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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Yoon set for talks with Marcos in Philippines
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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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Volkswagen Korea executive to be summoned this week
State prosecutors said Tuesday the managing director of Volkswagen Korea will be summoned later this week to be questioned over allegations the German automaker fabricated emissions results here. The Seoul Central District Prosecutors' Office said it will summon Volkswagen Korea Managing Director Thomas Kuehl on Thursday to gain reference over allegations the carmaker illegally changed parts of the Golf 1.4 TSI to obtain approval from the local government between 2014 and 2015.Kuehl has been in
Aug. 16, 2016
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Hanwha chairman’s sons in succession race
Hanwha Group’s succession race is underway with all of chairman Kim Seung-youn’s three sons involved in the group’s key businesses. Kim’s eldest son and heir-apparent Dong-kwan, 33, is chief commercial officer for the group’s solar power unit Hanwha Q Cells while his younger brothers Dong-won, 31, and Dong-seon, 27, are working for Hanwha Life and Hanwha Engineering & Construction respectively. Kim Dong-kwan, chief commercial officer of Hanwha Q Cell (Hanwha Group)Industry watchers predict that
Aug. 16, 2016
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Four firms apply for gov't approval for fast-track corporate restructuring
Four South Korean companies applied for government approval on Tuesday to become the first beneficiary of the newly established law aimed at facilitating voluntary corporate restructuring, the trade ministry here said.The Special Act on the Corporate Revitalization, dubbed "one-shot act," came into effect on Saturday to help businesses carry out an intra-corporate merger and spin-off through simplified procedures including exemptions from the strict antitrust laws and financial market regulation
Aug. 16, 2016
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Rural affairs expert nominated new agriculture minister
Agriculture Minister nominee Kim Jae-soo is a technocrat with more than 30 years of experience in rural affairs, administration and distribution.Since 2011, Kim has served as chief executive officer at the state-controlled Korea Agro-Fisheries and Food Trade Corp. He is the longest serving CEO at aT Corp. as he was reappointed in 2015, proving his management skills. Agriculture Minister nominee Kim Jae-sooBefore taking up the CEO post at the state firm, Kim served various posts within the Agricu
Aug. 16, 2016
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Shinsegae’s bid for Coex Mall faces rocky outlook
As Shinsegae Property, the real estate development company owned by Shinsegae Group, prepares to sign a contract to take over operations of Coex Mall and CALT Mall in southern Seoul, questions remain about the future profitability of the project.Shinsegae Property was named the preferred bidder to oversee operations of the malls’ 327 stores for the next 10 years through a master lease. It was the only bidder for the contract after Hyundai Department Store and Aekyung Group dropped out, most like
Aug. 16, 2016
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Asiana plane hit by lightning in Turkey
An Asiana Airlines plane was hit by lightning in Turkish airspace shortly before landing at Ataturk Airport in Istanbul on Saturday, according to the airline Tuesday.Although the body of the A330 was charred by the lightning, there was no significant damage and no casualties. The plane landed safely at Ataturk to undergo inspection.The plane, which had taken off from Incheon International Airport for flight OZ551, had been originally scheduled to return to Incheon that afternoon.The inspection o
Aug. 16, 2016
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[Photo News] The Face Shop's Kakao cosmetics enter China
KAKAO COSMETICS ENTER CHINA -- South Korean cosmetics brand The Face Shop introduced its all-popular Kakao Friends edition cosmetics products in China for the first time during a ceremony attended by local celebrities and media in Beijing on Aug. 12. The collaborative cosmetics, first launched in Korea in March this year, are now sold in Singapore, Vietnam, the United States and China, according to The Face Shop. (LG Household & Health Care)
Aug. 16, 2016
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Low oil price keeps fuel surcharge of airlines at naught for longest streak
Major South Korean airlines will not impose any fuel surcharge on international passengers in the upcoming month, the companies said Tuesday.Local industry leader Korean Air Lines Co. and its local rival Asiana Airlines Inc. have not charged any fuel surcharges since September 2015, the longest streak since the surcharge system was introduced in July 2005.Local airlines are allowed to impose a certain amount of fuel surcharges to help cover their costs when the average price of jet fuel from Sin
Aug. 16, 2016
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Some imported frozen fruits contain high level of colon bacillus
South Korea's consumer watchdog said Tuesday it has discovered some imported frozen fruit containing a high level of colon bacillus, which could cause diarrhea and other dysenteric symptoms.The Korea Consumer Agency said it has examined the remaining agricultural chemicals from 25 imported frozen fruits and found two of them had colon bacillus beyond the permissible level.Frozen mangos distributed by Sdail contained 15-560 CFU/g of colon bacillus, with its maximum level more than five times the
Aug. 16, 2016
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Product recalls in Korea fall in 2015
The number of products recalled for defects dropped last year amid rising voluntary recalls by companies, government data showed Tuesday.A total of 1,586 recall cases were reported in 2015, down 9.5 percent from a record 1,752 tallied in 2014, according to the data compiled by the Fair Trade Commission.The 2015 figure is still higher than the previous numbers which had hovered around 900 between 2010 and 2013, added the FTC.The recalled items include food, medical drugs and manufactured goods, a
Aug. 16, 2016
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Conglomerates to begin process to hire new employees
Major South Korean firms are set to soon begin their annual process of hiring new employees, offering tens of thousands of jobs to fresh college graduates and first-time employees, industry sources said Tuesday.Most large South Korean firms hold two hiring events -- one in spring and the other in fall -- to accommodate those graduating in such seasons.Local industry leader Hyundai Motor Co. will be one of the first to launch the process as it is set to hold a job fair later in the month before i
Aug. 16, 2016
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SMEs score zero wins against large firms in patent disputes: lawmaker
Small and medium-sized firms have lost all patent suits they have raised against large conglomerates so far this year, a lawmaker said Tuesday, suggesting their lack of legal experience or resources to protect their intellectual properties.Citing related data from the Korea Intellectual Property Office, Rep. Kim Jung-hoon of the ruling Saenuri Party said small and medium-sized enterprises have raised 14 patent suits against larger companies this year, but that they have not won a single case.The
Aug. 16, 2016
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[DECODED] Hanwha beefs up under Kim Seung-youn
When Hanwha Group announced in late 2014 a 1.9 trillion won ($1.72 billion) deal to buy four assets from Samsung Group, the market sensed the return of Kim Seung-youn, the group’s deal-loving boss who had stayed away from corporate affairs since his conviction of breach of trust two years ago. The deal, hailed by media as a win-win solution for both sides, was the most fitting comeback for the tycoon whose more than three-decade reign at the group saw its transformation from a gunpowder producer
Aug. 15, 2016
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Mirae Asset’s customized asset program under spotlight
Mirae Asset Securities’ customized asset management program is currently in the spotlight for its successful performance in high investment earnings rate stability, company officials said last week.Since it was first launched in 2012, Mirae Asset’s special account for investment has been greatly welcomed by investors as economic uncertainties have mounted for years. A model holds a placard to promote Mirae Asset Securities’ Premier Multi Wrap. (Mirae Asset Securities)The account, known as Premi
Aug. 15, 2016
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Hyundai Card expands cultural venue in Itaewon
Hyundai Card, a Korean credit card company which recently opened a cultural venue in Seoul’s district of Itaewon, said Monday that it has expanded its cultural complex while intensifying efforts for coexistence with small music stores in the neighborhood. The enlarged cultural complex consists of the Music Library and Understage that opened in May last year, and next door stands the latest two-story record shop Vinyl and Plastic that opened in June this year.Record shop Vinyl & Plastic located
Aug. 15, 2016
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Novartis Korea executives charged for bribing doctors
Prosecutors indicted the former chief executive of the South Korean unit of Novartis and five other former and current managers over allegations they illegally paid doctors 2.6 billion won ($2.3 million) in return for prescribing the company's drugs.In response, Swiss pharmaceutical company expressed regret through a statement, but also said without elaborating that such conduct would not have been sanctioned by the "most senior management'' at Novartis Korea."Novartis does not tolerate miscondu
Aug. 13, 2016
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S. Korea restarts Wolsong No. 1 nuclear reactor
The Wolsong No. 1 nuclear reactor resumed operations on Friday after a technical problem was fixed, South Korea's nuclear reactor operator said. The restart is expected to help ease concerns about the power supply amid a sweltering heat wave. The 679-megawatt Wolsong No. 1 reactor is set to operate at full capacity by around 7 p.m. on Sunday, according to Korea Hydro and Nuclear Power Co. (KHNP), which runs the country's nuclear reactors. Nuclear power plants account for nearly a third of South
Aug. 13, 2016
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Electricity consumption hits fresh record high again amid heat wave
South Korea's electricity use set a new record two days in a row on Friday as the country is being hit hard by a sweltering heat wave, the government said.The maximum electricity load soared to 85.18 million kilowatts as of 5 p.m., passing the previous record of 84.97 million kilowatts set on Thursday, according to the Ministry of Trade, Industry and Energy.The electric power reserve ratio went down to 8.5 percent, or 7.22 million kilowatts, marking the fifth single-digit ratio throughout the ye
Aug. 12, 2016
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[Newsmaker] Park's pardon clears hurdle for CJ’s global expansion
President Park Geun-hye’s surprising decision to free CJ Group chairman Lee Jay-hyun on Friday is expected to clear hurdles for the group’s struggling strategy to go global. Chairman Lee also apologized to the people for causing concerns and vowed he would devote his life to the country. Workers walk from CJ Group`s office in Seoul on Friday. (Yonhap)“I thank the president and the people for giving me a chance to receive treatment and to return (to business),” he said in a statement.“I will reco
Aug. 12, 2016
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[Weekender] Confused businesses prepare for anti-graft law
With the looming effectuation of the antigraft law, most South Korean companies are suffering from confusion about how they can prepare for promotional and other events.The Improper Solicitation and Graft Act basically bans businesses from offering meals over 30,000 won, gifts over 50,000 won and congratulatory or condolence money over 100,000 won to selected groups of people. Employees show a gift set priced below 50,000 won for the upcoming Chuseok holidays at the Ritz-Carlton, Seoul. (Yonhap)
Aug. 12, 2016