Most Popular
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Army takes group action against Hybe for neglecting BTS
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Debate rages over ‘overly fatty’ samgyeopsal
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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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[Weekender] Korean psyche untangled: Musok
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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Hankook Tire takes over control of Hanon Systems
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Ex-Daewoo Shipbuilding chief additionally charged with breach of trust, bribery
A former CEO of cash-strapped Daewoo Shipbuilding & Marine Engineering Co. was additionally charged with breach of trust and bribery on suspicions of inflicting some tens of billions of won in losses to the shipyard, prosecutors said Tuesday.The prosecution accused Nam Sang-tae, 66, of allegedly causing some 26.3 billion won ($25.5 million) in losses to the company by making business decisions based on his ties to certain acquaintances. Nam, who headed the company from 2006 to 2012, is currently
IndustryJan. 24, 2017
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OB supports children through ‘Happy Library’ project
Oriental Brewery has launched this year’s first “Happy Library” project to improve after-school programs for children in conjunction with the Headquarters for Community Child Center, the company said Tuesday. The project is part of the company’s social responsibility program involving the renovation of child education facilities and provision of various education kits and books.For this year’s project, the company selected three community child centers in Seoul, Gwangju and Cheongju that were in
CompaniesJan. 24, 2017
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Korea's crowdfunding is half success
Crowdfunding in South Korea has been half successful over the first year, data showed Tuesday, as the authorities pledged more efforts to promote the system.A total of 18 billion won ($15.4 million) has been raised so far from 7,172 investors to fund 121 projects, according to the Financial Services Commission. Yim Jong-yong, chairman of the Financial Services Commission, delivers a speech at a ceremony to mark the first anniversary of the introduction of the crowdfunding system in Seoul on Jan.
Jan. 24, 2017
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Serviceplan Korea names new CEO
The Korean arm of the global advertising agency Serviceplan Group said Tuesday that it has named Julie Kang as its new CEO. Kang has been with the company since 2009 and managed relationships with companies such as Ikea, Absolut, BMW and local brands. Before joining Serviceplan, Kang worked for Interone, the digital arm of BBDO Advertising and Grape Communications, creating advertising campaigns for LG Electronics and Electrolux. Julie Kang (Serviceplan Group)Kang is the first woman and first Ko
IndustryJan. 24, 2017
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Korea needs central consumer safety control tower: panel
The Korean government must create a more focused control tower for identifying and handling consumer products that can pose health and safety risks and implement stronger penalties for corporations that sell such products to prevent future crises, a panel of experts said Tuesday.Academics, representatives from consumer groups and government representatives gathered for the 44th Future Consumers‘ Forum at the National Assembly Members’ Hall to discuss ways to reform the consumer safety management
IndustryJan. 24, 2017
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Samsung to focus on memory, display
Samsung Electronics, whose traditional cash cow used to come from smartphones, said it would focus on its components businesses -- chip and display, projecting slow smartphone sales this year in a regulatory filing Tuesday.The world’s largest memory chip and smartphone maker said it posted 53.3 trillion won ($45.7 billion) in sales and 9.2 trillion won in operating profit in the fourth quarter, a 50 percent jump year-on-year.“The fourth quarter earnings were driven by the components businesses -
IndustryJan. 24, 2017
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Samsung BioLogics’ 2016 sales double
Samsung BioLogics, a contract manufacturer of biologic drugs under the Samsung Group, on Tuesday posted a revenue of 294.6 billion won ($253 million) in 2016, a 223 percent increase from the previous year. Samsung BioLogics in Songdo, west of Seoul (Samsung BioLogics)With a focus on the contract manufacturing business, the company also saw an operating loss of 30.4 billion won last year, an 85 percent decrease from 2015, it said in a regulatory filing.Last year’s performance is significant, a c
IndustryJan. 24, 2017
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Samsung Electronics offers W9.3tr to buy back shares
Shortly after disclosing a record-breaking earnings report for the fourth quarter of last year, Samsung Electronics said Tuesday it would buy back shares worth 9.3 trillion won ($8 billion) and offer 3.8 trillion won in dividends.The 9.3 trillion won is the sum of the remaining amount of shareholders’ return resources in 2015 and 2016. The South Korean tech giant plans to repurchase and cancel the shares over three to four phases.The South Korean company said earlier in the day it had posted 7.1
IndustryJan. 24, 2017
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Launch of internet-only K-Bank postponed till late Feb
South Korea’s internet-only banking service provider K-Bank has decided to delay its launch to late February from the initial plan of late January to ensure business stability and consumer protection, industry officials said Tuesday.The bank received the license from the Financial Services Commission for banking services on Dec. 14, bring it a step closer to becoming the nation’s first bank to offer financial services 24 hours without brick-and-mortar branches and bank tellers. It was also the f
Jan. 24, 2017
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Automakers to offer free inspection services for Lunar New Year
The Korea Automobile Manufacturers Association announced Tuesday that it will offer free inspection services by five automakers during the Lunar New Year holiday this weekend. From Thursday to Sunday, Hyundai Motor, Kia Motors, GM Korea, Renault Samsung Motors and Ssangyong Motors will offer their customers vehicle inspection services free of charge at 22 participating highway rest stops and 48 service centers nationwide. The services will be offered at northbound rest stops on Thursday and Fri
MobilityJan. 24, 2017
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Honda Korea releases new, smarter Pilot SUV
Honda Korea has launched sales of its latest SUV model, the New Pilot 2017, less than a week after unveiling its new Accord Hybrid, the company announced Monday. “There continues to be growing interest … in the Pilot series because of its design, safety and space utilization, especially in a consumer culture of meticulous comparison that focuses on safety and fuel efficiency,” said Honda Korea CEO Chung Woo-young, in the company’s press release Monday.Honda Korea releases its “New Pilot 2017”
MobilityJan. 24, 2017
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Korea's terms of trade improve in December
South Korea's terms of trade improved in December from a year earlier as a slight rise in import prices was offset by a hike in export prices, central bank data showed Tuesday.The terms of trade index for products came to 102.63 last month, up 1.9 percent from a year earlier, according to preliminary data from the Bank of Korea. (Yonhap)The index measures the amount of imports a country can purchase for each unit of exports, showing how the country's exports are doing in comparison with those of
Jan. 24, 2017
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Korea's per-person rice consumption hits fresh low in 2016
Per capita rice consumption in South Korea hit a fresh record low last year amid rapid changes in eating habits, government data showed Tuesday.The average annual consumption of rice per person fell to 61.9 kilograms last year, down 1.6 percent from the previous year's 62.9 kg, according to the data by Statistics Korea. (Yonhap)The figure has been on a steady decline since 1984 when it posted 130.1 kg, and started to make new record lows of 104.9 kg in 1996, breaking the earlier record low of 10
Jan. 24, 2017
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Woori Bank wins approval for setting up representative office in Poland
Woori Bank, a major South Korean lender, said Tuesday that it has won approval from the Polish financial regulatory authority to set up a representative office in the eastern European country.Woori Bank said it will open its representative office in the southwestern city of Katowice later this month as part of its efforts to establish a bridgehead in Europe. (Yonhap)The representative office is located near an industrial complex, which is home to assembly lines of Samsung Electronics Co., Hyunda
Jan. 24, 2017
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Regulator says Korea's economy robust despite political turmoil
The head of South Korea's state financial watchdog assured foreign investors Tuesday that the country's economy maintains strong fundamentals unscathed by a political setback at home.Zhin Woong-Seob, governor of the Financial Supervisory Service, stressed that the fiscal, monetary and financial authorities are in close cooperation for risk management. Zhin Woong-Seob (front row, center), governor of the Financial Supervisory Service, poses for a photo with heads of foreign investment firms in So
Jan. 24, 2017
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Passenger car exports rebound for first time in 2 yrs in Q4
South Korea's passenger car exports made a turnaround in the fourth quarter of last year for the first time in more than two years on the back of rebounding oil prices, the latest customs data showed Tuesday.The total value of exported vehicles reached $10.73 billion in the October-December period, up 0.2 percent from $10.7 billion a year earlier, according to the data compiled by the Korea Customs Service. (Yonhap)It is the first time that the quarterly figure finished in positive terrain since
IndustryJan. 24, 2017
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Korea to raise emissions trading rights for 2017
South Korea will raise greenhouse gas emissions rights in the trading market for this year in a bid to meet its tightened reduction target, the finance ministry said Tuesday.Under the revised 2017 emissions allocation plan endorsed by the Cabinet, some 538.9 million tons of emissions rights will be involved in the trading market, up 17 million tons from the country's earlier goal of 521.9 million tons for the year, according to the Ministry of Strategy and Finance. (Yonhap)The revision came as S
Jan. 24, 2017
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Average starting salary of public finance workers nears W40m
The average starting salary of employees of public financial firms has reached nearly 40 million won ($34,000), data showed Tuesday.On average, recruits of 11 financial firms under the control of the government earned 39.85 million won a year as of 2015, according to data compiled by the Financial Supervisory Service, South Korea's financial watchdog. (Yonhap)The state-run Korea Development Bank took the top spot, with the average starting salary for a new recruit standing at 46.54 million won.T
Jan. 24, 2017
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Larger-denominated banknotes gain wider circulation
The use of 50,000 won ($42.85) denominated banknotes has become more widespread, replacing smaller 10,000 won bills, central bank data showed Tuesday.According to the Bank of Korea, the circulation of 10,000 won banknotes at the end of last year was 16.24 trillion won, 5.7 percent less than the year before and the smallest since 1998. (Yonhap)Circulation is measured by the total value of banknotes issued minus the amount that has been retrieved by the central bank. Circulation of 10,000 won bil
Jan. 24, 2017
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Mobile operators likely to report decent earnings for 2016
South Korea's three telecom operators are likely to have racked up decent earnings in 2016, helped by curbs on their marketing spending and a growth in their fixed-line Internet businesses, industry data showed Tuesday. The combined revenue of SK Telecom, KT and LG Uplus is expected to have expanded 1.1 percent on year to 50.77 trillion won ($43.67 billion) last year, according to the data compiled by industry tracker FnGuide. (Yonhap)Their combined operating profit is likely to have risen 4.7
IndustryJan. 24, 2017