Most Popular
-
1
Slew of top K-pop stars ready to return from military
-
2
S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
-
3
Military aircraft evacuating S. Koreans in Lebanon returns home
-
4
Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
-
5
BTS-themed moon jar to be unveiled on Hangeul Day
-
6
Samsung unveils 'personalized AI' for all devices
-
7
1,430 minors investigated for drug offenses from 2018 to 2023: police
-
8
Market uncertain on Korea's October rate cut despite slowed inflation
-
9
Special counsel bill to probe first lady scrapped
-
10
Korean bands get their day in the sun, finally
-
[News Analysis] FKI pressured to break away from crony capitalism
A club for the richest and the most powerful South Korean capitalists is facing a make-or-break crisis, as its dubious links with politics have apparently failed to benefit its member conglomerates but rather harmed them, experts said.The purpose of the Federation of Korean Industries’ existence has been put to a question in recent weeks over its suspected role in a high-profile scandal involving a close confidante of the president and alleged influence-peddling. On Saturday, FKI’s officials wer
Oct. 23, 2016
-
Korean conglomerates hire less despite more assets: data
South Korea's 10 biggest companies have contributed less to the nation's employment sector, although their assets have grown, data showed Sunday.According to the data compiled by market researcher Chaebol.com, their assets totaled 1,144.4 trillion won ($1,000 billion) last year. This accounts for 27.22 percent of all assets for local firms.The "big ten" firms' combined assets have continued to rise from 1,012.4 trillion won in 2012, to 1,067.8 trillion won in 2013 and 1,108.4 trillion won in 201
Oct. 23, 2016
-
Plane tickets bought online eligible for full refund within 7 days: court
Plane tickets bought online are eligible for full refund within seven days of being purchased regardless of clauses set by airlines, court records showed Sunday.The ruling by the Seoul Central District Court said the country's Electronic Transactions Act requires carriers to provide refunds on airfare within a set period of time and that this rule takes precedence over terms set by airlines. The ruling was made after a person, whose identity was withheld, bought two tickets for himself and his w
Oct. 23, 2016
-
KHNP inks memorandum with US nuclear power firm
Korea’s state-run nuclear reactor operator Korea Hydro and Nuclear Power signed a memorandum of understanding with US nuclear power firm Westinghouse for bilateral technical cooperation, the KHNP said Friday. The two promised to make joint efforts to develop their nuclear tech business Thursday at the Grand Hyatt Seoul hotel, central Seoul.They also agreed to look for ways to enhance the safety of nuclear reactors and to boost sales by overseas market expansion, particularly in the US.“The KHNP
Oct. 21, 2016
-
Hanjin Shipping to sell stake in Long Beach terminal operation
Cash-strapped Hanjin Shipping Co. is moving to sell its stake in a US affiliate that operates a terminal in the Port of Long Beach, California, as part of efforts to raise cash needed to stay afloat, industry sources said Friday.According to the sources, Hanjin Shipping is planning to sell a 54-percent stake in Total Terminals International.TTI, established in 1992, operates two facilities in Long Beach and Seattle, and handles some 30 percent of cargo along the US West Coast. The move came as t
Oct. 21, 2016
-
KB Financial net soars 36.2% in Q3
KB Financial Group Inc., a major South Korean banking group, said Thursday that its net profit jumped 36.2 percent from a year earlier in the third quarter on increased interest income and decreased general costs.In the three months ending Sept. 30, the financial holding company's net profit came to 564.4 billion won ($500 million), compared to 414.5 billion won in the same period last year, the group said in a regulatory filing.In the January-September period, the group's combined net profit st
Oct. 21, 2016
-
Global CEOs urge shipyards to address overcapacity
Leading executives from major shipyards in five global powerhouses -- Japan, Europe, China, Korea and the US -- painted a gloomy picture of the global shipbuilding industry, urging players to address a supply glut.During a keynote speech at the 25th JECKU top executive meeting held here, Samsung Heavy Industries Co. CEO Park Dae-young said a slump in the global economy has had a negative impact on the shipbuilding sector, and the still-low oil price, despite an agreement by the OPEC member count
Oct. 21, 2016
-
Kepco signs world’s largest operation deal for UAE nuclear plants
Korea’s state-run power company signed the world’s largest deal for operating nuclear power plants in the United Arab Emirates, the company said Thursday. Korea Electric Power Corp. CEO Cho Hwan-eik and Emirates Nuclear Energy Corporation CEO Mohamed Al Hammadi agreed to jointly make investment for an operation company that will run four nuclear power plants in Barakah, 270 kilometers west of Abu Dahbi, UAE. With an injection of $900 million into the operation company, Korea is expected to draw
Oct. 20, 2016
-
AI, big data to impact intellectual property globally: KIPO chief
The advancement of artificial intelligence and big data will have a big impact on the global community of intellectual property, chief of Korea’s state-run patent office said.Choi Dong-gyou, commissioner of the Korea Intellectual Property Office, said he shared his views at the recent global conference of the World Intellectual Property Office held in Geneva, Switzerland, on Oct. 3-11. Choi Dong-gyou (right), commissioner of the Korea Intellectual Property Office, shakes hands with World Intell
Oct. 20, 2016
-
Gov't to require additional reserve flights to reduce delays
"South Korean flag carriers will be required to have more aircraft on standby as a way of reducing their number of delayed flights, the government said Thursday.The requirement is part of government measures aimed at reducing delayed flight departures and arrivals, which, in the long run, will require construction or expansions of airports and their runways."The measures include an expansion of related infrastructure, such as airports and air routes, as part of mid- and long-term measures, as we
Oct. 20, 2016
-
[Photo News] Dabbing on K-beauty
Chinese power bloggers Wang Hong try on cosmetics at AmorePacific’s Luna and Age 20’s store at HDC Shilla Duty Free in Yongsan, central Seoul, Thursday. The online stars were invited to share their experience at Korea’s biggest shopping festival, Korea Sale Festa, which will end Oct. 31. (HDC Shilla Duty Free)
Oct. 20, 2016
-
Samsung Display seeks to expand market for public screens
Samsung Display, a display panel-making unit of Samsung Electronics, has deployed a new production line exclusively designed to manufacture high quality public information display panels to meet growing demand on panels for public use.“Public information displays” refer to those used for video walls, indoor and outdoor signage and interactive whiteboards. It also includes transparent displays for commercial use.Samsung public information display panels at the Samsung Delight promotion hall in Se
Oct. 20, 2016
-
LG Life Sciences wins $81 million vaccine deal with UNICEF
South Korean drug maker LG Life Sciences said Thursday that it has secured a $81 million deal to supply its 5-in-1 multifunctional vaccine Eupenta to UNICEF from 2017-2019.The LG-owned pharmaceutical firm won the order as part of the UN-based organization’s annual procurement bid for 5-in-1 vaccines, the largest in the world. LG Life Sciences’ 5-in-1 vaccine Eupenta (LG Life Sciences)LG won 13 percent of UNICEF’s total supply orders set for 2017, 25 percent of orders for 2018, and 34 percent of
Oct. 20, 2016
-
Makers of megahit products suffer after capacity expansion
As consumers went crazy over their products, the companies simply built more plants to meet the soaring demand. Then the craze disappeared all of sudden, leaving them with idle capacity and huge losses.Industry gurus call it the "curse of capacity expansion." Small instant noodle maker Paldo suffered such a fate and Haitai Confectionery & Foods Co., South Korea's No. 3 confectionery, followed suit. And a sense of deja vu is hanging over major brewer Lotte Chilsung Beverage Co.Paldo put its white
Oct. 20, 2016
-
Duty-free sales up 36.4% in first nine months
Sales at South Korea's duty-free stores rose 36.4 percent in the first nine months of this year from a year earlier on increased buying by foreign tourists, especially Chinese, data showed Thursday.Sales at 50 duty-free stores nationwide came to 8.93 trillion won ($7.9 billion) in the January-September period, compared with 6.55 trillion won a year ago, according to data compiled by Korea Customs Service.If the current sales trend continues, annual sales at the duty-free stores could top 10 tril
Oct. 20, 2016
-
Korean Air, Asiana Airlines shunned by debt investors
Korean Air Lines Co. and Asiana Airlines Inc., the country's two major air carriers, are being shunned by institutional investors in the local debt market as they fret over their high indebtedness, although their third-quarter earnings are forecast to be better than expected, industry sources said Thursday.According to the sources, Korean Air attempted to sell bonds worth 150 billion won ($134 million) earlier this week, to repay maturing debts, but not a single institutional investor expressed
Oct. 20, 2016
-
Large firms cite lack of incentives to support smaller firms: survey
South Korea's top business conglomerates have steadily expanded their support for smaller companies but the lack of incentives to do so continues to hinder such efforts, a survey showed Thursday.In a survey conducted by the Federation of Korean Industries, the country's 30 largest business groups and their subsidiaries said they have increased their combined cash payment to their suppliers to 81.7 percent from 64.3 percent six years earlier when the government launched the state commission on co
Oct. 20, 2016
-
Samsung Heavy chief says further job cuts possible if order target unmet
The chief of Samsung Heavy Industries Co. said Wednesday that further job cuts will be possible if the shipbuilder fails to meet this year's order target. "Achieving this year's order target of $5.3 billion will be possible, but if not, additional layoffs are an option to keep the company afloat," Samsung Heavy Chief Executive Park Dae-young said in a global shipbuilding forum held in Gyeongju, a city 371 kilometers south of Seoul hit by a recent earthquake. In this photo, taken on July 15, 201
Oct. 20, 2016
-
Packaged kimchi market soars amid high cabbage prices
South Korea's market for packaged kimchi has been growing sharply in recent months as more consumers resort to them due to sky-high prices of napa cabbage, the pickled side dish's key ingredient, a market tracker said Thursday.The market for packaged kimchi rose 13.5 percent in July from a year ago before spiking 23.6 percent in August and surging more than 30 percent in September when cabbage prices were at their peak, according to LinkAztec.Sales of packaged kimchi flirted with 100 billion won
Oct. 20, 2016
-
[Graphic News] Top 3 shipbuilding firms post shaky performance
The value of contracts signed by Korea’s top three shipbuilding firms -- Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering, and Samsung Heavy Industries -- fell far behind the amount they projected for this year, industry sources said Wednesday. Samsung Heavy Industries did not sell a single vessel during the first eight months of this year. Its yearly outcome, however, may differ as the company is currently negotiating a deal worth as much as $2.7 billion. The pitch came afte
Oct. 19, 2016