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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1,430 minors investigated for drug offenses from 2018 to 2023: police
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Market uncertain on Korea's October rate cut despite slowed inflation
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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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Lotte chairman vows to improve transparency
Lotte Group Chairman Shin Dong-bin on Tuesday pledged to improve the transparency of the group’s management and to restart processes for the public listing of its hotel unit which had been stalled due to a lengthy probe into irregularities at the Korean-Japanese retail giant.In his first official appearance since his indictment last week, the Lotte chief delivered a public apology for causing trouble and unveiled a major restructuring plan for building up a “new Lotte” rooted in transparency and
Oct. 25, 2016
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Popularity of European upmarket home appliances on rise in Korea
The number of South Koreans who have purchased European upmarket home appliances from online vendors abroad is on the rise, a survey showed Tuesday, representing a growing popularity of high-quality and stylish appliances. According to the survey by G9, an online shopping website, sales of European kitchen appliances more than quadrupled on year for the July-September period.Sales of European household appliances also jumped more than six times on year for the quarter, the survey said. Among pop
Oct. 25, 2016
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Exec of Korea's largest lobby summoned over scandal-ridden foundations
An executive of the country's largest big business lobby group was summoned Tuesday as prosecutors accelerated their investigation into two non-profit foundations, allegedly linked to a controversial figure with ties to President Park Geun-hye.Lee Yong-woo at the Federation of Korean Industries was called in by the Seoul Central District Prosecutors' Office to face questions over the Mir Foundation and K-Sports Foundation. Established in 2015 and early this year, the two foundations are suspecte
Oct. 25, 2016
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Korean Airlines swings to black in Q3
Korean Airlines Co., South Korea's top air carrier, said Tuesday that it swung to the black in the third quarter of the year, from a year earlier, largely thanks to lower oil prices and increased passengers.Net profit reached 428 billion won ($376 million) in the July-September period, compared with a loss of 510 billion won a year earlier, the company said in a regulatory filing.Sales increased 4.7 percent on-year to reach 3.06 trillion won over the cited period, while operating income reached
Oct. 25, 2016
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Kumho Tire’s racing team wins national competition
Ecsta Racing Team sponsored by Kumho Tire won a trophy at the 2016 CJ Korea Express Super Race, the company said Monday. According to Kumho Tire, one of the Kumho team members Yuji Ide won the championship at the final eighth match held Sunday in Yeongam, South Jeolla Province. Another team member Jung Eui-chul ranked sixth, but was picked as the champion of this season, as his total scores from previous games held in other racing circuits in Korea, Japan and China dominated others. Kumho Tire E
Oct. 24, 2016
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[Photo News] Trick or treat?
Models promote a variety of Halloween-themed products at Lotte Mart’s Guro branch, Monday. Toys R Us and Toybox stores will run special promotions for costumes and other Halloween products until Nov. 2. (Lotte Mart)
Oct. 24, 2016
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Seoul lacks mid-range accommodation
Seoul is seeking more mid-range priced accommodation to counter the glut of overpriced and low-cost rooms, the Ministry of Culture, Sports and Tourism reported Monday.According to the government report, the 23,164 mid-range rooms located in Seoul -- priced between 60,000 won and 200,000 won -- failed to cover the 32,567 requests this year. A photo of Shilla Stay in central Seoul (Yonhap)In contrast, an extra 3,017 rooms priced over 200,000 won were still available. Hotels cheaper than 60,000 wo
Oct. 24, 2016
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Sustinvest opposes Lee Jae-yong nomination
South Korean proxy advisory firm Sustinvest on Monday advised shareholders of Samsung Electronics to oppose the nomination of Vice Chairman Lee Jae-yong to the company’s board of directors.This is considered the first call of opposition to Lee’s nomination, which has been supported by a major shareholder of Samsung Electronics and other foreign proxy advisory companies. The shareholders’ meeting on Lee’s nomination is to be held Thursday. “Lee is not qualified to be an internal director because
Oct. 24, 2016
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MegaStudy donates W30b to encourage young start-ups
South Korea’s largest online education service provider MegaStudy announced Monday that Chairman Sohn Ju-eun would pour in 30 billion won ($26.5 million) of his own private assets to set up a startup incubator to groom young Korean entrepreneurs. Named after the late daughter of the chairman, the Yoon-min Creative Investment Foundation was established in accordance with the chairman’s earlier commitment to donate profits to society when he first set up the business in 2000. MegaStudy Chairman So
Oct. 24, 2016
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Market for cheap, hassle-free unlocked phones growing
A growing number of Korean consumers are opting for unlocked smartphones due to their low cost and hassle-free appeal, according to industry data Monday. An unlocked smartphone is a phone not tied to a specific telecom operator, meaning users are not bound by a contract -- commonly two or three years here -- with a carrier. The downsides are not being able to benefit from various subsidies offered by the carrier and possible limitations in the scope of after-sales service.According to local onli
Oct. 24, 2016
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Shinsegae, KITA to sign Coex deal on Friday
Shinsegae, South Korea’s largest retailer, said Monday that it is scheduled to sign a deal with Coex on Friday. The announcement came hours after local news reports suggested Shinsegae’s Coex deal was on the brink of collapse.The deal will be made between Shinsegae Property, the development unit of Shinsegae Group, and the Korean International Trade Association, the owner of Coex Mall and City Airport Logis & Travel Mall. The final agreement comes more than three months after the Shinsegae devel
Oct. 24, 2016
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HHI wins contract to build two frigates for Philippine Navy
Hyundai Heavy Industries won a contract to build two frigates for the Philippines Navy, the company said Monday. Chung Ki-sun, the executive vice president of HHI Corporate Planning Office, and Philippines’ Defense Secretary Delfin Lorenzana signed an agreement in Manila to build two 2,600-ton frigates worth 370 billion won ($325.7 million). Hyundai Heavy Industries’ 2,600-ton frigate (HHI)The 107-meter long frigates with a width of 12 meters will be propelled with a combined diesel and diesel
Oct. 24, 2016
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Hyundai Avante 4th best-selling car of 2015
Hyundai Motor’s Avante was the fourth best selling car in the world last year, industry data showed Monday. According to global automobile market researcher Best Selling Cars Blog, in 2015, Hyundai Motor sold 913,152 units of the Elantra, sold as Avante in Korea, making the model the fourth most sold vehicle among 1,382 models surveyed.Avante jumped two spots on the list from ranking sixth in 2014 with just above 800,000 deliveries.Toyota’s Corolla topped the list for the 11th consecutive year w
Oct. 24, 2016
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[WWF Special] Making smart choices to save Korea’s environment
While environmental depletion has been a worldwide trend over the past decades, its consequences could not be more alarming than in South Korea -- a country with scarce, yet quickly depleting ecological reserves. Nonetheless, Korea today has potential to significantly reduce its burden on nature by initiating big and small changes from both the top-down and bottom-up perspectives, said the Global Footprint Network, an international environmentalist think tank.Throughout the course of its rapid e
Oct. 24, 2016
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Hanjin Shipping seeking to close European operations
Cash-strapped Hanjin Shipping Co. is seeking to close its European operations, raising speculation that the country's No. 1 shipper is preparing for a liquidation process, industry sources said Monday.According to the sources, Hanjin Shipping, currently under court receivership, has asked a local court to allow it to sell and liquidate its European operations.It is unclear whether the court will give the nod to the shipper to proceed with the plan.Last week, the shipper also said it would sell i
Oct. 24, 2016
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Doctors fined for obstructing business of traditional doctors
Major associations of doctors were slapped with hefty fine for attempting to obstruct the business of Korean medicine doctors by pressuring companies not to sell them medical equipment, the Fair Trade Commission said Sunday.The Korean Medical Association, the National Union of Korean Medical Doctors and Korea Medical Clinic Association were given penalties totaling 1.14 billion won for forcing medical equipment and diagnostic companies from doing business with the Korean traditional medicine pra
Oct. 23, 2016
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Lotte removes over 8,000 safety hazards in new tower
Lotte Corp. eliminated over 8,000 safety problems in the past year at the Lotte World Tower, which is slated to open in April, the company said Sunday. The company said a total of 8,266 safety cases were found in its independent probe from November last year, with 97 percent of them fixed. The problems included trivial maintenance issues to safety-related matters such as managing fire apparatus and protective equipment. “Checking only one floor takes a lot of time and effort as each floor is aro
Oct. 23, 2016
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Sales of large furniture increasing
Sales of large furniture sharply grew in the third quarter this year, indicating a new trend in lifestyle among young South Korean newlyweds and families. According to furniture giant Hanssem, sales of six-person dining tables rose threefold compared to 2014. Bed-maker Ace Bed has also seen the sharp growth in sales of king-size beds, with a 17.7 percent rise this year, up by 3.4 percentage points compared to 2014. (Hanssem)As the use of furniture is becoming diversified and the demand for extr
Oct. 23, 2016
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Venture companies see rise in exports
As South Korea’s many conglomerates suffer from lagging exports, recent statistics show that venture companies are managing to improve their overseas business.Korea International Trade Association said Sunday that although overall exports from the country from January to September this year fell by 8.5 percent on-year, those of venture companies were on a five-month growth streak.The term venture companies here refers to small and mid-sized businesses that qualify for government support due to t
Oct. 23, 2016
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KOTRA holds one-on-one ICT meetings in Czech
The Korea Trade-Investment Promotion Agency said it held a two-day business event in Prague, Czech Republic, last week to match meetings between Korean and Czech companies in the information, communication and technology sector. To meet the growing needs in Central and Eastern Europe for expanding broadband internet access and intelligent transportation system, KOTRA invited 12 Korean ICT firms to have meetings with local buyers.A total of 67 such meetings yielded contracts worth $6.5 million, K
Oct. 23, 2016