Most Popular
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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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BTS-themed moon jar to be unveiled on Hangeul Day
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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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Yoon set for talks with Marcos in Philippines
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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Korea reports 8.5% rise in suicide rate
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Galleria Department Store celebrates anniversary with discounts
Galleria Department Store celebrates anniversary with discountsHanwha Group’s retail unit Hanwha Galleria is celebrating the 37th anniversary of its first department store opening, providing various promotional events until Oct. 1, the company said.Hanwha Galleria opened its very first Galleria Department Store in September 1979 in Apgujeong, southern Seoul, known as one of country’s most luxurious and affluent neighborhoods.With Wtih the event Family Party underway, customers can receive a 5 pe
Aug. 30, 2016
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Tax agency probes PMI, BAT
Korean tax authorities have begun an intensive special tax investigation into two foreign tobacco manufacturers for evading taxes on cigarettes produced before last year‘s tax hike, but sold after the raise, industry watchers said.For the past few months, the National Tax Service has been looking into the excess profits that Philip Morris International and British American Tobacco gained by selling cigarettes produced before 2015 but sold after the government imposed an excise tax hike that rais
Aug. 30, 2016
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Top court orders retrial for Taekwang Group chief
The nation's top court on Tuesday returned to a lower court a ruling that convicted the chairman of Taekwang Group on charges of embezzlement.Lee Ho-jin was sentenced to 4 1/2 years in prison at the Seoul High Court in December 2012 for a series of corruption charges, including misappropriation of some tens of billions of won through manipulating books on textile sales.He allegedly created slush funds by selling the products without recording them in the books and underreporting the amount of pr
Aug. 30, 2016
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Lotte founder's third wife owns large amount of property
The third wife of the embattled Lotte Group founder owns real estate worth tens of millions of dollars, data showed Tuesday, a revelation that comes as she faces a prosecution probe over suspected tax evasion.Prosecutors are widening their probe into the country's fifth-largest conglomerate on suspicions of embezzlement, tax evasion and the creation of slush funds through dubious deals among affiliates and companies with links to the family of 93-year-old founder Shin Kyuk-ho.According to data b
Aug. 30, 2016
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Sales at department stores, discount retailers up in July
South Korea's major department stores and discount chains saw their sales rise sharply in July from a year earlier on improved consumer sentiment and an increase in holidays, government data showed Tuesday.The combined sales of three department stores -- Hyundai, Lotte and Shinsegae -- advanced 7 percent on-year last month, while those of major discount retailers -- E-Mart, Lotte Mart and Homeplus -- gained 2.1 percent during the same period last year, according to the data compiled by the Minis
Aug. 30, 2016
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Creditors to start sale process for Kumho Tire in Sept.
Creditors of Kumho Tire Co. are poised to begin the sale process for South Korea's second-largest tire maker next month with the aim of picking a prime bidder during the first half of 2017, sources said Tuesday.Kumho Tire graduated from a debt workout program in late 2014, five years after it was placed under creditor oversight because its parent Kumho Asiana Group suffered a severe liquidity crunch from the purchase of Daewoo Engineering and Construction Co. Nine creditors hold a combined 42.1
Aug. 30, 2016
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Global sales of Dongbu Daewoo's localized microwave ovens hit 1.5 mln
Dongbu Daewoo Electronics Corp., a South Korean consumer electronics maker, said Tuesday that global sales of its localized microwave ovens exceeded 1.5 million units over seven years. Since 2009, Dongbu Daewoo has introduced microwave ovens with pre-programmed features that were influenced by local recipes and touch, as part of its efforts to better break into overseas markets. Such microwave ovens included "Chef Mexicano" for Mexico and air fryer ovens for Ayam Goreng for Indonesia. For exampl
Aug. 30, 2016
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Toxin fears ramp up consumer complaints in July: data
Widespread fear about toxic substances being found in drinking water has led to a spike in consumer complaints regarding water purifiers in July, according to data from the Korea Consumer Agency Monday.The agency released numbers from its consumer call centers for July, showing that 2,100 people called in with questions about water purifier rentals, making up approximately 3 percent of all consumer complaints.Over one-fourth of those complaints were concerned with ending rental contracts of prob
Aug. 29, 2016
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Exports of Hallyu-related consumer goods rise 15.2% in H1
Consumer goods related to Korean pop culture were a bright spot in this year’s exports so far, rising 15.2 percent in the first half of 2016, data showed Monday.According to a report from the Korea International Trade Association’s Institute for International Trade, exports of Hallyu-related consumer goods rose for both emerging and advanced markets. (KBS2)The basket of so-called “K-consumer goods” includes food, pharmaceutical, beauty, fashion, lifestyle, and sports products whose exports can
Aug. 29, 2016
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Nexon to target global markets with localized marketing
Korea’s largest game maker Nexon is gearing up with marketing strategies tailored for locals to take on the international mobile game market, the company said Monday. According to the head of Nexon‘s domestic mobile business division Noh Jung-hwan, Nexon will take active measures to expand its presence overseas through “localized marketing,” in line with the release of its new games slated for the second half of this year. Chinese advertisement of Nexon‘s mobile action role-playing game Heroes o
Aug. 29, 2016
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Korean food fair to promote exports
An international trade fair for South Korean food and agricultural products will take place later this week to help local firms go overseas and export their goods, the government said Monday.Some 290 South Korean food and beverages companies will participate in the "Buy Korean Food" fair, which will be held at the aT Center in southern Seoul on Wednesday and Thursday, according to the Ministry of Food, Agriculture and Rural Affairs. (123rf)About 160 foreign buyers from 23 countries, including Ja
Aug. 29, 2016
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Vitamins, tonics top list of best-selling OTC drugs
Vitamins and tonics topped the list of best-selling over-the-counter drugs in South Korea in the first half of the year, data showed Monday, as people got more health-conscious.According to the first-half business reports by local drugmakers, the best-selling OTC medication was Aronamin, a vitamin manufactured by Ildong Pharmaceutical Co., in the January-June period with sales of 33.5 billion won ($29.9 million). (Ildong Pharmaceutical)Daewoong Pharmaceutical Co.'s hepatic protector Ursa came ne
Aug. 29, 2016
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Dongbu HiTek likely to rank 9th in global foundry market
South Korea's only foundry chipmaker Dongbu HiTek Co. appears likely to rank ninth in the global foundry market, a market research firm said Monday.Dongbu HiTek is expected to generate sales of $640 million this year, up about 8 percent from a year earlier, according to market research firm IC Insights. The sales could place the South Korean chipmaker ninth in the global foundry market. (Dongbu HiTek)Foundry manufacturers refer to those that make chips for other companies.In the first quarter, D
Aug. 29, 2016
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Volkswagen not to take legal step against sales ban in Korea
Volkswagen Korea, the local unit of German automaker Volkswagen, said Monday that it would not take legal action against the South Korean government's decision to ban sales and revoke the certifications of its 80 vehicle models.Earlier this month, the Ministry of Environment also separately slapped the German automaker with fines of 17.8 billion won ($16 million) for 47 models that are thought to have passed the local authentication process by cheating on gas emissions tests. (Yonhap)The punit
Aug. 29, 2016
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Large builders pay huge fines for collusion
South Korea's top 10 builders have paid more than 1 trillion won ($890 million) in fines for unfair practices over the past three years, government data showed Monday, casting doubt on the effectiveness of government penalties.A combined fine of 1.12 trillion won has been imposed on the leading construction companies for a total of 102 collusion and other "collusive unfair acts" between 2014 and 2016, according to the data that the Fair Trade Commission submitted to the office of Rep. Park Yong-
Aug. 29, 2016
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Exports of hallyu-related goods surge: data
Outbound shipments of food, beauty, fashion and personal care products soared in the first half of the year on the back of the growing popularity of the Korean wave, or hallyu, industry data showed on Monday.According to the data compiled by the Korea International Trade Association, exports of such goods amounted to $6.79 billion in the January-June period, up 15.2 percent from a year earlier.Industry watchers said the growth is attributable to the cultural wave of "hallyu" in China and other A
Aug. 29, 2016
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Korea preps for climate change with tropical fruits
JEJU CITY, Jejudo -- Though fruits and vegetables like mangoes, papaya, carambola and dragon fruit have long been considered exclusive goods produced by the tropical world, they may soon become commonplace crops found in a rather unlikely location -- South Korea. Korean agricultural researchers are experimenting with new tropical crops that could grow well under hotter weather on the Korean Peninsula in preparation for global climate change that is driving up the earth’s temperature year-by-yea
Aug. 28, 2016
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Lee’s death will not affect Lotte probe: prosecution
The prosecution said Sunday the death of Lotte Group’s vice chairman would not affect the ongoing investigation on the retail giant. Lee In-won, group Chairman Shin Dong-bin’s longtime and closest aide, was found dead in an apparent suicide Friday morning. He was scheduled to be questioned by prosecutors on the day as part of the ongoing probe into Lotte. The group is suspected of evading taxes amounting to 600 billion won ($533 million) and creating slush funds of some 50 billion won. The death
Aug. 28, 2016
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[Graphic News] Soft alcohol consumption soars
Unlike the declining consumption of hard liquors, fruit-flavored soft alcohol is gaining popularity apparently due to increased social awareness of healthy drinking, a government report showed last week.Social gatherings over drinking beer and soju have long been considered part of Korean culture, but that is gradually fading as a growing number of Koreans tend to prefer soft alcohol in consideration of health, according to the report. This year, Koreans aged 15 or older drank 4.9 glasses of bee
Aug. 28, 2016
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Lee’s death will not affect Lotte probe: prosecution
The prosecution said Sunday the death of Lotte Group’s vice chairman would not affect the ongoing investigation on the retail giant. Lee In-won, the group chairman Shin Dong-bin’s long-time and closest aide, was found hanged on Friday morning. He was scheduled to be questioned by prosecutors on the day as part of the ongoing probe into Lotte. The group is suspected of evading taxes amounting to 600 billion won ($530 million) and creating slush funds worth 50 billion won. The Lotte key man’s deat
Aug. 28, 2016