Most Popular
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Military aircraft evacuating S. Koreans in Lebanon returns home
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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Yoon set for talks with Marcos in Philippines
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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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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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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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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'Will AI steal my job?' Koreans among nationalities feeling most threatened by AI
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CJ head again seeks custody suspension for hospital treatment
The chairman of the food and entertainment conglomerate CJ Group has again requested a suspension of the execution of his 30-month jail term, citing the need for medical treatment, court officials said Thursday.Lee Jay-hyun is currently in the hospital waiting for the Supreme Court's ruling on embezzlement, breach of trust and tax evasion charges. His confinement has been suspended on several occasions since August 2013.Lawyers representing the industry mogul submitted an application for Lee's c
July 7, 2016
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Samsung Electronics launches super-fast UFS card
Samsung Electronics Co., the world's largest memory chip maker, on Thursday rolled out the industry's first removable data storage card that is five times faster than that of the conventional micro SD card.The Universal Flash Storage card with 250 gigabytes of storage can be used in shooting devices such as digital single-lens reflex cameras, action cams, and virtual reality cameras, the South Korean tech giant said. (Samsung)The latest UFS can read a full HD movie file with 5GB in 10 seconds, t
July 7, 2016
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Gov’t promises support to Hanwha Q CELLS in completing plant expansion on time
[THE INVESTOR] The Korean government on July 7 said that it will work with concerned organizations to ensure that Hanwha Q CELLS’ plant expansion project is completed on schedule. Hanwha Q CELLS, Hanwha Group’s solar power generation unit, is currently expanding its plant producing materials for solar panels in Jincheon, North Chungcheong Province. Although the project is due for completion in July 2017, the lack of infrastructure in the area is expected to pose hurdles. The expanded plant requi
July 7, 2016
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KT to nurture 20 start-ups this year
[THE INVESTOR] KT, South Korea’s leading telecommunications company, will pour 2 billion won ($1.7 million) to foster 20 start-ups this year, the company said Thursday. In line with the investment plan, the company held the so-called “speed dating” pitching event, at its headquarters in Seoul on the same day. At the event, start-ups suggest their ideas to attract investment and KT executives choose candidates to receive marketing and financial support on the spot. Among the start-ups selected fo
July 7, 2016
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Samsung Heavy workers stage 4-hour strike
[THE INVESTOR] Samsung Heavy Industries workers went on a partial strike on Thursday, to protest the company’s tough restructuring plan. It marked the first time that a troubled South Korean shipbuilder has faced a labor dispute.Earlier this week, the group of workers at the company’s shipyard in Geoje, South Gyeongsang Province, voted to launch the strike for four hours till 5 p.m.Some 5,400 members of the so-called “labor council,” joined the strike. Samsung Heavy, a unit of the country’s top
July 7, 2016
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Shopping and-K-pop complex planned in Uijeongbu, Korea
[THE INVESTOR] A large entertainment complex that combines shopping, K-pop and children’s entertainment will be built in Uijeongbu, Gyeonggi Province, as part of the government’s investment-boosting drive. According to the plans revealed on July 7, the central government will support Uijeongbu’s plans that will see the construction of a 620,000-square-meter complex in the area just north of Seoul. The project is scheduled for completion in 2018, and 382.4 billion won (US$ 330.8 million) will be
July 7, 2016
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[Newsmaker] Lotte chairman Shin’s sister arrested
Prosecutors on Thursday morning arrested Shin Young-ja, the chairwoman of Lotte Foundation and older sister of Lotte Group chairman Shin Dong-bin, as they investigate allegations of her involvement in bribery and embezzlement. The Seoul Central Court issued the arrest warrant at around 2 a.m. on Thursday, and Shin was immediately taken into custody.She is the first member of the Shin family -- which rules over the Lotte empire in Korea and Japan -- to be officially arrested in prosecutors’ inves
July 7, 2016
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Korean shares spike over 1% on foreign buying, Samsung's earnings surprise
Korean stocks closed significantly higher Thursday, clearly rebounding from a dip on the previous day on an earnings surprise from tech giant Samsung Electronics. The local currency also advanced against the U.S. dollar.The benchmark Korea Composite Stock Price Index spiked 20.96 points, or 1.07 percent, to 1,974.08. Trade volume was moderate at 374.6 million shares, worth 3.87 trillion won ($3.35 billion). Gainers outnumbered losers 607 to 208.The sharp rise came one day after foreign investors
July 7, 2016
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S. Korea hopes to triple cosmetics exports
[THE INVESTOR] South Korean government aims to boost cosmetics exports to US$ 7 billion by 2018 through deregulation and by supporting export activities. Last year, Korea’s cosmetics exports came in at US$ 2.6 billion. The plans were revealed at the pan-government conference on boosting exports and investment held in Seoul on July 7. As part of the measures, cosmetics producers, universities and research organizations will be allowed to submit products they develop for government certification r
July 7, 2016
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Consumers to sue Coway over defective water purifiers
Consumers in South Korea are reportedly preparing to file civil and criminal suits against local water purifier rental company Coway over its cover-up of defective ice water purifiers containing nickel.Thousands of Coway customers have formed legal action groups through online communities and are getting in touch with lawyers to determine further actions, according to local news reports.One online community against Coway has already amassed 2,700 members in just two days, with more than 400 peop
July 7, 2016
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Nexon to release mobile game in 140 nations
Nexon Co., a leading South Korean online game maker, said Thursday it will release its new flagship game in 140 countries.The action RPG HIT for mobile platforms recorded more than 5 million downloads in South Korea as of April. (Nexon)Riding on that popularity, Nexon said it will offer the game in 140 nations worldwide in 10 languages including English, Chinese, German and French.Nexon said it will step up marketing efforts through ads on TV, YouTube and the internet. (Yonhap)
July 7, 2016
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Health concerns plague CJ Group’s leadership
South Korea’s largest food and entertainment conglomerateCJ Group said Thursday that its incumbent chairman has undergone a surgery to remove a cancerous tumor from his lung, raising fresh concerns of potential instability in the group’s top management.CJ Group chairman Sohn Kyung-shik, 76, received surgery at Seoul National University Hospital in central Seoul on Tuesday, and is now in a stable condition and recovering, CJ Group spokeswoman Yoon Yeo-jin said. CJ Group co-chairman Sohn Kyung-shi
July 7, 2016
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Samsung Heavy workers stage strike for 4 hours
Workers at Samsung Heavy Industries Co., a major Korean shipyard, went on a partial strike Thursday, demanding the company nix its tough restructuring plan, marking the first time that a troubled Korean shipbuilder has faced a labor dispute.Earlier this week, the group of workers at the company's shipyard in Geoje, South Gyeongsang Province, voted to launch the strike for four hours till 5 p.m. Some 5,400 members of the so-called "labor council," joined the strike. Samsung Heavy, a unit of the c
July 7, 2016
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Gov’t to increase support for steel, petrochemical R&D
[THE INVESTOR] The government will increase its support for R&D in steel, petrochemical and shipbuilding industries as part of its strategy to improve exports and investments. Key R&D areas specified in the plans, revealed on July 7, include that for developing lightweight steel for automobiles, developing plastics with structural strength matching that of steel, and developing eco-friendly ship-related technologies. Posco's Finex steel millFor the steelmaking industry, the government hopes that
July 7, 2016
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Price of biosimilar, new drugs to increase
[THE INVESTOR] The price of biosimilars and new drugs that are covered under the national health insurance will increase from October, government plans showed on July 7. The price of biosimilar drugs will be priced up to 80 percent of the branded drugs, a 10 percent increase from the current 70 percent rate. The Health and Welfare Ministry unveiled a set of measures to foster the local pharmaceutical industry in a trade and investment promotion meeting chaired by President Park Geun-hye on July
July 7, 2016
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Korea eyes larger presence in halal, kosher markets
[THE INVESTOR] Eyeing the fast growing Middle East markets, the government announced its plans to expand certified halal and kosher products within the local industry on July 7. Halal and kosher refers to products manufactured according to religious guidelines in Islamic and Jewish cultures, respectively. CJ’s Metier Yogurt Powder manufactured to appeal to Muslims.Korea has been making efforts to attract tourists from the Mideast by increasing halal and kosher certified restaurants and now plan
July 7, 2016
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Gov’t to give ‘robot land’ a push
[THE INVESTOR] The government will designate an area of Masan, South Gyeongsang Province, to give the planned robot-themed development project(Masan robot land) a push, government agencies said on July 7.The Daewoo E&C-led consortium’s 400 billion won (US$ 346.4 million) project had been hampered due to its inability to obtain land. Artist's impression of the project after completion. Gyeongnam Robot Land FoundationThe government will now review support measures, including designating the concer
July 7, 2016
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Eight business groups engage in cross-shareholding: FTC
Eight Korean conglomerates rely on controversial cross-shareholding among their affiliated companies to strengthen their owner families' control over the entire group, the antitrust watchdog said Thursday.Korea's large business groups are accused of having wielded extra influence over their subsidiaries through complicated intra-group stakeholding arrangements. The Fair Trade Commission revised the local antitrust law in 2014 to tighten a ban on the cobweb-like shareholding system among subsidia
July 7, 2016
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Environment laws to be eased for Pyeongchang-Gangneung area to boost development
[THE INVESTOR] The government is to ease environmental regulations concerning Pyeongchang-Gangneung area of Gangwon Province as part of the drive to boost investment and trade.According to the pan-government plans revealed on July 7, environment-related regulations near Pyeongchang, Gangwon Province, will be eased, removing barriers hampering development projects in the area. Wind turbines located in Daegwallyeong. Environmental regulations will be partially lifted in the area to allow developm
July 7, 2016
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[Super Rich] The pet superstars of the superrich
The local pet market -- or “petconomy”-- is growing, and along with it, the pets of the superrich are rising to the spotlight. Korea’s pet superstars of the superrich include two famous poodles called Mari and Molly owned by Chung Young-jin, the vice chairman and CEO of the Shinsegae Group, Korea’s largest retailer Shinsegae Group vice chairman and CEO Chung Young-jin with his pet dog Mari in this photo posted on his Twitter account.The two poodles rose to popularity when Mari was first featur
July 7, 2016