Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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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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Key suspects grilled over alleged abuse of power in Marine death inquiry
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Trade figures veil weakening competitiveness
Impressive trade figures logged by Korea this year have veiled the weakening competitiveness of its major manufacturing industries, analysts here say.The country’s outbound shipments in the first 11 months of the year reached a record-high $524.8 billion, up 16.5 percent from a year earlier, according to data from the Ministry of Trade, Industry and Energy.Riding on the surge in exports, Asia’s fourth-largest economy saw its annual trade volume exceed $1 trillion last week. Korea&rsq
EconomyDec. 20, 2017
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Jobs, innovation, aging key parts of economic policy for 2018
South Korea’s Deputy Prime Minister Kim Dong-yeon said Wednesday the country needs to tackle unemployment, foster innovative growth and address the low birthrate and aging population, a week ahead of releasing the economic policy direction for next year.While Kim assured that Korea would achieve economic growth of 3 percent this year and maintain a robust uptrend in the wake of the improving Korea-China relationship, he said the country would face persistent economic threats from within th
EconomyDec. 20, 2017
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Lexus Korea releases flagship premium hybrid
Lexus Korea released the LS 500h flagship premium hybrid sedan Wednesday in Jamsil, eastern Seoul. The premium carmaker introduced the fifth-generation model at the Geneva Motor Show in March. It took 11 years to design the fully changed LS 500h.The company highlighted during a press launch that it represents the new segment that has combined premium and hybrid models. The LS 500h flagship premium hybrid sedan (Lexus Korea)The automaker’s flagship models have been targeting the small yet lucrati
MobilityDec. 20, 2017
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LX Corp. to create 20 billion won fund for SMEs by 2021
State-run Korea Land and Geospatial Informatix Corporation will seek to bolster mutual development with small and midsize firms and expand support for promising individuals by forming a 20 billion won ($18.3 million) fund within three years, the company said Wednesday.“Public institutions are responsible for creating an economy in which all members are well off,” said Park Myoung-sik, CEO of LX Corp.“LX will continually make efforts to put together more opportunities to support SMEs, entrepreneu
IndustryDec. 20, 2017
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Tech firms double down on AI-powered home appliances
Korean tech firms Samsung Electronics and LG Electronics are betting on home appliances powered by artificial intelligence. In its latest move, LG Electronics announced Wednesday it would adopt its artificial intelligence brand ThinQ into all of its home appliances, consumer electronics and services unveiled next year. ThinQ-powered products and services are able to employ deep learning and communicate with one another, using a variety of AI technologies from other partners as well as LG’s own A
TechnologyDec. 20, 2017
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[Newsmaker] Success of PyeongChang Olympics hinges on KT
PYEONGCHANG, Gangwon Province – With 50 days until the PyeongChang 2018 Winter Olympic Games, engineers at KT are working hard to ensure a flawless worldwide broadcast of the Olympics.It took 1,000 days for KT, an official telecommunications partner of the Olympics, to establish telecom networks for streaming and broadcasting the games. “In the worst case, if the network for game streaming has some errors, it’s the end of the world, and all games will be stopped,” said Lee Jong-dae, vice preside
TechnologyDec. 20, 2017
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Korea to invest W110tr in renewable energy sources by 2030
South Korea will build more solar and wind farms nationwide to nearly triple its renewable energy ratio by 2030, a project estimated at 110 trillion won ($101 billion), the energy ministry said Wednesday. The Ministry of Trade, Industry and Energy announced the detailed plans for its new energy road map, which aims to increase the ratio of renewable energy from the current 7 percent to 20 percent by 2030. The increase will allow renewable energy output to reach 63.8 gigawatt capacity. To achieve
EconomyDec. 20, 2017
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PUBG, Lineage 2: Revolution propel Korea's game industry expansion
South Korea's game industry has expanded dramatically this year with the growing popularity of PlayerUnknown's Battlegrounds and Netmarble's Lineage 2: Revolution industry sources said Wednesday.Sales of the game industry is expected to hit 11.5 trillion won ($10.6 billion) this year, up 6.2 percent from last year, according to statistics provided by the Korea Creative Content Agency.PUBG, a multiplayer online battle royale game developed and published by Bluehole subsidiary PUBG Corporation, ha
IndustryDec. 20, 2017
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Samsung overcomes crisis, LG remains in doldrums in 2017 smartphone industry
Samsung Electronics Co. successfully launched new smartphones throughout 2017 to overcome last year's crisis sparked by the suspended production of Galaxy Note 7, while LG Electronics Inc. failed to turn around its handset business, industry watchers said Wednesday.In April, Samsung Electronics released the Galaxy S8 smartphone, which was its first premium device after the production of its phablet Note 7 was removed from the market due to safety issues surrounding the batteries. Despite concern
TechnologyDec. 20, 2017
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Excavators on sale at large discount chain
Apart from shopping for groceries and daily necessities, local customers also have the chance to buy heavy equipment at a local hypermarket warehouse store. Hyundai Construction Equipment announced Monday that four mini excavators are now on sale at Emart Traders’ Gunpo branch in Gyeonggi Province, through Monday, with prices ranging from 26.5 million won ($24,400) to 45 million won, based on size. (Hyundai Construction Equipment)On the first day of the event, Friday, a customer purchased a 1.7
IndustryDec. 20, 2017
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Govt. eyes economic growth in 3% range in 2018
The government expects the economy to grow in the 3 percent range in 2018 following an estimated expansion of more than 3 percent this year, informed sources said Wednesday.It would mark the first time in seven years that Asia's fourth-largest economy will likely achieve a growth rate of 3 percent or more for two straight years.According to the sources, the finance ministry is slated to unveil its 2018 economic policy a week later, which may target an economic growth rate of 3 percent or higher.
EconomyDec. 20, 2017
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Hyundai Motor labor, management reach tentative wage agreement
Hyundai Motor Co.'s union and management reached a tentative wage deal, ending concerns that protracted talks, possibly extending into the new year, could further hurt the company already struggling to cope with tough times, corporate sources said Tuesday. After 39 rounds of negotiations, union leaders at South Korea's No. 1 carmaker accepted a revised wage package offered by the company, union spokesman Hong Jae-gwan said over the phone. (Yonhap)In its revised offerings, the company said it wil
IndustryDec. 19, 2017
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Cryptocurrency exchange Youbit shuts down after hack attack
One of South Korea’s cryptocurrency markets, YouBit, was forced to shut down on Tuesday after a hacking attack, the exchange said. Hackers stole about 17 percent of YouBit’s cryptocurrency in the attack, which happened at 4:35 a.m., the exchange said in a statement posted on its website. YouBit did not reveal the value of the stolen cryptocurrency. “To minimize the damages to our customers, we will allow them to withdraw about 75 percent of their balance,” the state
MarketDec. 19, 2017
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SK Holdings receives $10m dividend from shale gas investment
SK Holdings, the holding unit of SK Group, said Tuesday that the company has received fourth-quarter dividends worth $10 million from the company‘s investment in Eureka Midstream Holdings. In September, SK Holdings purchased shares worth $100 million in Eureka Midstream Holdings, a US-based shale gas gathering and processing company owned by Morgan Stanley. (Yonhap)Houston-based Eureka currently operates midstream assets in the Marcellus and Utica Shales, the area where North America’s largest
IndustryDec. 19, 2017
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[Photo News] Korea's largest Starbucks
The largest Starbucks branch in Seoul, named “The Jongno branch,” is set to open Wednesday at Jongno Tower in Seoul. The 1,100-square-meter store is divided into six zones including a lounge zone and open stage and offers exclusive premium services such as Teavana products made with the Siphon brewing method to enhance flavor. Customers can enjoy over 100 beverages and 60 types of food at The Jongno branch. (Starbucks Korea)
IndustryDec. 19, 2017
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CJ seeks to simplify governance structure
CJ Cheiljedang, the food arm of CJ Group, will secure 20 percent of shares of the group’s logistics unit to become a sole affiliate under CJ Corp., the holding company of the conglomerate, it said Tuesday. The logistics arm of CJ Group will also merge with the conglomerate’s construction unit to create synergy in building logistics centers and other related businesses, it added.The company has decided to secure 20.1 percent of CJ Logistics’ shares currently held by KX Holdings, formerly known as
IndustryDec. 19, 2017
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G4 Rexton takes lead in large SUV market
SsangYong Motor’s G4 Rexton led the growth of the large sport utility vehicle segment in South Korea this year, according to market data Tuesday.As of October, a total of 77,516 units of large SUVs were sold, a 29 percent increase from last year, according to data compiled by the Korean Automobile Manufacturers Association. SsangYong`s Rexton G4 (SsangYong Motor)Since its debut in May, more than 13,000 units of the G4 Rexton have been sold, taking the top position in the market segment.The G4 Re
MobilityDec. 19, 2017
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Korea-Vietnam trade soars by 43 percent this year on FTA
Bilateral trade between South Korea and Vietnam increased by 43 percent on-year to reach $58.5 billion this year, making Vietnam South Korea’s fourth-largest trading partner, according to a report by the Trade Ministry on Tuesday. Bilateral trade has increased for three consecutive years since the free trade agreement between the two nations took effect in 2015. (Yonhap)According to the report by the Ministry of Trade, Industry and Energy, Korea’s combined exports to Vietnam reached $43.7 billio
IndustryDec. 19, 2017
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7.3-magnitude earthquake possible in Korea: expert
South Korea needs to set up a contingency plan in preparation for a possible 7.3-magnitude earthquake, a local expert said Tuesday. In a seminar arranged by the Federation of Korean Industries, Lee Kie-hwa, a professor at the Seoul National University's College of Natural Sciences, advised the country to prepare in advance for a big quake. "There might be an earthquake in any areas adjacent to Pohang and Gyeongju hit by earthquakes with magnitudes of over 5.0 in the past two years. A 7.3-magnitu
IndustryDec. 19, 2017
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Finance minister vows to support innovative industries with W10tr fund
INCHEON -- South Korea's chief economic policymaker said Tuesday that the government plans to support small and mid-sized companies with innovative technologies with a 10-trillion won ($9.2 billion) fund.In a meeting with officials at a electric vehicle parts maker, west of Seoul, Finance Minister Kim Dong-yeon said the government will listen to voices from various industries.Last month, the government unveiled a plan to inject a combined 30 trillion won in the next three years to foster innovat
IndustryDec. 19, 2017