Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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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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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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[Music in drama] Rekindle a love that slipped through your fingers
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Ex-pro baseball player who killed debtor appeals sentence
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Hopes rise for possible Gaza truce deal
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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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[PyeongChang 2018] Trade officials hope for progress on Eurasia FTA talks during PyeongChang Winter Olympics
The 2018 PyeongChang Winter Olympics are hoped to expedite South Korea's economic cooperation with other countries, especially with Eurasian nations with which the country is seeking a free trade agreement, trade-related officials said Thursday.The PyeongChang Games, opening in February, will bring a substantial number of foreign political and economic leaders to South Korea, naturally providing venues to address bilateral and multilateral issues. Officials hope that one of the opportunities wil
EconomyNov. 23, 2017
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FSS warns banks' overseas branches on weak risk management
The overseas corporations of major South Korean banking groups have been recommended to build up their pre-emptive risk management capacities, according to financial supervisors.The Financial Supervisory Service recently issued an attention-level management recommendation to Woori America Bank, the US corporation of Woori Bank, asking that it level out its loan portfolio, officials said Wednesday.As the notice is a nonbinding administrative guidance, it is up to the company to voluntarily make t
MarketNov. 22, 2017
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In face of washer safeguard, Samsung, LG to open US plants sooner
South Korea’s washing machine exporters to the US, Samsung Electronics and LG Electronics, on Wednesday said they will start operations of their new plants in the US as early as possible to minimize the possible impact of a likely sanction on their products. Samsung and LG on Wednesday expressed concerns about the US International Trade Commission’s recommendation to the Donald Trump administration to impose a 50 percent tariff rate on large residential washer imports that exceeded a quota of 1.
IndustryNov. 22, 2017
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Samsung sets up AI center under Samsung Research
Samsung Electronics will set up an artificial intelligence center under Samsung Research while retaining its mobile, home appliances and chip units, the company said Wednesday. “We will continue to retain three business units -- consumer electronics, IT and mobile communications and device solutions. A slight reshuffle will be carried out in order to promptly respond to market changes and increase operational efficiency,” a Samsung spokesperson said. For its consumer electronics and information
IndustryNov. 22, 2017
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[PyeongChang 2018] 5G industry leaders gather in Seoul
More than 400 fifth-generation network experts gathered in Seoul on Wednesday to discuss the latest cutting edge industrial trends.The 4th Global 5G Event, hosted by the Ministry of Science and ICT brought together influential mobile network operators and policymakers from around the world to help pave the way for next-generation mobile information and communication network.The 5G network technology allows a data transmission speed that is 40-50 times faster than the existing long-term evolution
TechnologyNov. 22, 2017
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Seoul stocks end higher on tech gains
South Korean stocks closed higher Wednesday as investors scooped up large-cap tech shares following overnight gains on Wall Street, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index added 9.81 points, or 0.39 percent, to 2,540.51. Trade volume was slim at 254 million shares worth 4.7 trillion won ($4.2 billion), with losers outnumbering advancers 475 to 341.The broad index opened higher taking a cue from overnight gains on Wall Street. On Tu
MarketNov. 22, 2017
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Korea expands outreach to ASEAN
The Moon Jae-in administration has vowed to go all out to expand economic cooperation and personnel exchanges between South Korea and Southeast Asian nations in the coming years.President Moon used his seven-day trip to Indonesia, Vietnam and the Philippines earlier this month to trumpet what has been dubbed the New South Policy.He told regional business leaders that South Korea would seek to double its annual trade with the 10-member Association of Southeast Asian Nations to over $200 billion b
EconomyNov. 22, 2017
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[Monitor] Number of Korean-invested companies in US grows: report
Investments by Korean companies in the US and the number of workers hired have been growing since a free trade deal between the two countries came into effect in 2012. As of August, there are a total of 847 corporations in the US that Korean companies have invested in, hiring about 75,000 workers, said the Korea International Trade Association, quoting a report by the US corporate information provider Duns & Bradstreet.These companies are mostly in California, Texas and New Jersey. The number of
IndustryNov. 22, 2017
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Hyundai Motor seen eyeing car-sharing biz: report
The chances of Hyundai Motor entering the car-sharing market are high, a report by KB Securities said Wednesday, referring to Volvo‘s latest partnership with Uber.Volvo on Monday signed a deal with Uber to provide tens of thousands Volvo XC90 SUVs, specifically modified for autonomous driving, from 2019 to 2021. (Yonhap)The report noted that partnerships between original equipment manufacturers and car-sharing service providers will become more important down the road as car-sharing service firm
MobilityNov. 22, 2017
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Hyundai Rotem renews maintenance deal in Ukraine
Korean train manufacturing firm Hyundai Rotem has renewed its maintenance services for 90 subway trains in Ukraine, securing an additional 65 billion won ($59.6 million), the company said in a statement Wednesday. (Hyundai Rotem)Hyundai Motor’s affiliate signed a deal with Ukraine Railway Speed Co. to extend its project by five years. Under the renewed deal, Hyundai Rotem is responsible for the maintenance of the 90 trains until 2027, it said.In 2010, Hyundai Rotem secured a 350 billion won dea
IndustryNov. 22, 2017
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[News Focus] Korea's taxi drivers protest 24-hour carpooling services
South Korean taxi drivers have begun staging protests against the carpooling industry’s recent decision to operate their services around the clock, escalating controversy over the legality of providing commercial 24-hour carpooling services here. More than 400 unionized taxi drivers staged a protest in front of Seoul’s City Hall on Tuesday, calling for the government to “terminate illegal carpooling services that threaten the taxi industry” ahead of a public hearing on the issue. A similar prote
TechnologyNov. 22, 2017
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[Photo News] Barogo's motorcycle drivers deliver kimchi to the underprivileged in Seoul
KIMCHI DELIVERY TO THE POOR – Rep. Park Young-sun of the ruling Democratic Party of Korea (second from right) and Guro-gu Mayor Lee Sung (right) load kimchi and fresh eggs onto motorcycles operated by Korean food and goods delivery service provider Barogo in Seoul, Wednesday. The startup delivered 670 plates of eggs and 1,180 kimchi cabbages donated by the Kookmin Ilbo to underprivileged households and social service centers in Guro-gu as part of its seasonal charity program. (Courtesy of Barogo
IndustryNov. 22, 2017
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Korea to take firm stance against further opening of agriculture in KORUS
The South Korean government has expressed its firm stance to the United States against the additional opening of the agricultural market in the upcoming negotiations to amend the bilateral free trade pact, a senior ministry official said Wednesday."The government will not strike deals that turn the balance of interest against us," Yoo Myung-hee, a director general at the trade ministry, said in a Seoul meeting with people from the agricultural sector. "In previous talks, we've explained the sens
IndustryNov. 22, 2017
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SC Bank Korea promotes fixed deposit product
Standard Chartered Bank Korea is promoting a fixed deposit product online that offers an interest rate of up to 2.3 percent, before tax, the bank said in a statement Wednesday. The interest rate of the product will go up according to the amount of deposits raised through the promotion. If the product raises more than 100 billion won ($91.7 million), the bank will offer an annual interest rate of 2.3 percent for depositors, with the minimum rate guaranteed at 1.7 percent even if the volume
MarketNov. 22, 2017
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Korea’s export growth rate likely lower than global trade rise
Despite Korea experiencing a boom in exports in the semiconductor industry, overall export growth for Korean goods is expected to fall short of the overall growth rate of worldwide trade due to worsening international competitiveness, according to the Bank of Korea on Wednesday. The central bank forecast Korea’s exports would see 3.7 percent growth this year compared to last year. However, the figure is 0.5 percentage point lower than the International Monetary Fund’s global trade gr
EconomyNov. 22, 2017
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[PyeongChang 2018] Consumers queue overnight to buy ‘PyeongChang Coat’
The in-demand PyeongChang long padded coat sold out early Wednesday morning with eager consumers queuing from Tuesday evening.Lotte Department Store announced that its 7,000 PyeongChang long padded coats sold out nationwide by 6 a.m. on Wednesday due to the long line of shoppers.Branches around the country were allocated tickets to give to consumers in order to buy the much sought after coat. At Lotte Department Store Avenuel, World Tower Branch, people started arriving at 8 p.m. Tuesday, after
IndustryNov. 22, 2017
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Chinese firms nearly topple Samsung in India
Chinese smartphone firms that dominate their country’s market are now rapidly moving into India, where Samsung has taken the lead over the past six years. According to a report released by Counterpoint Research on Tuesday, Samsung barely retained its top spot with a 22.8 percent share in the Indian smartphone market during the third quarter. Chinese smartphone maker Xiaomi closely followed with a 22.3 percent share in the same period.Another research firm, Strategy Analytics, showed Samsung had
IndustryNov. 22, 2017
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Korea's childbirths slump in Sept.
South Korea again saw a steep slide in the number of newborn babies in September as the country is expected to experience record low childbirths in 2017, government data showed Wednesday.About 30,100 babies were born in the month, down 12.5 percent, or 4,300, from 34,400 tallied a year earlier, according to the data from Statistics Korea.The monthly childbirths have decreased every single month since December 2015 with a double-digit decline continuing for 10 straight months. The number of newbo
EconomyNov. 22, 2017
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[PyeongChang 2018] Airbnb officially supports 2018 Winter Olympics
Airbnb signed on to become an official supporter of the 2018 PyeongChang Winter Olympics on Wednesday. The community-driven hospitality firm will work with the local community to offer accommodation to travelers visiting Gangwon Province during the games. At a signing ceremony that took place Wednesday, Uhm Chan-wang, director of the PyeongChang Organizing Committee, expressed gratitude to Airbnb for participating as an official supporter.Uhm Chan-wang, director of the PyeongChang Organizing Com
IndustryNov. 22, 2017
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Korean fashion firms accelerate restructuring amid slump
South Korean fashion companies are accelerating their move to trim unprofitable brands amid a prolonged domestic slump, industry sources said Wednesday.Handsome Corp., the apparel unit of Hyundai Department Store Group, said it is in the process of closing down one of its brands, Mothan."It is part of our efforts to improve profitability and to build a stable growth base," a company official said.Shinsegae International Inc., the apparel arm of retail giant Shinsegae, meanwhile, is re-examining
IndustryNov. 22, 2017