Most Popular
-
1
‘Gimflation’ in S. Korea as dried seaweed prices grow on rising global demand
-
2
S. Korea's gender pay gap worst in OECD
-
3
Yoon to resume diplomatic activity via 3-way summit with Japan, China
-
4
SM, YG Entertainment’s K-pop groups benefit from troubles at Hybe
-
5
South Korea unveils W26tr support program for chip industry
-
6
S. Korea to hold rotating presidency of UN Security Council next month
-
7
Yoon rejects Lee's proposal for pension reform talks
-
8
Student nabbed for biking naked 'due to stress'
-
9
Police arrest mastermind behind last year's palace vandalism
-
10
Chonnam international student found dead
-
Korea’s underground economy larger than OECD peers: research
The size of South Korea’s underground economy in 2014 is estimated at 161 trillion won ($143 billion), or nearly 11 percent of the nation‘s gross domestic product, a report showed Monday.According to a research paper which analyzed the underground economy and tax evasion in 26 Organization for Economic and Cooperation Development countries, Korea’s shadow economy is, on average, bigger than 25 of its OECD peers. Between 1995 and 2014, Korea’s underground economy, on average, made up 10.89 percen
Sept. 19, 2016
-
Korean home appliances enter Southeast Asia market
Korea’s small- and medium-sized home appliance makers are making inroads into Southeast Asian countries, targeting middle-class consumers. Coway, the country‘s No. 1 water purifier maker and rental service provider, is ahead of the pack, topping the water purifier market in Malaysia. Since its entry into the country in 2006, Coway Malaysia saw an average 118 percent jump in sales year-on-year. The company tops the local market with sales reaching 97.8 billion won last year. Hurom opened a cafe
IndustrySept. 19, 2016
-
Expert urges Korea to step up fight against money laundering
The head of a new international educational institute on anti-money laundering urged Korea to upgrade its legal system to better combat illegal financial transactions and terrorism financing. Kevin Stephenson, the inaugural director of the Training and Research Institute under the Financial Action Task Force, or FATF TREIN, slated for official launch in Busan on Tuesday, acknowledged the efforts the Korean government has made so far to root out illegal financial transactions, but asked for more
Sept. 19, 2016
-
[News Focus] Samsung, LG, SK bet future on biotechnology
Searching for new, promising businesses to propel their continued growth in the future, South Korea’s leading conglomerates have arrived at a common destination -- biotechnology. Korea’s top tech giants Samsung Group and LG Group, alongside telecom-focused SK Group, have all set sights on biotechnology as a promising business of the future and are swiftly moving to drive up their presence in the field with hefty investments. Biotechnology, which has applications across multiple industries, refer
TechnologySept. 19, 2016
-
Korean Air seeks alternative funding plans for Hanjin Shipping
Korean Air, the largest shareholder of Hanjin Group, appears to be seeking alternative plans to save near-bankrupt Hanjin Shipping in the face of the board’s rejection of injecting $60 billion won ($53.7 million) in the ailing shipper. During several rounds of emergency meetings held during the Chuseok holiday, Korean Air’s executive board failed to reach an agreement to find $60 billion won for the cash-strapped firm.“Since there are multiple stakeholders, holding the terminal collateral is nea
IndustrySept. 19, 2016
-
Ediya Coffee No. 1 franchise shop operator in Korea
Ediya Coffee Co., a local low-cost coffee franchise operator, has the most shops in South Korea amid rising demand for cheap take-out coffee, government data showed Monday.There were 1,577 Ediya Coffee franchise outlets across the country last year, followed by 821 Caffe Bene stores and 813 Angelinus shops, according to the data compiled by the Fair Trade Commission. The two other coffee franchise operators are also home-grown brands.Starbucks has around 900 shops in the country, but the brand w
IndustrySept. 19, 2016
-
Korea imports 400 tons of Fukushima goods
South Korea has imported over 400 tons of foods grown with radiation exposure in Fukushima, Japan, over the past six years, a South Korean opposition lawmaker said Monday, despite local consumers' worries over contamination.A total of 407 tons of goods from the region were brought into the country, said Choi Do-ja of the main opposition Minjoo Party of Korea, citing data of the Korea Food and Drug Administration submitted to the National Assembly.A devastating earthquake off the east coast of Ja
IndustrySept. 19, 2016
-
Financial sector less contributing to GDP: research
South Korea's economy has become less dependent on the financial sector over the past several years despite the latter's growth in size, a study showed Monday.The financial industry's output accounted for only 4 percent of the total output of the country's economy in 2014, down from 4.7 percent in 2007, according to National Assembly Research Service.The findings, based on the analysis of the Bank of Korea's data, mean the financial industry has contributed less to the gross domestic product of
Sept. 19, 2016
-
[Kosdaq Star] Innox to gain momentum from Apple’s switch to OLED displays
Information technology material provider Innox, which is worth 15 billion won ($13.4 million), is performing well this year and is expected to do even better, as global electronics makers are turning to organic light-emitting diode display panels. Founded in 2001, Innox produces OLED materials, including adhesive films for flexible OLED display panels that are used to reinforce the panel boards, as well as circuit and semiconductor materials. The company used to rely heavily on the circuit mater
Sept. 19, 2016
-
Starfield attracts 1.5m visitors in 10 days, faces parking chaos
Korea’s largest shopping mall multiplex Starfield has attracted over 1.5 million visitors in the first 10 days of its opening, due to the long Chuseok holiday, its operator Shinsegae said Monday. “Starfield had a greater turn out than anticipated thanks to the various promotions we ran before the opening, such as television commercials staring famous celebrities and messages sent out to important clients,” a spokesman for Shinsegae said. Korea’s biggest shopping mall complex Starfield is crowded
IndustrySept. 19, 2016
-
Seoul might be home to Johnson & Johnson’s startup incubator JLABS
[THE INVESTOR] Johnson & Johnson is reviewing establishing a JLABS center in Korea, its seventh and the first outside North America, according to a company official on Sept. 19.Established in 2012 under Johnson & Johnson Innovation, JLABS is an incubator for health care startups that provides infrastructure and resources. JLABS head Melinda Richter on her visit to Seoul in August reportedly praised the creativity and technologies of South Korean bio venture companies, saying the nation has an
IndustrySept. 19, 2016
-
Daewoo Shipbuilding unit wins $120 mln deal from US shipyard
Major shipyard Daewoo Shipbuilding & Marine Engineering Co. said Monday that its unit has won a $120 million deal from a US shipyard to design two ships and supply materials. Under the deal with NASSCO, a unit of General Dynamics, the Daewoo Ship Engineering Company, a wholly owned subsidiary of DSME, will design two container ships that can also house automobiles.The vessels, 265 meters long and 35 meters wide each, will be able to carry 3,250 container boxes and 525 autos.The ships will be del
IndustrySept. 19, 2016
-
Korea Kolmar buys US cosmetics manufacturer for 17 bln won
Korea Kolmar Co., South Korea's original development manufacturing cosmetics manufacturer, said Monday it has bought a US-based cosmetics maker to pave the way for entering the North American market. In a regulatory briefing, Kolmar said it has established a special purpose company, named Seokoh, to acquire a 51 percent stake in Process Technologies & Packaging LLC for 17 billion won ($15.1 million).Established in 1993, the Pennsylvania-based PTP has provided cosmetics for global brands includi
IndustrySept. 19, 2016
-
Samsung begins Galaxy Note 7 replacement in Korea
Samsung Electronics Co. on Monday initiated its replacement program for Galaxy Note 7 phablets in South Korea in collaboration with local mobile carriers as part of its global recall of the new smartphones, industry officials said.Customers of the nation's three mobile carriers -- SK Telecom Co., KT Corp. and LG Uplus Corp -- began exchanging their Galaxy Note 7s for new ones at outlets across the country after receiving mobile notifications from the carriers, said the officials.Old Galaxy Note
TechnologySept. 19, 2016
-
Turnover rate of deposits hits 11-year low
The turnover rate of deposits in South Korea hit a record low in more than 11 years in July, central bank data showed Monday, in the latest indication that money circulation is clogged.The deposit turnover rate for July recorded 20.3, the lowest since February 2005 when it stood at 18.1, according to the Bank of Korea.The rate is calculated monthly based on the amount of withdrawals and the average account balance. Less turnover means fewer withdrawals, signaling that people are holding on to th
Sept. 19, 2016
-
Market for convenience store lunch boxes shows exceptional growth
Sales of boxed lunches at convenience stores are increasing at a record pace with demand growing from demographic shifts and a broadening age group of consumers, industry data showed Monday.CU said its sales of lunch boxes increased 2.98 times as of the end of August compared with the same period last year. The jump follows a 65.8 percent increase in 2015 for the year. Helping the sales is the retail chain's collaboration with popular chef Baek Jong-won, who selected the dishes that go into the
IndustrySept. 19, 2016
-
Price of tap water to rise 4.8% this week
The price of water supplied by public utility companies will be hiked by an average 4.8 percent later this week, to cover growing costs, the government said Monday.The price of tap water used by households will be increased to 323.6 won ($0.29) per ton, up 14.8 won from the current 308.8 won, according to the Ministry of Land, Infrastructure and Transport.The increase will mark the first of its kind since January 2013 but only the second in 10 years."Over the past 10 years, consumer prices have
IndustrySept. 19, 2016
-
Korea to give incentives for energy storage system
The South Korean government will provide incentives to encourage solar power plant operators to set up bulk energy storage facilities as part of its efforts to foster the local renewable energy market, the trade ministry here said Monday.Those who install the energy storage system at their solar power plants will be given additional points on assessment of their renewable energy certificates starting next year, according to the Ministry of Trade, Industry and Energy.The REC-tagged electricity is
IndustrySept. 19, 2016
-
30% of Hanjin ships unloaded
About one third of the container ships operated by near-bankrupt Hanjin Shipping Co. have completed their cargo unloading at ports around the globe as of Sunday, the troubled shipper said Monday, with 34 container ships still stranded at sea.Of the 97 container ships operated by the financially shaky shipper, 28 have unloaded goods. Hanjin Shipping said it is also in negotiations to begin unloading in New York, Singapore and Mexico next week.Hanjin Shipping is also set to return a total of 17 sh
IndustrySept. 19, 2016
-
Business closures by self-employed increasing for those with hired workers
Business shutdowns by the self-employed with hired workers went up for the 10th consecutive month in August, national statistics showed Monday, another sign of an economic slowdown.The number of self-operating businesses with hired hands decreased by 1,000 last month compared with a year ago, according to Statistics Korea. The self-employed are categorized in two different groups -- those that have hired workers and those that do not. Business closures by the latter have been declining steadily
Sept. 19, 2016