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Moon replaces 16 vice ministers ahead of his third year in office
S. Korea in consultations with US, UN for sanctions waiver before groundbre...
Korea gives 2 Yemeni asylum seekers refugee status
French police kill Strasbourg Christmas market gunman
Minimum wage hike improves productivity in manufacturing sector
Vietnam interested in hosting second US-NK summit
S. Korea holds NSC meeting to discuss creating int'l air route between Kore...
NK urges US to come to senses, stop sticking to sanctions
IATA expects higher net profits for Asia-Pacific airlines
KDB completes $375m transfer to GM Korea via recapitalization

Dec 13, 2018 Industry

IATA expects higher net profits for Asia-Pacific airlines

The International Air Transport Association (IATA) forecast that airlines in the Asia-Pacific region will post higher net profits next year on a rise in the number of travelers and lower oil prices, Korean Air Lines Co. said Thursday. While expecting the global airline industry to post a net profit of $35.5 billion in 2019, up 4 percent from $32.3 illion a year earlier, IATA Director General and CEO Alexandre de Juniac said airlines in the Asia-Pacific region will report a net income of $10.

Prosecutors raid Samsung BioLogics' headquarters in accounting fraud probe

Prosecutors raided the main offices of Samsung BioLogics Co. and its accounting firms on Thursday as part of a probe into alleged accounting fraud. 　The raids come about a month after the Financial Services Commission (FSC) ruled that Samsung BioLogics intentionally violated accounting rules ahead of its initial public offering in 2016. The case has been referred to the prosecution. 　The regulatory review centers on questions about the loss-making Samsung BioLogics’ reporting of sudden profits i

Dec 13, 2018
Industry
Air Busan seeks to gather future growth momentum via IPO

Air Busan Co., a low-cost carrier in South Korea, said Thursday it will expand its market presence and boost its image by making full use of funds generated by its planned listing in the country's stock market this month.In November, the budget carrier won approval from the Korea Exchange for the initial public offering on the KOSPI. (Yonhap)The company is to raise up to 20.8 billion won ($18.51 million), with the price per share being set at between 3,600 won and 4,000 won. "Through this listi

Dec 13, 2018
Industry
Hyundai Heavy clinches W634b deal to build 2 frigates

Hyundai Heavy Industries Co., the world's largest shipyard by sales, said Thursday that it has bagged a 634 billion won ($563 million) order to build two frigates.Under the deal with South Korea's Defense Acquisition Program Administration, Hyundai Heavy will deliver the two 2,800-ton ships by 2013 to the country's Navy. (Yonhap)The ship, 122 meters long and 14 meters wide, will have a maximum speed of 30 knots. The ships will carry a naval gun, various missiles and host of weapons control syste

Dec 13, 2018
Industry
Samsung expands smart factory project team for local firms

Samsung Electronics Co. said Thursday it has promoted the status of its smart factory task force team to better help local businesses improve productivity of their production lines.The South Korean tech giant said it decided to launch the smart factory support center by expanding the task force team, which kicked off in 2015. (Yonhap)The move is seen as a response to the government's latest call to have conglomerates play bigger roles in creating jobs and fostering small and medium-sized compani

Dec 13, 2018
Industry
Samsung Electronics ordered to pay penalty to KEPCO for unpermitted in-house power line

The Supreme Court has ruled that Samsung Electronics must pay a penalty to Korea Electric Power Co. for installing in-house electricity facilities to secure reserve power without permission from the electric utility company, court officials said Thursday.In a confirmation of lower courts' rulings, the top court said that Samsung's installation of unpermitted electricity facilities at its semiconductor manufacturing compound violated its electricity use contract with KEPCO. (Yonhap)KEPCO launched

Dec 13, 2018
Industry
Credit card companies may use mobile messengers for payment notices

Credit card companies will be able to send payment notices to customers via mobile messengers, a change that may save up to 3 billion won ($2.7 million) a year, officials said Thursday.The Credit Finance Association said that it has revised the standard clauses concerning mobile text messages, allowing credit card operators to use mobile messengers such as KakaoTalk, Line and WiBee Talk.(Yonhap)Credit card service providers have been using text messaging to notify their customers of their card u

Dec 13, 2018
Industry
Import prices drop by fastest pace in nearly 4 yrs in Nov.

South Korea's import prices fell by the sharpest pace in nearly four years last month due to a drop in crude oil prices, central bank data showed Thursday.As calculated in Korean won, the import price index lost 4.6 percent from a month earlier to a six-month low of 87.96 in November, according to the preliminary data from the Bank of Korea. (Yonhap)The 4.6 percent on-month dip marked the sharpest since January 2015, when the index fell 7.5 percent.The BOK said the recent downside trend of crud

Dec 13, 2018
Industry
CJ inks licensing deal with Warner Bros. for Korean market

Warner Bros. Consumer Products has appointed CJ ENM as its licensing agent in Korea, CJ officials said Wednesday.According to a press release from CJ, the Korean company has been entrusted with establishing a licensing business for WBCP’s portfolio of brands, including classic animation franchises Looney Tunes, Tom & Jerry and Scooby Doo; DC franchises including Batman, Superman, Wonder Woman and the Justice League; and the Wizarding World brand, which includes the “Harry Potter” and “Fantastic

Dec 13, 2018
Industry
Minister vows zero tolerance on accidents related to utilities

Following a recent fire at an oil storage center and hot water pipeline ruptures that have caused casualties here, South Korea’s Trade, Industry and Energy Minister Sung Yun-mo on Wednesday reaffirmed the ministry’s principle of zero tolerance by calling an emergency meeting of agencies in the energy sector, underscoring the importance of safety management. Yun summoned the leaders of 31 government agencies in the energy sector -- including Korea District Heating Corp., Korea Gas Corp., Korea Na

Dec 13, 2018
Industry
Sulwhasoo lip serum regains spotlight on ‘Boyfriend’

Leading South Korean cosmetics company Amorepacific said Wednesday that its Sulwhasoo brand’s Essential Lip-serum Stick recently saw a surge in popularity after Song Hye-kyo used the product on hit TV show "Boyfriend." Sulhwasoo's Essential Lip-serum Stick ad featuring Song Hye-kyo (Sulhwasoo)The product became an instant sensation online after Song, one of the main actors of the drama airing on tvN, appeared on screen with shade No. 4 Rose Red. First launched in 2015, the collection now comes i

Dec 13, 2018
Industry
Broadcasting industry revenue increases 3.8 pct in 2017

Revenue earned by South Korea's broadcasting industry rose 3.8 percent on-year to 16.51 trillion won ($14.65 billion) in 2017, thanks to a rise in sales of paid TV program providers, government data showed Wednesday.According to the data by the Ministry of Science and ICT, sales of paid TV program providers, including IPTV channels, topped the list with 5.6 trillion won last year, up 9.1 percent from a year earlier. (Yonhap)In contrast, combined revenue from the country's three major terrestrial

Dec 12, 2018
Industry
Samsung ranks 1st in R&D spending in 2017: report

Samsung Electronics Co. ranked first among major businesses around the globe in terms of spending on research and development for the 2017 financial year, a report showed Wednesday.According to the 2018 EU Industrial R&D Investment Scoreboard released by the European Commission, the South Korean tech giant spent 13.44 billion euros ($15.2 billion) in R&D projects over the period. (European Commission)The amount was up 11.5 percent on-year, the report added. It was based on 2,500 companies from 4

Dec 12, 2018
Industry
Govt vows to promote ‘IP-based financing’ for tech SMEs

KIPO, FSC will boost IP finance budget to W2tr by 2022

Dec 12, 2018
Industry
Samsung BioLogics soars after avoiding delisting, but what’s next?

Shares of Samsung BioLogics surged by as much as 26 percent Tuesday, following the Korea Exchange’s decision on Monday to resume their trading after deliberating the weight of local financial regulators’ conclusion that the company had breached accounting rules. 　After rallying throughout the day, the shares closed at 394,000 won ($349), raising the company’s market cap to 26.69 trillion won and making it the fifth-largest company listed on South Korea’s main bourse Kospi.The development came af

Dec 12, 2018
Industry

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