Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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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 to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Questions raised over fair promotion of RM, NewJeans
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Venture minister Hong to meet SME leaders over wage hike, work-hour reduction
SMEs and Startups Minister Hong Jong-haak will meet with representatives of small and medium-sized firms and venture startups next week to exchange views on issues ranging from the minimum wage hike and work-hour reductions, market watchers said Thursday.Hong will meet with Park Sung-taek, chairman of the Korea Federation of Small and Medium Business and scores of other representatives at the KBIZ headquarters in Yeouido, central Seoul, Tuesday.Small and medium enterprises have called on the gov
IndustryDec. 21, 2017
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Korean household owes more than W70m in debt: data
One South Korean household owes more than 70 million won ($65,000) on average to banks and other financial companies this year as people borrowed to buy homes and invest in real estate and business activities, government data showed Thursday.The average household debt was tallied at 70.22 million won as of end-March this year, up 4.5 percent from a year earlier, according to data compiled by Statistics Korea.Of the total, 71.2 percent, or 49.98 million won, was financial loans, up 5.9 percent on
EconomyDec. 21, 2017
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Samsung affiliate required to sell additional stake in group's holding firm: FTC
A Samsung Group affiliate will be required to sell an additional stake in the de facto holding company of South Korea's No. 1 conglomerate as a merger that took place in 2015 has effectively strengthened cross-shareholding ties within the business group, the country's corporate watchdog said Thursday.In 2015, Samsung C&T Corp. was created by merging with Cheil Industries Inc., becoming the group's de facto holding firm. At that time, the Fair Trade Commission ordered Samsung SDI Co., another aff
IndustryDec. 21, 2017
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Korea to actively bring unfair trade barriers issues to WTO: official
The government said Thursday it will actively tackle any unfair trade barriers that can be imposed on South Korean products by foreign countries, including filing complaints with the World Trade Organization.The move comes amid concerns the US government is moving to slap anti-dumping tariffs and other trade barriers on South Korean steel products."We've stressed on several occasions to the US side that Seoul is Washington's ally, a massive importer of American arms and exports of South Korean s
IndustryDec. 21, 2017
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Korea likely to grow closer to its potential growth rate in 2018: BOK chief
South Korea's central bank chief said Thursday that Asia's fourth-largest economy is expected to pull off growth close to its potential economic growth rate based on favorable global trade conditions."Despite many difficulties, the South Korean economy achieved 3 percent growth this year," Bank of Korea Gov. Lee Ju-yeol said at a meeting with economic experts and advisers. "For next year, the economy will expand at its potential growth rate if there are no unpredictable developmen
EconomyDec. 21, 2017
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Korea to unveil financial deregulation in Q1 next year
South Korea will unveil a package of measures during the first quarter of next year on financial regulatory reforms that would lower entry barriers for new players and boost competition in the local financial industry, the nation's top financial regulator said Thursday. Choi Jong-ku, chairman of the Financial Services Commission, told reporters that the planned deregulation is aimed at "promoting innovation and healthy competition in the financial industry by new participants." Choi di
MarketDec. 21, 2017
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Govt., ruling party seek measures to ensure fair transactions between big and small firms
The government and ruling Democratic Party agreed Thursday to seek a package of measures to ensure fair transactions among large and smaller companies, including bolstering negotiating power for subcontractors.During their policy consultation meeting, they stressed the need to address "imbalances in power" among local firms, citing them as the root cause of unfair business practices that have gnawed at subcontractors' competitiveness.The ruling bloc has recently been striving to better
EconomyDec. 21, 2017
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Luxury restaurants, hotel buffets fully booked for year-end holidays: sources
Most luxury restaurants and buffet restaurants at major hotels in Seoul have almost been fully booked for Christmas and year-end holidays, industry sources said Thursday.Viking's Wharf, a lobster buffet restaurant chain, said it has completed accepting reservations for tables at its outlets in Jamsil and Yeouido for the coming days until Dec. 31.Wolfgangs Steak House said all the seats have been booked for Sunday and Christmas on Monday, except for just a few tables for the 9-11 p.m. dining peri
IndustryDec. 21, 2017
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Record number of job quitters remain unemployed
A record number of South Koreans who quit their jobs more than a year ago remained unemployed in November amid a severe job crunch, government data showed Thursday.According to the data from Statistics Korea, those people accounted for 30 percent of the country's total jobless tallied at 874,000 last month.It marks the first time that the ratio has reached the 30 percent mark since the agency started to compile related data in June 1999. The figure had stayed in the 10 percent range before excee
EconomyDec. 21, 2017
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Korea files third-largest number of AI patents in the world
South Korea's state-run information and communications promotion agency said Thursday local companies have filed the third-largest number of patents related to artificial intelligence technology over the past 12 years.The Institute for Information and Communications Technology Promotion said its finding is based on AI-related technologies applied to patent bodies in the United States, Japan, China, the European Union and South Korea from January 2005 to September of this year. (Yonhap)The US ran
TechnologyDec. 21, 2017
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Hanwha to export 24 K9 howitzers to Norway
Norway has signed a contract to buy two dozen K9 Thunder self-propelled 155mm howitzers from South Korea, a show of the artillery system's competitiveness in the European market, its manufacturer announced Thursday.Under the 245.2 billion-won ($226.3 million) deal, Hanwha Land Systems will deliver 24 K9 howitzers and six K10 ammunition resupply vehicles by 2020.It marks the firm's third export contract of the weapon system this year following agreements to sell 48 K9s to Finland and 100 others t
IndustryDec. 21, 2017
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[Graphic News] Electric car sales surging: IEA
The number of electric vehicles on the road rocketed to 2 million in 2016, having been virtually nonexistent just five years ago, according to the International Energy Agency. Globally, 753 000 plug-in electric vehicles were sold in 2016, 60 percent of which were battery-electric cars. China remained the largest market for electric vehicles for a second consecutive year and, in 2016, accounted for close to half of global sales. Europe represented the second-largest global market, followed by t
BusinessDec. 20, 2017
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Shilla Duty Free picked for Jeju International Airport
(Yonhap)Shilla Duty Free, operated by Hotel Shilla, has secured the license to operate its duty-free business at the airport in the country‘s resort island of Jeju, the Korea Customs Service said Wednesday. Shilla Duty Free now has the right to run duty-free stores at Jeju International Airport for five years. The bidding took place as Hanwha Galleria, retail unit of Hanwha Group, decided to withdraw its business from the airport after the company suffered from a drop in the number of visitors f
IndustryDec. 20, 2017
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Dessert Choco Pie released in 4 different flavors
Orion, the manufacturer of Choco Pie, has rolled out Dessert Choco Pie -- an upgraded version of the snack that was launched in 1974. (Orion)Choco Pie is popular in Korea to the extent that some call it a “national snack.”The new product comes in four flavors: original, caramel salt, cacao and red velvet. Red Velvet Choco Pie -- the most noticeably different -- is made of two pieces of round chocolate sponge, soft white marshmallow and strawberry cream. (Orion)According to an industry insider,
IndustryDec. 20, 2017
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Posco’s premium steel, engineering solution used for PyeongChang Olympics
Premium steel products and an engineering solution by Posco were used for the construction of major facilities for the PyeongChang Winter Olympics, the company said Wednesday.Posco, the nation’s largest steelmaker, supplied steel products for the construction of major buildings at sites for the sporting event including the International Broadcasting Center, media residence and Gwandong Hockey Center. The company said it had tailored steel structures for the construction of the broadcast center t
IndustryDec. 20, 2017
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LG-invested power plant in China starts operation
A combined heat and power plant in northwestern China invested by LG International Corp., the trading arm of South Korea’s LG Group, has recently started operation, the company in Seoul said Wednesday. Combined heat and power plant in Wuwei, Gansu Province, China (LG International Corp.)In 2015, the company formed a joint venture with Gansu Province Electric Investment Group Corp. to build a power plant capable of generating 700 megawatts of electricity. Built on 410,000 square meters of land, t
IndustryDec. 20, 2017
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China restricts Korea-bound group tour: sources
BEIJING/SEOUL -- Chinese authorities have rejected a request by a group of Chinese nationals to visit South Korea later this week, industry sources said Wednesday.The tourists were supposed to leave for South Korea on Friday in a trip arranged by Haitao Travel, a Chinese tour operator, according to the sources.Chinese citizens are required to win approval from their authorities for group tours.Haitao Travel brought the first group of Chinese to South Korea earlier this month after Beijing partia
IndustryDec. 20, 2017
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Former Bixby chief Rhee In-jong leaves Samsung
Rhee In-jong, Samsung’s mobile chief technology officer and former Bixby chief, has resigned, Samsung confirmed Wednesday. The former software chief for Samsung’s mobile division had expressed his wish to leave Samsung in July, citing personal reasons, the Korean tech firm said. Caption: Rhee In-jong (Samsung Electronics)During the firm’s shake-up last month, Samsung consolidated its software and hardware divisions for mobile devices and appointed Executive Vice President Roh Tae-moon as the chi
IndustryDec. 20, 2017
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Dongsuh Foods gives back through culture events
Dongsuh Foods, a South Korean food and beverage manufacturer and leading player in the domestic coffee market, engages in cultural and arts programs every year as part of its outreach initiatives.Every year, the company hosts “Dongsuh Coffee Classic,” a concert offered free of charge to residents in fall. This year, the concert was held in October in Chuncheon, Gangwon Province, inviting pianist Paik Hae-sun, violinist Woo Yezu, opera singer Kai, soprano Shin Della and tenor Kim Seung-Jick.Total
IndustryDec. 20, 2017
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Korean Air to bring in Korea’s first Bombardier CS300
Korea’s flagship air carrier is set to bring in Korea’s first CS300 jet from Canadian maker Bombardier, the company said Wednesday. A Korean Air CS300 jet from Bombardier (Korean Air)Outfitted with 127 seats, the CS300 will arrive at Gimpo Airport on Christmas Day. A second CS300 will arrive on New Year’s Day, with both planes starting revenue flights on domestic routes on Jan. 16. The Bombardier jet is widely reputed for its fuel efficiency, up to 20 percent better than comparable planes, with
IndustryDec. 20, 2017