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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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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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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[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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Can Jennie break the K-pop solo artist slump?
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From thrillers to animation: Netflix's 2025 Korean originals promise universal fun, fresh stories
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Samsung Electronics to simplify job titles
Samsung Electronics will implement a comprehensive reshuffle of work positions by simplifying seven job titles into four starting from March, the company said Monday.According to a set of plans, Samsung will also add the Korean suffix “nim” to every employee’s name, regardless of their job positions to promote horizontal communication and to increase work efficiency. The reform plan is set to remove existing job titles like daeri (assistant manager), gwajang (manager) and bujang (team leader) an
June 27, 2016
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Seoul expects $12.5 billion foreign visitors spending
[THE INVESTOR] Seoul will be Asia-Pacific region’s fifth most visited city in 2016, with foreign visitors spending US$12.5 billion, MasterCard’s analysis showed on June 27.According to MasterCard’s analysis, about 10.2 million foreigners will visit Seoul throughout the year, and their spending in the city will come in at about US$12.5 billion. In terms of the number of visitors, Korea’s capital will be the region’s fifth most visited city, and fourth in terms of money spent by visitors. The top
June 27, 2016
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[Photo News] Meeting for new growth engines
Business leaders including Samsung Electronics vice chairman Kwon Oh-hyun (fourth from left) attend a meeting on government-company consultation for the nation’s new growth engines at a Seoul hotel on Monday. (Yonhap)
June 27, 2016
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LSIS R&D campus named Asia’s No. 2 green building
Leading Korean electrical components manufacturer LS Industrial Systems’ Anyang research and development campus was named Asia’s No. 2 green building for its building energy management system, company officials announced Monday. The Asia Pacific Intelligent Green Building Alliance, an academic and technology exchange platform for green building technology was behind the list. LS Industrial Systems‘ Anyang R&D campus building in Anyang, Gyeonggi Province (LSIS)Built as the first domestic buildi
June 27, 2016
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Hanwha Techwin bags 240 bln won deal with Korea's aircraft maker
Hanwha Techwin, a Korean defense manufacturer, said Monday that it has signed a parts supply deal worth 241 billion won ($204 million) with Korea Aerospace Industries Ltd., the country's sole aircraft manufacturer.The deal is designed to localize parts of the engine for Korea's next-generation fighter jets, Hanwha Techwin said in a regulatory filing.In May, Korea picked U.S. company General Electric as the preferred bidder to supply engines for the KF-X project. KAI said Hanwha Techwin is set to
June 27, 2016
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[THE INVESTOR] Naver chief faces new challenges with Line
[The Investor] Naver chief faces new challenges with LineThe Korea Herald and The Investor are jointly publishing a series of in-depth articles analyzing rising business tycoons and their company’s governance structures. This is the first installment on Lee Hae-jin and Naver. -- Ed. Naver’s chairman Lee Hae-jin is something of an enigma in Korea’s corporate community. Unlike other businesspeople who are household names, Lee remains mostly out of the public eye. So far, his approach to “owning” t
June 27, 2016
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Doosan Heavy wins W220b deal in Iran
[THE INVESTOR] Doosan Heavy Industries and Construction has secured a 220 billion won (US$187 million) deal to build a desalination plant in Iran, the company said Monday. Doosan was the first global firm to have won a seawater purification plant construction project in the Middle Eastern country after international economic sanctions were lifted from it earlier this year, added the firm.The deal was signed with an Iranian private firm Sazeh Sazan. The South Korean builder will be in charge of d
June 27, 2016
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Doosan Heavy wins W220b deal in Iran
Doosan Heavy Industries and Construction has secured a 220 billion won deal to build a desalination plant in Iran, the company said Monday. Doosan was the first global firm to have won a sea water purification plant construction project in the Middle Eastern country after international economic sanctions were lifted from it earlier this year, added the firm.The deal was signed with an Iranian private firm Sazeh Sazan. The South Korean builder will be in charge of designing and constructing the p
June 27, 2016
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Korean shippers dispatch bigger vessels on Panama Canal route
[THE INVESTOR] Korean shipping companies are deploying larger ships that can navigate the newly expanded Panama Canal which is set to open a new era in global trade. Deploying bigger vessels is expected to improve the indebted ship liners’ profitability as they can enhance their price competitiveness. Hyundai Merchant Marine plans to deploy five units of 10,000 twenty-foot equivalent containerships on the route called NYX, focusing on coverage between Central and North China and Korea to the Uni
June 27, 2016
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GS Caltex offers counseling programs for needy youths
Korea’s major oil refiner GS Caltex is helping underprivileged children and youths by providing counseling services to them as part of corporate social responsibility, the company said Monday.With the aim of boosting youths’ self-esteem and supporting them socially, the company has been running the program “Heart Tok Tok” since 2013. It involves sessions designed to help them heal psychologically such as through music, painting and ballet. North Korean defector students participate in the Heart
June 27, 2016
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Hyundai Heavy eyes medical robot exports
[THE INVESTOR] Hyundai Heavy Industries delivered 10 medical robots to local health care institutions on June 27, as it speeds up the efforts to enter overseas markets by the end of next year. According to Hyundai Heavy, 10 robots of three different types were delivered to five medical institutions -- Asan Medical Center, Ulsan University Hospital, Cheonnam National University Gwangju 2nd Geriatric Hospital and Ulsan Noin Hospital.Medical-use robots developed by Hyundai Heavy. Hyundai Heavy Indu
June 27, 2016
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Samsung Heavy Industries seeks capital increase of W1tr
[THE INVESTOR] Samsung Heavy Industries is seeking to gain approval to issue new shares worth some 1 trillion won (US$842 million) at a board meeting scheduled for June 27.In the meeting, the cash-strapped shipbuilder will propose modifying the articles of association, to prepare for the paid-in capital increase. On June 8, the company said a specific timeline for the capital increase, and the amount, will be confirmed following corporate consulting and its current fund availability.By Park Han-
June 27, 2016
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USFDA grants Kyongbo Pharm facility approval
[THE INVESTOR] Korean pharmaceutical giant Chong Kun Dang’s raw materials manufacturer Kyongbo Pharmaceutical has got approval from the US Food and Drug Administration for its sterile GMP facility, its chief executive said June 27. CEO Kang Tae-won said the approval was granted to Kyongbo after the company applied for USFDA’s facility clearance evaluation for ceftriaxone, a core ingredient in producing antibiotics for pneumonia and bronchitis, last February. The raw material has already entered
June 27, 2016
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Doosan Heavy bags W220b deal
[THE INVESTOR] Korea’s top power equipment maker Doosan Heavy Industries & Construction said on June 27 that it has bagged a 220 billion-won (US$185 million) deal to build a desalination plant in Iran.Under the deal with the Iran-based Sazeh Sazan, the firm will construct the facility by October 2018. The Korean company will also do operating and maintenance work for 12 years.Desalination plant.Doosan Heavy’s deal marks the first for a desalination plant in the Islamic republic after internation
June 27, 2016
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E-Land’s pre-IPO placement plans for Chinese arm fall apart
[THE INVESTOR] E-Land Group’s plans for pre-IPO placement for its Chinese branch E-Land Fashion China Holdings has fallen apart over its plans to sell off the brand Teenie Weenie. E-Land has been working on pre-IPO placements for its Chinese arm hoping to raise about 1 trillion won (US$842 million). In the process, the company decided to sell Teenie Weenie, a brand under E-Land International Fashion Shanghai. Although the company hopes to raise about 2 trillion won from the sale of Teenie Weenie
June 27, 2016
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Doosan Heavy bags 220 bln-won deal for desalination plant
Doosan Heavy Industries & Construction Co., Korea's top power equipment maker, on Monday said it has clinched a 220 billion-won ($185 million) deal to build a desalination plant.Under the deal with the Iran-based Sazeh Sazan, Doosan Heavy will construct the facility by October 2018. The Korean company will also do operating and maintenance work for 12 years.(Yonhap)Doosan Heavy's deal marks the first for a desalination plant in the Middle East country after international sanctions on it were lif
June 27, 2016
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Ex-chief of Daewoo Shipbuilding summoned over company's accounting fraud
A former CEO of Daewoo Shipbuilding & Marine Engineering Co., one of the country's top three shipbuilders, was summoned by prosecutors Monday over his alleged involvement in the financially troubled company's accounting fraud and poor management. Nam Sang-tae, who headed the shipyard from 2006 to 2012, appeared before the Seoul High Prosecutors' Office as a key suspect in the ongoing probe into the embattled shipbuilder.(Yonhap)"I will fully cooperate with the investigation," the 66-year-old tol
June 27, 2016
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K-pop under spotlight in New Jersey
[THE INVESTOR] Is the hallyu fever over? Some naysayers claim the cultural phenomenon that hit the world in early 2000s is losing its gloss as it runs out of contents to showcase. Boy bands, girl groups and food like kimchi and bulgogi -- the centerpieces of the cultural wave -- are getting old for global fans.K-pop fans attend an outdoor event during the KCON convention held in Newark, New Jersey, from June 24 to June 25. CJ E&MA recent government report also showed the growth of Korean culture
June 27, 2016
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CEOs wait tables for AMCHAM charity night
“Everyone, work your servers. You get to be their boss tonight. And isn‘t that a good feeling?”With those words from John Schuldt, President of American Chamber of Commerce in Korea, began the 12th CEO Servers’ Night at the Conrad Hotel in Seoul on Friday. Hosted annually by the Partners for the Future Foundation, the event has the chief executives of AMCHAM member companies don white aprons to wait on family and friends and raise scholarships for underprivileged students.Eight CEO servers pose
June 26, 2016
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Brexit raises concerns over exports
Britain’s departure from the European Union is drawing mixed reactions here, with local experts offering dim prospects for Korean exporters but some others viewing the historic change as an opportunity for the world’s seventh-largest exporter to outpace its rivals in the overall European market. Amid growing concerns, the Korean government said Sunday it would prepare for separate trade talks with the EU and Great Britain. In 2009, South Korea and the EU signed a bilateral free trade agreement,
June 26, 2016