Most Popular
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Contentious grain bill put directly to plenary meeting for vote
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Yoon's approval rating plunges to all-time low
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Will tug-of-war between doctors, government end soon?
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Climate impacts set to cut 2050 global GDP by nearly a fifth
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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Graphic News] More Koreans say they plan long-distance trips this year
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[KH Explains] Hyundai's full hybrid edge to pay off amid slow transition to pure EVs
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North Korea removes streetlights along cross-border roads with South
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Russia's denial of entry of S. Korean national unrelated to bilateral ties: Seoul official
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Farming households dip below 1m for first time in 2023
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Global tech giants make inroads into on-device AI smartphones
Global tech giants are tapping deeper into so-called on-device artificial intelligence smartphones, which have dedicated application processors that enable machines to act more like human beings, industry watchers said Wednesday.US tech giant Apple Inc.'s iPhone X and Chinese Huawei Technologies Co.'s Mate 10, showcased recently, both claim to be equipped with a neural engine and processing unit for AI features, respectively.While the industry has yet to create a concrete definition for such fea
TechnologyNov. 8, 2017
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[News Analysis] Trump’s pressure on trade softens, but remains clear
US President Donald Trump maximized his opportunity of making his first state visit amid ongoing security instability to add pressure on South Korea to address what he has called a massive trade deficit, highlighting during a joint press conference that Seoul has agreed to purchase billions of dollars’ worth of American military equipment.After his summit talks with President Moon Jae-in at Cheong Wa Dae on Tuesday, Trump again stressed the importance of his agenda to reduce US trade defic
EconomyNov. 7, 2017
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ASEAN+3 leaders explore ways to secure job amid 4th industrial revolution
Leaders from governments, businesses and academia from the Association of Southeast Asian Nations as well as South Korea, China and Japan gathered in Seoul Tuesday to examine ways to better secure jobs amid technological advances dubbed the fourth industrial revolution.The regional conference, the third of its kind, was organized by the World Bank and the Ministry of Employment and Labor under the theme "Enhancing Job Creation and Skills to Prepare for the 4th Industrial Revolution." (Yonhap)Par
TechnologyNov. 7, 2017
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Netmarble's 2017 sales forecast to surpass W2tr
Netmarble Games, South Korea's No. 1 mobile game developer and publisher, said Tuesday its accumulated sales for this year neared 2 trillion won thanks to the global popularity of its latest game "Lineage 2 Revolution."Sales for the January-September period came to 1.8 trillion won ($1.61 billion), the company said in a regulatory filing, adding that annual sales are forecast to surpass 2 trillion won for this year(Yonhap)The operating profit for the third quarter came to 111.8 billion won, up 7
TechnologyNov. 7, 2017
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Korea’s business tycoons, leaders join Moon, Trump dinner
On the first day of US President Donald Trump’s state visit to Seoul on Tuesday, he will be joining President Moon Jae-in and more than 100 government and business officials for a state dinner at Cheong Wa Dae.Joining the two world leaders will be a total of 122 guests -- 70 Koreans and 52 Americans. Among the top governmental guests in the business sector will be US Trade Representative Robert Lighthizer; Korea’s top trade Kim Hyun-chong; Paik Un-gyu, minister of trade, industry and
EconomyNov. 7, 2017
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KEPCO Q3 net drops 45% on increased costs
Korea Electric Power Corp., a major public utility firm in South Korea, said Tuesday that its net profit dropped almost 45 percent in the third quarter of the year from a year earlier due to increased fuel costs.Net profit reached 1.62 trillion won ($1.46 billion) on a consolidated basis in the July-September period, compared to a profit of 2.94 trillion won a year earlier, the company said in a regulatory filing.Operating income also sank 37.3 percent on-year to 2.77 trillion won, while sales i
IndustryNov. 7, 2017
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[Monitor] South Korean economy to remain in uncertain domain
South Korean economy will remain on the recovery trend but uncertainties will increase both internally and externally, the Economic Research Institute of the Industrial Bank of Korea said.
EconomyNov. 7, 2017
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Celltrion says switching study for Truxima successful
Celltrion said Tuesday that it will present new data in the US showing that its biosimilar drug Truxima is comparable to Roche’s Rituxan in terms of efficacy, pharmacodynamics and safety, citing the conditions of rheumatoid arthritis patients who have switched to Truxima in place of the reference drug. The clinical findings will be presented at the 2017 American College of Rheumatology Annual Meeting in San Diego, California, on Tuesday, local time.A total of 295 patients participated in the ext
IndustryNov. 7, 2017
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Hyundai Rotem wins W177b train order in India
Hyundai Rotem, a train manufacturing unit of Hyundai Motor Group, has won a deal worth 177 billion won ($159 million) to provide unmanned subway cars to India, the company said Tuesday.Under the deal, the South Korean company plans to deliver a total of 96 subway cars to the Metro Link Express for Gandhinagar and Ahmedabad, between April 2019 and July 2020. (Yonhap)The subway cars will be operated on the 20.7-kilometer route that connects the east and west regions of Ahmedaba province in the cou
IndustryNov. 7, 2017
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Mercedes-Benz, BMW, Toyota to recall vehicles for defects
A total of 56,084 vehicles by companies including Mercedes-Benz, BMW and Toyota will be recalled to fix defective parts, officials at the Transport Ministry said Tuesday. Mercedes-Benz Korea, local importer and distributor of the German luxury car, has recalled 323 vehicles including GLC 22d compact SUVs sold here between 2016 and 2017. They will be subject for the replacement of front and rear window as the parts are loosely attached, the ministry said. (Yonhap)Four Volkswagen models including
IndustryNov. 7, 2017
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HanSung Motor chief gives lecture on luxury car marketing
The head of HanSung Motor, the largest dealer of Mercedes-Benz in South Korea, gave a special lecture on marketing and branding of luxury cars at Yonsei University’s Songdo Campus, the company said Tuesday.Dr. Ulf Ausprung who has led HanSung Motor since 2011 introduced data on Korea’s luxury car market in general and marketing strategies being targeted for the local market, they added. HanSung Motor CEO Dr. Ulf Ausprung gives a lecture at Yonsei University’s Songdo Campus on Monday. (HanSung Mo
IndustryNov. 7, 2017
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SKT announces tech to speed up 5G data traffic by 10 times
South Korean mobile carrier SK Telecom said Tuesday the company has developed technology to speed up data traffic by 10 times for the fifth-generation network. Development of the technology will be crucial for commercialization of 5G, as huge data processing capabilities will be necessary, the company said. The technology enables packet switching equipment to process high-volume traffic at breakneck speed in the 5G network. In the existing Long Term Evolution network, the maximum speed for packe
TechnologyNov. 7, 2017
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Hyundai Card responds to company sexual assault allegations
Hyundai Card, an affiliate of Hyundai Motor Group, has made an official acknowledgement of a claim of sexual assault among its employees, while disputing allegations that the company mishandled the incident.Hyundai Card posted an official response to the allegations Monday on its official Facebook account, after the alleged victim raised the issue on Saturday via a blog post that went viral online.In the post, an ex-employee of the company claimed that she was raped by a co-worker in May and rep
IndustryNov. 7, 2017
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Seoul stocks close lower as Korea-US summit begins
Seoul shares closed lower Tuesday, as investors took to the sidelines awaiting the results of a bilateral summit between the leaders of South Korea and the United States, analysts said. The Korean won rose against the US dollar.The benchmark Korea Composite Stock Price Index shed 3.97 points, or 0.16 percent, to close at 2,545.44. Trade volume was moderate at 236 million shares worth 5 trillion won ($4.5 billion) with losers outnumbering gainers 435 to 368.The local stock market opened marginall
MarketNov. 7, 2017
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Samsung Heavy Q3 net dips 82% on weak revenue
Samsung Heavy Industries Co., a major shipyard here, said Tuesday that its third-quarter net profit plunged 82 percent from a year earlier on delivery of low-priced ships and less orders.Net profit reached 23.4 billion won ($21 million) in the July-September period, compared with a profit of 129 billion won a year earlier, the company said in a regulatory filing.Operating income reached 23.6 billion won in the third quarter, sharply down from an operating income of 84.1 billion won a year earlie
IndustryNov. 7, 2017
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KT&G joins HNB tobacco market in Korea
Korean tobacco manufacturer KT&G rolled out its heat-not-burn device lil at a press conference in Seoul on Tuesday, becoming the third tobacco maker after Philip Morris Korea and British American Tobacco Korea to release the line here. Price competition in the HNB products industry in Korea is expected to heat up further as Korea’s largest cigarette maker jumps into the market with its own products at cheaper prices. A model presents KT&G’s heat-not-burn device lil in Seoul on Tuesday. (Yonhap)K
IndustryNov. 7, 2017
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Korea's insurers face 'disruptive change' over looming rate hike
South Korea's insurance industry will face a "disruptive change" if the nation's central bank raises interest rates, a senior official at the financial regulator said Tuesday. The Bank of Korea is expected to raise its key rate in coming months, marking its first tightening in more than six years. Kim Yong-beom, vice chairman of the Financial Services Commission, told a forum on the insurance industry, "You see in Korea, the biggest disruptive change to our insurance industry emer
MarketNov. 7, 2017
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LG appliance chief says no job cuts from smart factory
CHANGWON -- With LG Electronics slated to complete its new smart factory for home appliances by 2022, the division chief said there will be no job cuts from the automation. The firm will instead hire more employees to supervise the automated facilities. Song Dae-hyun, president of LG’s home appliance & air solution unit (LG Electronics)LG plans to rebuild its aging factory located in Changwon, southeast of Korea, with an investment of 600 billion won ($538 million) to make production more effici
IndustryNov. 7, 2017
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More people think their livelihood improved in 2017: survey
A growing number of South Koreans think their lives have improved in the last few years, a survey showed Tuesday.According to the survey of people aged 19 years old and over conducted by Statistics Korea, 41.1 percent said they became better off in 2017 compared to three years earlier, up from 38.8 percent in 2015.The positive response has been growing since 2011 when the number was 30.9 percent.Some 40.1 percent of people living in urban areas felt improvements in the quality of their lives dur
EconomyNov. 7, 2017
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Prosecutors raid Woori Bank head office over illicit hiring allegations
Prosecutors said Tuesday they raided the headquarters of Woori Bank in central Seoul as part of their probe into alleged illicit recruitment of staff. The Seoul Northern District Prosecutors' Office sent its investigators to confiscate documents and other evidence from the bank chief's office and its human resources department, it said. The major South Korean lender is accused of hiring 16 entry-level staff last year who are related to powerful former and incumbent ranking officials from t
MarketNov. 7, 2017