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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2 Japanese auto parts makers fined for price collusion
The South Korean anti-trust watchdog slapped multi-million-dollar fines on two Japanese firms Tuesday for colluding to fix the prices of scroll-type compressors supplied to General Motors Co.In 2009, Mitsubishi Heavy Industries Ltd. and Denso Corp. colluded on bid prices for the supply of the auto component, according to the Fair Trade Commission (FTC).Mitsubish won the contract and GM's Korean unit purchased around one million compressors.The FTC said it has decided to fine Mitsubish 7.4 billio
Nov. 1, 2016
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Korea seeks ways to attract more Chinese cruise travelers
South Korea will step up efforts to lure more cruise travelers from Chinese-speaking countries to grab a bigger chunk of the fast-growing tourism sector, the state-run tourism agency said Tuesday. The Korea Tourism Organization said it will hold a "Korea Cruise Travel Mart" on Wednesday at the JW Marriott Hotel in Seoul with chiefs of 19 cruise travel agencies from China, Taiwan and Hong Kong. The event, the third of its kind, is aimed at introducing major Korean ports to overseas travel agencie
Nov. 1, 2016
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Construction permits shrink on cut in residential buildings in Q3
Construction permits for new buildings dropped from a year earlier in the third quarter due to a large cut in permits for new residential buildings, government data showed Tuesday.The number of construction permits issued for new buildings came to 69,874 in the July-September period, down 0.4 percent from the same period last year, according to the Ministry of Land, Infrastructure and Transport.From the previous quarter, the third quarter tally marked an 8.3 percent dip.The drop was largely attr
Nov. 1, 2016
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Samsung needs to make systematic changes: CEO
Kwon Oh-hyun, chief executive officer and vice chairman of Samsung Electronics, said Tuesday that the Galaxy Note 7 debacle has given the company a chance to reflect on its corporate structure. In a speech delivered at an event held to celebrate Samsung Electronics’ 47th anniversary, the CEO also urged for more internal monitoring in order to improve its crisis management operations. Kwon Oh-hyun, chief executive officer and vice chairman of Samsung Electronics”The global economy, faced with gro
Nov. 1, 2016
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LG H&H to acquire Johnson & Johnson‘s oral care brand
LG Household & Health Care, a Seoul-based cosmetics firm, has acquired the Asia-Pacific business of REACH Brand oral care from Johnson & Johnson, the company said Tuesday. The deal was made for an undisclosed amount, it added.Acquiring Johnson & Johnson’s oral care brand will expand LG H&H‘s presence in the oral care market across the Asia-Pacific region, the company said. It would expand into new markets, such as Australia, New Zealand, and India, it added.“The strategy behind the acquisition i
Nov. 1, 2016
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Star marketing working for vitamins
Celebrities can take most of the credit for the sales jump in vitamins, including Go master Lee Se-dol whose advertised brand sales more than doubled over a year, industry officials said Tuesday.Yuhan Corporation had launched "Megatrue," a vitamin supplement, in 2012, but the product only gained market profile this year. The company hired Lee, who was internationally spotlighted in March as he played against Google's artificial intelligence program in the ancient board game, as the product spoke
Nov. 1, 2016
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AmorePacific Q3 net down on toothpaste recall costs
South Korea's top cosmetics maker AmorePacific Co. said Tuesday that its third-quarter net earnings were slightly down from a year ago as recall expenses of its toothpastes weighed on its balance sheet despite strong sales. Net profit came to 151.4 billion won ($132.5 million) in the July-September period on a consolidated basis, down 0.4 percent from a year earlier, the company said in a regulatory filing.Operating income rose 16.7 percent on-year to 219.7 billion won during the cited period, a
Nov. 1, 2016
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Vietnam becoming big market for Korean ginseng
Vietnam has become the largest importer of Korean ginseng in Southeast Asia, a market that China is aggressively chasing to erode Korea's lead, a trade group said Tuesday.According to the Ho Chi Minh office of the Korea Trade-Investment Promotion Agency, South Korea exported 1,362 tons of ginseng to Vietnam last year, totaling US$9.46 million. The amount is the largest among Southeast Asian countries and sixth in the list of nations that buys South Korean exports of ginseng. Vietnam was also the
Nov. 1, 2016
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Creditors mull 3 tln won equity swap, stocks purchase for Daewoo Shipbuilding
Creditors of Daewoo Shipbuilding & Marine Engineering Co. are set to announce a debt-for-equity swap and other measures, worth 3 trillion won ($2.62 billion), for the embattled shipbuilder next week, to help one of the country's big three shipyards avoid a possible delisting from the local stock market, industry sources said Tuesday.The country's two policy lenders -- the Korea Development Bank (KDB) and the Export-Import Bank of Korea (EXIM Bank) -- have said they would provide a combined 4.2 t
Nov. 1, 2016
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[Graphic News] Average salary of major firms tops 70 million won
The average annual salary of workers at 88 largest listed firms stood at 73.4 million won ($64,317) in 2015, data by Korea’s stock market operator showed Monday. The figure is a 20 percent increase from 61.2 million won in 2011, according to the Korea Exchange.The surveyed firms employed an of 8,633 workers, whose continuous service averaged 10.13 years, up 4.1 percent compared to four years ago. Experts say, longer continuous service reflects the enhanced work environment of the listed companie
Oct. 31, 2016
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Celltrion seeks EMA approval of Herceptin biosimilar
South Korean biopharma developer Celltrion said Monday that it has submitted its Herceptin biosimilar to the European Medicine Agency for approval, taking a step closer to commercializing the drug in European markets. Celltrion submitted Herzuma to the EMA on Oct. 27. Herzuma is a biosimilar referencing Roche’s blockbuster breast cancer drug Herceptin (trastuzumab) which raked in a revenue of $6.8 billion worldwide in 2015. The Celltrion headquarters in Songdo, Incheon (Yonhap)Biosimilars refer
Oct. 31, 2016
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[Photo News] Sharing
Daesang Corp. CEO Myung Hyung-sup (left), employees and volunteers put together 6,000 presents, composed of Daesang Chungjungone‘s signature red pepper paste and other groceries, for donation as part of the firm’s 60th founding anniversary event at Gwanghwamun Plaza, central Seoul, Monday. (Yonhap)
Oct. 31, 2016
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Ministry moves to help regions hit by shipbuilder crisis
The Korean government vowed Monday to inject 3.7 trillion won ($3.2 billion) into five shipbuilder-concentrated areas by 2020 to alleviate the financial challenges of crisis-hit companies and lower regional dependence on the shipbuilding industry. The Ministry of Industry, Trade and Energy said it would firstly provide 2.7 trillion won by next year to five areas -- Ulsan, Busan, South Gyeongsang Province and South and North Jeolla provinces, where shipbuilders, subcontractors and equipment busin
Oct. 31, 2016
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Construction sector under gov't microscope over possible risks
South Korea's financial authorities said Monday they will scrutinize the financial health and risk factors of major builders in a move to brace for a downturn in the construction business.The authorities are set to look into the financial health of construction companies based on their semiannual reports while analyzing the housing business and the companies' estimates on bagging overseas orders for construction and industrial plants.The government is seeking ways to strengthen competitiveness o
Oct. 31, 2016
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Air Busan to launch flight linking Busan to Sanya, China in Dec.
Air Busan, a low budget airline under South Korea's No. 2 flag carrier Asiana Airlines Inc., said Monday it will launch a route to Sanya on China's southernmost island of Hainan from South Korea's southeast port city of Busan, starting Dec. 7.The South Korean airline plans to operate four round-trip services per week that depart at 10:05 p.m. from Gimhae airport near Busan on Wednesday, Thursday, Saturday and Sunday. From Sanya airport, the four-hour flights depart at 3:05 a.m. on Monday, Thursd
Oct. 31, 2016
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US beef overtakes Australian beef in import volume in Oct.
The United States has become South Korea's largest source of beef imports in October as more consumers prefer American products as an alternative to the expensive local supply, US quarantine data showed Monday. South Korea imported a total of 10,551 tons of American beef from Oct. 1-20, surpassing Australian imports of 8,382 tons over the same period, according to the data compiled by the US Meat Export Federation. Shoppers at a Seoul supermarket look at imported poultry on Oct. 3, 2016. (Yonha
Oct. 31, 2016
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Bidders start due diligence on Hanjin Shipping's Asia-US route
Bidders for Hanjin Shipping Co.'s Asia-US route up for sale will start a due diligence process this week, with the asset sale by the country's ailing shipper expected to be completed by next month, industry sources said Monday.Last week, Hyundai Merchant Marine Co., the Korea Shipping Association, Korea Line Corp., local private equity fund Hahn & Co. and an unidentified investor submitted their preliminary bids for Hanjin Shipping's lucrative asset.The asset sale includes vessels that operate o
Oct. 31, 2016
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Ailing shipyards, shippers to win massive public orders, fresh financing
South Korea's government and public entities will place orders for more than 250 ships, worth about 11 trillion won ($9.59 billion), with domestic shipyards by 2020 as part of a plan to stimulate the ailing shipbuilding sector, its finance minister said Monday.The government's industrial restructuring measures, finalized at a meeting of economy-related ministers, also call for upgrading the competitiveness and profitability of the shipping industry as well as shipyards, as the two sectors have b
Oct. 31, 2016
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Korea's industrial output dips 2% on-yr in Sept.
South Korea's industrial output dropped in September to snap a four-straight month rise on a slump in auto output and mobile devices, a government report showed Monday.Production in the mining, manufacturing, gas and electricity industries fell 2 percent last month from a year ago, according to the report by Statistics Korea.The September figure marked a drop for the first time in five months, following a gain for four straight months.From a month earlier, industrial output edged up 0.3 percent
Oct. 31, 2016
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Pigeon highlights 'safety first' principle over toxicity scandal
Humidifier sterilizers were big sellers back in early 2000s, but Pigeon, a Korean household product maker, refused to manufacture them.The company examined the necessity of the product, questioning whether the customers would want the product consistently and whether they would last in the years to come. Pigeon also looked into the origin of the substances used in the product and discovered they were not the outcome of a lengthy research and development process, but a chemical compound mostly su
Oct. 30, 2016