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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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[Music in drama] Rekindle a love that slipped through your fingers
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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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Seoul Metro to seek legal action against malicious complaints
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Income growth rates for 90 pct of S. Koreans up this year: presidential aide
Income growth rates for 90 percent of South Koreans improved this year, a presidential aide said Sunday, in a move to rebut criticism over recent comments by President Moon Jae-in.Last week, Moon said 90 percent of the effects of the minimum wage hike have been positive, sparking some criticism that the drastic hike in the minimum wage is to blame for a decline in income of low-income bracket. The government raised the minimum wage by 16.4 percent to 7,530 won ($7) on Jan. 1 this year, the
EconomyJune 3, 2018
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[Kosdaq Star] Buoyed by bio, genome sequencing pioneer Macrogen seeks stable future
This is the 56th in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed. Only two decades ago, today’s genome sequencing technology sounded like magic. Driven by growing interest in the mysteries of the human body and passion for finding a cure, the market for genome sequencing service market has doubled in eight years. The price of the service also plummeted significantly in the 15 years leading to 2016, giving researchers easier access cost-wise to geno
IndustryJune 3, 2018
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Hyosung launches holding company, 4 affiliates
South Korean textile giant Hyosung officially launched a holding group and four affiliates on Friday to improve transparency in management and corporate governance, officials said Sunday.In the first major change in decades, the textile company will have four operations under a control tower, Hyosung Corp. The CEO post of the holding company will be shared by Hyosung Chairman Cho Hyun-joon and President Kim Kyu-young. President Cho Hyun-sang, the chairman’s younger brother, was named boardroom m
MobilityJune 3, 2018
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[Management in Korea] It’s lonely at the top: Personal journey of CEO
Management in Korea is a regular column written by the members of Egon Zehnder Seoul, touching on various aspects of Korean enterprises and business leaders and offering management tips. -- Ed.Being named CEO is a goal sought by many but obtained by few. Both in the public eye and within the executive suite, it is thought of as the end of a long career path. But the fact is that it is only the beginning of a new and more challenging stage. Even for executives who have been carefully groomed for
IndustryJune 3, 2018
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Samsung heir’s Hong Kong trip sparks restructuring rumors
Samsung heir Lee Jae-yong’s trip to Hong Kong raised questions Sunday among industry insiders over its significance, with some saying that he might be preparing for more governance restructuring to complete his succession.Lee left for Hong Kong on Thursday for meetings with global business partners, according to Samsung officials, although details of the meetings have not been disclosed yet. But industry insiders remained mixed in their assessments of his trip to the financial hub of Asia, citin
TechnologyJune 3, 2018
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US tariff move adds uncertainty to Korean automakers
The US latest tariff move has added uncertainty to the Korean automobile companies already facing a decline in sales in its largest export destination. The US Department of Commerce recently sought opinions from interested parties pursuant to Section 232 to determine the national security impacts of automobile imports. This is a follow-up measure to the President Donald Trump ordering it last month to review whether it can impose up to 25 percent tariff on imported cars. Industry watchers have r
IndustryJune 3, 2018
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Korean biopharma firms seek new business opportunities at US biotech convention
South Korea’s major biopharmaceutical companies have headed to Boston this week to take part in the 2018 Bio International Convention, with aims to promote their technologies to interested partners and potentially strike new deals. The four-day conference, which kicks off Monday, is considered one of the world’s biggest biotech and pharma industry events. This year’s edition is taking place in Boston, a hub of top-class biotech research institutes, healthcare corporations, startups and investors
IndustryJune 3, 2018
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Govt. to tighten reporting rules on financial transactions
The government has proposed a bill to toughen the rules for reporting on certain financial transactions, the country's top financial regulator said Sunday.The move is part of Seoul's ongoing efforts to better ferret out financial crime and money laundering activities, the Financial Services Commission said.South Korea has tightened regulations on anti-money laundering and possible terrorism financing, targeting some loopholes that may be used by people to conceal their wealth. The FSC said in a
MarketJune 3, 2018
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S. Korean steel makers to enjoy potential benefits from N. Korea: analysts
South Korean steel makers could see benefits from North Korea's possible economic opening following the planned summit between US President Donald Trump and North Korean leader Kim Jong-un, analysts here said Sunday.Trump said after a meeting with Kim's top envoy at the White House that he will meet with Kim in Singapore on June 12 to discuss the dismantlement of the North's nuclear weapons program.The historic summit, if all goes well, could eventually help North Korea embrace an economic openi
IndustryJune 3, 2018
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Heartbreaker? Smoking causing millions of heart attacks, strokes: WHO
While the link between smoking and a range of cancers is well known, the World Health Organization warned Thursday there was too little awareness of tobacco's impact on the human heart.On the occasion of World No Tobacco Day Thursday, the UN health agency hailed that smoking had declined significantly since year 2000, but warned that there were still far too many people indulging in the dangerous habit.And it cautioned that research showed there was "a serious lack of knowledge" about the differ
TechnologyJune 3, 2018
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Lowest income households' interest burden surges 33% in Q1: data
The interest payment burden on South Korea's lowest income households surged 33 percent on-year in the first quarter of 2018 amid a drop in their earnings, official data showed Sunday.According to Statistics Korea, households with two members in the bottom 20 percent earnings bracket earned 8 percent less in the January-March period while the country's interest rates moved upwards. Such developments are exacerbating the already tough debt service obligations of these households.Lower income and
MarketJune 3, 2018
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Daelim revokes W2tln deal with Iranian oil company in wake
Daelim Industrial Co., a major construction firm here, has canceled a construction deal worth 2.2 trillion won (US$2 billion) with an Iranian oil refining company in the wake of the United States' renewed sanctions against the Middle Eastern country, the South Korean firm said Friday.Daelim disclosed the cancellation of the deal with Esfahan Oil Refining Company in a report to the financial watchdog Financial Supervisory Service. The deal, signed in March last year, was designed to improve and
IndustryJune 1, 2018
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[Newsmaker] BOK, ministry dismiss economic skepticism
Amid ongoing claims that the country’s headline growth indicators fail to fully reflect the economic situation in Korea, officials are countering skeptical media reports, in apparent support of President Moon Jae-in’s economic growth initiative.Despite the economic upturn in the first quarter, as well as strong exports, the Moon administration has recently been criticized for failing to realize its vision of a “people-centered, innovative economy.”In a press briefing Frid
EconomyJune 1, 2018
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FEZ authorities call for continued tax benefits for foreign investors
Chiefs of Korean free economic zone authorities gathered Friday to urge the Seoul government to maintain tax benefits given to foreign investors in the districts, amid a move to revise preferential treatment for foreign businesses. During a meeting in Osong, North Chungcheong Province, the heads of seven FEZs across the country -- Incheon, Busan-Jinhae, Gwangyang Bay Area, Daegu-Gyeongbuk, Yellow Sea, East Coast and Chungbuk -- said that if the government makes revisions to minimize the tax bene
IndustryJune 1, 2018
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[Monitor] Growth in Seoul property prices slows
Driven by a slowdown in the growth of apartment prices in Gangnam-gu, the weekly increase rate in apartment prices in 11 districts in southern Seoul declined from the previous week for the first time in eight months in the last week of May, data from the Korea Appraisal Board showed.The rise in apartment prices in metropolitan areas also weakened for the first time in 70 weeks.As of the survey conducted on May 28, apartment prices in Seoul rose 0.03 percent, smaller than 0.04 percent recorded th
EconomyJune 1, 2018
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Caring for aging pets
Goni is a 15-year-old poodle. In human age, this is equivalent to 83 years old. She used to be camel brown, but not anymore. She has lost a lot of hair and her coat is now closer to ivory in color. But that’s the least of worries for Goni’s human family. Goni is suffering from a habitual kneecap dislocation, which means that the left hind leg can’t function properly. She limps almost every time she walks. It’s a common symptom for aging pets in Korea, as they live in apartments with slippery flo
TechnologyJune 1, 2018
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Korean Air, Delta JV open 370 routes to 192 US cities
A business venture between Korean Air Lines Co. and Delta Air Lines Inc. has allowed local travelers to fly on 370 routes to 192 cities in the United States since its launch last month, the South Korean carrier said Friday.On May 1, the two airlines launched the joint venture that permits Korean passengers to use multiple routes when moving in the US by availing themselves of flights offered by either Korean Air or Delta Air, a company spokeswoman said over the phone.Until a month ago, Korean Ai
IndustryJune 1, 2018
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Ramen expo to invite North Korean ramen to Seoul
The Korea International Noodle Expo 2018, the nation’s biggest celebration of instant noodles, has announced it will specially create a zone for products from North Korea.KBS Media, the host of the expo, said Friday that, “In line with the mood for peace created by the South-North summit, we have prepared a special exhibition of North Korean food.”The special zone, named Okryugwan after the famous North Korean naengmyeon restaurant, will showcase instant ramen from the North. Representative Nort
IndustryJune 1, 2018
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Regulator wraps up review of Samsung BioLogics' suspected accounting breach
The financial regulator has wrapped up its review of a regulatory probe into whether Samsung BioLogics Co. violated accounting rules, officials said Friday.Details of the review were not disclosed due to a confidentiality agreement, but the review apparently failed to reach a consensus as the Financial Services Commission said there were some "majority and minority opinions" about the case.The review came after financial authorities gave a preliminary notice earlier last month to Samsu
MarketJune 1, 2018
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S. Korea's consumer prices up 1.5% in May
South Korea's consumer price growth continued to hover above 1 percent in May on a rise in prices of agricultural goods and services, government data showed Friday.The country's consumer price index climbed 1.5 percent last month from a year earlier, slightly decelerating from the previous month's 1.6 percent on-year gain, according to the data compiled by Statistics Korea.From a month earlier, the index rose 0.1 percent.Core inflation, which excludes volatile oil and food prices, grew 1.3 perce
EconomyJune 1, 2018