Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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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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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Can Jennie break the K-pop solo artist slump?
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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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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First lady’s Dior bag scandal to be at center of Assembly audit
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Firefighters’ 3,000 won meals spark nutrition concerns
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Cosmetics industry to launch customized services
Customized cosmetics stores will soon open to allow users to pick the ingredients, colors and fragrances of their choice, government and industry officials said Thursday.The Ministry of Food and Drug Safety has been receiving applications from companies wanting to launch the DIY-style service from this week and is anticipating the first stores to open as early as next month. Industry leader AmorePacific aims to open its shop in June, and LG Household & Health Care is operating a task force ahead
March 24, 2016
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Samsung C&T bags 1.4 tln won orders from Southeast Asia
Samsung C&T, a major Korean builder, said Wednesday that it has won nearly 1.4 trillion won ($1.2 billion) worth of orders so far this year from Southeast Asian countries. Samsung C&T secured an order to build a courthouse in Singapore for 388 billion won last month, while winning a 245 billion won deal to construct an office building in Malaysia. On March 18, it also won a 737 billion won subway construction deal in Singapore.Samsung C&T said that it has been working on strengthening its footho
March 23, 2016
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Korean shares edge down on fresh N. Korea risk
South Korean stocks inched down Wednesday as investors took to the sidelines ahead of the earnings season, while a fresh provocation from North Korea spooked wary investors here. The local currency lost ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) declined 1.69 points, or 0.08 percent, to 1,995.12. Trade volume was moderate at 363.1 million shares, with losers beating winners 429 to 377.The so-called North Korea risk resurfaced after a North Korean commi
March 23, 2016
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KDB may delay KAI sales over growing foreign ownership
The state-run Korea Development Bank may postpone its plan to sell shares of Korea Aerospace Industries to fend off the fast-growing stakes of foreign investors in the government-controlled firm, according to market reports Wednesday.The percentage of KAI shares owned by foreign investors jumped to 22.8 percent this week, an increase of more than 7 percentage points from 15.2 percent in January. Korea Development Bank headquarters in Seoul (Yonhap)Foreign investors seems to have acquired the KAI
March 23, 2016
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Shinsegae to open first Starfield complex in Sept.
Shinsegae Group announced Wednesday that a shopping complex -- the first to open under its new Starfield brand -- will open in September in Hanam, Gyeonggi Province.Named personally by Shinsegae Group vice chairman Chung Yong-jin, Starfield represents Shinsegae’s vision for creating a “shopping theme park“ that offers both shopping and other forms entertainment to visitors. Plans for Starfield First Hanam (Shinsegae)“Customers no longer focus only on buying what they need,” vice chairman Chung
March 23, 2016
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Hanwha scion meets young Asian leaders at Boao Forum
Kim Dong-won, the second son of Hanwha Group chairman Kim Seung-youn, shared his views on communications and technology with Asian young leaders at the so-called Asian version of Davos Forum in China this week.Group officials said junior Kim, currently head of Fintech and Innovation Center at Hanwha Life Insurance, discussed the theme of “redefining distance” with other panelists invited to the Young Leaders Roundtable during the Boao Forum for Asia on Tuesday. Hanwha Life Insurance executive Ki
March 23, 2016
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Seoul to mark Korean cosmetics to prevent knock-offs
Seoul authorities have decided to implement a new system to distinguish original Korean cosmetic products from knockoffs that are common in China. The Korea Customs Service on Tuesday said it plans to mark Korean cosmetics with a special QR code label to verify authenticity and ultimately help protect both brands and consumers. KCS plans to implement the new verification system starting from June. Chinese knockoffs based on original Korean cosmetics products (Korea Customs Service)In tandem with
March 23, 2016
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Galaxy S7 tops Consumer Reports smartphone pick
Samsung Electronics’ latest high-end smartphone, the Galaxy S7, on Wednesday earned the top rating by a leading U.S. magazine for its cameras and other features. “These new models aren’t just Samsung’s best smartphones, but, perhaps, the best smartphones. And they now sit atop our ratings,” said Consumer Reports. Samsung Galaxy S7 (Yonhap)The magazine cited features such as cameras, water resistance and processors as the reason behind its favorable views.“Our tests confirmed that the Galaxy S7
March 23, 2016
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Korean food industry strives to reduce sugar
In line with rising health consciousness here and abroad, the South Korean food industry is working to reduce sugar content across diverse product categories. Amid growing concern over the adverse effects of high-sugar diets, Korea’s sugar substitutes market is fast expanding. Companies are also introducing a wider range of low-sugar beverages and dairy products for an increasingly health-conscious public.CJ Cheil Jedang's Xylose sugar (CJ Cheil Jedang) The size of the local consumer-bought sug
March 23, 2016
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POSCO merges two units in Mexico
South Korea’s top steelmaker POSCO said Wednesday that it has consolidated two of its local units in Mexico as a part of streamlining the firm’s businesses both at home and abroad.In a regulatory filing, POSCO said it recently merged the two companies in Mexico, both of which were 100 percent owned by POSCO America. The move is in line with the steel manufacturer’s ongoing reform efforts to restructure itself through asset sales and business consolidation to slim down and aim for more efficient
March 23, 2016
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Ssangyong takes more than 2,200 preorders for Tivoli Air
Ssangyong Motor, owned by India’s auto giant Mahindra & Mahindra, said Wednesday that it has received over 2,200 preorders for its Tivoli Air that made its debut earlier this month. The Tivoli Air is a long-body version of its popular Tivoli crossover sport utility vehicle, which a large part of its domestic and overseas sales throughout last year. Ssangyong’s Tivoli AirThe automaker started receiving preorders since March 2, and delivery began on March 8. So far this month, the Tivoli and the
March 23, 2016
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GS E&C wins $1.5b vehicle depot project in Singapore
South Korean builder GS Engineering & Construction Corp. said Tuesday it has inked a 1.7 trillion won ($1.5 billion) contract to build what it claims will be the world’s largest vehicle depot in Singapore.Under the deal with Singapore’s Land Transportation Authority, the builder will construct the vehicle barn by early 2024.The vehicle garage will be built on an area spanning 320,000 square meters to connect three subway lines near Changi Airport via a 1.45 kilometer-long tunnel. When completed,
March 22, 2016
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Perseverance behind Shilla‘s heritage hotel success
Perseverance was the key in achieving her long-cherished dream. After four failed attempts, president Lee Boo-jin of Hotel Shilla, a Samsung Group affiliate of luxury hotels and duty-free shops, is finally on her way to build a hotel in the style of a traditional Korean house, or hanok.Following a March 2 approval from the Seoul Metropolitan Government, Lee plans to build the hanok hotel adjacent to Shilla Seoul hotel in Jung-gu, central Seoul, after using parts of the hotel grounds to accommoda
March 22, 2016
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Korean petrochemicals firms eye M&As
Korean petrochemicals companies, backed by improved earnings, are pushing to take over foreign rivals that specialize in high-end products, in a bid to diversify their revenue sources and fend off rising competition from Chinese rivals, industry sources said Tuesday.According to the sources, SK Global Chemical, a unit of SK Innovation, the country's top refiner, has been rebalancing its business portfolio focusing on high-end and high value-added products. SK headquarters in Seoul (Yonhap)"We ar
March 22, 2016
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Samsung's Galaxy S7 series enjoys popularity in Israel
Korean tech giant Samsung Electronics said Tuesday its latest flagship smartphones, the Galaxy S7 series, posted robust sales in Israel just a week after their launch.The Galaxy S7 series officially hit the shelves on March 14, coming out in major markets including Korea, the United States and Europe. Samsung Galaxy S7 (Yonhap)Samsung sold over 10,000 units in the first week in Israel as its advanced waterproof function and visual display received positive feedback, according to company officia
March 22, 2016
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U.S. Supreme Court agrees to hear Samsung‘s appeal
The U.S. Supreme Court agreed Monday to hear Samsung Electronics’ appeal of the damages it was ordered to pay for infringing on Apple’s design patents.Samsung previously paid Apple $548 million in damages awarded by a lower court for copying designs of the iPhone. In December last year, Samsung took the case to the highest court, asking it to reconsider the scope of design patents and how damages are calculated, in an effort to knock up to $399 million off the total damages.The South Korean smar
March 22, 2016
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Prosecutors probing into Volkswagen’s new cars
South Korean prosecutors said Monday they are investigating Volkswagen AG’s newly launched cars for possible emission fabrication. The prosecutors said the probe will focus on the German carmaker’s 2016 cars, which have passed Europe’s stronger emission standards, known as the Euro 6.On Friday, prosecutors raided a vehicle inspection center of the Korean unit of Volkswagen AG. They also confiscated about 10 vehicles that met the new European standards.Previously, Volkswagen’s four diesel-engine
March 22, 2016
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S. Korea develops ‘smart patch’ for diabetes therapy
A team of South Korean scientists announced Tuesday that they have developed a wearable device, based on nanotechnology, to more conveniently monitor diabetes.The graphene-using “smart patch” has improved the accuracy of blood sugar level measurements as it checks not only glucose in sweat but also temperature and acidity, according to the Institute for Basic Science. Scientists experiment with nanotechnology in a lab in North Gyeongsang Province, South Korea. (Yonhap)The patch is used on the s
March 22, 2016
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CJ Group seek changes by boosting M&As
Korea’s food and entertainment giant CJ Group is seeking fresh momentum to bring its growth strategies back on track and to fill the management vacuum created by the owner’s long absence.The group’s affiliates have been active in mergers and acquisitions both in Korea and abroad, in sharp contrast to their conservative approach in the past. The group has been putting efforts to fend off market criticism against its ailing chairman, which has delayed its expansion strategies through M&As. The gro
March 21, 2016
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Celltrion to join ranks of Korea’s big businesses
South Korean biosimilar developer Celltrion is slated to become the first ever homegrown biopharmaceutical company to be classified as a “big business.”Last year, the value of the total assets held by Songdo-based Celltrion and its 11 affiliates surpassed 5 trillion won ($4.31 billion), which is the threshold used by the Fair Trade Commission to identify a given company as a “large corporation.” Celltrion’s headquarters in Songdo, Incheon (Yonhap)Celltrion’s status is slated to change before Apr
March 21, 2016