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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Only homegrown cigarettes sold at highway service areas: sources
Only cigarettes produced by South Korea's sole tobacco maker KT&G Corp. are sold at highway service areas nationwide despite the antitrust watchdog's earlier order to correct such an unfair practice, industry sources said Monday.Last year, the Fair Trade Commission delivered a fine of 2.5 billion won ($2.19 million) to KT&G for forcing retailers not to sell cigarettes produced by foreign companies.KT&G offered cigarettes at lower prices to retailers at rest stops across the country to exclusivel
July 25, 2016
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Korean Air may help raise liquidity for Hanjin Shipping
[THE INVESTOR] Korean Air, a Hanjin Group affiliate, is likely to help raise liquidity of up to 700 billion won (US$615.22 million) for ailing Hanjin Shipping, according to industry sources on July 25.Hanjiin Shipping -- the world’s seventh-largest shipping line -- is required to hand in plans for raising up to 1.1 trillion won to its main creditor bank, the state-run Korea Development Bank, by the end of this month. A large part will have to come from Korean Air, which had initially offered to
July 25, 2016
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Constitutional Court to rule on new antigraft act
[THE INVESTOR] The constitutionality of the new antigraft law is to be decided on July 28, the Constitutional Court of Korea said on July 25. The so called “Kim Young-ran Act” is set to go into effect in September, and will impose penalties for receiving gifts or entertainment on a wide range of professions. As the act currently stands, staff of news organizations and private schools are subjected to the act. The inclusion of journalists and private school staff has been met with criticism and r
July 25, 2016
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Net overseas sales of Orion’s Choco Pie top W4tr
South Korean snack maker Orion said Monday that the cumulative overseas sales of its signature chocolate-covered biscuit brand “Choco Pie” has surpassed 4 trillion won ($3.5 billion) as of July. Boosted by its high popularity in China, Choco Pie’s global sales reached more than 200 billion won during the first half of this year, raising its cumulative overseas sales to 4.15 trillion won, Orion said.Orion’s flagship chocolate biscuit, first released in Korea in 1974, initially ventured abroad wit
July 25, 2016
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Kumho chief pursues group rebuilding
Kumho Asiana Group chairman Park Sam-koo is seeking to bring his group back together by re-acquiring Kumho Buslines and Kumho Tire, which had been sold off in an effort to reduce their debt.According to Kumho Asiana Group on Monday, Park decided to rebuy the 100 percent stake in express bus operator Kumho Buslines that was sold to Germany-based private equity firm Consus KHB last year by Kumho Terminal for about 390 billion won. Kumho Asiana Group chairman Park Sam-kooThat transaction came just
July 25, 2016
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Korea clinches W1tr UAE nuclear reactor deal
Korea has reached a landmark deal with the United Arab Emirates to operate four nuclear reactors currently under construction in the Middle East country, officials said Monday. The state-run Korea Hydro & Nuclear Power said it made an operation support services agreement with the UAE Emirates Nuclear Energy Corp. over operating the four Advanced Power Reactor-1400 nuclear reactors at Barakah. KHNP president Cho Seok (right) and UAE ENEC CEO Mohamed Al Hammadi exchange gifts after reaching a nuc
July 25, 2016
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Government to begin safety survey of dressers
A government agency responsible for setting safety standards for products sold in Korea said Sunday that it will begin surveying the dangers of dressers being sold in Korea following public outcry over dressers sold by multinational furniture maker Ikea.Ikea faced public fury when it was revealed that its Malm line of dressers were being sold in Korea despite being linked to the deaths of six young children abroad.The fatalities were caused when dressers that were not properly fastened to the wa
July 25, 2016
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Korean shipbuilders projected to see profit downturn in Q2
[THE INVESTOR] South Korean shipbuilders are likely to see a profit downturn in the second quarter of the year, hit by the ongoing industry-wide restructuring. Local securities said the nation’s largest three shipyards -- Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering -- will record lackluster quarterly revenues. DSME headquater in Seoul / The InvestorHyundai Heavy Industries, scheduled to announce its earnings on July 27, is forecast to post an
July 25, 2016
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Seoul lays out measures for safety of used nuclear fuel
The Seoul government has set up a basic scheme to safely manage spent nuclear fuel, amid public calls for clear safety measures for the used nuclear fuel, officials said Monday. The government’s nuclear power committee, chaired by Prime Minister Hwang Kyo-ahn, said it has drawn up the country’s first scheme for the safe management of high-level radioactive waste. Under the new basic scheme, the government will determine the site for a permanent disposal facility based on scientific and democrati
July 25, 2016
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Big Bang’s T.O.P. to curate Sotheby’s Hong Kong auction
[THE INVESTOR] Big Bang’s T.O.P. will debut as a curator at an auction to be held by Sotheby’s Hong Kong in October according to YG Entertainment. For the sale “#TTTOP,” named after his Instagram account that boasts over 5 million followers, the member of the superstar K-pop band who also acts under the name Choi Seung-hyun will share his artistic side. Big Bang’s T.O.P. / YG EntertainmentKnown to be an avid collector of designer furniture and contemporary art, he has contributed his collection
July 25, 2016
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Korea’s R&D investment in 2015 at W19tr
[THE INVESTOR] The Korean government invested 18.87 trillion won (US$16.6 billion) for research and development in 2015, according to the Ministry of Science, ICT and Future Planning. An analysis report released on July 25 showed that 54,433 projects were financed for 639 national R&D programs, a 7 percent increase from 2014. The Science Ministry provided the largest fund of 6.5 trillion won followed by the Ministry of Trade, Industry and Energy (3.4 trillion won), Defense Acquisition Program A
July 25, 2016
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LVMH invests $50m in Korean cosmetics maker CLIO
South Korean cosmetics maker CLIO has secured $50 million in investment from the world’s largest luxury brand group LVMH Moet Hennessy Louis Vuitton, boosting plans to expand overseas.LVMH-owned private equity fund L Capital Asia and CLIO signed an agreement on the investment and its terms during a ceremony in Singapore on July 22, the Korean cosmetics firm said Monday.Under the agreement, CLIO will complete its initial public offering by the end of this year and issue redeemable convertible pre
July 25, 2016
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CJ Korea Express to invest W24.9b in express delivery center
[THE INVESTOR] CJ Korea Express signed an agreement on July 25 with Incheon International Airport to build an express delivery center in the airport’s logistics complex.It will invest 24.9 billion won (US$21.89 million) and build a 21,157m² center that will start operating in the latter half of 2017. It is “a preemptive measure to process the fast-increasing volume of express parcels, especially from and to China and Southeast Asia,” said Park Geun-tae, CEO of the logistics arm of South Korean c
July 25, 2016
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LG Chem to triple elastomer output by 2018
[THE INVESTOR] LG Chem announced on July 25 that it will build the country’s largest elastomer plant by 2018.According to the plans, the company will inject 400 billion won (US$351.79 million) into building an elastomer production facility at its plant in Seosan, South Chungcheong Province. The new facility will be capable of producing 200,000 metric tons of elastomers on an annual basis. Elastomers produced by LG ChemOnce the plant is complete, LG Chem’s elastomer production capacity will be pu
July 25, 2016
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Lotte Chemical CEO to be grilled over tax fraud
[THE INVESTOR] Lotte Chemical CEO Huh Soo-young is to be summoned for questioning in connection with the company’s alleged tax fraud, local media reported on July 24. According to reports citing unnamed sources, the prosecutors investigating the case plan to question Huh as a suspect. Lotte Chemical is suspected of using false information in the suit against the tax authorities, which resulted in the company receiving about 27 billion won (US$23.75 million) in tax refunds. The investigators have
July 25, 2016
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DSME delivers 100th LNG tanker
[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering announced on July 25 that it has delivered its 100th LNG tanker. The company said that the 100th LNG tanker, Maran Amphipolis, set sail from its shipyard in Geoje, South Gyeongsang Province, on July 23. LNG tanker Maran Amphipolis / DSMEThe company began building LNG tankers in 1992, and delivered the first one in 1995. At present, there are 422 LNG tankers in operation. With orders for 50 LNG tankers remaining, DSME is set to be take th
July 25, 2016
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Home construction permits jump 9.3% in June
Construction permits issued for new residential buildings surged 9.3 percent from a year earlier in June as home construction permits in rural areas continued to rise, more than offsetting a sharp drop in the capital area, government data showed Monday.The number of new home permits issued came to 79,912 in June, compared with 73,102 in the same month last year, according to the data from the Ministry of Land, Infrastructure and Transport.The June tally marks a turnaround from a 7.3 percent decl
July 25, 2016
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Hyundai Heavy wins naval tanker deal from New Zealand
Hyundai Heavy Industries Co., a major shipbuilder, said Monday that it has signed a deal to build a naval tanker for New Zealand.The new tanker will replace a 30-year-old ship tasked with providing fuel, fresh water, disaster relief and other things to the navy. The new 12,000-ton tanker will be delivered by the end of 2019, Hyundai Heavy said.The new tanker will also be ice-strengthened for Antarctic operations, according to the shipbuilder.Hyundai Heavy did not unveil the value of the deal, ho
July 25, 2016
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LG Chem to jack up elastomer output
LG Chem Ltd., South Korea's top chemical maker, said Monday that it would spend some 400 billion won ($352 million) in expanding its output of elastic polymers in a bid to meet growing demand.The company said the new plant in Daesan, some 140 kilometers south of Seoul, will have a capacity to produce 200,000 tons of elastomer, which will raise its total output of the elastic polymer to 290,000 tons by 2018.Elastomers are elastic materials mostly used to make seals, high-quality adhesives, shock
July 25, 2016
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Korean seafood to be promoted at Chinese beer festival
The South Korean government is pushing to promote dried seaweed at a Chinese beer festival as part of its efforts to export the indigenous seafood snack overseas, the maritime ministry said Monday.The Ministry of Oceans and Fisheries said it is discussing with local beer manufacturers to provide the dried seaweed snack, known as "gim" in Korean, to the Qingdao International Beer Festival next month. The ministry aims to promote the dried seafood snack as going well with beer on the back of incre
July 25, 2016