Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Hyundai unveils new SUV, performance models in Frankfurt
Hyundai Motor Co. has unveiled a new subcompact crossover and high-performance vehicles at the Frankfurt Motor Show, a move to expand into the European markets, the company said Tuesday.In a media event ahead of the formal launching of the event that runs from Sept. 14 through 24 (local time), Hyundai Motor showcased 14 models, including its latest subcompact SUV Kona and the high-performance car i30N, the company said in a statement. On top of the 14 car models introduced to the media, five mor
MobilitySept. 12, 2017
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Hyundai, Kia suspend Alabama plant due to hurricane
Hyundai Motor and its sister company Kia Motors said Tuesday that they have decided to suspend the operation of their production facilities in Alabama to prevent possible damages from hurricane Irma.Production will be halted for two days starting Sept. 14, the company said. Global headquarters of Hyundai Motor Co. and Kia Motors Corp. in southern Seoul. (Yonhap)“Suspension of plant operations is a precautionary measure taken to prevent possible damages from a natural disaster,” the company said.
MobilitySept. 12, 2017
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Korea’s youth labor participation ranks among OECD lowest
The rate of labor force participation for young Koreans last year ranked near the bottom among developed nations, according to the Organization for Economic Cooperation and Development on Tuesday. Data from the OECD showed that the labor force participation rate for Koreans between the ages of 25 and 29 was 76.7 percent last year. The figure ties with Chile for the 31st spot among the OECD’s 35 members. The OECD’s definition of labor force participation rate is calculated by dividin
EconomySept. 12, 2017
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SsangYong Motor aims to sell 6,000 units of G4 Rexton in Europe next year
SsangYong Motor CEO Choi Johng-shik (first row, third from right) and reporters covering automobiles, who participated in driving the company‘s large-size G4 Rexton SUV across 10 Eurasian countries, in joy after arriving at their final destination Wiesbaden, Germany earlier this week. (SsangYong Motor)SsangYong Motor, the local unit of India’s Mahindra & Mahindra, set next year’s target sales for the large-size G4 Rexton SUV at 6,000 units in the European market, its CEO Choi Johng-shik said Tue
MobilitySept. 12, 2017
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Seoul, CJ Logistics to develop world's first subway-based distribution system
CJ Logistics, the logistics arm of CJ Group, and the city of Seoul will work on developing the world’s first-ever logistics system using existing subway routes for heightened efficiency and a cleaner environment, the company said Tuesday.“We will work closely with the Seoul Metro to develop an innovative logistics system,” said CJ Logistics CEO Park Geun-tae.(123RF)“The new subway-based system will contribute to preserving the environment, create job opportunities, and strengthen national compet
IndustrySept. 12, 2017
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Kolon’s TissueGene wins US stem cell grant for Invossa
TissueGene, a US-based biotechnology subsidiary of South Korea’s Kolon Group, said Tuesday that it had won a new clinical grant from Maryland for its novel cell gene therapy for degenerative arthritis, Invossa. The company has been awarded a $750,000 clinical grant from Maryland Technology Development Corp. via the Maryland Stem Cell Research Fund. The new grant will be used by TissueGene to fund a portion of its US-based phase three clinical trials for Invossa. The clinical study aims to verify
IndustrySept. 12, 2017
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LG provides huge chiller to Starfield Goyang
LG Electronics Inc. said Tuesday it has provided a 14,720 refrigeration ton chiller to a large shopping complex in Goyang, northwest of Seoul.The chillers are chilled water central air conditioning solutions designed to provide effective cooling for large buildings and facilities.One refrigeration ton is the capacity to freeze 1 ton of water within 24 hours. (Yonhap)The chiller was sold to Starfield Goyang mall, a four-story building with two underground floors covering an area spanning 364,000
IndustrySept. 12, 2017
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Govt. urged to drop scaled-back 2018 infrastructure budget
Major construction bodies in South Korea called on the government Tuesday to withdraw its scaled-back infrastructure budget for 2018, saying it may hurt not only the industry but also the national economy.Announcing its budget request late last month, the government said that it will spend 17.7 trillion won ($15.7 billion) on infrastructure projects in the coming year, down a whopping 20 percent from this year."We express serious concern over the drastic cut in next year's infrastructure bu
EconomySept. 12, 2017
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Lotte scion to sell most of stakes in key affiliates
Lotte Group founder Shin Kyuk-ho's eldest son will sell most of his stakes in the South Korean retail giant's key affiliates as an objection to the group's latest decision to set up a holding company, his representatives said Tuesday.Shin Dong-joo, the former vice chairman of Tokyo-based Lotte Holdings, has decided to sell 97 percent of each interest he owns in Lotte Shopping Co., Lotte Chilsung Beverage Co., Lotte Confectionery Co. and in Lotte Food Co., according to SDJ Corp., which represents
IndustrySept. 12, 2017
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Samsung aims to launch foldable device next year: CEO
Samsung Electronics aims to introduce a smartphone with a foldable display next year, Koh Dong-jin, CEO of the firm’s smartphone business announced Tuesday.At a press conference held three days before the release of the latest Galaxy Note 8 smartphone in Korea, Koh said Samsung has clear roadmaps for the innovation of its smartphone series -- the Galaxy S and Note -- and a foldable type is to be included in one of the series. “We have a plan to adopt a foldable display in our roadmap,” Koh said.
TechnologySept. 12, 2017
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China's Doublestar agrees to cancel deal to buy Kumho Tire
China's Qingdao Doublestar has sent a copy of legal documents to the creditors of Kumho Tire, saying it agrees to cancel a deal to buy a controlling stake in the South Korean tiremaker, an official at a key creditor bank said Tuesday. The official at the state-run Korea Development Bank said the bank requested Doublestar send the original documents by Wednesday to review whether they are legally valid. If the validity of the documents is confirmed, KDB will likely announce a formal cancellation
IndustrySept. 12, 2017
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AmorePacific opens store at Galeries Lafayette in France
AmorePacific Corp., South Korea's top cosmetics maker, said Tuesday it has opened a shop for its premium skin care brand at an upscale department store in France, expanding its presence in the European market. The Sulwhasoo store opened in the upscale department store of Galeries Lafayette in Paris on Friday, according to the company. This undated photo provided by AmorePacific Corp., South Korea`s leading cosmetics maker, shows the outlet of its premium skin care brand Sulwhasoo, which opened a
IndustrySept. 12, 2017
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Korea's money supply up 5.1% in July: BOK
The money supply in South Korea jumped 5.1 percent in July from a year earlier, the central bank said Tuesday.The nation's M2 totaled 2,472.1 trillion won ($2.18 trillion) in July, compared with 2,352.2 trillion won a year earlier, the Bank of Korea said in a statement. The money supply fell 0.2 percent on-month, the statement said.The growth rate of the money supply has been on the decline since October 2015 as companies decreased domestic credit.M2 is a measure of the money supply countin
EconomySept. 12, 2017
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Household loans up 9% in August
South Korea's household loans extended by banks rose 9 percent in August from a year earlier due to increased mortgages and other bank loans, central bank data showed Tuesday.Outstanding household loans from lenders came to 744.2 trillion won ($658 billion) as of the end of last month, vis-a-vis 682.4 trillion won from a year earlier, according to the data by the Bank of Korea.Compared with July, the amount rose by 6.5 trillion won. Mortgages climbed 3.1 trillion won on-month to 557.7 trill
EconomySept. 12, 2017
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Seoul stocks up late Tuesday morning on eased geopolitical tensions
South Korean stocks traded higher late Tuesday morning on eased concerns over geopolitical tensions caused by North Korea's nuclear provocations. The benchmark Korea Composite Stock Price Index gained 4.14 points, or 0.18 percent, to 2,363.22 as of 11:20 a.m.Earlier in the day, the UN Security Council adopted a set of fresh sanctions against North Korea following Pyongyang's sixth and most powerful nuclear detonation test on Sept. 3. Market heavyweights traded mixed, with top cap
MarketSept. 12, 2017
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Samsung mobile chief confident of Galaxy Note 8 success
Preorders for Samsung Electronics Co.'s latest high-end smartphone, the Galaxy Note 8, reached the highest-ever among its Note line, its chief of mobile communications said Tuesday, expressing confidence that the premium device will be very successful.Koh Dong-jin, president of Samsung Electronics, said the combined preorders for its Galaxy Note 8 in South Korea topped 650,000 units in just five days, far outpacing its predecessor.The figure dwarfed numbers for the ill-fated Galaxy Note 7, which
TechnologySept. 12, 2017
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Korea's auto exports jump in Aug.
South Korea's auto exports rose sharply last month on the back of rising demand from North America and Europe, government data showed Tuesday.The total value of vehicles shipped overseas reached $2.84 billion last month, up 23.6 percent from a year earlier, according to the data compiled by the Ministry of Trade, Industry and Energy.The number of vehicles shipped abroad also soared 24.1 percent on-year to 174,363 units in August, compared to a 5.1 percent rise in the previous month. (Yonhap)A to
MobilitySept. 12, 2017
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Korea‘s industry minister to meet with his US counterpart soon
South Korea's industry minister said he will meet with his US counterpart later this year to discuss pending trade and other economy-related issues between the two countries."We are in talks with the US side to set the schedule and agenda before meeting with US Secretary of Commerce Wilbur Ross later this year," Minister of Trade, Industry and Energy Paik Un-gyu said in a press session held Monday. "The detailed agenda will be decided later."Seoul and Washington have been on a tightrope over rev
IndustrySept. 12, 2017
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Retailers woo solo drinkers with 'honsul' gift sets
South Korea's retailers are wooing solo drinkers with gift packages targeting single households as a growing number of people have opted to live alone in recent years, industry sources said Tuesday.Eating and drinking alone have taken root as a new normal in a society that has seen a steep rise in the number of single-person households. The percentage of those living alone stood at 27.2 percent in 2015 and is expected to rise to 29.6 percent in 2019 to become the most common household type in t
IndustrySept. 12, 2017
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Starbucks set to post record operating profits in Korea in 2017: sources
Operating profits of Starbucks Coffee Korea are expected to exceed 100 billion won ($88.4 million) this year amid growing popularity of the US coffeehouse chain here, industry sources said Tuesday.The 50-50 joint venture between retail conglomerate Shinsegae and the US coffee giant posted 52.8 billion won in operating profits on 593.5 billion won in sales during the first six months this year.It is the first time Starbucks recorded over 50 billion won in operating profits since it opened its fir
IndustrySept. 12, 2017