Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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S. Korea, Japan could consider simplified entry agreement: Seoul official
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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[Weekender] How DDP emerged as an icon of Seoul
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Tensions heighten ahead of first president-opposition chief meeting
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'The Roundup: Punishment' becomes fastest 2024 film to top 2 mln admissions
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[Music in drama] An ode to childhood trauma
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New head of doctors' association vows war in case of disadvantage to medical professors
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Seoul to provide housing subsidy to married couples with newborns
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Organica-day acquires juice plant from CJ
Organica-day, the juice-making arm of Herald Corp., on Wednesday said it has acquired a high-pressure processing beverage manufacturing facility in Anseong, Gyeonggi Province, from CJ CheilJedang.Dubbed the Anseong Just Juice Production Center, the plant will become the epicenter of the burgeoning cleanse juice business for the company, which has recently secured prestigious clients such as Starbucks, Artise bakery, Hyundai, Shinsegae and The Galleria department stores. “The acquisition has enab
IndustryDec. 16, 2015
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Samsung convenes regional heads for strategy meeting
Samsung Electronics on Wednesday started its annual global strategy meeting, with some 600 executives and heads of regional operations around the world in attendance. Samsung Electronics vice chairman Lee Jae-yong is also scheduled to join the meeting --the first this year. The one planned in the first half of this year was canceled due to the outbreak of Middle East respiratory syndrome. The mobile and home appliance divisions are holding a three-day meeting through Friday at the Suwon campus
TechnologyDec. 16, 2015
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Absolut releases new mobile membership app
Pernod Ricard Korea’s premium vodka brand Absolut recently released its mobile membership application “Absolut Me,” company officials said Wednesday.Absolut Me provides the latest news on Absolut and a variety of information such as Absolut signature cocktail recipes, Absolut parties and cocktail classes and locations of bars that offer Absolut vodka.The app, available for Android and iOS, has reached over 1,000 total downloads since its launch on Dec. 2. Absolut’s mobile membership app “Absolut
IndustryDec. 16, 2015
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IKEA to open five more stores in S. Korea by 2020
Swedish furniture giant IKEA said Wednesday it will invest 1.2 trillion won ($1.01 billion) to build five more stores in South Korea by 2020, buoyed by the success in its inaugural store in suburban Seoul. IKEA opened its largest store in the world in Gwangmyeong, just southwest of Seoul, posting 308 billion in sale since its launch a year ago. About 6.7 million visitors have passed through the doors at the store, located less than an hour's drive or 14 minutes by bullet train from central S
IndustryDec. 16, 2015
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Ssangyong E&C bags $1.6 bln construction deals in Dubai
Ssangyong Engineering & Construction Co., a South Korean builder, said Wednesday it has clinched $1.6 billion worth of orders to construct a luxury hotel, as well as apartment and office buildings, in Dubai. Ssangyong E&C said that it will lead the construction of a 47-story hotel and a 37-story apartment building in Palm Jumeirah for $840 million, a contract secured from the Investment Corporation of Dubai, a local sovereign wealth fund. In a separate deal inked with a subsidiary of the ICD
IndustryDec. 16, 2015
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Seoul shares up 1.6% in late morning trade
South Korean stocks surged 1.63 percent late Wednesday morning as investors picked up battered blue chips amid hopes for eased woes on an imminent rate hike in the U.S. The benchmark Korea Composite Stock Price Index added 31.57 points to 1,964.54 as of 11:20 a.m. The U.S. Federal Reserve is widely expected to raise its target rates for the first time since June 2006. Overnight, the Dow Jones industrial average and the Nasdaq index surged 0.9 percent, each. Local stocks traded bullish a
Dec. 16, 2015
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Low-cost mobile carriers expand presence in Korea
South Korea's ICT Ministry said Wednesday mobile virtual network operators accounted for more than 10 percent of the local mobile market as of November, amid the booming popularity of budget handsets in the country. According to the data compiled by the Ministry of Science, ICT and Future Planning, the number of users subscribing to MVNO's service plans came to 5.84 million as of end-November, taking up 10.1 percent of the country's 57.78 million subscribers of mobile networks. MVNOs refer to
IndustryDec. 16, 2015
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Economic policy directions for 2016 unveiled
The government Wednesday disclosed 2016 economic policy directions aimed at revitalizing the economy by boosting domestic demand and strengthening support for exporters.It expected Korea’s gross domestic product to grow by 3.1 percent in real terms next year, a modest improvement from this year’s growth, which is estimated to reach 2.7 percent.(Yonhap)Under the policy directions finalized at a meeting of economy-related ministers, drastic deregulation will be pursued to help promote private-sect
Dec. 16, 2015
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BOK cuts inflation target for 2016-2018
South Korea's central bank said Wednesday it set the country's annual inflation rate at an average 2 percent over the next three years, sharply lower than the current target band, calling it an optimal target to support growth while also ensuring stability. "The inflation target has been set after considering recent movements in the country's underlying inflation, optimal inflation level and outlook on future consumer prices," the Bank of Korea said in a press release, adding the target rate ha
Dec. 16, 2015
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Korea's 2016 economic policy plans
The following are key economic policy plans unveiled by the finance ministry on Wednesday for 2016. The measures are centered on fueling the country's growth momentum and reaping the rewards of economic innovation undertaken in the past three years.▲Economic forecasts - Annual growth forecast downgraded from 3.3 percent to 3.1 percent in 2016 to reflect economic uncertainties, and weaker-than-expected growth in global trade that can hurt industrial production, consumption and investment. Growt
Dec. 16, 2015
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Korea to focus on fueling economic recovery momentum in 2016
South Korea will focus on fueling economic recovery momentum in 2016 and strive to push forward meaningful reforms as it moves past a disappointing year full of difficult challenges, the government said Wednesday. In its 2016 economic directives, the finance ministry made clear it will push forward policies that can prop up growth in the short term and improve the overall competitiveness of Asia's fourth largest economy down the line. It said 2016 will also be the year that reform measures pu
Dec. 16, 2015
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Foreigners turn to net sellers of Korean stocks in Nov.
Foreign investors turned to net sellers of local stocks in November amid rising global uncertainties stemming from an imminent U.S. rate hike and a slowdown in the Chinese economy, the financial watchdog said Wednesday. Offshore investors sold a net 1.17 trillion won ($989.4 million) worth of local stocks last month, shifting from 584 billion won in net buying the previous month, according to the Financial Supervisory Service. They had shifted into a net-buying position in September, when the
Dec. 16, 2015
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Samsung to launch faster 128GB SD card for UHD contents
Samsung Electronics Co. said Wednesday it will roll out a new micro secure digital memory card with 128GB capacity that comes with a faster data transmission speed to handle Ultra HD video content. The South Korean tech giant, which released 32GB and 63GB editions of the PRO Plus SD cards in May. The data transmission speed stands at 90MB per second, which is around four times faster than other rival models, Samsung added. The company said the release came amid the booming popularity of UHD c
TechnologyDec. 16, 2015
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Hyundai, Kia log double-digit sales growth in Europe
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. logged double-digit sales growth in Europe last month, but their combined market share inched down, industry data showed Wednesday. According to the data by a local automotive association in Europe, the two South Korean carmakers sold a combined 66,517 vehicles there, up 10.7 percent from a year earlier. Hyundai Motor sold 35,897 units, up 12 percent from a year earlier, while Kia Motors logged 9.2 percent growth to 30,620 units.
IndustryDec. 16, 2015
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Seoul shares start higher ahead of imminent Fed rate hike
South Korean stocks got off to a strong start Wednesday on hopes that uncertainties tied to the U.S. rate hike will soon be eased. The benchmark Korea Composite Stock Price Index added 26.5 points, or 1.37 percent, to 1,959.47 in the first 15 minutes of trading. The Federal Open Market Committee kicked off its two-day meeting on Tuesday (U.S. time), which is expected to end the near-zero borrowing costs after nearly a decade. The results are to be available on Wednesday. On the back of expec
Dec. 16, 2015
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Korea's jobless rate stays pat at 3.1% in November
South Korea's unemployment rate stayed pat in November compared with the month before as gains in the manufacturing and hospitality sectors were offset by losses in the agrofisheries and retail segments, a government report showed Wednesday. According to the report by Statistics Korea, the rate stood at 3.1 percent last month, unchanged from October and the year before. The seasonally adjusted unemployment rate for last month reached 3.4 percent, also flat from the 3.4 percent figure tallied f
Dec. 16, 2015
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Business leaders, officials pledge family-friendly corporate culture
In tune with the government’s recent plan to tackle the nation’s record-low birthrate, business leaders said Tuesday that they would help firms create a family-friendly culture for their employees.“We share the view that the problem of marriage and births no longer belongs to individuals only, but is an urgent task that needs to be solved together with the government, businesses and individuals,” said representatives from South Korea’s five major business lobby groups in a declaration read durin
IndustryDec. 15, 2015
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S. Korea floats yuan-denominated FX stabilization bonds in China
South Korea finance ministry said Tuesday that it has successfully issued yuan-denominated foreign exchange stabilization bonds in the world's No. 2 market.The move comes after the People's Bank of China (PBOC) approved the issuing of upwards to 3 billion yuan (US$463 million) worth of bonds on Dec. 8.The sale marks the first time ever that a foreign government has floated yuan-based bonds in China."The sale took place at 5:30 p.m. Korea time with the bonds that mature in three years having an i
Dec. 15, 2015
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[SUPER RICH] The riches of chaebol scions
There is an old saying that a wealthy family loses all its fortune by the third generation. It is difficult to determine whether the saying holds true for the Korean chaebol, as many are still controlled by their second generation, with some not even setting the next succession process in motion. However, the third generation chaebol scions own incredible amounts of assets, usually in the form of stocks. The Superrich Team looked into the assets of third-generation descendants, including those i
IndustryDec. 15, 2015
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[Photo News] Starbucks awarded for job creation
AWARD FOR JOB CREATION -- Starbucks Coffee Korea CEO Lee Seock-koo (right) receives a government order of merit from Employment and Labor Minister Lee Ki-kweon for the company’s contribution to job creation on Tuesday in Seoul. The coffee shop operator hires an average of 10 staff members for every new store, all with a regular work contract instead of part-time. Starbucks Coffee Korea
IndustryDec. 15, 2015