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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[Photo News] Brushing up
Models and beauty creator Risabae (second from left) showcase makeup brushes and other products of Real Techniques by Sam and Nic Chapman, makeup artists and YouTube sensations, during a launch ceremony in Nonhyeon-dong, Seoul, Thursday. (Yonhap)
Nov. 3, 2016
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Hanwoo price dives due mainly to anti-corruption law
The wholesale prices of local beef fell to the levels of 15,000 won ($13) per one kilogram for the first time in 17 months due mainly to the enforcement of an anti-corruption law, data showed Thursday.The wholesale prices of domestic beef, known as "hanwoo," came to 15,845 won for 1 kg as of Oct. 28, according to data compiled by the National Agricultural Cooperative Federation.It represents a sharp decline from 19,189 won per one kg in the third week of September, a week before the anti-corrupt
Nov. 3, 2016
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Korean ramyeon expands presence in Taiwan
Korean instant noodles are becoming more popular in Taiwan, where there is already a strong preference for such products, a survey by the Korea Trade-Investment Promotion Agency showed Thursday. Korea’s largest food manufacturer Nongshim’s flagship Shin Ramyun ranked No. 3 on a list of 10 instant noodles most enjoyed by Taiwanese consumers, who liked the product’s light soup and chewy noodles, KOTRA’s Taipei branch said. YonhapJapan’s Cup Noodle came in at fourth place, and the other eight on th
Nov. 3, 2016
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Hyundai Motor Grandeur IG breaks record for most preorders
Hyundai Motor’s latest model Grandeur IG posted an all-time high number of preorders signed in the local market, the firm said Thursday. Preorders for a total of 15,973 units were signed Wednesday, when Korea’s leading automaker began accepting them. Hyundai MotorThe figure is the highest number of preorders made in Korea, topping the 10,827 units set by the company’s YF Sonata 2009 model, the company said.“Grandeur IG was designed to offer the classiness of German cars and dynamics of Italian
Nov. 3, 2016
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LG Electronics No. 2 in global sales for Q3
LG Electronics reaped the second-highest sales of household appliances in the world in the third quarter of this year, exceeding Sweden-based Electrolux, the firm said Thursday. Korea’s home appliance manufacturer earned over 4.27 trillion won ($3.73 billion), up 2.8 percent on-year between July and September this year, according to LG Electronics.LG ElectronicsElectrolux’s third-quarter sales tallied at $3.62 billion, down 1.8 percent from a year earlier.“LG’s third quarter outcome is attributa
Nov. 3, 2016
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Was Choi behind resignation of Hanjin chairman from PyeongChang Olympics post?
Local news reports have raised new speculations over the possible influence of President Park Geun-hye’s friend Choi Soon-sil over the sudden resignation of Hanjin Group Chairman Cho Yang-ho as the chief organizer for the 2018 PyeongChang Olympics.On May 3, Cho, the largest stakeholder of the group’s bankrupt Hanjin Shipping, said he was resigning to focus on normalizing the company’s business.His successor was named just six hours later, stoking rumors that Cho’s resignation may not have been v
Nov. 3, 2016
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[Graphic News] Korean shipbuilding industry’s outlook remains grim
The South Korean government is moving to help local shipbuilders suffering from declining new orders. On Monday, the Finance Ministry said that the government would order over 250 public vessels worth more than 11 trillion won ($9.6 billion) in total by 2020. The ministry has also encouraged the industry to restructure their businesses and focus on value-added ship services. The industry as well as the opposition parties, however, criticized the latest measures, calling them an insufficient reha
Nov. 2, 2016
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Korea's first Td vaccine scores regulatory approval
South Korean biopharma developer Green Cross said Wednesday that its self-developed tetanus-diphtheria vaccine for adults has been approved by the Korean Ministry of Food and Drug Safety. It is the first time that a Korean drugmaker has successfully developed and scored regulatory approval to commercialize a Td vaccine here.Right now, Koreans are mandated to receive a Td vaccine between the ages of 10 and 12, and receive new vaccine shots every 10 years.Until now, Td vaccines were entirely impor
Nov. 2, 2016
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[Economy at risk] Fears prevail on path to Korea’s industrial transition
When Kim Young-mi, a 63-year-old housewife in Seoul, held a group prayer meeting at a catholic church in her neighborhood last week, the economic situation was at the top of her prayer list.“I am deeply concerned about the future of the nation’s economy,” Kim said.As an ordinary citizen, Kim said she has yet to directly feel the economic pinch, but she has been growing more concerned by the flurry of news reports warning of the looming economic crisis. What was most distressing to Kim and other
Nov. 2, 2016
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[Photo News] Christmas coming
A visitor looks at a Christmas tree and ornaments displayed at the event Food Week Korea 2015, held at Coex, Samseong-dong, Seoul, Wednesday. (Yonhap)
Nov. 2, 2016
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[Photo News] For renewable energy biz
Korea Electric Power Corp. CEO Cho Hwan-eik (center) poses for a photo with South Jeolla Province Gov. Lee Nak-yeon (left) and Jeju Gov. Won Hee-ryong, after agreeing to facilitate renewable energy business in the regions at the Kim Dae-jung Convention Center in Gwangju, South Jeolla Province, Wednesday. (KEPCO)
Nov. 2, 2016
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Ilsung exits from court receivership
Plant equipment company Ilsung recently succeeded in exiting from court receivership after over four years of self-rescue measures, the company said Wednesday. The company filed for the court receivership in April 2012 after it faced financial damage in the aftermath of the global financial crisis in 2008. Established in Ulsan in 1984, Ilsung provides high quality process equipment for oil, gas and energy industries. It has has global companies as its clients including Shell, UOP, Bechtel, Fluor
Nov. 2, 2016
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Prosecutors look into suspected Samsung payments to Choi Soon-sil
The prosecution said Wednesday that it is looking into the suspicion that Choi Sun-sil, President Park Geun-hye’s confidante, allegedly received massive funding from Samsung Electronics through a paper company established in Germany. The special prosecutorial team, launched to investigate the high-profile Choi case, said it found signs that about 3.5 billion won ($3 million) of Samsung’s funds had been sent to Widec Sports, a company that Choi and her daughter Chung Yoo-ra jointly established in
Nov. 2, 2016
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Korea has world’s highest online shopping rate: report
South Korea has the highest ratio of shoppers who buy products online, global market research firm Kantar TNS said Wednesday.Among 70,000 internet users from 57 countries, 81 percent of Koreans answered that they have used online shopping, topping the list for two consecutive years, the report showed.Norway and Brazil came next at 78 percent and 76 percent, respectively.“Koreans in all age groups have a higher e-commerce participation rate than the global average. Online shopping is becoming a c
Nov. 2, 2016
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Business community facing storm over donations
The business community is bracing for stormy days ahead as the investigation progresses on shady foundations linked to the president's confidante Choi Soon-sil and companies that reportedly were forced to make donations to them, inside officials said Wednesday.At the center of the storm are An Chong-bum, former senior presidential secretary for economy, and the Federation of Korean Industries. An faces prosecution questioning over allegations that he organized 77.4 billion won ($67.78 million) i
Nov. 2, 2016
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[Photo News] Resistance
Trade union members of Daewoo Shipbuilding & Marine Engineering protest against the government-led restructuring measures for the shipbuilder. The Korea Development Bank on Tuesday announced an additional measure to swap more than 1.6 trillion won ($1.4 billion) of debts into equities and resume stock tradingby March 2017 in order to salvage the shipbuilder from capital erosion. DSME’s trade union, meanwhile, is opposed to the measures, which require layoffs of about 5,000 employees. Around 1,30
Nov. 1, 2016
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[Photo News] Bolstered safety
Asiana Airlines employees monitor aviation data via its newly deployed aviation safety management system named AASIS2, or Asiana Airlines Safety Information 2, at the company’s safety control tower in Gangnam, Seoul, Tuesday. (Yonhap)
Nov. 1, 2016
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Chaebol face questions over Choi links
The scandal involving President Park Geun-hye and her confidante Choi Soon-sil is spreading to the chebols, raising concerns about the possibility of influence-peddling in major business deals.The prosecution that is investigating allegations against Choi, has questioned executive level officials at Lotte and SK groups this week.(Yonhap)According to sources, the prosecution is planning to summon other executive members of conglomerates, such as CJ and Samsung, to question whether there was any u
Nov. 1, 2016
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Diageo Korea launches milder spirit drink
Diageo Korea rolled out a “low alcohol” blended 17-year-old Scotch whisky-based spirit drink, W Signature by Windsor, in a move to gain a stronger foothold in the growing local market for milder alcohol drinks, the firm said Tuesday. “There is definitely a greater demand for smooth low proof whisky in Korea. We are confident that our new drink will live up to consumers’ preference for smooth liquor, and reposition whisky as a casual drink,” said Cho Kil-soo, CEO of Diageo Korea, at a press conf
Nov. 1, 2016
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AmorePacific’s Q3 profit hit by toothpaste recall
South Korean cosmetics giant AmorePacific Group said Tuesday that its third-quarter operating profit rose 16.7 percent to 219.7 billion won ($192.5 million), led by the strong growth of its cosmetics businesses abroad. The group’s revenue also rose 22.9 percent on-year to reach 1.65 trillion won in the July-September period, according to the company’s regulatory filing.However, its net profit in the third quarter dropped 0.4 percent to 151.4 billion won, due to losses sustained by its biggest su
Nov. 1, 2016