Most Popular
-
1
Slew of top K-pop stars ready to return from military
-
2
S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
-
3
N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
-
4
Controversial cult leader’s sentence reduced to 17 years
-
5
Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
-
6
Military aircraft evacuating S. Koreans in Lebanon returns home
-
7
BTS-themed moon jar to be unveiled on Hangeul Day
-
8
Samsung, Hyundai chiefs to accompany Yoon on Singapore trip
-
9
1,430 minors investigated for drug offenses from 2018 to 2023: police
-
10
[Robert Fouser] Why the US election looks so close
-
Hyundai Heavy, Samsung Heavy win container ship orders
Hyundai Heavy Industries and Samsung Heavy Industries have received orders for very large crude carriers amid increasing global demand.According to the Clarkson Research Institute, the increasing number of orders were brought about by a decline in newbuilding prices. Building prices hit $80 million in March, the lowest point in 14 years, which encouraged shipping companies to order new VLCCs to replace outdated vessels. (Yonhap)A rise in oil prices and the operation of newly constructed oil refi
May 9, 2017
-
Big retailers' revenues top W40tr in 2016
Major South Korean discount retailers saw their sales edge up 1.8 percent last year to exceed 40 trillion won ($35.3 billion) for the first time ever, largely thanks to an increase in new outlets, industry data showed Tuesday.According to the data, the combined revenues of E-Mart, the country's top discount chain operated by retail conglomerate Shinsegae, and others reached 40.1 trillion won last year, compared with 39.4 trillion won a year earlier. (Yonhap)E-Mart launched the country's first bi
May 9, 2017
-
Positive impact of R&D subsidies on small firms: report
Government research and development subsidies provided to small and medium enterprises have had a positive impact on their innovation and competitiveness, a report said Monday.The report by the state-run Science and Technology Policy Institute showed that SMEs which received R&D support from 2011 through 2015 showed positive results both in terms of sales and job creation.(Yonhap)"The results show that the government subsidies play a huge role in getting SMEs to hire more people," the report sai
May 8, 2017
-
Samsung may reshuffle executives this month
Samsung Group is expected to carry out a reshuffle of its executives as early as this month, company sources said Monday. Korea’s largest conglomerate usually carries out reshuffles and appointments of its executives, as well as CEOs, in December. However, Samsung delayed last year’s appointments after the company was embroiled in a corruption scandal which led to the impeachment of former President Park Geun-hye and the arrest of Lee Jae-yong, the company’s de facto leader.“It is true there is
May 8, 2017
-
'Pororo' studio OCON plans to go public next year
OCON Inc., the animation studio that created the computer-animated TV series "Pororo the Little Penguin," plans to launch an initial public offering next year, company officials said Monday. First aired in 2005, Pororo is one of the most popular cartoon characters for children in South Korea.(Yonhap)OCON holds a 27 percent stake in the copyright of the TV series, with another studio, Iconix Entertainment, holding another 27 percent. The remaining 46 percent is equally owned by SK Broadband and b
May 8, 2017
-
Technology gap between Korea, China to narrow in 5 years: report
Technology disparities between Korea and China in major industries including tech devices and automobiles are only five years apart, a report suggested Monday, raising concerns over the weakening competitiveness of Korean companies in overseas markets. (Yonhap)When comparing the product quality and technology of home appliances manufactured by Korean companies with that of Chinese competitors, the former holds 100 points for now with the latter standing about 10 points behind. But in five years
May 8, 2017
-
Hyundai Heavy teams up with Saudi shipper for 'smart ship'
Hyundai Heavy Industries Co., a major South Korean shipbuilder, said Monday that it has signed a memorandum of understanding with a Saudi shipping firm to work together to develop technologies needed for a 'smart ship' platform.Under the deal with the National Shipping Company of Saudi Arabia, better known as Bahri, Hyundai Heavy will develop smart ship technologies and use them with Bahri's fleet. (Yonhap)Hyundai Heavy unveiled the world's first smart ship system in 2011, and some 300 ships cur
May 8, 2017
-
Fine dust drags down Korean economy despite long holidays
Ongoing health threats from fine dust have dashed hopes the recent holiday season would boost sales, according to industry sources in the distribution sector Sunday.Consumption remained low even with the “golden holidays” last week, as individuals chose to cancel their outdoor plans amid text messages sent by health authorities and local governments warning of fine dust. Visitors line up to take a look at the foggy skies of Seoul from the Lotte World Tower Seoul Sky, located in Songpa-gu on Satu
May 7, 2017
-
Hyundai Steel fined W312m for obstructing FTC's probe
South Korea's corporate watchdog said Sunday that it has imposed a combined 312 million won ($275,600) on Hyundai Steel Co., the country's second-biggest steelmaker by sales, and its employees for obstructing an investigation and refusing to present evidence.Investigators of the Fair Trade Commission carried out on-site investigations into Hyundai Steel's alleged violations of the local fair trade law in December 2016 and February 2017, according to the watchdog. (Yonhap)During the period, two c
May 7, 2017
-
Over 200,000 foreign residents take out life insurance policies: data
The number of foreign residents who took out life insurance policies here topped 200,000 in 2015, with their subscriptions rising at an annual rate of 16 percent over the past five years, industry data showed Sunday.According to the data compiled by the Korea Insurance Development Institute, a total of 212,000 foreigners took out life insurance in 2015, compared with 186,000 in 2014, 164,000 in 2013 and 142,000 in 2012. (Yonhap)The pace is much higher than the annual growth rate of 3.9 percent f
May 7, 2017
-
Exports of camera modules, panel display equipment, face masks surge in 2016
Outbound shipments of such products as camera modules, flat panel display equipment and face masks rose the sharpest among South Korean goods whose exports topped $100 million annually in 2016, government data showed Sunday.Overall shipments of goods abroad for Asia's fourth-largest economy contracted 5.9 percent on-year, but exports of modules, panel-related gear and makeup products all jumped by double and triple digits, the Ministry of Trade, Industry and Energy said. (Yonhap)Exports of modul
May 7, 2017
-
Samsung Fire & Marine buys stake in Vietnamese insurer
Samsung Fire & Marine Insurance Co., South Korea's top non-life insurance company, said Sunday that it has agreed to buy a 20 percent stake in a Vietnamese non-life insurer, as part of its efforts to tap deeper into the Southeast Asian country.Under the deal with a Vietnamese state-run oil firm, Petrolimex, Samsung Fire will buy the stake in PJICO, Vietnam's fifth-largest non-life insurer with a 7 percent market share. (Yonhap)The value of the deal was not disclosed.Samsung Fire established its
May 7, 2017
-
Korea to inject W2.5tr to reduce rail accidents
South Korea will invest 2.5 trillion won ($2.2 billion) in railway facilities and safety systems to sharply reduce rail accidents this year, the government said Sunday. The budget allocated to help prevent train crashes and other major rail accidents has been marked up 32 percent, or 610.3 billion won, from last year, the Ministry of Land, Infrastructure and Transportation said in a statement. Workers engage in removing a derailed passenger train near Yulchon station in the southern port of Yeos
May 7, 2017
-
Petroleum exports to China rise in Q1 despite THAAD row
Exports of oil and related goods to China increased 2.6 percent in the first quarter of 2017 from a year earlier in the face of an ongoing diplomatic tussle over the deployment of an advanced US missile defense system in South Korea. industry data showed Sunday.According to the data compiled by the Korea Petroleum Association, petroleum exports to China amounted to 22.48 million barrels in the January-March period, compared with 21.91 million barrels in the year earlier period. (Yonhap)In terms
May 7, 2017
-
Chaebol owner-managers make huge income in 2016
Major owner-managers of conglomerates in South Korea, known as chaebol here, earned at least 10 billion won ($8.8 million) in dividends, compensation and other income in 2016, data showed Sunday.According to the data by market Chaebul.com and conglomerates' 2016 business reports, Lee Kun-hee, chairman of tech giant Samsung Electronics Co. and chief of No. 1 conglomerate Samsung Group, topped the income list with 195.4 billion won last year. This undated file photo shows the headquarters of Samsu
May 7, 2017
-
Samsung Heavy resumes operations after deadly crane accident
Samsung Heavy Industries Co. said it partially resumed operations Saturday, after being shut down for six days following a deadly crane accident at one of its shipyards earlier this week. The Ministry of Employment and Labor had ordered the South Korean shipbuilder to suspend operations at its shipyard in the southeastern port city of Geoje after two cranes collided at the dockyard Monday, causing a structure to fall from one of the cranes. Six workers at the site were killed and another 25 were
May 7, 2017
-
Downtown hotels becoming fresh vacation spots for locals
Hotels in central and other main districts of Seoul have seen a sharp rise in bookings made by locals for the long holiday ending early next week, as many opt to avoid the hassle of traveling abroad and instead indulge in a brief city retreat, industry sources said Saturday.Hotel bookings made for the last week of April spiked 256 percent from the previous week, according to a hotel and restaurant reservation app Dailyhotel. (Yonhap)Lotte Hotel Seoul said the booking rates jumped over 20 percent
May 7, 2017
-
LG Electronics, No.1 reliable washing machine maker: Consumer Reports
South Korea’s LG Electronics was crowned the most reliable washing machine in the top-loader and front-loader category, US-based Consumer Reports said Friday.In the top-loader category, LG Electronics ranked as the No. 1 most reliable washing machine maker, followed by US-based home and commercial appliance brand Maytag and US manufacturer GE Appliances. South Korean tech giant Samsung Electronics came in at sixth place, the report showed. A front-loading washing machine made by LG Electronics (
May 5, 2017
-
[Newsmaker] Korea’s fourth communications satellite launched
Korea launched its fourth broadcasting and communications satellite, Korea Sat-7, Friday, according to Korean satellite operator KT SAT. KT SAT, owned by Korea Telecom, said it launched its new satellite Korea Sat-7, also called Mugunghwa-7, at 7:27 a.m. at the Guiana Space Center at Kourou in French Guiana. The company now operates four satellites, including the Korea Sat-5, Korea Sat-6 and Chollian. “The ICT Ministry has already completed the registration with the International Telecommunicati
May 5, 2017
-
Price gap of Apple, Samsung phones widens to over $400
The price gap between Apple and Samsung Electronics’ smartphones has widened to over $400 for the first time, according to a US research firm. The latest report released by Strategy Analytics showed Friday the gap of the average selling price between the two tech giants’ long-term evolution phones widened to a record-breaking $465 in the fourth quarter of last year. Samsung Electronics’ Galaxy S8, which was launched in the second quarter this year, was not included in the research. In the Octobe
May 5, 2017