Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Doctors' group picks new leader amid tense standoff over increased enrollment quota
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Kim Seong-kon] The April 2024 election will decide our future
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Korea enters full election mode
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Seoul’s bus union prepares for strike
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Korea reports 6th confirmed case of Zika virus
South Korea has confirmed its sixth Zika virus infection in a woman who returned from the Dominican Republic, local health authorities said Friday.The latest Zika patient was discovered 51 days after the fifth case was confirmed here.The 28-year-old South Korean woman has tested positive for the mosquito-borne virus after returning home from the Dominican Republic on June 23, the Korea Centers for Disease Control and Prevention said.The woman, whose identity is withheld, had stayed in the Caribb
IndustryJuly 1, 2016
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More firms subject to strict antitrust rules in June
The number of South Korean business groups' affiliates subject to restrictions on mutual investments and loan guarantees rose in June from a month earlier, the antitrust watchdog said Friday.The Fair Trade Commission said the number of firms on its monthly watch list came in at 1,770 as of end-June, up 11 from the previous month.Such affiliates are owned by the country's 65 largest business groups, including Samsung Group, Hyundai Motor Group and Kakao Corp., the operator of South Korea's top mo
IndustryJuly 1, 2016
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Pace of South Korea’s exports drop slows
[THE INVESTOR] South Korea’s exports may be on the recovery path, with the rate of year-on-year drop decreasing to a 12-month low. According to the Ministry of Trade, Industry and Energy, the country’s June exports showed an on-year drop of 2.7 percent -- the smallest decrease recorded since June 2015 -- to come in at US$ 45.3 billion. Since January 2015, Korea’s monthly exports have been declining, with the rate of decrease rising to 19.1 percent in January this year. The figure recorded in the
July 1, 2016
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June's exports shrink 2.7%, the smallest rate of decline in a year
South Korea's exports shrank for the 18th month in a row in June, falling 2.7 percent from a year ago to $45.3 billion, the trade ministry said Friday.But the rate of export decline was the smallest in a year, according to the Ministry of Trade, Industry and Energy. The rate of decline slowed from a 6-percent drop in the previous month and posted the smallest on-year fall since June last year when it fell 2.7 percent.Imports continued to shrink at a faster clip, falling 8 percent on-year to $33.
July 1, 2016
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Samsung’s consumer electronics business to post robust Q2 profit
[THE INVESTOR] Tech giant Samsung Electronics’ consumer electronics business is forecast to see its operating profit for the April-June period surpass 1 trillion won ($870 million). Market analysts also expect Samsung to show a strong business performance in the latter half this year, enjoying the weak Korean won due to Britain’s vote to exit the EU. The CE business will likely see its operating income for the second quarter cross 1 trillion won for the first time since 2009, according to invest
TechnologyJuly 1, 2016
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LG’s appliance business expected to see record profits in Q2
[THE INVESTOR] LG Electronics is expected to post more than 10 percent operating profit ratio in its appliance business in the second quarter on upbeat sales of more lucrative high-end products, analyst estimates found on July 1. The home appliance and air solutions division enjoyed record sales and operating profit to sales ratio in the first quarter. Especially the operating profit ratio soared to 8 percent in the April-June period and the figure is expected to exceed 10 percent in the second
TechnologyJuly 1, 2016
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Korean airlines increase flights to Japan, Vietnam
[THE INVESTOR] Major local air carriers are expanding their services to Tokyo and Sapporo in Japan and Da Nang in Vietnam, in response to the growing number of tourists to the area, Incheon International Airport Corporation said on July 1. Asiana Airlines has launched a new direct route to Sapporo, capital of Hokkaido prefecture, on the date. The new flights are scheduled to operate daily on its Boeing 767 aircraft, which carries 250 people. Jin Air, Korean Air’s budget flight, has added two dai
IndustryJuly 1, 2016
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Korea to delay space rocket launch for technical setback
South Korea has decided to postpone the test-launch of its next-generation space rocket, scheduled for late next year, due to some technical glitches, officials said Friday.The government had planned to complete the development of a two-stage test rocket by 2017 as part of a long-term project to produce an indigenous three-stage KSLV-2 rocket.South Korea aims to launch a moon orbiter as early as 2020.In a report to the government, however, the Korea Aerospace Research Institute said it will have
IndustryJuly 1, 2016
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Sales of Kia cars in Mexico more than triple in less than 1 year
Kia Motors Corp., South Korea's second-largest carmaker, said Thursday that sales of its vehicles more than tripled in Mexico in May from nearly a year ago.Kia said it sold 4,610 units in Mexico in May, compared with 1,499 units in July last year when the carmaker began to sell its vehicles there.The carmaker said it sold a combined 18,200 units in the first five months of this year, accounting for a 3.1-percent share in Mexico's auto market.Kia said it expects to sell about 50,000 units and boo
MobilityJuly 1, 2016
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Brexit to limit the scope of British law firms in Korea
[THE INVESTOR] South Korea’s legal consultation market is now open to European Union-based law firms, but those based in Britain are now likely to face severe limitations. Under the Korea-EU Free Trade Agreement, EU law firms are allowed to set up joint ventures with Korean law firms. Without a join venture, however, the EU-base law firms are limited to consultations on EU laws. But once Britain leaves the EU, law fims base in Britain would not be able to operate joint ventures. Lawyers offices
IndustryJuly 1, 2016
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BOK chief to hold special briefing on low inflation rise
The head of South Korea's central bank will hold a special press conference this month to explain the reasons for the low consumer price inflation that has remained far below the central bank's annual target, the Bank of Korea said Friday.The special conference comes as the country's consumer prices gained only 0.9 percent in the first six months of the year, far short of the BOK's 2-percent target for the 2016-2018 period.While switching to a single-digit target from a target range for consumer
July 1, 2016
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Seoul stocks open up on relieved post-Brexit sentiment
South Korean shares opened higher Friday, extending a rally into a fifth day on eased investors' anxiety about Britain's vote last week to exit the European Union. The benchmark Korea Composite Stock Price Index rose 13.86 points, or 0.70 percent, to 1,984.21 in the first 15 minutes of trading. After shedding 3.09 percent on Friday when Britain's EU exit decision was officially announced, the main index rebounded this week to recover the loss. Investors appear to have been relieved by concert
July 1, 2016
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Experts group to help medical institutions go abroad
State health agencies said Friday they have launched a group of specialists to effectively assist South Korea's medical institutions get established in foreign countries.The Ministry of Health and Welfare and the Korea Health industry Development Institute are working together in operating the "Global Healthcare Key Opinion Leaders" and has selected 47 members for the group that will provide consultations on legal, commercial and financial matters specific to individual countries, officials said
IndustryJuly 1, 2016
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Lotte founder’s daughter summoned by prosecution
Shin Young-ja, the chairwoman of Lotte Foundation and the eldest daughter of Lotte Group founder Shin Kyuk-ho, appeared at the Seoul Central Prosecutors’ Office on Friday morning as a bribery investigation involving the chairwoman continued to deepen in South Korea.Shin Young-ja is the eldest sister of Lotte chairman Shin Dong-bin and SDJ Corporation chief Shin Dong-joo, who continue to wrestle for control over the group.She is the first person from Lotte’s founding family to be summoned by the
IndustryJuly 1, 2016
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Telemedicine offers convenience for Koreans in remote areas
For more than a decade, Jun Chung-hwa took a ferry from a small island every month to see her doctor on the mainland to check her blood pressure and get medicine.It was a hassle as the trip took the 69-year-old away from her daily job of digging up clams in a mud flat on the picturesque island off the country's western coast.She also complained that fog and winds often prevented her from returning to Godae Island.Jun doesn't worry about making monthly trips anymore as she can consult with her do
IndustryJuly 1, 2016
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Hyundai, Kia eye SUV expansion in US
[THE INVESTOR] Korea’s major automakers are set to strengthen their sport utility vehicle lineup in the US market, local news reported. Hyundai Motor and Kia Motors, which currently sell four SUV models sold in the US, are planning to double the number by 2020, an industry insider was cited in the report. Against the rising demand for SUVs in the US, sales of Hyundai’s Santa Fe and Tucson in May jumped by 88 percent and 90 percent on-year in the country, respectively, while sales of Kia’s Sorent
MobilityJuly 1, 2016
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Korea's consumer prices gain 0.8% on-year in June
South Korea's consumer prices grew by less than 1 percent for the second month in a row in June, government data showed Friday, rekindling concerns over deflation amid a flaccid economic recovery.The country's consumer price index rose 0.8 percent last month from a year earlier, according to the data compiled by Statistics Korea.The figure also climbed 0.8 percent on-year in May, after rising 1 percent or more for the previous three months.From a month earlier, the June figure stayed flat.Core i
July 1, 2016
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U.S.-Korea FTA effective in increasing American exports: U.S. report
The free trade agreement between the United States and South Korea resulted in an increase of $4.8 billion-$5.3 billion in total American exports, the second-largest among a total of 13 free trade deals the U.S. has concluded, the U.S. trade agency said in a report Wednesday.The International Trade Commission report shows that the Korea-U.S. pact, often dubbed "KORUS FTA," is highly effective in increasing U.S. exports, contrary to claims by Republican presidential candidate Donald Trump that th
July 1, 2016
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FSC chairman warns of Brexit’s long-term impact on global market
[THE INVESTOR] Britain’s decision to quit the European Union could have a lasting impact on global markets in the long term, Korea’s top financial regulator said on July 1. Yim Jong-yong, chairman of Financial Services Commission said the Korean market is moving toward stability after Brexit turbulence but “uncertainties still remain high as Britain’s exit from the EU is the first of its kind.”FSC chairman Yim Jong-yongAlmost US$4 trillion has been wiped out from global equity values since June
July 1, 2016
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Asiana expands service to Sapporo, Japan
[THE INVESTOR] Asiana Airlines expanded its services to Japan by launching a flight to Sapporo, capital of Hokkaido prefecture, the flag-carrier announced on July 1. The flights are scheduled to operate daily, with the Incheon-Sapporo flight taking-off at 2:20 p.m. and Sapporo-Incheon flight leaving at 6:10 p.m. An aircraft that can seat 250 passengers has been selected for the route. Asiana launched its flights to Japan on the Incheon-Tokyo route 26 years ago. With the new route it now operates
IndustryJuly 1, 2016