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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Military aircraft evacuating S. Koreans in Lebanon returns home
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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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Market uncertain on Korea's October rate cut despite slowed inflation
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Samsung unveils 'personalized AI' for all devices
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Special counsel bill to probe first lady scrapped
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[Robert Fouser] Why the US election looks so close
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Carmakers see boom in sales of semi-large cars
Sales of semi-large sedans in South Korea have been on a roll recently with their shipments one-upping those of midsize cars for a second month in January, industry data showed Wednesday.Domestic sales of semi-large sedans, including Hyundai Motor Co.'s Grandeur and Kia Motors Corp.'s K7, totaled 15,242 units in January, about 1,800 more than those of Hyundai's Sonata and other midsize cars, according to the data. Hyundai Motor Co.'s new Grandeur semi-large sedan (Yonhap file photo)In December,
Feb. 8, 2017
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Hankook Tire to complete new US facility, create 1,200 new jobs
Hankook Tire, South Korea's leading tire maker, is set to begin hiring over 1,000 new workers in the United States following the completion of its new production facility there, company officials said Wednesday.They said the company has already hired some 300 employees to work at its new plant in Tennessee. An aerial view of Hankook Tire's new production facility in Tennessee. (Hankook Tire)There will be about 1,200 employees working at the new factory by the end of the year, they said, adding
Feb. 8, 2017
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Eland halts Han River cruise on safety concern
Eland Cruise, which runs a cruise tour on the Han River in Seoul, has indefinitely suspended the operation of its four ferries amid safety concerns, the company said Wednesday."(We) have decided to stop the operation of all cruise ships starting on Feb. 8 in order to secure their safety during the winter period," it said on its website. (Yonhap)It stressed that the move is not because of any "big safety problem" in connection with the service, saying it's meant to scrutinize any possible hitch.E
Feb. 8, 2017
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South Korea’s struggling shipbuilders started the first month of 2017 with more orders than their competitors in China and Japan, according to data from a global shipping information firm on Tuesday. South Korean shipbuilders received a total of seven units in contracting volume of 330,000 compensated gross tonnage, a measurement to gauge the amount of work that goes into the construction of a vessel, according to UK-based Clarkson Research Service. This includes two floating stor
Feb. 7, 2017
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70 year-old LG seeks innovation for growth, sustainability
Sustainability is what has driven LG Group to become South Korea’s fourth-largest conglomerate for the past 70 years. Facing ruthless competition in global markets, the manufacturing titan prides itself on prioritizing its legacy and customer trust over hasty and aggressive moves. With its 70th anniversary this year, LG appears to be taking a renewed approach with innovation as the key word for its growth.What began as a chemical firm in 1947, is now a company which sells a wide range of product
Feb. 7, 2017
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Incheon Airport's 3rd-phase construction 90% complete
Incheon International Airport Corp. said Tuesday that its third-phase construction project had reached 90 percent completion, on schedule for an October opening date.(Incheon International Airport)The 4.9 trillion-won ($4.28 billion) third-phase construction project includes the upcoming second passenger terminal as well as a traffic control center and the roads leading up to the terminal. Construction on the project began in September 2013.The terminal will be opened to the public after six mon
Feb. 7, 2017
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[NEWSMAKER] P&G embroiled in safety scandal
Personal care and household goods maker Procter and Gamble is under fire for selling diapers that allegedly contain potentially toxic substances.Although large discount retailers have pulled the company‘s Pampers Baby Dry diapers off their shelves following the controversy, the South Korean government has not been able to issue an official recall or pursue punitive measures because there are no clear regulations here regarding the detected toxins.On Jan. 24, French consumer magazine 60 Millions
Feb. 7, 2017
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Closure of inter-Korean industrial park incurs W1.5tr loss
Combined losses of South Korean companies that had to withdraw from the inter-Korean industrial park in North Korea a year ago due to soured relations between Seoul and Pyongyang have mounted to 1.5 trillion won ($1.3 billion), their representative body said.The 123 South Korean manufacturers who hired North Korean workers at their factories in Kaesong, located 58 kilometers North of Seoul, were unable to bring their buildings, machines and raw materials during the evacuation shortly after the M
Feb. 7, 2017
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Daewoong Pharma receives most clinical trial approvals in 2016
South Korean drugmaker Daewoong Pharmaceutical has received the highest number of regulatory approvals for carrying out clinical trials of its drugs in 2016, industry data showed Tuesday. According to the Ministry of Food and Drug Safety, Daewoong Pharmaceutical obtained the ministry’s approval for 16 clinical studies last year — including 11 phase 1 trials, two phase 2 trials and three phase 3 trials.This is around twice as many trials the company had applied for in 2015, when it sought approv
Feb. 7, 2017
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Samsung jumps into US animal health market
Samsung Electronics has jumped into the US veterinary device market in partnership with medical supplies distributor Henry Schein, the tech firm said on Tuesday. Samsung, which estimated the US pet market at around $63 billion, unveiled its new blood test analyzer PT10V at the North American Veterinary Community conference this week in Florida. During the conference, PT10V was selected as one of the top five must-see products among the 700 participating companies, the company said. “Entering the
Feb. 7, 2017
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Sales of premium home appliances show strong growth despite market saturation
Sales of premium home appliances showed strong growth in South Korea last year, although the overall market for white goods become saturated, according to company officials on Tuesday. Smeg, a high-end Italian domestic appliance brand, saw its sales of refrigerators and microwave ovens jump 40 percent on-year in 2016. (Yonhap)Smeg's product lineup features trendy appliances, but their prices are relatively expensive. The prices of Smeg's 276-liter, one-door refrigerators range from 2.4 million
Feb. 7, 2017
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Posco starts commercial lithium production in Korea
Posco, the world’s fourth-largest steelmaker, will start producing lithium for commercial use for the first time in South Korea, the company said on Tuesday.The company has completed construction of a lithium extraction plant at its complex in Gwangyang, South Jeolla Province. The plant is capable of producing 2,500 tons of lithium, it added. With the completion of the plant, Posco will be able to supply lithium carbonate to battery makers LG Chem and Samsung SDI and to its affiliate Posco ESM,
Feb. 7, 2017
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GM Korea employees indicted for allegedly selling job openings
Five former and current senior employees at GM Korea Co. have been indicted, along with many other employees and labor union leaders, on charges of selling job openings, prosecutors said Tuesday.Out of a total 346 employees whose status have been changed from a contract worker to a permanent worker from 2012 to 2016, 123, or 35.5 percent, are suspected to have been hired through the illicit process, the Incheon District Prosecutors' Office said, wrapping up its eight-month investigation. (Yonha
Feb. 7, 2017
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SK Innovation seeks more M&As this year
SK Innovation Co., South Korea's top oil refiner, will shoot for more mergers and acquisitions this year, which will lead to a boost in corporate value, its president has said.Kim Jun made the remarks at a gathering of top executives of its affiliates in Seoul on Thursday. (Yonhap)"We need to invest big in order to reshape our business portfolio, and mergers and acquisitions would be under review, while we will seek to minimize our financial burden," he was cited by the company as saying.Kim sai
Feb. 7, 2017
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Hyundai Heavy promises job security for workers at spin-off biz units
Hyundai Heavy Industries Co., a major shipyard here, has promised job security for its employees who work at non-shipbuilding business units scheduled to be spun off this year, stressing that hiving off such units will boost their corporate value.Earlier, the shipyard's labor union demanded that the company scrap its plan to spin off non-shipbuilding units, which it claims will lead to a sell-off. (Yonhap)Last year, Hyundai Heavy unveiled a scheme to reorganize its businesses into six separate c
Feb. 7, 2017
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Korea launches policy-coordinating committee on car industry
South Korea launched a joint committee of the government and the private sector to coordinate policies on the car industry, which has been suffering from contracted demand at home and abroad, the government said Tuesday."The South Korean car industry is at a turning point amid the ongoing fourth industrial revolution, rapid growth of China and India, and rising uncertainties in global trade," Trade Minister Joo Hyung-hwan said in a kickoff meeting of the joint committee in Seoul. (Yonhap)"In ord
Feb. 7, 2017
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Output in mining, manufacturing sectors remain in deep slump
South Korea's mining, manufacturing, gas and electricity industries saw their production remain in a deep slump in recent months, with their business sentiment falling sharply, government data showed Tuesday.According to the data compiled by Statistics Korea, output of 43 industrial sectors out of 80 fell in December from a month earlier, while that of 37 companies rose. (Yonhap)As a result, the production ratio index which represents the percentage of businesses posting output growth reached 46
Feb. 7, 2017
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Refiners eye another boom year after record earnings in 2016
Aided by improved cracking margins, inventory gains and solid demand for petrochemical products, local oil refiners are forecast to have pocketed record earnings last year, and their stellar performance may continue into this year, analysts say.Oil prices have been in the doldrums since 2015 on concerns of an oversupply, and things were almost the same, as international sanctions on Iran were lifted allowing the oil-rich country to add new barrels to an already glutted global market. (Yonhap)Cru
Feb. 7, 2017
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SK hynix bids for 20% stake in Toshiba's memory chip business
SK hynix Inc., the world's second-largest maker of computer memory chips, has submitted a bid to acquire a 20 percent stake in Toshiba Corp.'s memory chip business, an industry source said Tuesday. The bid is aimed at strengthening SK hynix's NAND flash memory business as global demand for flash memory chips is roaring. (Yonhap)SK hynix submitted the bid last Friday, with a deal expected to cost between 2 trillion won ($1.8 billion) and 3 trillion won, according to the source.In January, Toshib
Feb. 7, 2017
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No. of listed firms in Korea likely to reach 2,000 this year
The number of companies listed on South Korea's equity market is expected to top 2,000 this year on the entry of new ones, especially onto the tech-heavy KOSDAQ, data suggested Tuesday.A total of 1,987 firms were registered with the Korea Exchange, South Korea's sole bourse operator, as of the end of last year. A stock investor monitors share prices on an electronic board at the Korea Exchange in this undated file photo. (Yonhap)Compared to a year earlier, the number of companies listed on the m
Feb. 7, 2017