Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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[Music in drama] Rekindle a love that slipped through your fingers
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Samsung employs 320,000 people in 73 countries: report
Samsung Electronics said Friday it had 320,000 employees around the globe as of the end of December last year and had spent 16.8 trillion won ($15.3 billion) on research and development projects.According to its annual business report, Samsung Electronics had 320,671 staff members as of 2017, up 3.9 percent from 308,745 a year earlier. By region, South Korea accounted for 96,458, up 3.5 percent over the cited period. The company had 224,213 employees on its payroll in other countries, up 4 perce
IndustryJune 15, 2018
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Hanjin Group faces slew of new accusations: FTC head
Kim Sang-jo, FTC chairman (Yonhap)Hanjin Group, parent company of flag carrier Korean Air, is facing a number of accusations of breaching market rules alongside the cases of intra-company trade blamed for benefiting the interest of the owner family, the head of the nation’s anti-trust watchdog said Friday.“Not just intra-affiliate dealings for the benefit of the owner family, (Hanjin Group) have allegedly violated a number of rules,” said Kim Sang-jo, chairman of the Fair Trade Commission in a r
IndustryJune 15, 2018
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Auction for 5G frequencies kicks off under heavy guard
BUNDANG, Gyeonggi Province – An auction for frequency spectrums for the upcoming fifth-generation telecom services kicked off on Friday at the heavily guarded headquarters of Telecommunications Technology Association in Bundang, Gyeonggi Province, with participation from executives of the country’s three mobile carriers determined to secure high-quality and efficient frequencies. At around 8:15 a.m., KT’s senior vice president Kim Soon-yong appeared in the lobby of the TTA building vowing to sec
TechnologyJune 15, 2018
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GM Korea on path to posting notable sales recovery in June
GM Korea, the local unit of the US carmaker, is seeking to regain its rank as the No. 3 bestselling local carmaker here this month on demand for new models and financial support from related parties to stabilize its financial conditions, the company said Friday.GM Korea is hoping to sell more than 10,000 units in June for the first time this year and regain its position as the third top-selling local carmaker here after Hyundai and Kia, based on 3,000 vehicles sold here in the first ten days of
MobilityJune 15, 2018
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Naver adopts AI function in blog service
South Korea's top portal operator, Naver Corp., said Friday that it has adopted an artificial intelligence supported function that automatically edits bloggers' content.The service, called "auto transformation," edits images and videos automatically in context with the posts written by bloggers."More content is expected to be created as the bloggers can write anytime, anywhere without worrying about editing," the company said in a press release. (Yonhap)Naver said it has also added AI-supported
TechnologyJune 15, 2018
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S. Korea's jobless rate rises in May, job creation lowest in over 8 yrs
South Korea's jobless rate rose slightly in May due to a fall in employment in the retail, manufacturing and educational service sectors, while job creation remained sluggish, government data showed Friday.The unemployment rate stood at 4 percent last month, up 0.4 percentage point from a year earlier, marking the highest rate recorded for May in 18 years, according to the report compiled by Statistics Korea.The number of employed people reached 27.06 million in May, up 72,000 from a year earlie
EconomyJune 15, 2018
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ECB to keep interest rates at record lows at least through summer
The European Central Bank on Thursday said it expected key interest rates to remain at their current historic lows "at least through the summer of 2019."The Frankfurt institution's main refinancing rate currently stands at zero percent, the rate on the marginal lending facility at 0.25 percent, and the rate on deposits at -0.4 percent, meaning banks pay to park money with the ECB. (AFP)
EconomyJune 14, 2018
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FTC to get tough on intra-company trade, revise fair trade law
The nation’s antitrust watchdog head said Thursday that it would take a tougher stance on conglomerates’ inter-subsidiary dealings, stressing that they benefit the interests of owner families and harm the business ecosystem of small firms and traders. “We will make sure that such unfair practices will no longer be tolerated in the market through strict law enforcement,” FTC Chairman Kim Sang-jo said at a press briefing Thursday. Kim Sang-jo, head of the Fair Trade Commission (Yonhap)He urged th
IndustryJune 14, 2018
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Daesung Group to hold forum on microbes
A South Korean energy firm Daesung Group will hold a forum on microbes on June 21 to seek ways of tackling environment and energy problems through microbial waste management, the company said Thursday.Titled “2018 Daesung Haegang Microbes Forum,” the event will be held at The Korea Chamber of Commerce and Industry headquarters, featuring renowned speakers coming from around the world. Panels talk at Daesung Group`s Few Nexus Conference held last year. (Daesung Group)The list includes Philippe S
IndustryJune 14, 2018
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Kakao acquires kids’ smartwatch maker Kiwi Plus
Kakao, the operator of South Korea’s dominant mobile messenger KakaoTalk, said Thursday that it has acquired a 51 percent stake in Kiwi Plus, a local kids’ smartwatch and smartphone manufacturer. The Korean mobile technology giant plans to invest around 10 billion won ($9.23 million) in making the acquisition, aimed at strengthening Kakao’s portfolio of hardware and internet of things technologies. Kakao Kid's Smartphone (Kiwi Plus)Founded in 2013, Kiwi Plus is a hardware manufacturer best-known
TechnologyJune 14, 2018
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Samsung NEXT launches Q Fund for next generation of AI startups
Samsung NEXT, which focuses on entrepreneurs based in Mountain View, California, said Thursday it has launched a new fund to help enable startups with early-stage artificial intelligence technologies to develop their capabilities further. Q Fund will provide Seed and Series A financing to startups solving AI problems, as well as those using AI to solve computer science problems. Differing from traditional venture capital approaches, Q Fund will have the flexibility to invest in non-obvious, forw
TechnologyJune 14, 2018
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Samsung aims to expand renewable energy use globally by 2020
Samsung Electronics said Thursday it will expand production and usage of renewable energy at its workplaces in South Korea and a further plan for global expansion by 2020 as part of its ongoing efforts to demonstrate its commitment to environmental responsibility. In Korea, the tech titan will install approximately 42,000 square meters of solar panels in its headquarters dubbed “Samsung Digital City” in Suwon this year. The company will add about 21,000 square meters of solar arrays and geotherm
TechnologyJune 14, 2018
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Finance regulators move to review Samsung BioLogics’ pre-2015 records
South Korea’s financial regulators are planning to look into the financial statements of contract drug manufacturer Samsung BioLogics prior to 2015, the fiscal year at which the company posted a controversial 1.9 trillion won ($1.77 billion) in net profit by switching its accounting standards. It signals a shift in the investigative direction of the Securities and Futures Commission, the auditing unit of the Financial Services Commission, which appears to be seeking a midway solution that can
IndustryJune 14, 2018
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Re-elected Seoul mayor likely to ban old diesel cars in city center
After a sweeping election victory by the Democratic Party of Korea, leaders of municipalities are likely to push ahead with an administrative drive to ditch old diesel cars and boost electric vehicles as part of their campaign pledges.Re-elected Seoul city major Park Won-soon vowed during his campaign that he would classify vehicles in five different groups based on the amount of emissions and make an alternative-day-no-driving system mandatory. Park said incentives would be given to vehicles em
MobilityJune 14, 2018
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Hyundai Motor to sponsor La Liga’s Atletico Madrid
Hyundai Motor has become a global automotive sponsor for La Liga’s leading football club Atletico Madrid, stepping up sports marketing efforts in Europe, the company said Thursday.The sponsorship deal was announced just days after the automaker revealed its partnership with Chelsea FC.Until 2021, Hyundai’s logo will appear on the sleeve of the football club’s uniform, alongside advertising boards in its stadium. Hyundai will also be given the rights to display its vehicles at Atletico Madrid’s h
MobilityJune 14, 2018
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US rate hike likely to have limited impact on Korea: officials
As the United States carried out its anticipated rate hike this week, South Korea faces mounting pressure to keep pace with the momentum amid prolonged slow growth and chronic household debt.In a largely defensive gesture, key fiscal and monetary officials here said that the impact of the US rate hike would be limited, though they vowed anticipative measures for the potential consequences of the faster-than-expected rate hike timeline that has been signaled. “The Fed’s latest rate hi
EconomyJune 14, 2018
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Lotte Hi-Mart offers payment by scanning palm
Lotte Hi-Mart, the electronics chain run by retail giant Lotte Group, said Thursday that it has launched the first so-called “Hand Pay” service in the industry. A customer makes payment via Hand Pay, a biometric payment system that scans the pattern of veins in the palm, at Lotte Hi-Mart in Seoul on Thursday. Lotte Hi-MartCustomers can make payment by scanning the palm of their hands, starting with Lotte Hi-Mart’s Daechi outlet in Gangnam, the company said. The pattern of veins in the palm is sc
IndustryJune 14, 2018
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Govt. to end GTR contracts with Korean Air, Asiana Airlines
The government plans to end its exclusive flight contracts with the country's two flag carriers -- Korean Air Lines Co. and Asiana Airlines Inc. -- this year, to allow its employees to use other airlines, including low-cost carriers, for official travel, the finance ministry said Thursday.Under the so-called government transportation request, the country's public servants have been required to exclusively use the two airlines for almost 40 years. This composite image shows Korean Air`s B787-9 (t
IndustryJune 14, 2018
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Korean firms required to overhaul top-down, drinking culture
South Korean companies need to improve their strict top-down management structure and culture of frequent after-work drinking if they want to hire talented workers in China, a local trade association said Thursday.In a survey of 465 applicants for jobs in Korean firms operating in China, the Korea International Trade Association found more than 27 percent of the respondents picked the after-work drinking culture and top-down management style as two major things that should be improved, KITA said
IndustryJune 14, 2018
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Banks preparing for possible resumption of inter-Korean projects
South Korean banks have stepped up preparations for a possible resumption of economic projects in North Korea, as a historic summit between US President Donald Trump and North Korean leader Kim Jong-un raised hopes of more reconciliation between Seoul and Pyongyang.After about five hours of talks in Singapore on Tuesday, Trump and Kim signed a joint statement committing to the "complete denuclearization of the Korean Peninsula." But the statement fell short on details of how the North'
EconomyJune 14, 2018