Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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K-pop star lip-syncing controversy flares up again
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Pay debate plagues foreign nanny pilot
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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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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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China blacklists 24 Korean food and cosmetics firms
The Chinese government recently blacklisted 24 South Korean manufacturers and exporters of foods and cosmetics, restricting sales of their products on the mainland.The measures add woes to Korean firms whose businesses are already hurt by Beijing’s apparent economic retaliation against Seoul’s deployment of a US missile defense system on the Korean Peninsula. China’s General Administration of Quality Supervision, Inspection and Quarantine this week released a list of 211 foreign exporters, 203 f
June 16, 2017
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Korean business delegation to join US investment promotion forum
Business leaders of 29 South Korean companies will participate in a US government event to promote foreign investment, the US Embassy in Seoul said Friday.Forty-seven representatives from South Korean companies will travel to Washington D.C. to take part in the 2017 SelectUSA Investment Summit to be held at the Gaylord National Resort and Convention Center from June 18-20, according to the embassy. This year's delegation marks the largest size the country has sent to the event, the embassy said
June 16, 2017
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Korea to lose No. 1 exporter status in China within few years: survey
South Korea will likely lose its status as the largest exporter of goods to China within a few years amid escalating competition coming from Japan, European countries and the United States, a survey said Friday.About 38.1 percent of 105 local employees working at Korea Trade-Investment Promotion Agency (KOTRA) offices in 17 Chinese cities said South Korea will only be able to hold on its leading status for one or two years more at the mostThe poll conducted by the state-run trade promotion agenc
June 16, 2017
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Daewoo Engineering signs MOU for infrastructure projects in Laos
Daewoo Engineering & Construction Co. inked an initial agreement with a Laotian partner to win infrastructure projects in the Southeast Asian country, the builder said Friday. On Thursday in Vientiane, Daewoo Engineering signed a memorandum of understanding (MOU) with Petroleum Trading Lao Public Co. (PTL) to build hydroelectric power generation facilities in the Mekong River, sea ports and special economic zones, the company said in a statement. In this photo taken on June 15, 2017, and provi
June 16, 2017
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Lotte Duty Free taps Thailand with first store in Bangkok
Lotte Duty Free, South Korea's top duty-free operator, said it opened an outlet in central Bangkok on Friday, making its first foray into the key Southeast Asian market.The shop, located inside entertainment and retail complex Show DC, is only partially operational at the moment, with the grand opening planned for later this year, the company said. (Yonhap)The launch of the Thai duty-free shop underscores Lotte's push to expand its overseas foothold. Lotte is the third-largest duty-free operator
June 16, 2017
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Ransomware payoff stirs controversy in Korea
A Korean web hosting firm’s recent decision to pay a huge ransom to a group of cybercriminals sets a bad precedent, possibly opening the door for more criminals to target Korea for easy money, security experts said. On Wednesday, local web hosting firm Nayana said it had decided to pay money to a hacker group that has paralyzed its 150 servers -- which also affected its 3,400 client websites -- since Saturday. (Yonhap)“We completed the negotiations with the hacker and we are now preparing the mo
June 15, 2017
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Beauty bloggers become ‘social sellers’
A friendly face and incentives go a long way. That is what has captured the attention of larger cosmetic manufacturers in South Korea as an increasing number of beauty bloggers are invited to join the competitive line of sales.“I was always so disappointed that online-only products were excluded from discounts. Now, as a social seller I can offer my followers and friends online-only products at a special price!” one of the advertisement postings by a blogger reads, packed with carefully crafted
June 15, 2017
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KOGAS starts operation of 3 LNG storage tanks in Korea
The state-run Korea Gas Corp. said Thursday that it started the operation of three large-scale LNG storage tanks in eastern South Korea earlier this week.Since March, the utility firm has test-run the three 270,000 kiloliter LNG storage tanks in Samcheok, 290 kilometers east of Seoul. The capacity of the tanks is the largest in the world, according to KOGAS. (Yonhap)The Samcheok LNG facility currently operates nine 200,000 kiloliter LNG storage tanks.With the three storage tanks going into full
June 15, 2017
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Medytox files US lawsuit alleging BTX theft
Medytox, South Korea’s largest maker of botulinum toxin, said Thursday that it has filed a lawsuit claiming intellectual property theft against domestic rival Daewoong Pharmaceutical and its US partner Alphaeon Corp. Botulinum toxin, or BTX, is a biopharmaceutical substance widely used to cosmetically remove facial wrinkles by temporarily paralyzing muscles. The drug is based on a neurotoxin protein produced by BTX-generating bacteria.(123RF)Medytox has continuously claimed that Daewoong stole
June 15, 2017
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[AIIB] Who’s who among key participants to AIIB
Ministerial-level delegates from 25 countries will participate in the second Asian Infrastructure Investment Bank annual meeting to discuss sustainable infrastructure in South Korea‘s southern resort island of Jeju, the government said Thursday.A total of 2,486 officials consisting of finance ministers, government officials working in fields related to infrastructure development of developing countries, CEOs of private businesses, officials of international organizations and the academia have si
June 15, 2017
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Shinsegae to sell goods in China's No.1 online shopping mall
Shinsegae Department Store, a major South Korean department store, said Thursday it will open a shop on China's largest online shopping mall next week in an effort to cope with the decrease in the number of Chinese tourists amid a diplomatic row over the deployment of a US missile defense system here. The department store said its cosmetics and fashion items will be available on Tmall from Sunday. It plans to sell more various items, including home appliances and products for children, within th
June 15, 2017
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Korean Air chief to resign from all other posts
Korean Air’s President Cho Won-tae plans to resign from his executive positions at all other affiliates within the Hanjin Group, according to the group Thursday.In addition to Hanjin Group’s air carrier, Cho, the son of Hanjin Group Chairman Cho Yang-ho, is also president of five affiliates including Hanjin Kal, Jin Air, Uniconverse, Hanjin Information Systems & Telecommunication and Korea Airport Service. Korean Air President Cho Won-tae (Korean Air)The group said in a statement that the decisi
June 15, 2017
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[AIIB] Korean agencies, companies display infrastructure tech at AIIB
Korean agencies and companies are displaying their latest infrastructure technology at the annual meeting of the Asian Infrastructure Investment Bank held in Jeju starting Friday.The Infrastructure Exhibition is being held in the third-floor lobby of the International Convention Center Jeju from Friday to Saturday. It includes presentations from 30 agencies and corporations from seven countries including Korea. The technology displayed focuses on cutting-edge advancements relevant to infrastruct
June 15, 2017
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Court rules against ex-KDB chief's conviction appeal
A Seoul court ruled Thursday against an appeal filed by a former state-run bank chief found guilty of slandering the head of a South Korean retail conglomerate. The appeals division of the Seoul Central District Court upheld the prior verdict on Min Euoo-sung, former chief of Korea Development Bank, that he defamed Lotte Group Chairman Shin Dong-bin by making false statements about him and his father.This file photo, taken on September 2016, shows Min Euoo-sung, former chief of Korea Development
June 15, 2017
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Lotte founder likely to lose board seat at key affiliate
The founder of South Korean retail giant Lotte Group is expected to lose his seat in the boardroom of a crucial affiliate in the conglomerate's governance structure, media reports said Thursday.The board of directors of Tokyo-based Lotte Holdings Co. is known to have decided not to propose the extension of Shin Kyuk-ho's tenure as a board member for their meeting later this week, according to local media reports. In this file photo taken March 20, 2017, Shin Kyuk-ho, founder of South Korea's fi
June 15, 2017
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Doosan Heavy unit bags 88 bln-won water purification facility deal
Doosan Heavy Industries & Construction Co., South Korea's top power equipment maker, said Thursday that its British affiliate has clinched a 87.5 billion-won ($77.8 million) deal to build a water purification facility.Doosan Enpure has signed the deal with Severn Trent Water, a British water supplier, Doosan Heavy said. (Yonhap)The facility will be able to process 320,000 tons of water on a daily basis. Its construction will be completed in 2020, according to Doosan Heavy.In 2012, Doosan Heavy a
June 15, 2017
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Eastar Jet strengthens services on international routes
Eastar Jet, a South Korean low-cost carrier, said Thursday it will strengthen services on international routes to absorb growing low-cost air travel demand. On Thursday, Eastar Jet began services on the Incheon-Da Nang route, with a plan to start services on the Incheon-Sapporo route from July 1, the budget carrier said in a statement. (Yonhap)The airline currently operates flights on 25 international routes which connect South Korea to eight countries -- Japan, China, Taiwan, Thailand, Vietnam
June 15, 2017
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Korean firms' Q1 sales up 7.9% on recovering oil prices
South Korean companies' combined sales jumped 7.9 percent in the first quarter from a year earlier helped by recovering oil prices and improved exports, central bank data showed Thursday.The on-year sales growth rate for domestic companies -- an indicator of a company's growth -- turned around from a 2 percent contraction in the first quarter of last year, the Bank of Korea said in a statement. The quarterly growth rate marked the highest since the first quarter of 2012, when it stood at 10.4 pe
June 15, 2017
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Prolonged imprisonment of top executive casting cloud over Samsung
Samsung Electronics Co. is set to face hurdles in drawing up business strategies as its top executive Vice Chairman Lee Jae-yong has remained behind bars for nearly four months, industry watchers said Thursday.Lee has been imprisoned since February amid his alleged connection to a political scandal which led to the ouster of former President Park Geun-hye. (Yonhap)The heir to South Korea's largest family-run conglomerate Samsung Group, which encompasses the world's largest smartphone manufactur
June 15, 2017
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Six of Korea's top 10 caps change spots
Six out of South Korea's 10 largest-cap companies have seen their rankings change this year in step with fluctuating business conditions, data showed Thursday.According to the data from the bourse operator Korea Exchange, Naver Corp., the operator of the country's top Internet portal, rose to fourth in terms of market value as of Wednesday from sixth at the end of last year.Naver's ranking got a boost from solid growth in the Internet ad market, the main source of revenue for the company.(Yonhap
June 15, 2017