Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Korea’s homegrown nanosatellite successfully launches into space
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Aging population to drive down Korea's housing prices from 2040: experts
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[SUPER RICH] SPC chief’s sons come to the fore
The two sons of SPC chairman Hur Young-in are assuming bigger roles in management as the Korean food giant is aggressively expanding its business at home and abroad.In what pundits view as preparations for a transfer of management, the elder son Jin-su and second son Hee-su were registered in May as non-executive board members of its flagship and only stock market-listed affiliated, Samlip Food Corp. The 4 trillion-won ($3.6 billion) food behemoth has 12 brands, including Paris Baguette and Pari
June 30, 2015
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Cheil Industries vows higher dividends amid merger dispute
Cheil Industries announced Tuesday that it will increase dividend payouts to investors in an apparent attempt to win over stakeholders’ approval of its proposed merger with Samsung C&T.In a bid to sway shareholders, Cheil Industries, the de facto holding company of Samsung Group, called an impromptu investor relations session in Seoul to announce that the payout ratio would gradually be raised to 30 percent by 2020 from 21 percent in 2014. Yoon Joo-hwa, the head of Cheil Industries’ fashion div
June 30, 2015
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[Photo News] Kumho's support for violinist
Kumho Asiana Group chairman Park Sam-koo (right) poses with violinist Lim Ji-young, the winner of the 2015 Queen Elisabeth Competition at the Lotte Hotel in Seoul, Tuesday. The chairman pledged to offer free business class flight tickets on Asiana Airlines to Lim for a year in a bid to support the talented young musician.(Kumho Asiana)
June 30, 2015
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Asiana launches services to Rome
Asiana Airlines has launched a new service to Rome in a bid to expand its footprint in Europe, the South Korean carrier said Tuesday. "The new Incheon-Rome service will strengthen its European network by providing a wider variety of flight schedules, destinations and itineraries, which in turn will raise Asiana’s competitiveness,” Asiana CEO Kim Soo-cheon said.Asiana Airlines CEO Kim Soo-cheon (sixth from left) poses with Tiziana Di Molfetta (seventh from left), councilor at the Italian Embassy
June 30, 2015
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[SUPER RICH] Creative, open office spaces of tech giants
Famous tech companies both domestically and abroad are clamoring to create open and creative office environments for their employees, believing that having an enjoyable working environment is a crucial factor in becoming a world-class company.Naver“Green Library” inside Naver headquarters in Bundang, Gyeonggi provinceGiant Web portal Naver moved its headquarters to Bundang, Gyeonggi Province in 2010.The Naver headquarters, nicknamed the Green Factory, is 27 stories high with eight additional und
June 30, 2015
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[Graphic News] Koreans spend more time sleeping and eating
The average Korean spent more time sleeping and eating, and less time studying, compared to five years ago, survey results showed Monday.The time use poll on 12,000 households showed that compared to 2009, people spent 21 more minutes on sleeping and eating in 2014, clocking in at 11 hours and 14 minutes of off-time.Time spent studying fell by 17 minutes and commuting by five minutes compared to 2009, while time for wage-generating work and household chores was largely steady, increasing by just
June 30, 2015
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Industrial output dips for 3rd month in May
South Korea's industrial output fell for the third straight month in May as the sluggish pace of global recovery hurt its outbound shipments and affected production of cars and semiconductors, a government report showed Tuesday. According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries was down 1.3 percent last month compared with April. The drop comes after numbers fell 0.2 percent and 1.3 percent in March and April, respectively, the
June 30, 2015
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S. Korean manufacturers' July sentiment dips to near 3-year low
South Korean manufacturers' business confidence for July plunged to the lowest level in almost three years, a poll showed Tuesday, as the outbreak of MERS in Asia's fourth-largest economy is feared to further worsen already feeble domestic demand. The business sentiment index, which measures the outlook of manufacturers on their business conditions for the coming month, reached 67 for July, down from a forecast of 76 for June, according to the Bank of Korea. It marks the lowest level since 67 i
June 30, 2015
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Lone Star case calls for look back on Seoul's legal, financial efficacy
One of the most controversial and scrutinized corporate deals in the recent history of South Korea is heading into overtime, inspiring the need to look back on the capability of financial and judiciary officials here. The second round of hearing for a multi-billion-dollar case between the U.S. private equity firm Lone Star and the South Korean government began in Washington, D.C. on Monday. The $5 billion suit is an epilogue to a decade-long legal dispute that has raised concerns about the i
June 30, 2015
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EBay to support smaller firms
EBay Korea, the operator of Korea’s largest online shopping site Gmarket and Auction.co.kr, signed a deal with the Small & Medium Business Corporation to support domestic small and medium-sized company’s online cross-border trade last week. The pact will help vendors receive eBay For Business, a seven-month training and education program on cross-border commerce and marketing via the eBay platform. Launched in May, the program covers the areas of product sourcing, registration, logistics, delive
June 29, 2015
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EBay to support smaller firms
EBay Korea’s star sellers pose for an award ceremony. (eBay Korea) EBay Korea, the operator of Korea’s largest online shopping site Gmarket and Auction.co.kr, signed a deal with the Small & Medium Business Corporation to support domestic small and medium-sized company’s online cross-border trade last week. The pact will help vendors receive eBay For Business, a seven-month training and education program on cross-border commerce and marketing via the eBay platform. Launched in May, the program c
June 29, 2015
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Shareholders OK Techwin name change amid protest
Shareholders of defense equipment maker Samsung Techwin approved a plan to change its name to Hanwha Techwin amid strong opposition from its labor union members on Monday.Samsung Techwin’s labor union members protest against its plan to change the name to Hanwha Techwin on Monday. YonhapThe meeting had planned to open early in the morning, but was delayed for hours due to physical protests from the union members, who opposed Hanwha‘s takeover of the company.More than 140 union supporters were ta
June 29, 2015
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KITA promotes 'seamless e-business'
Korea International Trade Association’s e-Biz Support Center has built up a reputation of being a “seamless e-Business” booster across Asia. Starting with signing a pact with the Department of International Trade Promotion of Thailand’s Ministry of Commerce for sales of the website- and marketing-design models to the Southeast Asian country, KITA is now spreading the service to Vietnam and Indonesia as well as South American states such as Peru. “KITA has been the only institution in Korea that
June 29, 2015
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[Graphic News] Average age of major companies stands at 28.3
The average age of the nation‘s major companies was 28.3 years old, data showed Monday.The Korea CXO Institute examined the top 2,000 listed and nonlisted companies and found their average ages by industry, excluding those from the financial sector.The textile industry had the highest average age at 51.5 years old. The textile industry includes a number of textile companies that are over 60 years old.The average ages of the food and drink manufacturing industry and the construction industry were
June 29, 2015
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CJ opens sixth Bibigo store in China
CJ Foodville opened an outlet of its Korean dining franchise restaurant Bibigo in Wangjing, north of Beijing, in a bid to tap deeper into the Chinese market, the company said Monday. Customers dine at the Bibigo restaurant at Wangjing SOHO in Wangjing, north of Beijing, China. (CJ Foodville)The newly launched Bibigo store is the sixth restaurant in Beijing. The store is nestled at Wangjing SOHO, which consists of three mixed-use office and commercial buildings.“We expect that Bibigo’s brand awar
June 29, 2015
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Dongsuh launches ‘Maxim Heritage Campaign’
Food and drink company Dongsuh announced Monday that it was launching a “Maxim Heritage Campaign“ to promote the nation‘s cultural treasuries to coffee consumers.The company signed a memorandum of understanding with the Cultural Heritage Administration in April and has since been promoting Korean cultural heritage.Starting July 1, Dongsuh will print the Gilt-bronze Incense Burner of the Baekje Kingdom, the 287th National Treasure of Korea, on their Maxim Mocha Gold coffee mix packages. Maxim Moc
June 29, 2015
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Biz outlook far worse than post-Sewol level: surveys
A majority of companies in South Korea predicted business conditions to get worse in July as they are concerned over the fallout from Middle East Respiratory Syndrome and toughening outlooks for exports, a poll showed Monday. According to the poll conducted on the country's top 600 companies by the Federation of Korean Industries, the business survey index for July stood at 84.3. A reading below 100 means pessimists outnumber optimists about business conditions down the road. The latest figure
June 29, 2015
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140 Samsung unit workers arrested after protesting merger
About 140 workers of Samsung Techwin Co., one of Samsung Group's four affiliates sold to Hanwha Group, have been arrested on charges of obstructing the firm's shareholders meeting, police said Monday. The protest came as Samsung has decided to sell its defense affiliate, Samsung Techwin, and chemical unit, then Samsung General Chemicals Co., to Hanwha, a conglomerate whose main businesses include defense and solar power. Two other affiliates, Samsung Thales Co. and then Samsung Total, were als
June 29, 2015
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Asiana Airlines faces $30m lawsuit over San Francisco crash in 2013
More than 50 passengers have filed a class action suit for compensation against South Korea’s No. 2 carrier Asiana Airlines over a crash landing in San Francisco, which killed three in 2013. (AP)Korean law firm Barun Law LLC filed the complaint on June 26 in the Seoul Central District Court on behalf of 53 plaintiffs -- 27 Korean, 25 Chinese and one Indian national who resides in Korea -- aboard Flight 214, which clipped a sea wall and slammed into a runway at the U.S. airport on July 6, 2013.“
June 28, 2015
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[Graphic News] Korea lowers growth outlook to 3.1%
The Korean government lowered its economic growth forecast for 2015 from 3.8 percent to 3.1 percent.Presenting its economic policy direction for the second half of the year, the Ministry of Strategy and Finance said it cut the growth forecast due to falling exports and the effect of the Middle Eastern respiratory syndrome outbreak on spending and tourism.The ministry also cut its forecast of the employment rate for the year, from 66.2 percent to 66.0 percent.The expected consumer inflation rate
June 28, 2015