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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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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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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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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Korea reports 8.5% rise in suicide rate
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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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[Weekender] Food tech transforms dining industry
Technological developments have significantly changed dining and restaurant operations worldwide, improving convenience and efficiency. South Korea, one of the most-wired countries in the world, is no exception. Good restaurants can now be tracked down and reservations made with just a few simple clicks. Models promote restaurant recommendation and pre-order app Syrup Table (SK Planet)According to data released by the state-run Korea Agro-Fisheries and Food Trade Corp. and the Agriculture Minist
Aug. 19, 2016
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[Weekender] Conglomerates go head-to-head in casual dining
Competition for customers at Seoul’s various casual premium restaurants is fierce, with restaurants opened up by owner-executives of Korea‘s largest corporations aggressively seeking to set trends and gain international clout. The battle features some formidable names, including CJ’s Lee Jay-hyun and Shinsegae’s Chung Yong-jin.CJ Group’s restaurant operator CJ Foodville is undoubtedly the oldest and best established in casual dining. Its buffet and steak house VIPS has long become a household na
Aug. 19, 2016
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[Weekender] Shake Shack scores big with trendy Koreans
Kim Go-hee, a 22-year-old university student living in Iksan, North Jeolla Province, had one mission on a recent day trip to Seoul -- dining at South Korea’s first Shake Shack restaurant, which opened last month in Gangnam, southern Seoul. Kim, who was with her boyfriend, had to wait in line in the scorching heat for nearly an hour on Wednesday afternoon. Parasols and ice packs at hand, the couple passed the time by taking selfies in front of the store for Instagram and Facebook. After successf
Aug. 19, 2016
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K-fashion shop opens on Southeast Asia's top fashion portal
An online pop-up store featuring leading South Korean fashion brands has been opened on the largest online fashion-focused portal in Southeast Asia to help Korean design houses enter the Southeast Asian market, industry officials said Friday.The "Premium Korean Fashion" pop-up shop was launched in Singapore the previous day and will be open till October in Zalora sites in Singapore, Malaysia, Indonesia, the Philippines, Hong Kong and Taiwan, according to the officials at the Korea Trade-Investme
Aug. 19, 2016
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Samsung Heavy moves to increase capital via rights offering
Samsung Heavy Industries Co., a major South Korean shipyard, is seeking to raise much needed funds for its ongoing restructuring efforts by issuing additional shares, amending its own rules to allow new offerings, company officials said Friday.At a meeting held earlier Friday, the company's shareholders agreed to revise the company's article of association and raise the number of shares allowed to be issued to 500 million from the current 300 million.The move came as the company has already issu
Aug. 19, 2016
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Coway faces another suit over faulty water purifiers
A group of local consumers was to file a 2.8 billion won ($2.53 million) class action suit Friday against Coway, South Korea's leading water purifier maker, over its water purifier models coated with nickel that they claim taints the water and poses a health hazard.Nickel from the inner coating was found in dispensed water from three ice maker-water models installed from April 2014 to December 2015 by Coway, with the number of users involved estimated at about 87,000. Coway has vowed to take res
Aug. 19, 2016
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Exports of instant noodles soar 18% in H1
South Korean exports of instant noodles jumped more than 18 percent in the first half of 2016 from a year ago, data showed Friday, due apparently to the popularity of Korean pop music and dramas overseas.Overseas shipments of instant noodles, called ramyeon here, came to $123 million in the January-June period, up 18.3 percent from $104 million a year earlier, according to the data by the state-run Korea Agro-Fisheries & Food Trade Corp.By volume, exports stood at up to 33,300 tons in the six-mo
Aug. 19, 2016
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US district court rules in favor of Celltrion’s Remicade biosimilar
The US District Court for the District of Massachusetts on Thursday officially ruled Janssen’s main formulation patent on its blockbuster rheumatoid arthritis drug Remicade invalid, making way for the entry of biosimilars to the US market.The ruling brightens the prospect for South Korean biosimilars developer Celltrion and its regional sales partner Pfizer’s plans to debut Remsima, a biosimilar drug referencing Remicade in the US market in as early as October. The district court’s ruling also r
Aug. 18, 2016
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[Graphic News] Circulation of 50,000 won notes surpasses W70tr: BOK
The volume of 50,000 won notes in circulation exceeded the 70 trillion won ($63.2 billion) mark in July for the first time, according to data from the Bank of Korea on Thursday.The circulation of the highest-denominated bill stood at 70.43 trillion won last month, 0.8 percent higher than the 69.84 trillion won in June, the data showed. The hike comes on the back of increased demand and supply of the bill, BOK officials said, highlighting the all-time low interest rate as a factor behind the rise
Aug. 18, 2016
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[Super Rich] Young chaebol women gain upper hand over elders
Korea’s family-controlled conglomerates, or chaebol, often center around men, with ownership passed down from father to eldest son. When it comes to potential heirs, far more attention is usually paid to sons than daughters, but several outstanding women, such as Lee Boo-jin of the Samsung Group and Chung Ji-yi of the Hyundai Group, have still managed to outshine their brothers. Among preeminent female chaebol scions, some shrewd ladies have even surpassed their older siblings in wealth. Here ar
Aug. 18, 2016
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Moynat comes to Korea
French bag and travel trunk brand Moynat, owned by the Louis Vuitton Moet-Hennessy group, is launching its first store in Korea on Aug. 26, according to the brand Thursday.The store will be on the first floor of the Shilla Hotel in Seoul. Moynat Gallery Shilla (Moynat Korea)This will be the brand’s fourth boutique in Asia, following stores in Beijing, Hong Kong and Tokyo. The Moynat Gallery Shilla boutique will feature men’s and women’s lines as well as exclusive designs created for the Seoul br
Aug. 18, 2016
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Samsung shed 5,700 employees in H1
More than 5,700 employees left Samsung Group in the first half after its five affiliates -- Samsung SDI, Samsung Electro-mechanics, Samsung Heavy Industries, Samsung Engineering and Samsung C&T Corporation -- launched voluntary retirement schemes. According to their semi-annual reports released on Thursday, the number of total employees of the five firms has reduced around 10 percent from 54,988 in December to 49,259 in June, this year. By affiliate, Samsung SDI, which has recently separated its
Aug. 18, 2016
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Dongwon Group honors American veterans of Korean War
South Korea’s Dongwon Group, globally known as the owner of leading US canned tuna company StarKist Co., commemorated some 170 American veterans of the Korean War and their families in a ceremony Wednesday in Pittsburgh, Pennsylvania.The event was attended by members of the Korean War Veterans of Western Pennsylvania association and their families, StarKist President and CEO Andrew Choe as well as Dongwon Enterprise Vice Chairman Park In-gu. Dongwon Enterprise Vice Chairman Park Ingu (center, ba
Aug. 18, 2016
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[Super Rich] Money-losing Lotte Shopping pays do-nothing founder W800m
Lotte Group’s beleaguered retail company Lotte Shopping paid a salary of 800 million won ($723,800) to Lotte founder Shin Kyuk-ho for the first half of 2016, despite his absence from company operations, according to a report disclosed by the company Wednesday.This is the same amount of salary paid to the founder last year. Shin, who is currently undergoing court proceedings to determine whether he should be appointed an adult guardian due to mental incompetency, has not been involved in Lotte’s
Aug. 18, 2016
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[News Analysis] Novartis Korea under fire for indifferent response to bribery charges
Swiss pharmaceutical giant Novartis is facing mounting criticism in South Korea for failing to take full responsibility for bribing local doctors to boost its sales here over the past five years. Last week, the Seoul Western District Prosecutors’ Office indicted without detention six high-level officials at Novartis Korea, including former Chief Executive Moon Hak-sun, for providing 2.59 billion won ($2.34 million) in kickbacks to doctors in exchange for prescribing its products from 2011 to 20
Aug. 18, 2016
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[K-ITC Born2Global Center and its Members] ⑨ Dreamsquare
Dreamsquare, a global talent recruitment company announced on Tuesday it plans to launch a mobile talent recruitment platform in October this year. Dreamsquare is a startup company that offers scientific and practical career consultations and job recommendations based on big data technology and is currently providing services both online and offline.What differentiates Dreamsquare from other recruitment platforms is its self-developed AI system called HEURI, which the company has used to analyze
Aug. 18, 2016
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Pharmaceutical firms boosted by brisk overseas sales of botox, fillers
Increasing demand of botox and fillers from overseas markets have contributed to the rapid growth of South Korean pharmaceutical companies, industry sources here said Thursday.Medytox Inc. and Huge Inc. logged record performances in the second quarter on the back of robust overseas sales of botulinum toxin and hyaluronic acid fillers used for cosmetic purpose, they said.Botulium toxin, more commonly known as botox, is used to fill wrinkles by temporarily relaxing facial muscles that cause lines,
Aug. 18, 2016
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Hyundai Rotem signs $1 bln deal to supply trains to Australia
Hyundai Rotem Co., the train-making unit of Hyundai Motor Group, said Thursday that it has signed a deal to supply trains to Australia, worth up to 1.1 trillion won ($995 million).Under the agreement signed with the Ministry of Transport and Infrastructure of New South Wales, the South Korean firm will supply 512 double-deck passenger railcars, worth 889.4 billion won.The deal also carries an option for the New South Wales government to order an additional 136 cars, making the entire deal worth
Aug. 18, 2016
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Samsung SDS enters Vietnam in joint venture with ALS
Samsung SDS said Thursday it will enter the Vietnamese market in joint venture with Aviation Logistics Service, a leading air freight terminal operator there.Vietnam is the second destination for the company’s market expansion strategy in the Southeast Asian region.Last month, the company agreed to set up a joint venture with Thailand’s Acutech.Samsung SDS, an IT solutions and logistics unit of South Korea’s largest conglomerate Samsung Group, pins hopes for the rapid growth of Vietnamese logist
Aug. 18, 2016
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Owners of troubled big firms under fire for high pay
Owners of several large companies in South Korea received handsome compensation in the first half of the year despite corporate troubles, data showed Thursday, sparking criticism over their high pay.According to the data compiled by market researcher Chaebul.com, 237 executives of local companies received 500 million won ($452,000) or more in compensation in the January-June period, an increase of 8 people from the same period a year earlier.Among the highly paid directors are several owners of
Aug. 18, 2016