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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Trade agency taps into database for business advice
The Korea Trade-Investment Promotion Agency is planning to launch an online service that runs on database to assist local businesses with their engagement overseas.During a press conference to celebrate its 55th anniversary Wednesday, President Kim Jae-hong of the state-funded agency unveiled a plan to launch a website dubbed “Kotra Overseas Markets Big Bot,” which he said is expected to offer businesses practical advice.“We have accumulated data on companies’ business expansion overseas for a l
June 14, 2017
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Korea's bottled water market to reach W1tr by 2020
South Korea’s bottled water market is expected to surpass 1 trillion won ($890 million) by 2020 on the back of rising popularity among single-person households and the use of online shopping platforms, according to a local market research firm. Between 2010 and 2016, the bottled water market posted average annual growth of 6.7 percent, while the average growth of overall nonalcoholic beverages was relatively lower at 4.7 percent during the same period, according to a report from Taurus Investmen
June 14, 2017
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US Supreme Court decision speeds up entry of biosimilars to market
The US Supreme Court on Tuesday ruled that biosimilar developers do not have to wait six months after regulatory approval to bring their products to market, marking a boon for companies developing the new class of cheaper, near-replicas of expensive biologic drugs for the US. The landmark decision is expected to benefit biosimilar developers around the world, including South Korea’s Celltrion as well as Samsung Bioepis, which are planning to commercialize their products in the US in the future.
June 14, 2017
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E-mart acquires complete control over Shinsegae Property
Shinsegae has sold its stake in Shinsegae Property to E-mart, giving complete control of the group‘s business of shopping malls to the discount chain, according to the group Wednesday.According to Shinsegae Group, Shinsegae sold its 1.7 million shares in Shinsegae Property, a 10 percent stake, to E-mart through a vote of the executive board Tuesday. The shares were sold for 97.8 billion won ($86.9 million), with the transaction to go through on June 29.Via the transaction, the supermarket chain
June 14, 2017
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[Photo News] Samsung participates in Infocomm 2017
SAMSUNG DISPLAY SOLUTIONS – Staff members help display Samsung Electronics’ signage campaign at the world’s largest display solutions exhibition, Infocomm 2017, in Orlando, US, Wednesday. (Yonhap)
June 14, 2017
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Analysts upbeat about LG's smartphone OLED panels
LG Display’s small-sized organic light-emitting diode panels have the potential to become an alternative to the products of Samsung Display currently dominating the market, according to local analysts here.“It is inevitable for Apple and Google to view LG Display as an alternative because Samsung’s dominance in the flexible OLED market can be a threat to the firms struggling to secure the panels,” said Lee Min-hee, an analyst at Heungkuk Securities, in its latest report, which also revised up th
June 14, 2017
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Posco provides AI education for disadvantaged youth
Posco will help youths from underprivileged households prepare for the upcoming “fourth industrial revolution” by providing free education on the Internet of Things, big data and artificial intelligence, the company said Wednesday.The company will fund the costs of the education, provide the required training equipment and offer employment guidance through Posco’s corporate education Posco Group University, it said. (Yonhap)Posco partnered with leading professors from Pohang University of Scienc
June 14, 2017
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FTC chief says he won't be 'too pushy' on chaebol reform
South Korea’s new head of the antitrust watchdog said Wednesday the Fair Trade Commission will not carry out chaebol reform at an excessively high pace, toning down his original hard-line stance. Kim Sang-jo, who was appointed as the FTC chairman by President Moon Jae-in on Tuesday despite strong objection from conservative opposition parties, had vowed to enhance monitoring on the four largest business groups -- Samsung, Hyundai Motor, SK and LG -- when picked as the nominee for FTC chief a mon
June 14, 2017
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Booyoung begins sales of apartments in Vietnam
Booyoung Group has begun its first overseas housing business in Hanoi, Vietnam, by putting up for sale its first batch of apartment units for 756 households Wednesday at a model house located in the Handico building.Currently under construction, the apartment complex will provide housing for up to 3,482 families when completed.Built in Ha Dong district’s Mo Lao new town, the complex will comprise of 10 apartment buildings. Each building will cover an area of 73 to 108 square meters and will have
June 14, 2017
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Six builders newly make list of top 500 firms in 2016
Six builders newly made the list of South Korea's top 500 companies by sales in 2016 on the robust real estate market, with Samsung Electronics Co. retaining its No. 1 spot, a corporate tracker said Wednesday.A total of 32 companies, or 6.4 percent of the total, were newly included on or excluded from the list last year, with the building and construction materials industry becoming the biggest gainer with six new entrants, according to CEO Score.(Yonhap)The car and auto parts industry posted th
June 14, 2017
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Daewoo Shipbuilding to sell W790b in new stocks
Daewoo Shipbuilding & Marine Engineering Co., a troubled shipbuilder here, said Tuesday that it plans to sell 793 billion won ($702 million) worth of new stocks in a bid to strengthen its financial status.In a regulatory filing, Daewoo Shipbuilding said the new stocks will be sold at 40,350 won apiece to the state-run Korea Development Bank and others, including Woori Bank.(Yonhap)The trading of Daewoo Shipbuilding stocks has been suspended since July last year, due to its impaired capital base.
June 13, 2017
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[Photo News] SMBA and franchise operators hold meeting to discuss profit sharing
HOW TO SHARE PROFITS -- Joo Young-sup, head of the Small and Medium Business Administration, listens to a presentation during a meeting between the SMBA and franchise operators to discuss how to share profits between the head office of the franchise and its affiliated stores in Seoul, Tuesday. (Yonhap)
June 13, 2017
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[Monitor] Accidents of car-sharing vehicles rampant: report
Car-sharing services have been enjoying rapid expansion in South Korea due to the convenience of leasing cars simply through apps. The number of users for the service surged seventyfold in the past five years.The popularity, however, has come with a downfall of increased car accidents involving car-sharing vehicles, which are used highly among the younger drivers and often lack proper screening system of drivers and their licenses.According to the Korea Insurance Research Institute, the accident
June 13, 2017
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Hyundai to revise environment report for new HQ
Hyundai Motor Group’s construction of its new headquarters Global Business Center in Samsung-dong, southern Seoul, is to be delayed after the Seoul Metropolitan Government rejected the company‘s first draft of an environmental impact assessment Tuesday. The government said that it would redeliberate the draft when the company revises it.“Hyundai Motor will conduct a thorough revising process to meet the government‘s expectations. We will also try to resubmit its revised draft as soon as possible
June 13, 2017
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Posco donates houses for families in Vietnam
Posco 1% Sharing Foundation donated houses for 104 low-income families that will provide living spaces for up to 500 people in Ba Ria-Vung Tau province, Vietnam.Posco CEO Kwon Oh-joon, Ba Ria-Vung Tau People’s Committee Chairman Nguyen Van Trinh, Korea’s Consulate General Moon Byung-chul, Vice President of Habitat for Humanity Asia-Pacific Rick Hathaway and Board President of Habitat Korea Yoon Hyung-joo joined the building dedication ceremony Tuesday.Posco Group’s steel material and constructio
June 13, 2017
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KAC opens Aviation Training Center
Korea Airports Corp. officially opened its Aviation Training Center at Gimpo International Airport on Tuesday, in preparation to begin its first Jet Transition Course program Monday.The newly opened 4,000-square-meter center includes training jets, six full-flight simulators, as well as classrooms and briefing rooms.The center will allow pilots at Korean airlines to receive their licensing training in Korea, rather than having to travel abroad to be certified. The Jet Transition Course is an adv
June 13, 2017
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Casamia launches premium order-made C_LAB Kitchen
Home styling company Casamia is jumping into the premium order-made kitchen service, calling it C_LAB Kitchen, the firm said Tuesday. “In the past, kitchen furniture was chosen with a focus on price, but today design is becoming much more important,” said Ryu Hwa-suk, head of Casamia‘s interior design team, at a press conference at the La Casa Hotel in Gangnam-gu, Seoul Tuesday. Kitchens designed by Casamia‘s C_LAB Kitchen (Casamia)The new line of kitchen products comes under Casamia’s interior
June 13, 2017
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Imports of GMOs for food and feed shrink by 5%
The import of genetically modified organisms used for food and feed purposes decreased by 5 percent to 9.7 million tons when compared to the previous year’s 12.4 million tons, according to a report by Korea Research Institute of Bioscience and Biotechnology’s Korea Biosafety Clearing House.The fall has been led by the continuous efforts made in the industry to increase its corn stock. The decrease in the number of livestocks arising from bird flu and food-and-mouth disease has also brought about
June 13, 2017
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Eggs imported from Thailand to arrive in Korea next week
Eggs imported from Thailand will arrive in South Korea next week, the agriculture ministry said Tuesday, as the government seeks to contain rising prices amid the latest bird flu outbreak.Some 2 million eggs imported by a local company will arrive in South Korea via ship sometime between next Tuesday and Wednesday, according to the Ministry of Agriculture, Food and Rural Affairs. (Yonhap)It will be the first time for eggs from the Southeast Asian country to be sold here. Currently, eggs from six
June 13, 2017
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LG Chem denies news report of VW battery deal
LG Chem Ltd, a leading South Korean battery maker, denied a media report Tuesday that it has reached a 7 trillion-won deal to supply electric vehicle batteries to Volkswagen AG.In a regulatory filing, LG Chem, also the country's top chemical firm, said it has not signed any contracts with the German carmaker, adding that it has been conducting a slew of joint projects with global carmakers.(Yonhap)A local newspaper reported earlier in the day that LG Chem secured the mega deal, beating Chinese r
June 13, 2017