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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2 major policy lenders receive improved rating in management assessment
South Korea's financial regulator said Monday that the performance of two major policy lenders has improved as the restructuring of shipbuilders and two major shipping lines have been concluded.The Financial Services Commission said it has raised the rating of the Korea Development Bank and the Export-Import Bank of Korea by one notch from C to B in its annual assessment of five public financial organizations. The five public financial organizations are rated one of six categories, with S being
EconomyJuly 31, 2017
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Banned items at Incheon Airport to be separately shipped
Incheon Airport (Yonhap)Travelers using Incheon Airport will be able to keep prohibited items by storing them at the airport or sending them to an address of their choice, the Ministry of Land, Infrastructure and Transportation said Monday. Products that can be kept at the airport starting Tuesday are daily supplies, including food, cosmetics and knives. The service is not offered for guns and swords, the ministry said.Travelers can fill out a form to store or send the belongings from 6 a.m. to
IndustryJuly 31, 2017
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Korail to simplify ticket system for foreign travelers
(Yonhap)Korail, the state-run railway operator, will simplify its rail pass for foreign customers to improve their convenience, the company said Monday.The Korail Pass is a voucher designed for use on all trains operated by Korail.A total of six rail passes with the same price and validity period will be offered from Tuesday, the company said. Previously, foreign customers had to pay a different price for the rail pass depending on when they entered the country.Foreign customers will also be abl
IndustryJuly 31, 2017
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Celltrion’s Herceptin biosimilar accepted for review by US FDA
South Korean biopharma company Celltrion said Monday that the US Food and Drug Administration has accepted for review the firm’s biologics license application for Herzuma, its cheaper biosimilar copy of Roche’s blockbuster anticancer drug Herceptin.Celltrion submitted Herzuma to the US FDA in May. The US regulator is slated to announce its approval decision in the first half of 2018, according to the Korean drugmaker.Developed by Roche-owned Genentech, Herceptin is a monoclonal antibody drug pri
IndustryJuly 31, 2017
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Corporate hiring hits 7-year low
The number of employees at some of the country’s largest firms hit a seven-year low in the second quarter of the year, according to data compiled by Statistics Korea on Monday. Government data showed that the number of employees at companies with workforces of more than 300 reached 2.46 million workers in the second quarter of this year, a decrease of 25,000 compared to a year ago. The fall is the largest since the third quarter of 2010, when the number of employees at large companies pl
EconomyJuly 31, 2017
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Budget carriers face high complaints last year
The number of consumer complaints lodged against South Korea's budget carriers was nearly twice as high as complaints leveled on full-service airlines last year, a consumer rights agency said Monday. In 2016, low-cost carriers received a total of 417 consumer complaints, while Korean Air Lines Co. and Asiana Airlines Inc. received a combined 213, according to the Korea Consumer Agency. (Yonhap)By company, Jeju Air Co., the country's biggest budget carrier by sales, reported the highest number of
IndustryJuly 31, 2017
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Number of new corporations in H1 hits record high
The number of new corporations set up in the first half of this year reached nearly 50,000, setting a new record amid steady overseas demands for local products, the government said Monday.The number of new corporations set up came to 49,424 in the January-June period, up 2.4 percent from the same period last year, according to the Ministry of SMEs and Startups.Among the total, 10,107 companies were in the manufacturing industry, followed by 10,057 firms in the wholesale and retail sector, the m
EconomyJuly 31, 2017
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Conglomerates increasing cash holdings
South Korea's leading conglomerates had some 116 trillion won ($103.29 billion) in cash or cashable assets as of the end of March this year, an increase of 54 percent from five years ago, data showed Monday, a sign that the companies remain hesitant about investing.Seventy-two companies were analyzed by the Korea Exchange after 28 of the top 100 market cap firms were excluded because their assets could not be measured on an annual basis. The results showed that the firms held an aggregate 115.7
IndustryJuly 31, 2017
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Rates for household loans inch down in June
Bank lending rates on new household loans inched down in June and interest rates paid by banks on new deposits slightly rose, central bank data showed Monday.The average interest rates on fresh household loans extended by local banks came to 3.41 percent in June, down 0.06 percentage point from the previous month, according to the Bank of Korea.The BOK data came amid South Korea's efforts to tackle rising household debt. South Korea's household debt stood at 1,359.7 trillion won ($1.2 tril
EconomyJuly 31, 2017
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BOK to keep monetary easing policy to support growth
South Korea's central bank on Monday renewed its stance to maintain the current monetary easing policy to support growth for Asia's fourth-largest economy.The Bank of Korea said in a report submitted to the National Assembly that it will maintain its stance of monetary policy accommodation, noting the inflationary pressures on the demand side are not expected to be high, though the solid trend of domestic economic growth could affect prices.The latest assessment came more than two weeks after th
EconomyJuly 31, 2017
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Seoul shares down in late-morning trade
South Korean stocks traded lower late Monday morning, tracking losses on Wall Street losses, although tech blue chips continued to gain ground, analysts said. The benchmark Korea Composite Stock Price Index backtracked 5.37 points, or 0.22 percent, to hit 2,395.62 as of 11:20 a.m.Tech giant Samsung Electronics gained 0.9 percent, with chipmaker SK hynix adding 1.7 percent.Top automaker Hyundai Motor, meanwhile, shed 2.68 percent, and its affiliate Hyundai Mobis, an auto parts maker, dropped 3.52
MarketJuly 31, 2017
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Korea launches anti-dumping probe on Chinese steel product
South Korea's trade commission said Monday that it has decided to launch an official investigation into the alleged dumping of a steel product imported from China that has been cited for disrupting fair competition.The decision follows a formal complaint from four South Korean manufacturers, according to the Korea Trade Commission. (Yonhap)"The petitioners claim there has been actual damage to the local industry, such as a drop in domestic sales of products made here, due to unfair undercutting
IndustryJuly 31, 2017
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Korean convenience store chain taps Vietnam
GS Retail Co., a major convenience store chain operator, said Monday it has signed an agreement with a Vietnamese company to make inroads into the Southeast Asian market.The Korean firm said it signed a deal with SonKim Group in Ho Chi Minh City on Thursday to set up a joint venture with a plan to open the first GS25 store in the Vietnamese city within the year.The announcement came as the competition in South Korea's convenience store business, dominated by three chains -- CU, GS25 and 7-Eleven
CompaniesJuly 31, 2017
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Korea's exports to FTA partners jump 17.9% in H1
South Korea's exports to trade partners with which it has free trade agreements jumped nearly 18 percent in the first six months of the year on solid overseas demand, customs data showed Monday.Exports to 52 countries that have open trade pacts with South Korea reached $202.5 billion in the January-June period, up 17.9 percent from $171.6 billion tallied a year ago, according to the data released by the Korea Customs Service. Imports also rose 17.1 percent on-year to $147.9 billion over the cite
EconomyJuly 31, 2017
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NK missile launch has little impact on S. Korean financial market
South Korea said Monday that the latest North Korean missile launch had little impact on its financial market, but it will take swift and firm action against any unexpected developments.Pyongyang fired the Hwasong-14 shortly before midnight last Friday, following its first successful intercontinental ballistic missile launch on July 4. Defense experts said the latest provocation that drew swift condemnation from the international community demonstrated some technical progress compared to previou
EconomyJuly 31, 2017
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New ministry aims to expand exports of products made by SMEs
The country's new ministry dedicated to small and medium-sized enterprises said Monday it will vitalize the local economy by expanding exports of products made by smaller companies.The Ministry of SMEs and Startups said it aims to expand the proportion of exports made by SMEs to over 40 percent of all outbound shipments by 2022. Small and medium-sized companies accounted for 37.6 percent of exports in 2016, up 5.5 percentage points from 32.1 percent in 2012, according to the ministry. The amount
EconomyJuly 31, 2017
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T'way partners with Sky Angkor Airlines to develop routes
T'way Air Co., one of South Korea's six budget carriers, has formed business ties with Sky Angkor Airlines in Cambodia to develop new routes and cooperate in flight operations, the company said Monday. On Friday in Phnom Penh, the two airlines signed a memorandum of understanding to jointly develop new routes and operate their existing routes, T'way Air said in a statement. (Yonhap)Through the partnership, T'way Air expects to strengthen its services on routes to Vietnam and Cambodia, popular d
CompaniesJuly 31, 2017
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Stocks open lower on US losses
South Korean stocks opened lower Monday following late last week's losses on Wall Street.The benchmark Korea Composite Stock Price Index fell 2.62 points, or 0.11 percent, to 2,398.37 in the first 15 minutes of trading. Most large caps traded mixed with market kingpin Samsung Electronics losing 0.42 percent and leading automaker Hyundai Motor shedding 1.67 percent.In contrast, leading steelmaker POSCO gaining 0.33 percent, and SK hynix was up 1.24 percent on its better-than-expected third-
MarketJuly 31, 2017
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Medical community in conflict over minimum wage
The medical community is reeling from the planned minimum wage hike next year, with small neighborhood clinics and hospitals appealing for at least a matching hike in billing rates, industry officials said Monday.The government and labor unions earlier this month agreed on a 16.4 percent hike in the minimum pay for next year, from 6,470 won ($5.76) to 7,530 won. The scale of the hike has drawn protests from many businesses, which say they cannot afford the extra cost, triggering concerns by jobs
EconomyJuly 31, 2017
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Korea Gas, POSCO Daewoo jointly bid for LNG terminal in Bangladesh
South Korea's state-run Korea Gas Corp. has jointly submitted a preliminary bid with POSCO Daewoo Corp. construction for a terminal for importing liquefied natural gas in Bangladesh, according to Korea Gas officials on Sunday. A consortium formed by Korea Gas and POSCO Daewoo recently submitted its expression of interest to the Bangladesh government for the terminal with an annual capacity of 7.5 million tons of LNG. (Yonhap)SK E&S Co., an energy affiliate of South Korea's SK Group, is also bel
IndustryJuly 30, 2017