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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Can Jennie break the K-pop solo artist slump?
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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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Korea, Japan set for ICT business meeting
Korea said Monday it will hold a government-civilian meeting this week intended to explore business partnerships with Japan on information, communication and technology (ICT).The Korea-Japan ICT Plaza is scheduled to be held in Tokyo and Osaka from Tuesday through Friday, according to the Ministry of Science, ICT and Future Planning.It would involve 40 Korean firms, mostly small and medium-sized ones, and more than 100 Japanese companies including Sony Corp., Fujitsu Ltd. and NEC Corp., said the
May 23, 2016
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Korea's drug exports set new record at $2.3 billion
Korea's medicine exports hit an all-time high of $2.3 billion last year despite a continued drop in the nation's overall outbound shipments of goods, data showed Monday.The amount marks a 28.5-percent increase from a year earlier, according to a report by the Korea Pharmaceutical Manufacturers Association. (123RF)Asia's fourth-largest economy suffered an 8-percent fall in its total exports in 2015.Imports of medicine also shrank 1.8 percent on-year to $5.1 billion last year, helping improve the
May 23, 2016
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Hyundai Motor's shares in BRIMs markets hit record high in April
Hyundai Motor Co., Korea's top automaker, saw its combined shares in Brazil and three other emerging countries hit an all-time high last month despite overall weak demand, industry data showed Monday.According to the data by automotive associations in each nation, Hyundai Motor's sales in those markets, which also include Russia, India and Mexico, came to 74,058 units in April, up 4.2 percent from the same period last year.Hyundai sold 16,453 cars in Brazil, 12,201 in Russia, 42,351 in India and
May 23, 2016
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Hyundai E&C commits to global social contribution
Hyundai Engineering & Construction is continuing its commitment to global social contribution with a total of 27 social projects in 15 countries.With its first global social contribution project of building a construction business education center in Kazakhstan in 2011, Hyundai E&C has since completed 14 social contribution projects and is currently making progress in 13 other overseas projects, the company said Thursday. Hyundai E&C and the Miral Welfare Foundation donated 1,500 solar lanterns
May 22, 2016
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Shipyards eye downsizing, dock sales
Korea’s three major shipyards, which once swept 70 percent of global orders, are to take wide-scale restructuring and downsizing steps, the impact of which may alter their global market standing amid a worldwide industry shakeup. Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries, the second and third largest of the three, are considering selling “floating docks,” which in boom times allowed them to increase production capacity beyond the physical limit of onshore facility, lo
May 22, 2016
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‘Urban casino for locals will destroy Korea’
MACAU -- Amid heated debates on a second casino in Korea permitting the entry of locals, an international expert warned it would “destroy the country.” Citing the nature of Koreans and their emotional response toward gambling, David Jung, founder and CEO of Hero Poker, a Philippines-focused online poker program, said allowing a casino to open within urban areas in Korea is a dangerous idea, stressing that the people would never draw a clear line between their life and entertainment when it comes
May 22, 2016
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Seoul to survey pet breeding farms
The Agriculture Ministry said Sunday that it would be beginning a survey of all animal breeding farms, but that under current law it would be difficult to penalize those operating illegally.The announcement came after public outcry over the unsanitary and cruel conditions of a dog breeding farm in South Jeolla Province that was broadcast recently on a local TV show. The program showed hundreds of female dogs locked in tiny cages, forced to become pregnant and give birth repeatedly in squalid con
May 22, 2016
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FTC confirms W500m fine for Namyang
Namyang Dairy Products will be fined 500 million won ($420,000) for its past unfair practices towards retailers instead of the original fine of 12.3 billion won, the Fair Trade Commission confirmed Sunday.The decision is in accordance with a court decision passed in January 2015 by the Seoul High Court and affirmed by the Supreme Court in June, citing lack of evidence for the full penalty.In 2013, the FTC reported Namyang to prosecutors for bullying sales agents and retailers into buying excess
May 22, 2016
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Carbon trading fails to take root in Korea
Korean companies have rarely traded their carbon emission rights on the South Korean main bourse this year due to a weak supply, data showed Sunday.According to the Korea Exchange, the total volume of traded emission rights stood at 1.08 million tons as of Thursday, a combined figure of 113,000 Korean allowance units and 968,000 Korean credit units. (123rf)Korean allowance units refer to the rights allocated directly by the government. Korean credit units are offset emission permits, converted f
May 22, 2016
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S. Korea set to unveil steps to help local firms at Kaesong complex
South Korea plans to unveil a set of measures as early as this week to support local firms that suffer from business setbacks due to the shutdown of a joint industrial park in North Korea, a Seoul official said Sunday.The government is likely to soon announce supportive measures to help South Korean firms facing financial losses from Seoul's decision to close the Kaesong Industrial Complex in the North in February. Kaesong Industrial Complex (Yonhap)On Feb. 10, South Korea shut down the complex,
May 22, 2016
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Sales of self-defense gadgets soar following Gangnam murder case
Sales of self-defense weapons increased dramatically in South Korea after a 23-year-old woman was brutally killed by a stranger in Seoul's affluent Gangnam district earlier this week, online marketplace operators said Saturday. Local internet shopping mall CJmall said its sales of self-defense gadgets between Tuesday and Friday jumped 700 percent from the same period last week. (TV Chosun Capture, original footage provided by Seocho police)Of the total, 86 percent of purchases were made by
May 21, 2016
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Sales of top 10 biz groups suffer setback in Q1
Combined sales of South Korea's listed firms affiliated with the 10 largest business groups here continued to shrink from a year earlier in the first quarter, industry data showed Saturday, reflecting the difficulties facing local firms due to sluggish exports and domestic consumption. In the three months ended March 31, the combined sales of 69 listed firms affiliated with the top 10 business groups came to 945.09 trillion won (US$793.19 billion), down 0.34 percent from the same period last y
May 21, 2016
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DSME plans more cuts of staff, wages
Daewoo Shipbuilding & Marine Engineering unveiled an additional self-restructuring plan Friday, pressed by the government and its creditors concerned about the worsening performance amid falling new orders.In the self-rescue plan submitted to its creditors, led by the state-run Korea Development Bank, the firm proposed a further cut in workforce and wages, as well as temporary closure of docks, industry sources said.YonhapA fresh idea in the plan is to transform its profitable marine defense-rel
May 20, 2016
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Hanmi’s new lung cancer drug to launch in Korea next month
Hanmi Pharmaceutical will begin selling its next-generation targeted lung cancer therapy HM61713, in South Korea from next month under the name “Olita Tab.,” its vice president and chief medical officer said Friday.The announcement comes a week after the Ministry of Food and Drug Safety approved the drug, also known as Olmutinib, for local sales, allowing it to debut on home turf. The drug’s pricing has yet to be determined.“The approval of Olita Tab. is a great step forward for lung cancer pati
May 20, 2016
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[Photo News] Doosan opens new duty-free shop
Doosan Group officials celebrate the opening of its new duty-free store inside Doota, a shopping mall complex located in the heart of Seoul’s popular shopping district Dongdaemun Market, on Friday. The Doota Duty Free takes up the top nine floors of the 34-story Doota building, with seven of the floors open as of now. It is the country’s first late-night duty-free shop, with some floors staying open until as late as 2 p.m. (Yonhap)
May 20, 2016
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Seoul's first late-night duty-free shop opens
Korea's first late-night duty-free shop opened Friday at the heart of its major shopping district frequented by foreign tourists.The Doota Duty Free Shop (DFS) began its operations, offering a wide range of duty-free goods from nearly 500 major brands.Visitors on Friday look at goods sold at Doosan`s newly-opened duty-free shop inside Doota, a shopping mall located near Seoul`s popular shopping district Dongdaemun Market. (Yonhap)The new shop is located near the Dongdaemun market, a traditional
May 20, 2016
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Samsung Biologics selects five IPO advisers
Samsung BioLogics on Thursday said it has selected five advisers to lead its initial public offering process on Korea’s main bourse KOSPI.They include a mix of Korean and foreign investment banks including Korea Investment Securities, NH Investment & Securities, Citigroup, J.P. Morgan and Credit Suisse.The Samsung BioLogics headquarters in Songdo, Incheon (Samsung BioLogics)Korea Investment Securities will represent the Korean investment banks while Citi will represent the foreign side, Samsung
May 20, 2016
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Korean ‘fillers’ ride hallyu wave
Korean biomedical companies producing dermal wrinkle fillers are seeing buoyed sales from increasing exports to China and Japan. Two firms, Hugel and Medytox, said Thursday that the heightened demand for their wrinkle-smoothing filler products helped boost sales in the first quarter this year. (123RF)Their primary products are botulinum toxin, more commonly known as Botox, however, it was hyaluronic acid fillers -- launched less than three years ago -- that proved to be successful. Hugel said it
May 19, 2016
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TonyMoly eyes aggressive expansion in China
The chairman of South Korean cosmetics brand TonyMoly said Thursday that the company is preparing to aggressively expand its business in China this year, projecting sales of 260 billion won ($213 million) for 2016. “We plan to focus on our business in China starting this year, as we have concluded the two-year legal dispute with our local distributor,” chairman Bae Hae-dong told reporters in Seoul during a press conference to mark the brand’s 10th anniversary. Having won its two-year lawsuit aga
May 19, 2016
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State-run oil company faces business restructuring
The market was unnerved Thursday with the report by a management consultancy firm that proposed restructuring state-run Korea National Oil Corp.’s money-losing overseas crude oil development business. The report by Deloitte Anjin -- Korean member firm of Deloitte Touche Tohmatsu -- on reforms in the overseas businesses of state-run energy companies was commissioned by the Ministry of Trade, Industry and Energy.The offshore oil drilling facility of Dana Petroleum, the U.K. explorer focusing on th
May 19, 2016