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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[KH Explains] Is private equity giant MBK a risk-taker or renegade?
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Samsung, Hyundai chiefs to accompany Yoon on Singapore trip
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[From the Scene] Hyundai Mobis catalyzes electrification with new mobility tech
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Samsung SDS joins global alliance for blockchain tech
Samsung SDS Co., an IT arm of Samsung Group, said Tuesday it has joined a global alliance for blockchain technology, reflecting its devotion to tap deeper into the industry.Blockchain is a key technology for digital currency, enabling data sharing across a network of individual computers. As a kind of distributed ledger, it records and tracks financial transactions. (Yonhap)Samsung SDS said it became a member of the Enterprise Ethereum Alliance that focuses on the development of blockchain solut
May 23, 2017
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Busan's container cargo inches up over past 8 months
Container cargo handled at South Korea's biggest port of Busan has edged up over the past eight months despite the demise of Hanjin Shipping Co., once the country's No. 1 shipping firm, data showed Tuesday.Container cargo processed at the southeastern port came to 13.05 million twenty-foot-equivalent units between September 2016 and April this year, up 1.6 percent from the same period from 2014-2015, according to the data by the municipal government. (Yonhap)Hanjin Shipping, once the world's sev
May 23, 2017
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2 killed, 3 injured in crane accident at construction site
Two South Koreans were killed and three others injured after a crane broke down at a construction site near Seoul, police said Monday. Five workers fell from a 55-meter-tall tower crane at the construction site for an apartment complex in Namyangju, just northeast of Seoul, around 4:40 p.m., according to police and firefighters. (Yonhap)Two were confirmed dead at the scene and three seriously injured were rushed to nearby hospitals in Namyangju and Seoul. Two of the three injured workers report
May 22, 2017
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Samsung to continue seeking M&A
South Korea's top tech giant Samsung Electronics Co. said Monday it will continue to seek mergers and acquisitions to provide distinctive experiences to its customers.During its investors' forum held in Hong Kong, Samsung said the company is open to finding partners that line up with its strategies. (Yonhap)Samsung has been actively seeking to buy competitive companies, taking over US-based electronics brand Dacor and VIV Labs Inc., a developer of artificial intelligence platforms in 2016.The co
May 22, 2017
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Hyundai Motor shares rally on rumors of group restructuring
Shares of Hyundai Motor, the nation’s largest carmaker, and its affiliates, continued to rally Monday amid high market expectations of the South Korean conglomerate’s possible revamp of its governance structure.Share prices of Hyundai Motor closed at 170,000 won ($152) on Monday’s trading, a 8.8 percent increase from a week ago. Kia Motors and Hyundai Mobis also saw their share prices surge 5 percent and 11 percent, respectively, from a week ago. (Yonhap)The rallies have followed President Moon
May 22, 2017
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SDJ Corporation files for injunction against Lotte transition to holding company
The former vice chairman of Lotte is attempting to halt Lotte Chairman Shin Dong-bin‘s efforts to create a Korean holding company of the group, according to law firm Barun Law on Monday.The firm, which represents former Vice Chairman Shin Dong-joo’s SDJ Corporation, said that it had filed for an injunction with the Seoul Central District Court to prevent four Lotte companies from merging their investment entities to create a central holding company. Chairman Shin Dong-bin (Lotte)According to Ch
May 22, 2017
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Trade body promotes inroads into halal market
South Korea should aggressively woo the global halal market to diversify its export destinations, a local trade organization said Monday.The Institute for International Trade under the Korea International Trade Association called halal the world's biggest blue ocean and niche market.Halal is a widely applied Islamic dietary practice dictating what is permissible to eat and drink. A 2014 estimate said some 1.7 billion people around the world follow it. The market was sized at some $1.73 trillion
May 22, 2017
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Samsung Heavy bags $100m order for 2 LNG ships
Samsung Heavy Industries Co., a major South Korea shipyard, said Monday that it has clinched a $100 million deal to build two LNG carriers. (Yonhap)Under the deal with South Korean shipper Korea Line Corp., Samsung Heavy will build the ships by December 2019, the company said.The ships, which can carry up to 7,500 cubic meters of LNG each, will be deployed to transport liquefied natural gas between local ports, it added.With the latest deal, Samsung Heavy has clinched deals valued at a combined
May 22, 2017
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SME policy getting scrutiny on chronic worker shortage
South Korea's small and medium-sized enterprises are chronically short of workers, but the unemployment rate among the young is at a record high, indicative of a serious labor market mismatch in the country, economic analysts said Monday.Foreign workers have long been filling jobs shunned by South Koreans as being too hard and underpaid. Even after being hired, many do not stay for long, increasing personnel management costs for businesses that have to repeat new hirings and job training. Job se
May 22, 2017
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200 buses to be exported to Myanmar
Two hundred South Korean-made buses will be exported to Yangon, the former capital and the largest city of Myanmar, for use by schools, South Korea's trade promotion agency said Monday.According to the Korea Trade-Investment Promotion Agency, the 29-seat New County buses, manufactured by South Korea's top automaker Hyundai Motor Co., will be shipped to the Southeast Asian country next month under a deal between the Yangon Region Government and Kotra. (Yonhap)The deal marks South Korea's first go
May 22, 2017
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Chinese shipbuilders win huge chunk of orders from Korean shippers
Chinese shipbuilders have received orders from South Korean shippers to build 13 ships so far this year, while their South Korean rivals clinched deals from local shippers to build just seven ships, industry sources said Monday.According to related data, local shippers have placed orders so far this year for a combined 20 ships. (Yonhap)Last year, South Korean shipping firms placed orders for 26 ships, 22 of which were awarded to local shipyards.PanOcean Co., the country's leading bulk carrier,
May 22, 2017
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Hanjin server's shutdown leads to delay in flights
South Korea's transportation giant Hanjin Group said Monday one of its servers suffered a malfunction overnight due to a problematic power supply, leading to delays in some 40 flights from operators under its wing.Hanjin, which operates Korean Air and Jin Air, said its subsidiaries' Web sites and mobile applications were paralyzed due to technical issues which were normalized as of 4:20 a.m. (Yonhap)The group said the problem was not caused by cyberattacks or ransomware. It marks the first time
May 22, 2017
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Conglomerates increase donations, but not in proportion to sales
South Korea's top 30 conglomerates increased their donations in 2016, but the sum compared with their sales did not change, a tally by a corporate tracker showed Monday.Analysis by Fn Guide showed that 179 companies affiliated with the top 30 business groups contributed 1.99 trillion won ($1.77 billion) last year, up 6.15 percent from 2015. Their sales for the year hit 1,487.715 trillion won, up 4.61 percent.Unlike what these numbers suggest, however, the donations accounted for 0.13 percent of
May 22, 2017
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Korean laver producers win W43.8b worth of orders in Tokyo
South Korean laver producers secured export orders worth 43.8 billion won ($39 million) in one day during a traders gathering in Tokyo, the government said Sunday.The Ministry of Oceans and Fisheries said local companies secured the record order last Wednesday which reflects the growing popularity of the dried seafood product in the island nation. (Yonhap)Dried laver, called gim in Korean, is often used to make rolls and other dishes in both Korea and Japan.Last year, local exports of gim to Jap
May 21, 2017
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[Photo News] Korean SMEs promote their products at 2017 KCON Japan
HALLYU IN JAPAN -- Korean cosmetics are introduced at the K-Studio booth at the 2017 KCON Japan. The event included sales promotions and informational booths for Korean small and medium businesses, according to the Small and Medium Business Administration. (Small and Medium Business Administration)
May 21, 2017
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Local businesses welcome thaw between Korea, China
A thaw in deadlocked relations between South Korea and China over the deployment of an advanced US ballistic missile defense system is showing signs of resuscitating vitality in exchanges in the public and private sectors between the two countries. Strained bilateral relations look somewhat mitigated of late as newly elected South Korean President Moon Jae-in is actively trying to get them back on track, with China also expressing hope. Quiet Cheongju International Airport amid THAAD controvers
May 21, 2017
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Janssen files suit against Samsung Bioepis in US
Janssen Biotech, a unit of Johnson & Johnson, filed a suit against Samsung Bioepis in the United States alleging that the Korean company has violated its patent rights. The suit, filed to the US District Court of New Jersey on May 17, is seeking to block US sales of Samsung Bioepis‘ biosimilar of Janssen’s drug Remicade, which is used to treat autoimmune conditions including Crohn‘s disease and rheumatoid arthritis. Remicade is Johnson & Johnson’s top-selling drug. An employee works at the Samsu
May 21, 2017
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E-Land sells Modern House to MBK for W700b
E-Land Group closed a deal with MBK Partners to sell its home and living business for 700 billion won ($626 million), according to the company Sunday. The company will sell 100 percent of its shares in Modern House, a home and living brand that offers lifestyle products. The brand‘s operations will be officially handed over this month through a final contract. The brand, established in 1996, currently brings in sales of about 300 billion won each year. Modern House (E-Land)MBK Partners will cont
May 21, 2017
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New budget carrier based in Pohang gets ready for flight operations
A new budget carrier based in Pohang will complete its business registration this week so it can prepare to start flight operations in late 2017, the government said Sunday.Air Pohang had requested permission to commercially operate small airliners with the Ministry of Land, Infrastructure and Transport on April 4, outlining plans to employ planes with a passenger capacity of under 50 people. Air Pohang's Canadian Bombardier CRJ-200 twin-engined jet. (Air Pohang)The ministry said that it has bee
May 21, 2017
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Asset size of Korea's top 4 biz groups expands 30% in 5 yrs
Asset size of South Korea's top four business conglomerates grew by more than 30 percent over the past five years, a corporate information provider said Sunday.Data provided by Chaebul.com showed combined assets of Samsung, Hyundai Motor, SK and LG stood at 864.9 trillion won as of end 2016, up 33.5 percent compared to 647.6 trillion won in late 2011.In the same period, assets of the country's 30 largest conglomerates backtracked from 1,642.5 trillion won to 1,317.8 trillion won, a 24.6 percent
May 21, 2017