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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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul to more than double military drones by 2026 to counter NK threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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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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Questions raised over fair promotion of RM, NewJeans
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Korean firms face 190 import tariffs in 28 countries
South Korean companies face some 190 import tariff restrictions in 28 countries, with emerging markets accounting for over 70 percent of the barriers, a local trade promotion agency said Wednesday.As of June, Korean firms were involved in 154 antidumping and countervailing duty actions and 36 safeguard tariffs imposed by countries such as the US, Canada, India, China and Thailand, the Korea Trade-Investment Promotion Agency said in a statement. A total of 135 import regulations were taken agains
EconomyAug. 2, 2017
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Daewoo Shipbuilding hands over submarine to Indonesian navy
Daewoo Shipbiulding & Marine Engineering Co., a major shipyard here, handed over a 1,400-ton diesel-electric submarine to the Indonesian Navy on Wednesday, becoming the first South Korean company to export a submarine. The company said it held a ceremony at its Okpo shipyard on Geoje Island off the southern coast to mark the event.The boat is the first of three submarines commissioned by the Southeast Asian country under a 2011 deal worth $1.1 billion, which is equivalent to selling some 730,000
IndustryAug. 2, 2017
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Korea to renew energy law to push ahead with energy policies
The South Korean government is setting out to amend its energy law and elevate the status of the national energy committee to push ahead with its energy policies, which are already facing resistance from the relevant industries and residents.The Ministry of Trade, Industry and Energy said Wednesday that it had submitted a revision proposal to the National Assembly for review in the hope that it will be put to a vote at the plenary session before the end of the year. (Yonhap)The proposed amendmen
IndustryAug. 2, 2017
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Small businesses plan layoffs with minimum wage hike: survey
More than 90 percent of small business owners say they plan to lay off workers following the government’s minimum wage hike next year, according to a survey by the Korea Federation of Micro Enterprise on Wednesday. The survey polled 532 business owners from July 21 to 28 and found that 92.4 percent said they would most likely have to cut staff once the new minimum wage increase is implemented, while 68.1 percent said they definitely planned to lay off employees. In addition to futur
EconomyAug. 2, 2017
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FTC investigating Daiso for alleged distribution violations
The Fair Trade Commission has launched an investigation into alleged unfair trade practices by Daiso, a popular Japanese household goods store, industry insiders said Wednesday. According to local industry officials, the FTC is currently investigating Daiso A-Sung, which operates Daiso, for allegedly violating large-scale retail distribution laws. The commission reportedly sent a team of investigators to Daiso’s local headquarters to obtain the company’s distribution reports in order to check i
IndustryAug. 2, 2017
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Industrial woes out of policy focus
President Moon Jae-in’s income-led growth policy risks derailing efforts to accelerate structural reforms and encourage industrial innovation, economists say.His economic policy directions, which were unveiled last week, barely address the two tasks, seen as crucial to boosting the country’s long-term growth potential.Korea’s manufacturing industries have been faltering in recent years, except for a few bright spots such as the semiconductor sector. Local manufacturers ran
EconomyAug. 2, 2017
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Ministry unveils tough measures to calm overheating housing market
South Korea unveiled Wednesday a tighter set of real estate market rules aimed at taming speculation and deterring the rise of housing prices in what is considered to be the strongest set of measures in nearly six years. Starting Thursday, the capital Seoul, the administrative city Sejong and Gwacheon will be named “overheated speculative districts,” with the loan limits of those buying homes there to be tightened to 40 percent of their property value from the current 60 percent, acc
MarketAug. 2, 2017
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Doosan Heavy swings to Q2 net loss on lower demand
Doosan Heavy Industries & Construction Co., South Korea's leading desalination plant builder, shifted to a net loss in the second quarter from a year earlier amid slowing global demand, the company said Wednesday.Doosan Heavy swung to a loss of 26.13 billion won ($23 million) in the April-June quarter from 130.74 billion won in the black a year earlier, the plant company said in a regulatory filing. (Yonhap)Operating profit rose 17 percent to 305.94 billion won in the second quarter from 262.37
IndustryAug. 2, 2017
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[Monitor] ‘Rich’ Koreans surge by 30,000 in a year
A report by KB Financial Group’s research center showed that the number of those in South Korea with assets worth 1 billion won or more reached 242,000 at the end of last year, up by 14.8 percent from the previous year.
EconomyAug. 2, 2017
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Seoul stocks end higher on foreign buying
South Korean stocks closed higher Wednesday as foreign buyers scooped up large-cap tech and telecom shares, offsetting a massive selling spree by institutional investors. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index advanced 4.67 points, or 0.19 percent, to close at 2,427.63. Trade volume was low at 258 million shares worth 5.2 trillion won ($5 billion), with gainers outnumbering losers 461 to 341.Foreign investors reversed a seven-day selling streak
MarketAug. 2, 2017
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Prosecution widens probe into KAI over suspected accounting fraud
Prosecutors said Wednesday they have launched an investigation into suspicions of accounting fraud at South Korea's sole aircraft manufacturer, Korea Aerospace Industries Co., with its top executives already under probe for cost manipulation and slush funds.The Seoul Central District Prosecutors' Office began its probe into KAI last month over allegations that some of its top officials manipulated expenses for development projects, including the making of a utility helicopter known as the Surion
IndustryAug. 2, 2017
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Korea’s battery makers seek breakthrough after China setback
Samsung SDI, LG Chem and SK Innovation are seeking a breakthrough by diversifying their products and markets as their plants in China for electric vehicle batteries face a setback in the world’s largest EV market. The Korean battery makers failed to get battery certifications from China in June of last year and have since been repeatedly left out from government subsidies. The move that has been seen by industry watchers as retaliation against Korea’s deployment of a US anti-missile system pushe
IndustryAug. 2, 2017
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Korea approves LG Chem’s combination drug for diabetes, dyslipidemia
LG Chem said Wednesday that South Korea’s Ministry of Food and Drug Safety had approved Zemiro, a combination drug that simultaneously treats diabetes and dyslipidemia, a condition in which an abnormal amount of lipids exist in the blood. Developed by LG Chem’s biopharmaceuticals unit, Zemiro is a new combination tablet that merges LG’s diabetes drug Zemiglo -- a Diepeptidyl peptidase-4 inhibitor -- with the lipid reduction drug ingredient rosuvastatin. LG Chem`s production plant in Osong, Nort
IndustryAug. 2, 2017
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SsangYong begins sale of seven-seat G4 Rexton SUV in home market
SsangYong Motor Co., a local automaker, started selling its new G4 Rexton SUV on Wednesday, as it attempts to expand its lineup of off-road capable cars.The seven-seat vehicle is a longer version of the existing five-seat G4 Rexton released in April.The new G4 Rexton comes with a 2.2-liter diesel-powered engine and Mercedes-Benz's seven-speed automatic transmission, according to the company. This photo provided by SsangYong Motor Co. on Aug. 2, 2017, shows its seven-seat G4 Rexton SUV released i
MobilityAug. 2, 2017
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Korea's mobile shopping up 35.5% in June
Purchases made through mobile devices rose 35.5 percent in June from a year earlier, government data showed Wednesday, as a growing number of South Koreans utilize smartphones to buy things ranging from clothes to electronic goods.South Korea is one of the most wired countries in the world with one of the highest smartphone penetration rates. Eight out of 10 South Koreans use a smartphone, according to government data. (Yonhap)Mobile transactions through smartphones and tablets reached 3.75 tril
TechnologyAug. 2, 2017
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Samsung stands as world's top smartphone maker in Q2
Samsung Electronics Co. stood as the leading smartphone maker in terms of shipments in the second quarter of 2017, data showed Wednesday, with Chinese firms narrowing the gap with the traditional leaders.According to the data compiled by Strategy Analytics, the South Korean giant accounted for 22.1 percent of the global market in the April-June period, down 0.6 percentage point from a year earlier. This translates into 79.5 million units made by Samsung.The industry tracker said Samsung was able
TechnologyAug. 2, 2017
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Seoul shares up in late morning on Wall Street gains
South Korean stocks traded higher late Wednesday morning as foreign investors scooped up large-cap tech and telecom shares, tracking overnight gains on Wall Street.The benchmark Korea Composite Stock Price Index gained 4.77 points, or 0.2 percent, to 2,427.73 as of 11:20 a.m.On Tuesday (local time), the US Dow Jones industrial average climbed 0.33 percent toward a fresh record and the S&P rose 0.24 percent. The Nasdaq Composite Index also gained 0.23 percent. Most large caps traded mixe
MarketAug. 2, 2017
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Tobacco tax revenue to reach W3tr in 2017
Revenue from taxes levied on cigarettes is forecast to reach 3 trillion won ($2.8 billion) for the first time ever this year, government data showed Wednesday.Starting in January 2015, South Korea jacked up the price of cigarettes by 80 percent from 2,500 won per pack to 4,500 won, in an effort to curb smoking. Following this move, taxes collected from the sale of individual cigarette packs jumped from 354 won to 841 won.According to the data by the Ministry of Health and Welfare, revenues from
EconomyAug. 2, 2017
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Industrial power consumption grows for 6 straight quarters in Q2
South Korea's industrial electricity consumption rose 0.6 percent in the second quarter from a year ago helped by an upturn in the chipmaking and chemical sectors, the government said Wednesday.The amount of electricity consumed by the country's industrial sector reached 69.97 billion kilowatt-hours in the April-June period, compared with 69.55 billion kWh in the same period last year, according to the Ministry of Trade, Industry and Energy.The quarterly figure has been on a steady rise since th
IndustryAug. 2, 2017
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Sales of small-sized food products soar amid rising single-person households
The sales of small-sized food products jumped in the first half of this year on rising demands from one-person households, industry data showed Wednesday.According to E-Mart Inc., South Korea's largest discount chain operator, sales of small fruit containers rose 71.9 percent on-year in the January-July period. South Korea`s largest discount chain operator, on Aug. 2, 2017, shows a watermelon slice packaged in small containers for single- or two-person households. (Yonhap)Auction, a leading onl
IndustryAug. 2, 2017