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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Korean bands get their day in the sun, finally
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Dessert market expands 13.9% on-yr in 2014
South Korea's dessert market expanded 13.9 percent in 2014 from a year earlier on rising demand for sweets and non-alcoholic drinks, government data showed Wednesday.The combined value of the local confectionery and non-alcoholic beverages markets stood at 8.9 trillion won ($7.9 billion) in 2014, up 13.9 percent from a year earlier, according to the available data compiled by the Ministry of Agriculture, Food and Rural Affairs.The dessert market accounted for 10.7 percent of the country's entire
Nov. 9, 2016
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CEOs' tenures of top conglomerates shorter than three years: survey
The average tenure of CEOs at South Korea's top 30 conglomerates and their affiliates is 2.5 years, with 18 percent of them leaving in less than a year, a survey by a corporate tracker said Wednesday.According to CEO Score, executives stayed on for more than three years at only seven of the surveyed conglomerates. At three conglomerates, they were let go in less than two years.The survey covered 2,504 CEOs at the business groups and their subsidiaries who were appointed in 2000 and later. Member
Nov. 9, 2016
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Daewoo Shipbuilding labor union pressed to accept self-rescue plan
Creditors of embattled Daewoo Shipbuilding & Marine Engineering Co. have demanded that the shipbuilder's labor union accept the company's large-scale restructuring scheme in return for helping the shipyard stay afloat, industry sources said Wednesday.The creditors, led by the state-run Korea Development Bank, is set to announce a debt-for-equity swap worth 3.2 trillion won ($2.83 billion) for Daewoo Shipbuilding this week, in order to help it avert delisting from the local stock market.According
Nov. 9, 2016
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Wage level of Hyundai Motor workers in US, Korea ‘not the same’
Hyundai Motor’s head office in Seoul on Tuesday refuted recent reports that compared the average wage levels at the carmaker’s plants in US and Korea, highlighting differences in payment and taxes.“Making such wage comparison is inadequate because categories applied are not the same,” a Hyundai official said. (Yonhap)The carmaker was responding to local reports that workers at Hyundai Motor’s production plant in Alabama were paid as much as their counterparts in Korea on average last year.Last y
Nov. 8, 2016
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[Newsmaker] Prosecutors raid Samsung over Choi scandal
South Korea prosecutors raided the headquarters of Samsung Group on Tuesday to investigate the extent to which the conglomerate was implicated in a political scandal involving President Park Geun-hye and her longtime friend Choi Soon-sil. Around 20 investigators searched the office of Park Sang-jin, who is chief of Samsung Electronics and chairman of the Korea Equestrian Federation, and the offices of other executives located in the company’s Seocho office building that is the group’s headquart
Nov. 8, 2016
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Gov't cautious about full compensation for Kaesong complex firms
South Korea's government on Tuesday said it remains cautious about lawmakers' push to fully compensate local firms that operated factories at the now-shuttered joint industrial complex for their losses following Seoul's decision to close the factory park.The government has provided 460.7 billion won ($405.7 million) out of about 500 billion won in state funds to 123 South Korean companies which ran factories at the Kaesong Industrial Complex, according to Seoul's unification ministry.Despite the
Nov. 8, 2016
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Daewoo Shipbuilding's asset sales gather pace
Daewoo Shipbuilding & Marine Engineering Co. is ratcheting up efforts to sell its assets to secure cash amid a protracted slump, industry sources said Tuesday.According to the sources, the troubled shipyard has recently named a preferred bidder for Welliv Co., one of its money-making units, which is involved in the food service, hotel and travel businesses. Earlier this month, the shipyard also inked a deal to sell its ship-design affiliate, DSEC Co., to a local private equity fund. Daewoo Shipb
Nov. 8, 2016
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Why are Starbucks planners such a hit in Korea?
Demand is skyrocketing for the 2017 planners made by Starbucks Coffee among loyal fans here, with many going to great lengths to get hold of the limited-edition organizers. Starbucks Coffee Korea launched next year’s planners as part of its annual Christmas promotion on Oct. 28 at some 950 stores across the country. Popular versions of the planner are already sold out at some stores, the coffee chain said Tuesday. The company is offering the planner in four colors -- red, black, pink and mint --
Nov. 8, 2016
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Will FKI find way to transform?
Facing the worst-ever crisis over its suspected links with President Park Geun-hye’s embattled confidante, the Federation of Korean Industries is to hold a meeting of business chiefs this Friday to find ways to transform itself.The club for the richest and most powerful South Korean capitalists has faced mounting pressure in recent weeks to disband or radically reform, since prosecutors began questioning FKI officials whether the group coerced its member conglomerates to donate a combined 80 bil
Nov. 8, 2016
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Posco E&C wins $900m hotel project in Saudi Arabia
Posco E&C has inked a $900 million joint venture with a Saudi Arabian construction company to build a hotel complex near a pilgrimage city of Madinah, officials said Tuesday.Posco and PECSA will work together to build a four-star hotel consisting of 3,070 rooms in five separate buildings, in Madinah Hajj City, a new city currently under construction to serve millions of visitors on their way to Madinah from Mecca. PECSA is a joint venture established in January by the South Korean engineering fi
Nov. 8, 2016
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'Almost all Hanjin ships unloaded'
Almost all of the container ships operated by troubled Hanjin Shipping have completed their cargo unloading at ports around the world as of Monday, with five container ships still stranded at sea, a high-ranking government official said.However some discrepancies were found in the government data as the company clarified there were actually six ships stranded at sea. Vice Finance Minister Choi Sang-mok speaks at a press briefing in Seoul, Tuesday. (Ministry of Strategy and Finance)Vice Finance M
Nov. 8, 2016
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Drug safety ministry criticized for lack of action over Botox feud
Corporate feud over the source of a toxin strain used in Botox injections has raised safety concerns among consumers, who lay the blame on the state drug safety agency for standing akimbo even when the controversy is growing.Officials at the Ministry of Food and Drug Safety reaffirmed Tuesday that the safety and effects of Botox products allowed in the country have been verified, dismissing accusations between companies that have been arguing over the source of the botulinum toxin that rivals ha
Nov. 8, 2016
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Nexon to unveil 35 new games at annual trade fair
Online gaming firm Nexon Korea Co. said Tuesday it will unveil 35 new games at an annual game trade fair later this month. The annual G-Star Global Game Exhibition will begin its four-day run in the southern port city of Busan from Nov. 17. The 35 new games include 16 mobile games, 2 games for personal computers, which were developed by Nexon, and 17 games published by the company, Nexon officials said. 2015 G-Star Global Game Exhibition (Yonhap)Among the new games are a so-called multiplayer o
Nov. 8, 2016
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Prosecutors raid Samsung's headquarters over political scandal
Prosecutors raided Samsung Electronics Co.'s offices in Seoul on Tuesday amid allegations that it provided illicit favors to the daughter of Choi Soon-sil, President Park Geun-hye's close friend at the center of an influence-peddling scandal.The prosecution said it raided the offices in charge of external affairs, located in Samsung Group's headquarters in southern Seoul, and confiscated documents related to the tech giant's business with the Korea Equestrian Federation. The federation is suspec
Nov. 8, 2016
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LG Chem to inject $100m to ABS business
Chemical and battery firm LG Chem plans to inject $100 million to the acrylotitrile-butadiene-styrene (ABS) business by 2018 in a bid to secure its top position in the global market, the company said Monday. LG Chem said it would increase the annual capacity of its ABS plant in China by 150,000 tons, leading to a total of 300,000 tons of annual capacity. The Korean company jointly established the ABS plant in Guangdong Province with Chinese state-run energy firm Chinese National Offshore Oil Cor
Nov. 7, 2016
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S-Oil provides coal briquettes for underprivileged
Korea’s oil refiner S-Oil provided 60,000 coal briquettes for the underprivileged in Gaemi Village in Hongjae-dong, northwestern Seoul, as part of its regular campaign supporting low-income residents, the company said. S-Oil CEO Othman Al-Ghamdi and some 100 employees delivered coal briquettes to the homes of low-income households and the elderly who live alone. S-Oil CEO Othman al-Ghamdi (third from right) delivers coal briquettes with employees in Gaemi Village in Hongjae-dong, northeastern S
Nov. 7, 2016
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Korean pharma workforce grows 27% in 4 years
Led by the expansion of the South Korean pharmaceutical industry, the size of the local pharma workforce grew by 27 percent compared to four years ago, recent data showed Monday. According to the Korea Pharmaceutical Manufacturers Association, a total of 94,500 people were employed at some 842 pharmaceutical companies as of 2015, a sharp increase from 2011, when 74,000 people were employed at 822 companies. (123RF)While the number of pharmaceutical companies rose just 2 percent during the four-y
Nov. 7, 2016
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South Koreans spend less on rice: report
South Koreans, particularly those living in the capital region, are spending less on rice, marking an over 15 percent drop in expenses for rice consumption last year, a government report said Monday.Throughout the year, households in the capital region on average spent around 126,000 won ($110) on plain rice, 19,000 won on brown rice and 11,000 won on glutinous rice, totaling some 165,000 won. (Yonhap)It was down 15.6 percent from 2014, according to the report by the Gyeonggido Agricultural Res
Nov. 7, 2016
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Asiana Airlines posts 152.6 bln-won net in Q3
Asiana Airlines Inc., a major South Korean flag carrier, said Monday its net profit turned to the black in the third quarter on increased sales.Net profit came to 152.6 billion won ($133.7 million) in the July-September period, compared with a net loss of 62.16 billion won in the same period last year, the company said in a regulatory filing.The third quarter net also marked a turnaround from a net loss of 26.65 billion won in the previous quarter.In the three months ended Sept. 30, sales jumped
Nov. 7, 2016
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Korea to host medical tourism exhibition in UAE
South Korea will host a medical tourism exhibition in the United Arab Emirates to lure more Middle Eastern patients in need of advanced treatment, the state-run tourism agency said Monday. The Korea Tourism Organization and the Ministry of Culture, Sports and Tourism will co-host the "Korea International Medical Tourism Convention" in the UAE capital city of Abu Dhabi from Thursday to Friday. A total of 28 organizations, including 16 hospitals, related government organizations and travel agencie
Nov. 7, 2016