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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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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Controversial cult leader’s sentence reduced to 17 years
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Hanwha E&C awards partner companies for service excellence
Hanwha Engineering & Construction, a subsidiary of South Korea’s Hanwha Group, is offering a series of business benefits to its top-rated partner companies as part of efforts to promote shared growth. Hanwha E&C on Wednesday awarded 30 partner companies in the categories of construction, civil engineering, plant operations, machinery, electricity and purchasing, for contributing to quality enhancement and technology innovation in their respective fields. Hanwha E&C CEO Choi Kwang-ho (center, fr
July 7, 2017
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Korean Air headquarters raided by police
Korean Air’s headquarters in Gangseo-gu, Seoul, was raided by police on Friday morning related to suspicions that the company’s chairman embezzled funds allocated for the construction of a new hotel in Incheon to use for the decoration of his private home.The raid, which targeted Korean Air’s materials division, led to the seizure of contracts and financial documents related to the hotel’s construction process. Korean Air headquarters in Gangseo-gu, Seoul (Korean Air)Chairman Cho Yang-ho’s home
July 7, 2017
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Daewoo Shipbuilding set to complete debt-for-equity swap with bondholders
Cash-strapped Daewoo Shipbuilding & Marine Engineering Co. is expected to secure at least 800 billion won ($692 million) in cash through additional debt-for-equity swaps, industry sources said Friday.According to the sources, Daewoo Shipbuilding is planning to start the process of swapping debts for equity with bondholders next month as the country's top court rejected an individual bondholder's suit against the 2.9 trillion-won debt rescheduling program drawn up by the shipyard's creditors. (Yo
July 7, 2017
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KT-led consortium to monitor infectious diseases using big data
A consortium led by telecom giant KT will monitor and combat infectious diseases in real-time by using big data, the company said Friday.The consortium was selected by the Ministry of Science, ICT and Future Planning to establish the big data system for monitoring and surveillance of the infectious diseases, such as the Zika and Middle East Respiratory Syndrome. (Yonhap)The consortium includes credit card firm BC Card, the Korea Centers for Disease Control and Prevention, and the Animal and Plan
July 7, 2017
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[Newsmaker] Samsung set to become world’s most profitable company
Samsung Electronics is set to report its best-ever quarterly profit in the second quarter, higher than that of Apple, the world’s most profitable company.The South Korean electronics giant estimated Friday that it posted 60 trillion won ($51 billion) in sales and 14 trillion won in operating profit in the April-June period, which are increases of 17.79 percent and 71.99 percent, respectively, from the previous year. This could be the first time that the world’s largest smartphone maker has recor
July 7, 2017
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Samsung starts sales of refurbished Galaxy Note 7
Samsung Electronics on Friday kicked off official sales of its refurbished Galaxy Note 7, whose production was suspended last year due to battery issues.Sales of the Galaxy Note Fan Edition, which boasts all the features of the ill-fated Galaxy Note 7, have commenced, the tech giant said. The price tag for the Galaxy Note FE has been set at 699,600 won ($606), which is roughly 300,000 won cheaper than when the phone was launched last year. (Yonhap)Taking the battery issue into consideration, the
July 7, 2017
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[Monitor] Korail’s losses piling up this year
Korea Railroad Corp., also known as Korail, is expected to post massive operating losses this year, as the Ministry of Land, Infrastructure and Transport has reportedly decided to review integrating it with Supreme Railways.SR operates the SRT, new high-speed trains that began operation in December last year, connecting the southeast metropolitan area with other parts of the country. The new trains have been cited as one of the reasons behind Korail, the national railroad operator, suffering a d
July 6, 2017
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Pizza Hut under FTC investigation for franchise manual changes
South Korea’s Fair Trade Commission has begun an investigation into Pizza Hut Korea for alleged unfair changes to its contracts with its franchisees, according to news reports Thursday. (Pizza Hut Official Website)Franchisees of Pizza Hut are claiming that the company in May unilaterally changed its manual governing contracts with its franchisees, putting additional cost burdens on them and reserving the right to void contracts if they did not follow these guidelines. Although the watchdog does
July 6, 2017
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Renewable-based electricity trade reaches record high in 2016
Korea’s local trading volume of renewable-based electricity reached a record high last year, mainly due to increases in the use of biomass and by-product gas, data from Korea Power Exchange showed. The trading volume of electricity using renewable sources increased by 9.8 percent on-year to reach 19.35 million megawatt-hours from 17.62 million MWh in 2015. (Yonhap)The increase in the trading volume of electricity using renewables was largely attributed to an increase in generation using by-produ
July 6, 2017
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Korea hosts forum on trade remedies
A forum was held Thursday led by the Korea Trade Commission, a quasi-judicial body under the Ministry of Trade, Industry and Energy, to discuss trade remedy rules and promote global fair trade.The 2017 Seoul International Forum on Trade Remedies was attended by Vice Trade Minister Lee In-ho, 15 representatives from 14 overseas trade agencies and some 300 experts. Korea Trade Commission Chairman Shin Hi-tack (sixth from right, front row) and representatives of trade remedy agencies from across th
July 6, 2017
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Renewed Galaxy Note 7 goes on sale Friday
Samsung Electronics is set to launch a refurbished Galaxy Note 7 on Friday, jumping into the smartphone competition that has turned unseasonably heated this summer.June, a generally offseason period ahead of the rollout of new premium devices in the fall, is expected to be busy this year, as Samsung and LG have continued to launch variants of their premium smartphones. (Samsung Electronics)Samsung said Thursday it will sell its long-rumored refurbished Note 7 on Friday. The device is a renewed v
July 6, 2017
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Samsung BioLogics seeks to nullify Lonza’s cell line tech patent in Korea
Samsung BioLogics, the contract drug manufacturing arm of Samsung Group, said Thursday that it has filed a lawsuit in South Korea to nullify Switzerland-based Lonza’s patents involving its cell line development technology. The Korean drugmaker said the lawsuit comes as part of efforts to remove hurdles to its expanded business direction -- providing contract-based biologic drug development services to drugmakers in need, on top of producing biologics for clients that place orders. Lonza’s patent
July 6, 2017
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Samsung Electronics' Q2 operating profit estimated at 13 tln won
Samsung Electronics's operating profit for the second quarter is expected to reach a record-high level of 13 trillion won ($12 billion), market watchers said Thursday.The South Korean tech giant is set to announce its second-quarter earnings guidance Friday. (Yonhap)According to the data compiled by FnGuide, South Korean brokerage houses estimated Samsung's second-quarter operating profit at 13.1 trillion won, which is higher than the previous record of 10.1 trillion won posted in the third quar
July 6, 2017
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Korea's auto market share plunges in China, U.S., EU amid fierce competition: sources
South Korea's share in the Chinese, U.S. and European auto markets has been declining for the past four years amid tense competition from Japanese and American automakers, industry sources said Thursday.South Korea's share of the global auto market stood at an average 5.8 percent in the three major markets during the first five months this year, the sources said. (Yonhap)The numbers have been falling steadily from 7.7 percent in 2012 to 7.5 percent in 2013 and 2014, and 7.2 percent in 2015. Last
July 6, 2017
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Financial industry cuts 31,000 jobs this year via voluntary
The nation's financial industry has cut about 31,000 jobs so far this year via voluntary retirement programs or other measures, data showed Thursday, as the financial sector suffers from slow growth and slim margins.The decline in financial jobs also came as financial firms shut down their physical branches as customers are increasingly using banking and other financial services on personal computers and smartphones. According to data by Statistics Korea, the number of employees at financial and
July 6, 2017
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AMOLED to become mainstream panels for smartphones
Active-matrix organic light-emitting diode screens are expected to rise as mainstream panels for the global smartphone industry within four years, industry watchers said Thursday, beating thin-film-transistor liquid-crystal displays.According to the data compiled by industry tracker TrendForce, AMOLED panels took up 23.8 percent of the global market for smartphone displays in 2016, hovering far below the 76.2 percent posted by TFT-LCD. (Yonhap)The industry tracker, however, said the presence of
July 6, 2017
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Samsung launches refurbished Galaxy Note 7
Samsung Electronics on Thursday showcased the refurbished edition of the ill-fated Galaxy Note 7, whose production was suspended last year due to battery issues.SK Telecom, the country's No. 1 mobile carrier, said it will kick off sales of the Galaxy Note FE, or Fan Edition, starting Friday.Models pose for a photo with the Galaxy Note FE in this photo released by SK Telecom Co. on July 6, 2017. (Yonhap)The price tag on the Galaxy Note FE stands at 699,600 won ($606). The device comes in four col
July 6, 2017
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BMW, Peugeot-Citroen, Renault Samsung to recall nearly 30,000 vehicles
BMW, Peugeot-Citroen and Renault Samsung Motors Corp. will recall nearly 30,000 vehicles in South Korea for faulty parts, the transport ministry said Thursday. This is the latest in a series of recall orders issued by the Ministry of Land, Infrastructure and Transport against both domestic and foreign carmakers. (Yonhap)The carmakers plan to recall 27 different models totaling 29,926 units. The models include the BMW X1 xDrive18D and BMW M760Li xDrive, Peugeot-Citroen's DS3 1.6 e-HDi and Renaul
July 6, 2017
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LG Pay to be used for low-budget smartphones next year
LG Electronics’ mobile payment service LG Pay will be used for low-budget smartphones next year, the firm’s mobile communication division head said. The service will also be expanded into online shopping malls and in the global market as its rival Samsung Pay offers. “We will expand the use of LG Pay into low-budget smartphones alongside premium phones next year,” Cho Jun-ho, president of LG’s mobile communication division said during a meeting with local bloggers on Friday. LG Pay is a mobile p
July 5, 2017
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Incheon Airport‘s T2 duty-free allotments complete after tumult
The long-awaited second passenger terminal of Korea‘s main gateway airport has finally completed its duty-free operator allotments after a tumultuous process.After over three months of bidding, the operators for the duty-free areas at the new terminal were awarded to Shilla Duty Free for perfumes and cosmetics, Lotte Duty Free for liquor and tobacco, and Shinsegae DF for fashion and accessories.The tenders came at an inopportune time, directly in the aftermath of public outcry over allegations o
July 5, 2017