Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Yoon set for talks with Marcos in Philippines
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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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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Firefighters’ 3,000 won meals spark nutrition concerns
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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Injured captain Son Heung-min dropped from nat'l team for World Cup qualifiers
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More male customers purchase toys: data
The number of males purchasing indoor toys in 2016 rose more than 40 percent from a year ago, industry data showed Monday, suggesting that more fathers are choosing to play with their children at home.According to the country's largest open market website Gmarket, male customers buying indoor toys, such as basketball hoops and miniature baseball sets, between July 22 and Aug. 4 jumped 42 percent on-year.The number of male customers buying robot toys and card games also jumped nearly 50 percent o
Aug. 8, 2016
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Samsung BioLogics set to start IPO process this week
Samsung BioLogics Co., a biosimilar firm affiliated with Samsung Group, will apply for preliminary approval this week for its initial public offering, estimated at around 3 trillion won (US$2.68 billion), South Korea's bourse said Monday.The firm, one of the world's largest manufacturers of biosimilar medicine, plans to submit its IPO application on Thursday, according to the Korea Exchange.It is seeking to be listed on the main Korea Composite Stock Price Index market within this year.It would
Aug. 8, 2016
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Nexen Heroes owner summoned over fraud, embezzlement allegations
The owner of the South Korean baseball club Nexen Heroes was summoned by prosecutors Monday over allegations of fraud and embezzlement.Lee Chang-suk, 50, appeared before the Seoul Central District Prosecutors' Office as a suspect as another business executive claimed that he did not get his stake of the ball club that Lee had promised in return for 2 billion won (US$1.7 million)."I will fully cooperate with the prosecution's investigation," he told reporters before entering the prosecutors' offi
Aug. 8, 2016
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Anti-graft law to have mixed impact on industries
South Korea's controversial anti-graft law governing free meals and gifts is expected to have a negative impact on department stores, while coming as a boon to discounters, convenience stores and food makers, sources said Monday.Slated to go into effect on Sept. 28, the Kim Young-ran anti-graft law named after a former head of the Anti-Corruption and Civil Rights Commission is designed to bring more transparency among public officials, journalists and private school faculty. The law makes it ill
Aug. 8, 2016
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More investors join race to take over Tongyang Magic
SK Networks Co. and some local investors have expressed their interest in buying local home appliance vendor Tongyang Magic Co., a deal estimated at some 500 billion won (US$448 million), industry sources said Monday.A consortium of homegrown private equity fund Glenwood and NH PE has put Tongyang Magic up for sale. The consortium took over the home appliance vendor in 2014 for 280 billion won.According to the sources, the consortium is planning to receive preliminary bids from potential investo
Aug. 8, 2016
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DSME all out to ease liquidity crunch
Daewoo Shipbuilding and Marine Engineering is going all out to secure cash amid growing concerns over a possible liquidity crisis and a widening probe into accounting fraud. The shipbuilder, currently under a creditor-led corporate rehab, plans to submit later this week a detailed plan to secure funds to its creditors. According to local reports, the plan may include an earlier than scheduled spinoff and initial public offering of its special-purpose ship business. The shipbuilder had initially
Aug. 7, 2016
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[KOREAN LUXURY] Prouna, creating art for the table
This is the third installment of a series of articles on companies in Korea striving to enter the world’s luxury market. -- Ed.CHEONGJU, North Chungcheong Province -- A middle-aged woman sits in a quiet room, porcelain napkin ring in one hand and a set of tweezers delicately holding a Swarovski crystal in the other. She carefully glues the crystal down, the first of dozens that will decorate the ring.She is one of just eight employees who are trusted to the task of decorating napkin rings, tea s
Aug. 7, 2016
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LG Household & Health Care launches new pet care brand
LG Household & Health Care officially stepped into South Korea’s soaring market for pet grooming and care products on Sunday with the launch of its new pet care brand “O’s Sirius.”The brand offers diverse pet care goods such as pet shampoo, conditioner, body mist and deodorizers — sold under two product lines Alpha and Beta which respectively target long-haired and short-haired dog breeds.A dog taking a bath (123RF)Alll of O’s Sirius products exclude potential irritants such as sulfate, artifici
Aug. 7, 2016
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U.S. decides to impose 61 percent duties on POSCO steel products
The U.S. Department of Commerce has decided to impose nearly 61 percent in duties against hot-rolled steel flat products imported from South Korea's steel giant POSCO, a source said Friday.The decision is expected to deal a blow to the Korean steel industry, heavily dependent on the U.S. market. The department has set anti-dumping and countervailing duties for POSCO products at 3.89 percent and 57.04 percent, respectively, for a total of 60.93 percent duties.It also decided to impose a total of
Aug. 6, 2016
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Lotte founder accused of W600b tax evasion
Prosecutors raided additional offices of Lotte Group’s policy headquarters Thursday in order to gain evidence regarding alleged tax evasion by group founder Shin Kyuk-ho, officials said Friday.Shin is now suspected of evading roughly 600 billion won ($540 million) of gift taxes while transferring assets to his common-law wife Seo Mi-kyung and their daughter Shin Yoo-mi. Lotte Group founder Shin Kyuk-ho (Yonhap)Prosecutors have collected preliminary evidence from a law firm that counseled Shin d
Aug. 5, 2016
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Frozen food sales soar on more small households, heat wave
Frozen foods are gaining huge popularity in South Korea thanks to a rise in the number of households with one to two members and a prolonged heat wave, industry data showed Friday.Discount giant E-Mart said its sales of frozen alternative foods, including fried rice, rice with seasoned vegetables and noodles, jumped 75.8 percent in the January-July period from a year earlier.Of its own convenience food brand, sales of frozen foods shot up 55 percent on-year during the same period, far exceeding
Aug. 5, 2016
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Seoul issues 66% of support funds to firms at shuttered Gaesong complex
South Korea said Friday it has provided 66 percent of earmarked support funds to local firms operating factories at the now-shuttered joint industrial park to help cover their financial losses.The government has offered 336.9 billion won ($303 million) out of about 500 billion won in state funds to South Korean companies at the Gaeseong Industrial Complex in North Korea, according to Seoul’s Unification Ministry. Samba dancers pose in front of Hyundai Department Store’s Sinchon branch in Seoul o
Aug. 5, 2016
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Analysts upbeat on Asiana Airlines
Asiana Airlines Inc., a major South Korean flag carrier, is expected to see its earnings improve down the road thanks to an overhaul of unprofitable routes and sales of noncore assets, analysts said Friday.In a note to clients, Daishin Securities Co. said the airline has started turning around as it swung to a profit on an operating-income basis in the second quarter of this year.Asiana’s operating profit came to 28.8 billion won ($25.9 million) in the April-June period, compared with a loss of
Aug. 5, 2016
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[Photo News] Olympic marketing
Samba dancers pose in front of Hyundai Department Store’s Sinchon branch in Seoul on Friday as part of the Samba Carnival Parade commemorating the Rio Summer Games. Hyundai Department Store will be showcasing the parade at 14 different branches through Aug. 21. (Yonhap)
Aug. 5, 2016
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[Photo News] Korea building Uzbek airport terminal
Representatives from Incheon International Airport and the Uzbek government meet at the final report for a feasibility study Wednesday at Uzbek Airways. Incheon International Airport Corp. said Thursday it completed a feasibility test for a new passenger terminal in Tashkent International Airport as part of an aid project. The $454 million terminal is expected to open in 2020. Pictured: Kim Dong-chul, director of Incheon International Airport (front row, far left), Deputy Prime Minister of Uzbek
Aug. 5, 2016
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Lotte founder Shin accused of W600b tax evasion
Prosecutors raided additional offices of Lotte Group’s policy headquarters Thursday in order to gain evidence regarding alleged tax evasion by Lotte founder Shin Kyuk-ho, prosecutors said Friday.Shin is now suspected of evading roughly 600 billion won ($540 million) of gift taxes while transferring assets to his common-law wife Seo Mi-kyung and their daughter Shin Yoo-mi. Shin Kyuk-hoProsecutors have collected preliminary evidence from a law firm that counseled Shin during the 2005 transfer, wh
Aug. 5, 2016
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[Weekender] Korean firms use Olympics as sales booster
The Summer Olympic Games that kicked off Friday in Rio de Janeiro, Brazil, are a bonanza for major Korean businesses that have suffered from sluggish domestic consumption for years. Companies across industries are aggressively rolling out marketing events to appeal to consumers around the world during the 17-day international sports event. Models pose with gold medals to promote a giveaway event dubbed “Lovely Korea Festival” at the Lotte Department Store headquarters in Sogong-dong, central Se
Aug. 5, 2016
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Hallyu-related industries fear fallout from THAAD row
South Korean firms in entertainment, tourism, cosmetics and other sectors that rely on the Korean Wave could suffer from growing anti-Korean sentiment in China over Seoul’s decision to deploy the U.S.-led Terminal High Altitude Area Defense system, analysts and insiders here said Friday.The possibility of China imposing trade sanctions against Korean firms officially is quite low, considering the country’s status as the world’s second-largest economy, they said. This Aug. 1 photo shows Chinese
Aug. 5, 2016
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Did Apple Music just launch in Korea?
Apple launched the Apple Music service in Korea on Friday without a fanfare.IPhone users here found they were suddenly able to access the Music application that had been for a prolonged time a mere decorative presence on the home screen. Android users can also use the Apple Music service by downloading the application from Google’s Play Store. Apple initially excluded Korea from its list of serviced countries because it had failed to reach agreements with music copyright associations here.In Aug
Aug. 5, 2016
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[Graphic News] Korea’s automobile exports drop in H1
Exports of Korea’s automobiles in the first half of this year dropped 13.5 percent on-year on lower demand in global emerging markets, data showed Thursday.The nation exported 1.33 million cars in the first half of this year, down from 1.54 million units in the same period last year, according to data released by the Korea Automobile Manufacturer’s Association. The value of total exported cars was $19.01 billion, a 14.4 percent fall from last year’s $22.21 billion. “Sluggish economic growth in e
Aug. 4, 2016