Most Popular
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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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Military aircraft evacuating S. Koreans in Lebanon returns home
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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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BTS-themed moon jar to be unveiled on Hangeul Day
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Samsung, Hyundai chiefs to accompany Yoon on Singapore trip
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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[Robert Fouser] Why the US election looks so close
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Pernod Ricard Korea provides over W2b in scholarships since 2002
Global premium liquor company Pernod Ricard has donated a total of 2 billion won ($1.75 million) over the past 15 years to support students of gugak, or traditional Korean music.According to the company, these donations were in line with Pernod Ricard’s philosophy of helping to preserve the cultures and traditions of the countries in which it does business, and to share corporate profits with those communities.Pernod Ricard Korea CEO Jean Touboul (center) plays the janggu at the 2017 Pernod Rica
April 11, 2017
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Korea's listed financial firms cut 1.9% of staff last year
South Korea's listed financial firms cut 1.9 percent of their total staff last year, data showed Tuesday, as they grappled with slow growth.According to the data compiled by market researcher Chaebol.com, the number of employees at 45 listed financial firms stood at 89,483 people in 2016, down 1,713 people from a year ago.(Yonhap)Thirteen listed insurers saw their payrolls slashed by 970 to 36,567 people last year. The number of employees at 12 listed financial holding firms and banks was reduce
April 11, 2017
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Google's investment 'not decided': LG Display
LG Display Co. said Tuesday that nothing has been decided on the latest rumor in the market surrounding US Internet giant Google Inc.'s potential investment in the company.(Yonhap)Through a regulatory filing requested by the Korea Exchange, the main bourse operator, LG Display said nothing has been concluded on the matter just saying that various clients have been taking a closer look at the global market for flexible organic light-emitting diode (OLED) products.Industry sources said Monday that
April 11, 2017
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Refiners forecast to report decent Q1 earnings on improved cracking margin
South Korean oil refiners, led by top player SK Innovation Co., are forecast to have logged decent earnings in the first quarter of the year on the back of higher oil prices and improved cracking margins, industry sources said Tuesday.According to the sources, SK Innovation is predicted to have posted an operating income of 864 billion won ($756 million) on sales of 11.3 trillion won in the January-March period.(Yonhap)In the first quarter of last year, the refiner reported an operating income o
April 11, 2017
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Main creditor won't accept demands by NPS on Daewoo Shipbuilding debt rescheduling
A state-run main creditor of ailing Daewoo Shipbuilding & Marine Engineering Co. said Monday that it will not accept demands by the state pension fund on debt rescheduling measures that aim to keep the shipyard afloat.Joung Young-suk, head of corporate restructuring at Korea Development Bank (KDB), also repeated warnings that Daewoo Shipbuilding will be placed under a form of court receivership unless bondholders of the shipbuilder agree on a debt-for-equity swap plan. (Yonhap)The National Pens
April 10, 2017
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Korea's tax agency imposes more than W300b in tax on Oracle Korea
South Korea's tax agency has imposed more than 300 billion won ($262 million) in corporate taxes on the local unit of US tech giant Oracle Corp. for alleged tax evasion, sources familiar with the issue said Monday.The National Tax Service (NTS) took the action against Oracle Korea as it suspected that the local unit did not pay corporate taxes by taking advantage of Oracle's unit in Ireland, a known tax haven, a corporate insider who declined to be identified claimed. The tax office believes tha
April 10, 2017
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[Photo News] Coupang moves its office to Songpa-gu
E-commerce company Coupang said Monday that it moved its offices to Tower 730 in Songpa-gu, Seoul. Coupang will take over 19 floors of the 27-floor building, representing over twice the size of its previous offices in Samseong-dong. The company said that the move and expansion will accommodate Coupang‘s quickly growing business. (Coupang)
April 10, 2017
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FTC focusing more on self-initiated probes
South Korea's antitrust watchdog said Monday it has been thoroughly screening allegations of business wrongdoing to make sure it allocates its resources more efficiently, especially toward self-initiated probes that generally tackle more serious violations. "We have been more thoroughly screening complaints to see if they actually merit closer attention," a Fair Trade Commission (FTC) official said. He said actual probes will only be launched after the screening process.In the past, the corporat
April 10, 2017
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Samsung seen embracing change in absence of Lee, control tower
Samsung, the nation’s largest conglomerate, is embracing changes in its corporate culture in the absence of its arrested leader and a disbanded control tower. The conglomerate’s financial units including Samsung Life Insurance and Samsung Card have started to ban their executives from showing up early in the morning and readjusted the start of office hours from 6:30 a.m. to 8-9 a.m., according to industry sources and Samsung officials.The group faced a major setback two months ago following the
April 10, 2017
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Incheon Airport aims to attract Indian travelers
Incheon International Airport Corp. agreed to partner with New Delhi-based global leisure travel company TUI India to draw more travelers from India, the state-run operator said Monday.On Saturday, IIAC signed a memorandum of understanding with TUI India in a bid to seek partnership to discover demands for layovers.IIAC and TUI India pledged to develop and promote new tourism packages that include layover at the Korea’s largest international airport. Participants, including Incheon International
April 10, 2017
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Duty-free looks to May vacations for sales spurt
The duty-free industry here is looking to attract Korean shoppers going abroad in early May to prop up its falling sales as it continues to lose revenue from Chinese tourists.Since mid-March, the duty-free industry has suffered major blows to its sales following the ban on travel packages to Korea imposed by Beijing in response to Seoul’s decision to bring an American anti-missile defense system here. Shilla IPark Duty Free (HDC Shilla)Major duty-free operators such as Lotte Duty Free reported s
April 10, 2017
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Galaxy S8 preorders off to good start in Korea
The number of preorders for Samsung Electronics’ flagship smartphone Galaxy S8 has hit 550,000 units for the first two days since it began in Korea, leading analysts to anticipate the turnaround of its key parts suppliers, Samsung Electro-mechanics and Samsung SDI. The number of preorders for the Galaxy S8 and Galaxy S8 Plus on Friday and Saturday was much higher than its predecessor Galaxy S7, which sold 100,000 units, and Galaxy Note 7, which sold 200,000 units, during the same period last yea
April 10, 2017
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Korea's tourism industry estimated at W73 tr in 2015
South Korea's tourism industry was valued at 73 trillion won ($64 billion) in 2015, accounting for 2.51 percent of the country's gross domestic demand that year, official data showed on Monday.According to the data compiled by the Ministry of Culture, Sports and Tourism, South Koreans spent some 25.4 trillion won in visiting attractions at home in 2015 and 17.3 trillion won on overseas trips. The government has been prodding people to take more trips over the past few years in a bid to help boos
April 10, 2017
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State pension fund to decide on debt rescheduling for Daewoo Shipbuilding this week
The National Pension Service, the largest holder of bonds sold by troubled Daewoo Shipbuilding & Marine Engineering Co., will decide this week on whether to accept a debt rescheduling for the shipyard, industry sources said Monday.The NPS holds about 30 percent, or 389 billion won ($342 million), out of 1.35 trillion won worth of corporate bonds issued by Daewoo Shipbuilding.(Yonhap)In particular, the NPS holds about 45 percent of 440 billion won worth of the bonds maturing on April 21. Unless t
April 10, 2017
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Koreans average 500 cups of coffee a year: report
South Koreans drink an average 500 cups of coffee a year each, a local report suggested Sunday, quoting industry sources. Industry officials estimated that Koreans consumed about 25 billion cups of coffee last year, up 25 percent from a decade earlier. When divided among the Korean population of about 50 million, the amount of coffee consumed comes to about 500 cups per person, Yonhap News Agency reported. (Yonhap)The size of the coffee market, including both instant and brewed coffee, also grew
April 9, 2017
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30% of owners of Korean cars consider foreign brands: study
About 30 percent of domestic car owners would consider foreign cars for their next choice, a study showed Friday.According to SK Encar, a leading used car dealer here, about 30 percent of motorists owning cars manufactured in Korea said they would shift to imported one if buying a car within in one year. The rest said they would choose another locally made vehicle next time.The survey asked 2,604 car owners, 86 percent of which owned domestic cars, the company said. Meanwhile, 83 percent of impo
April 9, 2017
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Korea's financial services industry saw robust growth last year
Korea's financial services industry recorded 9.2 percent in output growth last year largely driven by interest revenues from growing household loans, government data showed on Sunday. According to Statistics Korea, the year-on-year production growth of financial institutions in 2016 was more than triple the 3 percent reported for the overall services industry. (Yonhap)By institution, banks gained 9 percent, the highest since 11.8 percent in 2008. Nonbank depository institutions including saving
April 9, 2017
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Chinese firms expanding share in world LCD market: data
China's display makers are expected to double their liquid crystal display market share this year from 2014, posing challenges to industry leaders in South Korea and Taiwan, data showed Sunday. Driven by growing demand for large LCDs for televisions, combined LCD production of Chinese manufacturers is expected to increase to 26.8 percent in 2017, according to market trackers IHS and IDC. Their share has continued to expand from 12.8 percent in 2014, 17.2 percent in 2015 and 23.4 percent last yea
April 9, 2017
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New audits by Deloitte Anjin suspended for 1 year over Daewoo Shipbuilding
South Korea's financial regulator on Wednesday confirmed a one-year suspension of new audits by Deloitte Anjin LLC, as punishment for the firm's accounting irregularities of troubled Daewoo Shipbuilding & Marine Engineering Co. Until April 4 next year, Deloitte Anjin has been barred from signing new audit contracts, the Financial Services Commission said in a statement.(Yonhap)About 150 companies of Deloitte Anjin's some 1,100 clients are expected to be affected by the suspension, according to i
April 9, 2017
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THAAD row with China affects Incheon duty-free bid
The row with China over the deployment of a US missile defense system hurt the latest bidding process for new duty-free shops due to open at South Korea's largest airport, industry sources said Saturday.On Thursday, four major duty-free operators -- Lotte Duty Free, Hotel Shilla, Shinsegae DF and Hanwha Galleria -- tendered their bids to the Incheon International Airport Corp. for slots at the new airport terminal scheduled to open in October.But none of the four operators submitted a bid for th
April 8, 2017