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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Galaxy Note 7's local preorders top 200,000
The Galaxy Note 7, a phablet made by Samsung Electronics Co., has received more preorders in South Korea than expected, driven by its advanced features and aggressive promotions, industry sources said Wednesday.According to the sources, the preorders for the phablet on Aug. 7-8 exceeded 200,000. Preorders will be available through Aug. 18.Samsung unveiled the phablet, the successor to the Note 5, last week in a bid to keep up the momentum of its smartphone sales. The launch of the Galaxy Note 7
Aug. 10, 2016
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Premium whiskeys selling at 50% discounts
Premium whiskeys are being sold at half price at some duty-free stores here, according to industry insiders. Lotte Duty Free’s outlet at Incheon International Airport is currently offering a 50 percent discount on Ballantine’s 30 Years, selling the Korean favorite at $190, down from the usual $380. (123rf)High-end whiskeys are one of the best-selling products at duty-free stores at airports here. They are especially popular among Koreans and Chinese tourists. Retail prices of whiskey usually go
Aug. 9, 2016
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Gamevil releases new mobile action game
Korean mobile game publisher Gamevil has released its latest role-playing action game for users worldwide via the Apple app store and Google Play, the company said Tuesday.“Masquerade: The Faceless” is an action game featuring characters who have lost their faces while fighting in a war with villains. Characters can enhance their quest capabilities by upgrading their masks, the publisher explained.Gamevil’s new game targets a global audience, having received positive feedback from a closed beta
Aug. 9, 2016
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Hyundai Heavy bags order to build 2 large oil carriers
Hyundai Heavy Industries Co., a major shipyard, has secured an order from a Greek shipping company to build two very large crude carriers, or VLCCs, industry sources said Tuesday.The Korean shipbuilder clinched the deal, the first of its kind this year, the sources, estimating its value at US$180 million. The ships will be delivered during the first half of 2018, the sources said.South Korean shipbuilders have been under severe financial strain since the 2008 global economic crisis that sent new
Aug. 9, 2016
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KB Kookmin Card offers summer deals
Korea’s leading credit card issuer KB Kookmin Card is offering diverse benefits to its customers this summer, the firm said last week.The special offers under the firm’s 2016 Wish Festival Summer include discounts on tickets to 27 water parks and summer resorts in Korea such as Caribbean Bay and Ocean World. KB Kookmin card holders will enjoy up to 40 percent discounts. Models hold a placard to celebrate KB Kookmin Card’s summer promotions under the firm’s 2016 Wish Festival Summer (KB Kookmin
Aug. 9, 2016
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Lantus biosimilar developed by Merck, Samsung Bioepis under U.S. FDA review
The U.S. Food and Drug Administration has accepted for review a new Lantus biosimilar developed by U.S.-based Merck Sharp & Dohme with partial funding from Samsung Bioepis, MSD said last Friday.MSD’s biosimilar drug MK-1293 references Lantus, an insulin-based diabetes treatment originally developed by Sanofi. Samsung Bioepis has contributed to MK-1293’s development as an investment partner to MSD.A Samsung Bioepis employee (Samsung Bioepis)MK-1293 is already undergoing a marketing authorization
Aug. 9, 2016
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Injected Botox floats around neurons
A research team in the U.S. proved that Botulinum toxin, often injected for medical purposes, moves around neurons, raising safety concerns, according to Science Daily Tuesday. The University of Wisconsin’s research team extracted nerve tissues from rats and placed the extracts in a microfluidic device for observation, said Science Daily, adding that the team witnessed and caught on camera the toxin floating around neurons. The result raises concerns as the toxin could reach the central nervous
Aug. 9, 2016
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Lube base oil business becoming crucial for local oil refiners
More and more Korean oil refiners are eyeing the lube base oil business as a potential cash cow, despite its current small proportion of the entire business. “The lube base oil business has recently been a cash cow as the high value added market expanded globally. (The production of the lube base oil) is also nearly limited to oil refiners as it is made from by-products of refined oils,” said an official from SK Innovation. The firm became the world’s first to start commercial mass production of
Aug. 9, 2016
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Daewoo Shipbuilding's 2015 loss greater than revealed: lawmaker
The financially troubled Daewoo Shipbuilding & Marine Engineering Co.'s 2015 loss was greater than previously revealed, an opposition lawmaker claimed Tuesday.According to Rep. Sim Sang-jung, the head of the Justice Party, the shipyard's operating loss for the first half of 2015 was tallied at 3.2 trillion won ($2.89 billion), but an additional loss of 3.1 trillion won was found through due diligence conducted for 10 weeks starting in July last year."Financial authorities found that the shipbuil
Aug. 9, 2016
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Sales of processed foods, other goods soar on Olympics
Sales of processed foods, health tonics and other related products in South Korea have jumped amid the Olympic craze, industry data showed Tuesday, as more people consume them while or after watching TV.Due to the 12-hour time difference between South Korea and Brazil, plays of South Korean athletes are largely broadcast in late-night or early-morning hours, so handy processed foods or heath tonics that help relieve fatigue have become popular among sports fans.According to South Korea's largest
Aug. 9, 2016
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Shipbuilders' order backlog falls further in July
The order backlog held by South Korea's top three shipbuilders has dropped to the lowest level in almost 13 years in July amid an industry-wide slump, data showed Tuesday.According to the data compiled by global research firm Clarkson Research Services, the combined order backlog by Hyundai Heavy Industries Co., and two other local rivals stood at 23.87 million compensated gross tons as of end-July, the lowest since November 2003 when the comparable figure was 23.51 million CGTs.Chinese shipyard
Aug. 9, 2016
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Samsung expected to raise capital spending by 120% in H2
Global chipmaker Samsung Electronics Co. is predicted to raise capital spending by 120 percent in the second half of this year, according to a market researcher IC Insights on Tuesday. Two other semiconductor heavyweights -- Taiwan Semiconductor Manufacturing Co. and Intel Corp. -- are also forecast to increase their capital spending in the second half, joining a race to boost production lines for vertical NAND memory chips and non-memory chips for smartphone applications. IC Insights expected S
Aug. 9, 2016
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Heat wave boosts retail sales
A prolonged heat wave in South Korea is boosting sales of local retailers, cafes, hotels and theaters as people flock to those air-conditioned places to get relief, industry sources said Tuesday.The entire country has been hit by the scorching weather for the past two weeks, with daytime highs soaring above 35 degrees in Seoul and most other regions and the mercury staying above 25 C even at night.According to Lotte Department Store, its same-store sales climbed 4.1 percent between July 25 and S
Aug. 9, 2016
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Electricity usage hits record high amid heat wave
South Korea's electricity consumption hit an all-time high on Monday, amid a drawn-out heat wave, placing authorities on alert.The maximum electricity load soared to 83.7 million kilowatts as of 3 p.m., beating the previous record of 82.9 million kilowatts on Jan. 21 this year, according to the state-run Korea Power Exchange. The electric power reserve ratio plunged to 7 percent, or 5.91 million kilowatts.If the figure falls below 5 million kilowatts, a state alarm is automatically issued."Despi
Aug. 8, 2016
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[Photo News] IOC chief visits Galaxy studio
International Olympic Committee chairman Thomas Bach (left) meets Samsung Electronics mobile device president Koh Dong-jin during his visit the company‘s Galaxy Studio in Rio de Janeiro, Brazil, on Saturday. (Samsung Electronics)
Aug. 8, 2016
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Cathay Pacific appoints new country manager Korea
Cathay Pacific Airways said Monday it appointed James Conlin as the carrier‘s new country manager for South Korea.A graduate of Oxford, Conlin joined John Swire & Sons Ltd. in 2008 and served in various posts at the company’s Asia-based offices in China and Hong Kong, the company said in a statement. “I am happy to be located to Korea, which has a growing market,” Conlin said. “Korea is a strategically important country, so Cathay Pacific will provide various promotions and the best service poss
Aug. 8, 2016
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U.S. antidumping tariffs may have limited impact on Korean steelmakers: analysts
Korean steelmakers will not suffer a direct impact from the U.S.’ antidumping tariffs, local analysts said Monday. The U.S Department of Commerce on Friday made a decision to impose nearly 60 percent of antidumping duties on hot-rolled flat steel exported by Korean companies. Korea’s largest steelmaker POSCO, which is also the country’s No. 1 steel exporter to the U.S., received a total of 57.04 percent in duties, including the subsidy rate and the dumping margin.Hyundai Steel received 13.38 per
Aug. 8, 2016
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Scorching heat amplifies calls to reform Korea’s power rate system
Amid sweltering heat, South Korea’s electricity rates came under fire Monday, with a growing number of consumers lodging complaints against the system, saying they have been charged heavy bills calculated by an “outdated and unfair” cumulative scheme.According to legal sources, more than 2,000 people expressed their intentions to file complaints against the government-controlled Korea Electric Power Corp, demanding the return of money they paid for bills under the progressive billing system.Cons
Aug. 8, 2016
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Samsung SDS seeking to expand retail solution business
Samsung SDS, Samsung Group’s IT unit, is seeking to expand its overseas business after signing a deal to supply its latest innovative retail solution Nexshop to Samsung Electronics and other global businesses, company officials said Monday.According to the company, Nexshop helps companies enhance marketing and retail management, boosts employees’ sales capabilities, and maximizes promotion effects. Nexshop is being used in all mobile device shops run by Samsung Electronics across the world. Sams
Aug. 8, 2016
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AmorePacific introduces customizable lipsticks
AmorePacific entered South Korea’s up-and-coming customizable cosmetics market on Monday by introducing its first customizable product at its Laneige outlet in Myeong-dong, central Seoul.Those who visit the Laneige store can create personalized Two-tone Lip Bar lipstick on the spot by selecting two colors they want to mix to match their skin tone. Fourteen colors are available for the inner lip and 13 colors are available for the outer lip, AmorePacific said. The view inside the Laneige store in
Aug. 8, 2016