Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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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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‘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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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Companies go on special routine for workers to battle summer heat
Companies in the southeastern city of Ulsan, marked by major shipyards and manufacturing plants, are on a special operational routine from early July to help their employees beat the summer heat worsened by fiery working environments, officials said Friday.Hyundai Heavy Industries, a leading shipbuilder headquartered in the city 414 kilometers from Seoul, has set July 10-Aug. 31 as the summer heat period, during which employees can receive cooling clothes and equipment, special food and extended
IndustryJuly 29, 2016
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Naver to offer digital platform for Michelin’s Seoul guide
[THE INVESTOR] Michelin guide’s Seoul edition will be available online through South Korea’s portal giant Naver.Michelin Korea has signed an agreement with Naver for digital partnership, it said on July 29, in time for the release of Seoul edition. Naver headquarters in Bundang, Gyeonggi Province.Based on Naver’s free mobile homepage-making platform modoo!, the digital version of the world’s oldest and most recognized guide on Seoul will be published in Korean and English. In addition to the di
IndustryJuly 29, 2016
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Asset-backed securities issued in H1 down 44%
[THE INVESTOR] The amount of asset-backed securities issued in the first half of the year plunged 43.9 percent from a year ago, the Financial Supervisory Service said on July 29. According to the FSS, the figure for the first six months of 2016 came to 27 trillion won (US$24.02 billion), down 43.9 percent from 48.2 trillion won recording during the same period last year. The FSS said that the fall was mainly due to the Korea Housing Finance Corporation issuing less mortgage-backed securities com
July 29, 2016
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SK Networks’ Q2 earnings dented by oil prices
[THE INVESTOR] SK Networks, SK Group’s trading and retail arm, said on July 29 that its consolidated second quarter revenue and operating profits fell 9.7 percent and 2.2 percent, respectively, from a year ago. In a regulatory filing, the company said that its preliminary second quarter sales came to about 4.66 trillion won (US$4.15 billion), while operating profit came to 35.3 billion won. The company attributed the drop to falling oil and raw materials prices.The company said that the drop in
IndustryJuly 29, 2016
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FTC fines Baedal Minjok for manipulating online reviews
[THE INVESTOR] Korea’s antitrust watchdog has fined the hot-selling food delivery app Baedal Minjok and five other similar firms for slyly manipulating online user reviews.The Fair Trade Commission announced on July 28 that it imposed a combined fine of 17.5 million won (US$16,000) on the six food delivery app companies for hiding negative online reviews and ordering their employees to post positive ones.Baedal Minjok is the No. 1 food delivery app in Korea.The companies were also found to have
TechnologyJuly 29, 2016
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Hyundai to unveil new fuel-cell Tucson in 2018
[THE INVESTOR] Hyundai Motor is planning to roll out the second-generation fuel-cell version of its Tucson ix sport utility vehicle in 2018, just in time for the PyeongChang Winter Olympics taking place in South Korea, local news reported on July 29. Hyundai Motor's fuel-cell Tucson ix, the first mass-produced fuel cell vehicle in the world.Since 2013, South Korea’s largest automaker has been producing the first fuel cell version of its Tucson sport utility vehicle, known as Tucson FCEV -- which
MobilityJuly 29, 2016
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Daelim Industrial price raised on earnings surprise
[THE INVESTOR] Analysts raised their target price for Daelim Industrial, South Korea’s major builder, on July 29 as the firm posted better-than-expected quarterly revenue and earnings. For the quarter ending in June, Daelim Industrial logged 2.56 trillion won (US$2.27 billion) in sales, up 9 percent year on year and operating income of 136.2 billion won, up 115.9 percent from a year earlier. An apartment complex built by Daelim Industrial in Ulsan, South Korea.“The earnings surprise was led by i
July 29, 2016
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SK Group vice chairman released on parole
[THE INVESTOR] SK Group vice chairman Chey Jae-won was released from prison on parole on July 29. Chey was imprisoned along with his brother SK Group chairman Chey Tae-won in February 2014 for embezzling 45 billion won (US$40 million) from the company. "The economy is struggling, and (I) will add (my) small effort to revive the economy and creating jobs," Chey said. SK Group Chey Jae-won bows as he is released on parole on July 29. Chey was imprisoned along with his brother SK Group chairman Ch
IndustryJuly 29, 2016
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Samsung to invest W17tr in smartphone chips, OLED
[THE INVESTOR] Samsung Electronics is expected to pour a whopping 17 trillion won (US$15 billion) into 3-D NAND flash memory chips and organic light-emitting diode panels, both key parts for smartphones, this year in a bid to widen the gap with its smaller rivals. The Korean tech giant had hinted it would invest about 26 trillion won this year, slightly up from last year’s 25.52 trillion won. In the first half of the year, it spent 8.8 trillion won. “We will focus on 3-D NAND and OLED this year
TechnologyJuly 29, 2016
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Seoul shares open higher on tech gains
South Korean stocks opened higher Friday, led by gains in tech shares.The benchmark Korea Composite Stock Price Index added 3.62 points, or 0.18 percent, to 2,024.72 in the first 15 minutes of trading. (123rf)Tech shares gained, with Samsung Electronics increasing 1.59 percent and top chipmaker SK hynix jumping 2.09 percentAuto shares were mixed, with market leader Hyundai Motor decreasing 0.37 percent while its smaller affiliate Kia Motors increasing 0.47 percent.The local currency was trading
July 29, 2016
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Foreigners' duty-free shopping picking up again
Foreigners' local duty-free shopping has rebounded this year after a dismal drop last year from a contagious respiratory disease, data showed Friday, renewing interest in new licenses for the retail business.Statistics provided by the Korean Duty Free Association said shoppers purchased an average $207 worth of goods at the no-tax stores in the first half of this year, up from $200 in the same period last year. Foreigners bought $345 worth, compared with $337 last year. Locals purchased an avera
IndustryJuly 29, 2016
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KT posts record-high Q2 operating profit in 4 years
[THE INVESTOR] Telecommunications firm KT posted second quarter operating profit of 427 billion won (US$379.6 million) -- its highest quarterly operating income in four years -- thanks to solid performances in its wireless network, landline telecom, and media businesses.The quarterly profit reflected a 15.8 percent increase on-year, KT said on July 29. Sales were up 4.5 percent to 5.68 trillion won. KT headquartersThe number of subscribers for KT's Long Term Evolution network service in the seco
TechnologyJuly 29, 2016
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Incheon's Songdo rising as mecca of drone industry
A west coast town in Incheon, filled with a variety of architectures inspired by global landmarks such as New York's Central Park and Sydney's Opera House, is turning into a mecca for the drone industry.South Korea has been promoting the fledgling industry as one of its new growth drivers. In 2003, the South Korean government designated Songdo in the western port city of Incheon, spanning 209 square kilometers, a free economic zone and bilingual city to accommodate foreign investors and resident
IndustryJuly 29, 2016
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Korea's industrial output edges up 0.8% in June
South Korea's industrial output rose for the second straight month in June on the back of increased production in chips and chemical products, a government report showed Friday.Production in the mining, manufacturing, gas and electricity industries edged up 0.8 percent last month from a year ago, according to the report by Statistics Korea. The June figure marked the second consecutive positive growth, following a 4.7 percent jump in May. From a month earlier, however, industrial output backtrac
IndustryJuly 29, 2016
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Korea's manufacturing sentiment worsens for next month
South Korean manufacturers' business sentiments will remain weak next month as they expect no big improvement in domestic demand, central bank data showed Friday.The business survey index of manufacturing firms here came to 71 for the upcoming month, down from 72 for July, according to the Bank of Korea.The BSI for August marks the lowest level since 70 registered for April. A reading above 100 means optimists outnumber pessimists, while a reading below the benchmark means the opposite.An index
IndustryJuly 29, 2016
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Shinsegae named preferred bidder for running Coex Mall
[THE INVESTOR] Shinsegae Property, a subsidiary of E-Mart, was named the preferred bidder for rights to run Coex Mall over the next 10 years, Shinsegae Group said on July 29. Mainly, Shinsegae Property would be overseeing Coex Mall and also CALT shopping arcade -- both owned by Korea International Trade Association. Up to 327 shops are currently in operation in the mall areas. According to media reports, Shinsegae Property was the only bidder for the contract. Coex Mall in Samseong-dong, southe
IndustryJuly 29, 2016
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[Photo News] CU opens Karaoke-style convenience store
KARAOKE CONVENIENCE STORE — South Korea’s leading convenience store chain CU has opened a new karaoke-style outlet in Hongdae, northwestern Seoul. The specialized CU store is housed on the first floor of the Luxury Su noraebang, a local karaoke bar franchise. The new store has been decorated with neon signs and disco balls to resemble a noraebang and also offers a wide variety of eateries and goods catered to local noraebang-goers, said CU’s operator BGF Retail. (BGF Retail)
IndustryJuly 28, 2016
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‘Google Play Arcade’ to offer interactive mobile gaming in Korea
Google Korea will open a free indoor entertainment space dubbed “Google Play Arcade” at Dongdaemun Design Plaza in Seoul on Friday, with aims to introduce and bring mobile games closer to the wider public.From taking the stage to become the South Korean champion of “Clash Royal” to physically climbing up the virtual steps on “Infinite Stairs,” visitors to the arcade can experience a wide range of mobile games in new and interactive ways.A view inside the “Google Play Arcade” which opens Friday a
TechnologyJuly 28, 2016
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Kakao expands transport services
South Korea’s most popular messenger Kakao’s transport services are picking up speed, spanning the gamut from taxi-hailing to navigation. “We are expanding transport services with the aim of relieving customers’ daily inconveniences through mobile services,” the company’s spokesperson said. (Kakao)Kakao Taxi, which was launched in March last year, is a popular service, with 150 million calls in total made through it so far. The taxi-hailing service has also raised drivers’ incomes by effectivel
TechnologyJuly 28, 2016
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Vietnam Airlines recognized as 4-star airline
Vietnam Airlines, the largest carrier in Vietnam, was ranked as a four-star airline by British airline rating organization Skytrax, the airline said Thursday.Vietnam Airlines held an event on Tuesday at The Plaza Hotel in Seoul to commemorate the event. Airline officials met with Vietnamese Ambassador to Korea Pham Huu Chi and the press to discuss Vietnam Airlines’ efforts to improve consumer service and airline safety. Employees of Vietnam Airlines pose with Vietnamese Ambassador to Korea Pham
IndustryJuly 28, 2016