 trillion won, the data showed. (Yonhap)Listed affiliates of Samsung, Hyundai
July 17, 2017
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LG says its robot vacuum cleaner as 'intelligent as 7-year-old child'
LG Electronics said Monday that independent studies showed its robot vacuum cleaner released earlier this year were as intelligent as a 6-to-7-year-old child.Citing a research conducted by Robotics & Intelligent Systems Lab under Seoul National University, the South Korean consumer electronics giant said the vacuum cleaner, named the Roboking Turbo Plus, boasts outstanding intelligence in terms of perceptions, decisions and activity. (Yonhap)The research tested 100 criteria and categorized the i
July 17, 2017