Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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US 'incredibly concerned' about suspected NK-Iran military ties
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Seoul says Fu Bao loan 'not going to happen'
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[Today’s K-pop] BTS pop-up event to come to Seoul
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Alibaba launches shopping platform in S. Korea
Chinese e-commerce giant Alibaba Group on Monday opened a shopping platform in South Korea that promises local companies a chance to make headway in the world's second-largest economy, the government said. The launch of the business-to-consumer Tmall shopping platform is aimed at selling South Koreans agricultural and manufactured goods as well as tourism-related services, benefiting local companies, the finance ministry said. "Alibaba has pledged to provide comprehensive marketing and consult
May 18, 2015
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Daewoo Shipbuilding wins oil tanker deal from Greece
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. said Monday it has signed a deal to build two oil tankers for a Greek firm. Under the agreement with Maran Tankers Management, a unit of Greece's largest shipper, Angelicoussis Shipping Group, Daewoo Shipbuilding plans to deliver the tankers by early 2017, the company said in a press release. The financial terms of the contract were not disclosed. Daewoo Shipbuilding said it also signed a separate deal with Angelicoussis
May 18, 2015
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S. Korean airlines agree to replace all aged planes
South Korean airlines have voluntarily pledged to replace their old aircraft as part of efforts to boost passenger safety, the transportation ministry said Monday. According to the Ministry of Land, Infrastructure and Transport, the country's eight air carriers signed an agreement on Friday, in which they have voluntarily agreed to replace all their aircraft that are 20 years old or older. The move comes despite the fact that there currently is no limit on the age of an aircraft, the ministry
May 18, 2015
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Mobile network operators fail to keep up with policy
The nation’s telecom industry is once again failing to keep in step with the regulatory authority’s attempts to provide consumers with convenience.In April, the Korea Communications Commission announced that measures would be implemented to allow mobile phones on corporate contracts to be used in confirming the identity of the user.Although the KCC said that the new service would be made available from May, local carriers are far from ready for the move. In Korea, online financial and commercial
May 18, 2015
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S. Koreans required to report all overseas investments
All South Koreans should report their earnings from investments in overseas companies or real estate by June 1, with violators facing fines, the tax office said Monday.The new rule, which is part of the revised 2013 tax code, marks the first time the government has taken steps to get private citizens to report their overseas investments, the National Tax Service said.The move is expected to discourage tax evasion and expand the country tax base that can generate new revenue for the state, it add
May 18, 2015
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Korea to promote investment in foreign stocks, M&As
The Finance Ministry is considering increasing tax benefits for domestic investors in foreign stocks and funds in a reported bid to resolve problems from the Korean won’s strong position against major currencies, government sources said Sunday.According to some government officials, the ministry, in consultation with the Financial Services Commission, will come up with a comprehensive plan to increase investments by institutional and small investors in overseas stocks and bonds. Further, Korean
May 17, 2015
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[Graphic News] Household loans surge
The growth of commercial banks’ lending to the household sector climbed to its highest rate in seven years last month in the wake of the brisk trading in the real estate market, data showed Sunday.According to the Bank of Korea, banks’ outstanding household loans (including transferred mortgage loans) reached 579.1 trillion won ($534 billion) in April, posting an 8.46 trillion won increase from a month earlier.This marked the largest monthly increase since 2008. Economists cited home purchases a
May 17, 2015
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Korean start-ups wooed by China’s Silicon Valley
More than 100 tech-savvy Korean venture firms gathered last week at the Seoul-based start-up conference beGLOBAL SEOUL 2015, as an outlet for fostering new business, market expansion and sharing industry insights.Beijing-based startup accelerator TriBeluga, in its move to attract prospective Korean start-ups to China, joined hands with Chinese government officials for the introduction of Zhongguancun ― a tech district in Beijing, which the government hopes to foster as the Asian version of the C
May 17, 2015
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S. Korea suffers kimchi trade deficit due to surging Chinese
South Korea has suffered a growing deficit in the trade of kimchi, the traditional Korean side dish, in the past few years due to the influx of Chinese products, data showed Sunday. The deficit stood at $84.09 million over the past five years in April, according to the statistics by the Korea Customs Service. South Korea imported 212,938 tons of kimchi worth $104.3 million last year while exporting 24,742 tons valued at $84 million. About 99 percent of the imported kimchi came from China.Industr
May 17, 2015
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LG Chem to supply electric vehicle batteries in China
LG Chem Ltd., South Korea's leading chemical and battery maker, said Sunday that it has signed a deal to supply electric vehicle batteries to a major SUV company in China. Under the deal signed with Great Wall Motor, LG Chem will supply batteries for plug-in electric SUV models that the Chinese company plans to produce starting in 2017. LG Chem did not disclose when it signed the deal along with other detailed terms of the contract. Established in 1984, Great Wall Motor is the No. 1 company in C
May 17, 2015
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POSCO revs up reform drive amid alleged graft
South Korea's top steelmaker POSCO Co. has shifted into emergency mode as the company strives to tide over what it sees as its biggest-ever crisis triggered by a prosecution investigation into a series of corruption allegations. With the probe in full swing, POSCO announced Thursday the launch of an emergency management reform committee headed by Chairman Kwon Oh-joon and comprised of board members and the heads of five major affiliates. It is tasked with putting forward measures on corporate
May 15, 2015
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Shinsegae hoards cash for duty-free bid
South Korean retail giant Shinsegae Group has raised more than 650 billion won ($598 million) by selling its Samsung Life Insurance shares in a stock block deal.According to finance industry sources, the two Shinsegae arms ― Shinsegae Department Store and Emart ― each sold 3 million shares of Samsung Life Insurance, at 109,200 won per share. The sale price was 6.27 percent lower than the 116,500 won at which the shares closed trading on Thursday. Foreign investors bought 74 percent of the sold s
May 15, 2015
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Watchdog accepts Chinese mills' offer to hike steel beam prices
South Korea's trade commission said Friday that it will close an anti-dumping probe into steel beam products made by seven Chinese companies as they have agreed to jack up their prices voluntarily.In late July 2014, the Korea Trade Commission (KTC) started an anti-dumping investigation into H-beam imports from China and slapped anti-dumping duties of 17.69 percent to 32.72 percent on Chinese products five months later.The commission said it has decided to end the investigation as the Chinese com
May 15, 2015
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Chrysler recalls over 200 SUVs in S. Korea for air bags
FCA Korea, the local importer and distributor of U.S. automaker Chrysler Group LLC, is recalling more than 200 Jeep Grand Cherokee SUVs in South Korea due to air bag flaws, the transportation ministry said Friday. The recall affects 231 Jeep Grand Cherokees produced between March 27, 2013, and Jan. 13, 2014, according to the Ministry of Land, Infrastructure and Transport. A defect in software for the air bags could interfere with the safety device's ability to deploy during car crashes, it said.
May 15, 2015
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Samsung is 10th most valuable tech firm: data
Samsung Electronics Co., South Korea's top smartphone maker, managed to stay on the top 10 list of global tech players this month in terms of market capitalization but suffered a one notch decline from end-2014 apparently due to a plunge in earnings.Samsung ranked No. 10 among other major tech firms with a market cap of $189.7 billion as of May 1, according to the figures compiled by the Institute for Information & Communications Technology Promotion, which cited S&P Capital IQ. It marked a step
May 15, 2015
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Samsung heir tapped to head two group foundations
Lee Jay-yong, vice chairman of South Korea's top tech giant Samsung Electronics Co., was appointed Friday to head two of Samsung Group's foundations, the company said, taking the posts from his hospitalized father.Under the move, the younger Lee, the heir apparent of South Korea's top family-controlled conglomerate, will take the helm of the Samsung Life Public Welfare Foundation and the Samsung Foundation of Culture, the group's key foundations.He has been working as the de facto head of the to
May 15, 2015
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Korea’s tourism industry thrives despite global slowdown
Korea’s travel industry is in full bloom despite the global economic slowdown, thanks to the weaker yen and tumbling oil prices pushing people for overseas travels, along with the Chinese tourist influx that has been around for a while. According to Yonhap and industry reports, HanaTour, the country’s largest tourist agency, sold a total of 610,296 overseas travel packages between January and March. This is some 23.9 percent up from 492,385 in the same period last year. As a result, the company
May 14, 2015
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[Photo News] Innovation honored
KT chief operating officer Koo Min-seong (left) and Rwanda’s Minister of Youth and ICT Jean Philbert N Sengimana pose during the awarding ceremony of Global Telecom Business Innovation Awards in London on Wednesday. Olleh Rwanda Networks, or oRn, a joint venture between KT and the Rwandan government, won the innovation award for building LTE network infrastructure across the African country since 2013. (KT)
May 14, 2015
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AmorePacific profits surge 50% in Q1
AmorePacific Group’s first quarter profits surged 49.9 percent as sales of its cosmetics subsidiaries continued to grow in the domestic and international markets, company officials said ThursdaySouth Korea’s leading cosmetic and beauty product-maker said profits in the first three months jumped to 320 billion won ($293 million) from 213 billion won in the same period last year, while revenues rose 26.7 percent to 1.44 trillion won.“Strong revenue growth in the domestic and overseas markets drove
May 14, 2015
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U.N. Global Compact to hold summit in Korea next week
The U.N. Global Compact will host the “UNGC Korea Leaders Summit 2015” in Seoul next week, organizers said Thursday.Around 400 officials across governments, corporations, and academia from both Korea and abroad are expected to attend, including U.N. Secretary-General Ban Ki-moon, Global Green Growth Institute Council chair Suslio Banbang Yudhoyono, and John Elkington, the cofounder of Volans.This year’s summit plans to introduce the main UNGC initiatives as well as B4P (Business for Peace) to So
May 14, 2015