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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Samsung unveils 'personalized AI' for all devices
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Market uncertain on Korea's October rate cut despite slowed inflation
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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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Coldplay to celebrate release ‘Moon Music’ with Han River drone show
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[Weekender] Convenience stores team up with services firms
Korean convenience stores, arguably a slump-free business in times of weak local demand, are increasingly teaming up with services firms to attract more customers and to differentiate their business models, industry officials said.The latest move came from Korea’s biggest convenience store franchise GS Retail, which joined hands with budget telco service firm Annex Telecom to sell a low-cost USIM card.A user of Ticket Monster’s mobile shopping app TMon picks up her delivered product at a CU conv
Dec. 16, 2016
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Sharing warmth
SHARING WARMTH -- From left: Chung Moon-sik, head of the KT CS Labor Union, Lee Eung-ho, executive director of KT CS, Park Hyung-jung, head of the Daejoen branch of the Ministry of Employment and Labor, and Kang Tae-in, head of the Yongun Welfare Center, pose for a photo Friday. KT CS, KT’s contact business operator, donated winter supplies, such as oil and coal briquettes, worth 20 million won ($16,900) on Friday to low-income families. (KT))
Dec. 16, 2016
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[Duty Free] HDC Shilla to create duty-free store for millennials
This is the fifth installment in a series of articles on companies vying for Seoul’s new duty-free licenses to be issued Saturday -- Ed. HDC Shilla has promised to create a duty-free store catering to trendy millennials at the IPark Tower in Gangnam-gu if granted a new duty-free license. The IPark Tower in Gangnam-gu, Seoul (HDC Shilla)The joint venture between Hyundai Development and Hotel Shilla chose the artsy building designed by American architect Daniel Libeskind as the home of its next d
Dec. 16, 2016
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SK Biopharm begins brain cancer drug development with local hospital
SK Biopharmaceuticals, the new drug development unit of South Korea’s SK Group, has taken its first step into the cancer treatment market by entering a new partnership with a cancer research body at a Korean hospital.SK Biopharm and the Samsung Medical Center’s Institute for Refractory Cancer Research signed a joint drug research partnership in Seoul on Thursday, agreeing to co-develop new drugs to treat brain tumors for the next three years. SK Biopharm CEO Cho Dae-sik (right) and President and
Dec. 16, 2016
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Korean firms most concerned about protectionism, policy vacuum: survey
South Korea's major conglomerates are most worried about growing protectionism around the globe and an economic policy vacuum following the impeachment of President Park Geun-hye, a survey showed Friday.In the survey, conducted by Yonhap News Agency on 32 affiliates of the nation's 30 conglomerates, 16 firms, or 45.7 percent, said the biggest challenge they face next year is global protectionism, followed by the political instability stemming from the impeachment of President Park with 9 firms,
Dec. 16, 2016
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FKI’s influence ebbing away
The embattled business lobby group Federation of Korean Industries is stuck in a tight spot as it attempts to devise a reform plan without much enthusiasm or support from its major members.None of the heads from the nation’s top five conglomerates -- Samsung, LG, Hyundai, SK and Hanwha -- attended the organization’s meeting on Thursday morning, which was held to gather opinions about the future direction of the organization. The heads were absent from the meeting amid growing calls for the lobby
Dec. 15, 2016
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HHI shares fall from canceled plant project
Hyundai Heavy Industries’ stock price started off weak Thursday, a day after it announced its marine plant project worth 2.1 trillion won ($1.78 billion) was canceled, having been pending for more than three years.The stock price opened at 150,500 won on the Seoul bourse on Thursday, down 1.95 percent from the previous session, and continued to drop in the afternoon. The shipbuilder said Chevron North Sea had notified that it would withdraw the order to build a floating production storage offloa
Dec. 15, 2016
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S-Oil awards local heroes
Korea’s oil refiner S-Oil gave awards to dozens of citizens and bereaved families for risking or sacrificing their lives to save others, the company said Thursday.S-Oil presented a total of 140 million won ($118,600) to 34 citizen heroes at its annual Hero Neighbors Award event held at its headquarters in Seoul. S-Oil CEO Othman al-Ghamdi poses for a photo with award recipients at the S-Oil headquarters, Seoul, Thursday. (S-Oil)The recipients included 29-year-old job seeker Ahn Chi-beom, who pa
Dec. 15, 2016
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[Duty Free] SK Networks offers healing resort experience with duty-free
This is the fourth installment in a series of articles on companies vying for Seoul’s new duty-free licenses to be issued Saturday -- Ed. SK Networks‘ Sheraton Grande Walkerhill Hotel in Gwangjin-gu seeks to entice visitors by offering up a healing resort experience with shopping opportunities if it wins back a duty-free license. SK Networks has applied for the license to re-open its duty-free store at the Walkerhill Hotel, having expanded the floor space of its stores and storage by 2.5 times t
Dec. 15, 2016
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Korean nuclear fusion reactor takes step forward for commercialization
An experimental nuclear fusion reactor in South Korea has achieved a world record of 70 seconds in high-performance plasma operation, taking a step forward in commercializing a nuclear fusion reaction to produce electricity, researchers said Thursday. Unlike light and heavy water nuclear reactors, which are widely used for now, a nuclear fusion reaction provides safer electricity as it produces low levels of radioactive waste.Along with the United States, the European Union, Japan, Russia and Ch
Dec. 15, 2016
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What did Koreans google the most in 2016?
(TechOne 3)In 2016, South Korea’s most googled search term was “The Handmaiden,” an erotic thriller movie by award-winning director Park Chan-wook.Wrapping up the year, Google Korea on Thursday released a list of 10 most searched words between Jan. 1 and Dec. 10.The hit movie “The Handmaiden” attracted over 4.2 million viewers in local theaters, and has been sold to 175 countries after garnering attention at the 2016 Cannes Film Festival. Coming in second place was popular TV series “Descendants
Dec. 15, 2016
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Top court upholds tax on Lone Star over property deal
South Korea's top court on Thursday confirmed the validity of the tax the government imposed on U.S. private equity firm Lone Star's profits from its sale of a Seoul building, The Supreme Court upheld a lower court's decision which approved the 64.8 billion won ($55 million) tax the Yeoksam District Office of National Tax Service levied on Lone Star Fund III over the sale of the skyscraper in southern Seoul.The amount excludes 39.2 billion won which the tax office had levied as additional tax. T
Dec. 15, 2016
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Samsung Display's Q3 sales of flexible OLED screens exceed $1 billion
Samsung Display Co., the display-making unit of Samsung Group, saw its third-quarter sales of flexible organic light emitting diode screens exceed US$1 billion, according to industry data Thursday. In terms of sales of small and medium-sized flexible OLED screens for smartphones and other wearable gadgets, Samsung Display took the No. 1 spot for the third quarter with a market share of 31.8 percent. The data by IHS Markit showed Samsung Display posted sales of $3.66 billion in total in the small
Dec. 15, 2016
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Hyundai Heavy says 2 trillion won order canceled
Hyundai Heavy Industries Co. said Wednesday a 2.16 trillion won (US$1.8 billion) order to build an offshore facility has been canceled, but there are no losses for the shipbuilder. In a regulatory filing, the world's biggest shipbuilder by orders said Chevron North Sea Ltd. on Tuesday notified them of its decision to cancel the order to build a floating production storage offloading unit, citing a deteriorating business environment."As the process to build the offshore plant has not begun due to
Dec. 15, 2016
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SK hynix mulls over partnership with U.S.-based Seagate
SK hynix Inc., the world's second-largest producer of memory chips, said Wednesday it was considering teaming up with a U.S. hard disk drive maker to strengthen its competitiveness. In a regulatory filing with the Financial Supervisory Service, SK hynix said, "We are looking into various options, including setting up a joint venture with Seagate Technology PLC, to strengthen the mid and long-term competitiveness of our nonvolatile storage flash chips. But no decision has yet been made." In recen
Dec. 15, 2016
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Hyundai Heavy says 2 trillion won order canceled
Hyundai Heavy Industries Co. said Wednesday a 2.16 trillion won (US$1.8 billion) order to build an offshore facility has been canceled, but there are no losses for the shipbuilder. In a regulatory filing, the world's biggest shipbuilder by orders said Chevron North Sea Ltd. on Tuesday notified them of its decision to cancel the order to build a floating production storage offloading (FPSO) unit, citing a deteriorating business environment."As the process to build the offshore plant has not begun
Dec. 14, 2016
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[Newsmaker] Hanjin Shipping teeters on the brink
Hanjin Shipping, once the world’s seventh-largest shipping company, is on the verge of collapse and fading into history, despite its strenuous efforts to revive itself while under court receivership. According to the Seoul Central District Court in charge of the court receivership, accounting firm Samil PricewaterhouseCoopers has concluded that liquidation of the cash-strapped shipper is “more economical” rather than continuing with rehabilitation. The accounting firm estimated the liquidation v
Dec. 14, 2016
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Burson-Marsteller names new Korea chief
Global public relations and communications firm Burson-Marsteller announced Wednesday it has named Chee Ihn as the new head of its Korea branch. Chee Ihn, new market leader of Burson-Marsteller KoreaChee has expertise in public relations and marketing communications in the areas of consumer goods, pharmaceuticals and tech. She previously worked with Edelman Korea and Weber Shandwick Korea.Burson-Marsteller Korea was the first foreign communications firm to open here in 1989. It is part of the to
Dec. 14, 2016
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Starbucks Korea opens 1000th store
(Starbucks Coffee Korea)Starbucks Coffee Korea opened Wednesday its 1000th store in Cheongdam-dong, Seoul. The global coffee chain launched its first store in Korea in 1999 in front of Ewha Womans University in Seodaemun-gu.“The 1000th store marks a new roadmap for Starbucks Korea. We will continue to put in our best efforts to provide a comfortable and joyful cultural space for customers,” said Starbucks Korea. Spanning 258 square meters, the latest store covers three floors of the Cheongdam St
Dec. 14, 2016
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Incheon Airport to streamline, expand cargo facilities
Incheon Airport will build a new cargo complex and terminals with an aim to raise its annual freight volume to 3 million tons by 2020, the Transport Ministry said Wednesday.It is part of a move to improve the airport’s freight competitiveness in the face of changing air cargo market trends, with the world’s trade volume on an overall slowdown.The arrivals hall at Incheon International Airport (Incheon International Airport)Traditional air cargo items such as electronic products are now turning t
Dec. 14, 2016