Most Popular
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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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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Army takes group action against Hybe for neglecting BTS
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Some junior doctors are returning: Health Ministry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Robert J. Fouser] AI changes rationale for learning languages
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Woman dangling from power lines rescued by residents holding blanket
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Number of centenarian pension recipients on rise
The number of South Korean recipients of the state pension who are 100 years old or older has risen every year recently, data showed Monday.According to the data by the National Pension Service (NPS), the number of centenarians receiving the state pension came to 54 across the country as of August, up from 18 in 2011, 20 in 2012, 32 in 2014 and 47 in 2015. All centenarian pensioners also were paid the survivor's pension after their children who had subscribed to the state pension died.The state
Nov. 21, 2016
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Samsung sells 25,000 Gear S3 smartwatches in 10 days in Korea
Samsung Electronics Co. said Monday it has sold more than 25,000 Gear S3 smartwatches in South Korea since it began selling the smartwatches at home on Nov. 11. Samsung unveiled the Gear S3 Frontier and S3 Classic in September, featuring a mobile payment function, longer battery life and built-in GPS capabilities for emergency calls or texts.Besides its stylish design, the Gear S3 is equipped with IP68 standards for water resistance so consumers can get through their day, regardless of weather c
TechnologyNov. 21, 2016
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Hyundai Merchant says talks still under way for shipping alliance membership
Hyundai Merchant Marine Co., a major shipping line here, said Monday that its talks to join a global shipping alliance will be completed this month, denying news reports that the financially-troubled shipper has failed to join 2M, one of the key conditions for financial help from its creditors."We are still in negotiations (with 2M) to iron out differences," said an official at Hyundai Merchant. "Our plan to complete the partnership talks by this month has not changed."Since May, Hyundai Merchan
IndustryNov. 21, 2016
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Report argues more people economically underprivileged than believed
Close to 40 percent of South Koreans would be classified as financially underprivileged if their income and assets were viewed together as their economic resources, a report released Monday argued.The report from the Gyeonggi Research Institute (GRI) questioned the conventional way of looking mostly at income to define the middle class, which it said can easily underestimate or overestimate the size of the economic segment. The institute conducted its own study to count household assets in the f
Nov. 21, 2016
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Incheon Airport opens clothing rental service
Incheon Airport’s passenger terminal launched a unique clothes sharing service named “Seinustar” last Thursday, company officials said.The eco-friendly, online-to-offline service rents out clothing to foreigners arriving in Korea.For instance, during winter, travelers from tropical climate regions would be able to lease winter clothes during their stay in Korea, which would save them from the burden of excessive baggage, the airport said. To use the service, travelers should visit www.seinustar.
IndustryNov. 20, 2016
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Scandal-hit companies cautious but relieved over interim probe results
South Korea’s major conglomerates on Sunday remained cautious, but relieved upon the prosecution’s announcement of its interim probe results, which officially named President Park Geun-hye as an accomplice, but did not treat their vast donations as bribes. The businesses, including Hyundai Motor and Samsung Group, minimized their official comments, citing the ongoing investigation. A total of 53 companies are found to have given a combined 77.4 billion won ($66.5 million) in donations to the Mir
IndustryNov. 20, 2016
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[Behind the wheel] Future car around the corner: Tesla Model S 90D
TOKYO -- US Tesla’s electric vehicles are about to hit the South Korean market with its flagship store set to open in Starfield Hanam, located some 20 kilometers east of Seoul, as early as the end of November. Tesla’s debut in the country has lagged behind other neighboring countries such as Japan and China. The electric-car maker opened its first showroom in Japan in October 2010 and in China in November 2013. In Korea, Tesla started to receive preorders in August. Tesla’s media representative
MobilityNov. 20, 2016
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‘NPS suffers 28% loss in Samsung C&T stocks since merger’
The National Pension Service’s stock investment in Samsung C&T has suffered a loss of 590 billion won ($500 million) since it voted to approve the merger of Samsung C&T and Cheil Industries in July last year, industry data showed Sunday.According to Chaebul.com, which traces the finances of Korean conglomerates, the NPS’ holdings of Samsung C&T’s stocks were valued at 1.51 trillion won as of Thursday, a 28 percent decline from a combined 2.1 trillion won of the former Samsung C&T and Cheil Indus
Nov. 20, 2016
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Shilla Duty Free opens Phuket branch
Hotel Shilla, which operates The Shilla Duty Free, has opened its first overseas city outlet in Phuket, Thailand, the company said Sunday. Shilla Duty Free in Phuket(Hotel Shilla)The Shilla Duty Free in Phuket is Hotel Shilla's first duty-free store outside of an airport. Hotel Shilla currently operates outlets in Changi Airport in Singapore and Macau International Airport. Its overseas operations make up more than 15 percent of total revenue.The Phuket outlet is a 15-minute distance from the fa
IndustryNov. 20, 2016
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Korean Air, Asiana Airlines go different ways in labor disputes
Korea’s two full-service airline carriers are seeing different outcomes in conflicts with their respective pilot unions as they face a market that is becoming increasingly dominated by low-cost carriers.Korean Air and Asiana Airlines have long been suffering from struggles with their pilot unions as negotiations about wage increases came to a standstill.On Wednesday, Asiana Airlines’ pilot union announced through its website that it had reached a tentative agreement with its management for the y
IndustryNov. 20, 2016
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SsangYong’s Tivoli maintains lead in compact SUV market
SsangYong Motor’s flagship model Tivoli has retained the top spot in the compact SUV market in Korea with the continued rollout of upgraded models. Tivoli is SsangYong’s first vehicle -- which was released in early 2015 -- since Indian conglomerate Mahindra Group bought the Korean automaker in 2011. It cumulatively sold 91,000 units locally and 130,000 units globally. On its home turf, Tivoli takes up 56 percent of the market share, with sales of around 46,000 units this year through October. Ki
MobilityNov. 20, 2016
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Growth forecast may fall below 3% for first time since 1999
There is an increasing chance that the government may lower South Korea’s annual growth projection for next year to below 3 percent, due to stronger downward pressure from US President-elect Donald Trump’s uncertain trade policies and the domestic political scandal.Private economic think tanks, such as LG Economic Research Institute, have already revised down the nation’s growth projections to 2.2-2.7 percent for next year.The Bank of Korea also lowered its projection from 2.9 percent to 2.8 per
Nov. 20, 2016
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[ECONOMY AT RISK] No time to delay corporate restructuring: experts
The South Korean government’s almost nonexistent measures to speed up corporate restructuring in ailing industries under no clear economic leadership has exacerbated the country’s already-weak long-term growth prospects.In the aftermath of the slowdown in global trade, the government recently announced corporate restructuring measures for the ailing shipbuilding and shipping industries suffering from a decline in orders. It was part of the government’s “three-track corporate restructuring plan,”
Nov. 20, 2016
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HMM denies 2M partnership failure
Hyundai Merchant Marine on Sunday denied a news report that it failed to join the 2M Alliance that the company has sought for months as part of its normalization plan. The Journal of Commerce reported Friday that the 2M Alliance would not include HMM based on a confirmation statement which the biweekly magazine claimed to have obtained from Maersk Line. The JOC said HMM would instead collaborate with Maersk Line and Mediterranean Shipping Company through a slot purchase agreement which would all
IndustryNov. 20, 2016
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Korean agency opens center to support exports to Chile
South Korea's trade promotion agency said Sunday it has opened a center to help small and medium-sized firms make inroads into Chile. The center, launched in Santiago last Friday, is offering marketing, legal and accounting advice to Korean firms that are trying to sell their products in Chile, the Korea Trade-Investment Promotion Agency said. The center is expected to serve as a bridgehead for small and medium-sized enterprises to tap the South American country's market, it said. The center is
IndustryNov. 20, 2016
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Korea, Peru push for stronger business ties at APEC meeting
South Korean Prime Minister Hwang Kyo-ahn met with Peruvian President Pedro Pablo Kuczynski on the sidelines of the Asian-Pacific summit and pushed for stronger business cooperation in key infrastructure sectors, the government said Sunday.The premier is in Lima in the place of President Park Geun-hye, to attend the 24th Asia-Pacific Economic Cooperation summit, being held in the Peruvian capital on Saturday and Sunday.South Korean Prime Minister Hwang Kyo-ahn (left) meets with Peruvian Presiden
IndustryNov. 20, 2016
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Biotech firm Medipost sets up joint venture in Japan
Medipost Co., a South Korean biotechnology firm, said Sunday it has set up a joint venture in Japan to sell stem cell-based drugs in the Japanese market. Yang Yoon-sun, CEO of Medipost, said the 50:50 joint venture was launched early last month with a Japanese partner. "The joint venture will begin procedures to get approval for a clinical test of Medipost's stem cell-based drugs," Yang said.Medipost's stem cell-based treatment of damaged cartilage, named Cartistem, won approval for sales from t
IndustryNov. 20, 2016
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Sales of luxury imported cars rise in Korea despite economic slump
Sales of luxury imported cars rose in South Korea over the past 10 months of this year, despite a prolonged economic downturn, according to industry data Sunday. The data by the Korea Automobile Importers and Distributors Association showed that sales of luxury imported cars gained 3.2 percent on year to 136,523 vehicles for the January-October period. For the 10-month period, sales of all imported cars fell 5.5 percent on year to 185,801 vehicles. Premium marques, such as Jaguar Land Rover, Inf
MobilityNov. 20, 2016
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Spike in cigarette prices didn't cause people to quit smoking: data
The spike in cigarette prices last year did not help people give up smoking, the latest data by the Seoul city government showed Sunday.According to findings submitted to a city councilman by checking information gathered from stop smoking clinics and centers set up to help people end their tobacco dependence, there were some 69,982 enrolled in support centers in the capital city in 2014, with 39,858 succeeding in giving up the bad habit.In 2015, when the government raised prices for a pack of c
IndustryNov. 20, 2016
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Currencies weaken to dollar after Trump's victory
The currencies of 15 emerging markets have all weakened against the U.S. dollar as the election of Donald Trump to the U.S. presidency sparked concerns about capital outflow, data showed Saturday.The foreign exchange rate of 15 emerging countries, including South Korea, rose against the greenback as of Thursday, meaning a weakening of currency value, compared with Tuesday when Trump won the presidential election, according to Daishin Securities Co. Currency trader in S. Korea (Yonhap)The FX rate
Nov. 19, 2016