Most Popular
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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S. Korean children, teens grow taller, mature faster than before: study
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Army takes group action against Hybe for neglecting BTS
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Some junior doctors are returning: Health Ministry
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Debate rages over ‘overly fatty’ samgyeopsal
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Naver will consider company benefits in deciding on selling Line shares: CEO
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Woman dangling from power lines rescued by residents holding blanket
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[Weekender] Korean psyche untangled: Musok
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Calm, steady approach needed to tackle Japan’s export curbs: SK chief Chey
SEOGWIPO, Jeju Island -- SK Group Chairman said Thursday he will come up with countermeasures against Japan’s strengthened export control of three materials crucial for chip fabrications in a calm manner, stressing that a knee-jerk reaction would not help resolve the matter.“(The best way to resolve the matter) is to seek what we can do the best steadily and everyone (finds a breakthrough) from our respective positions. This case won’t work even with any dramatic plans,”
July 18, 2019
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Lotte Duty Free, Shilla Duty Free among global top 5: report
Two South Korean duty-free operators have cemented their positions in the world's top five travel retailers in 2018, an industry report showed Thursday.Lotte Duty Free maintained its second spot with 6.09 billion euros ($6.84 billion) in sales last year, due largely to the Chinese resellers who buy products in large quantities and sell them back home, according to the Moodie Davitt report. Shilla Duty Free, the operator of the duty-free shop owned by South Korea's Hotel Shilla Co., leaped f
July 18, 2019
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KCCI head calls for full support businesses seeking alternatives amid Japan’s export curbs
SEOGWIPO, Jeju Island -- Amid the growing tension between South Korea and Japan, the head of the largest organization representing businesses here urged the government and political parties to provide full support to cope with Tokyo’s trade restrictions. Stressing on the need to face challenges in a calm manner and seek countermeasures, Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry, asked the Moon Jae-in administration to aid businesses seeking alternatives.
July 17, 2019
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Moody’s issues Daelim Industrial Baa2 rating
Global credit rating agency Moody’s Investors Service said Wednesday that it has assigned South Korean construction and petrochemical company Daelim Industrial a Baa2 grade with a stable outlook. According to Daelim Industrial, it is the first construction company in Korea to be given a global rating. On Moody’s rating scale, Baa2 stands ninth out of 21 and is considered a medium grade, indicating a moderate credit risk. SK hynix and S-Oil have been assigned the same rating.“Da
July 17, 2019
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[News Focus] Korean tech firms seek localization, diversification amid escalating trade row
To combat growing trade risks with Japan, South Korean chip and display makers are seeking ways to localize key materials and diversify supply sources, although it appears difficult in the short term. On July 1, the Japanese government tightened its export procedures to Korea of three classes of hi-tech materials crucial to the production of chips and display panels. They include fluorinated polyimide, photoresist and hydrogen fluoride, used mostly by Samsung Electronics, SK hynix, Samsung Displ
July 17, 2019
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KITA to open trade information center for small and midsized enterprises
The Korea International Trade Association said Wednesday that it would open a consulting and research center to support small and midsized enterprises in Korea within the second half of this year.According to KITA, the opening of such center, dubbed Center for Trade Information and Strategy, is to offer useful help for small and midsized companies which often encounter trade risks due to lack of personnel and material resources. KITA said the center will run strategic and customized consul
July 17, 2019
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Doosan, Ceres team up for power system’s commercial use
South Korean energy-to-industrial equipment company Doosan Corp. has agreed with UK-based Ceres Power to develop solid oxide fuel cell power systems for commercial buildings here, the companies said Tuesday.The two signed a collaboration and licensing agreement to jointly develop SOFC power systems targeted at the Korean commercial buildings market, in which the two see business potential alongside the Korean government’s plan of increasing the use of fuel cell electric systems in autos, f
July 16, 2019
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Hanwha Total co-CEO elected as Korea head of CCE
Jean-Marc Otero del Val, co-CEO of Hanwha Total Petrochemical, a 50-50 venture between South Korean conglomerate Hanwha and French petrochemical firm Total, has been elected as a representative of French Foreign Trade Advisors’ Korea division, the company said Tuesday. The advisory group, Les Conseiller du Commerce Exterieur, has more than 2,600 members in 145 countries where French companies have made inroads. The organization’s branch in Korea is operated by executives of French fi
July 16, 2019
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[News Analysis] Doubts cloud Seoul’s decision to take Japan trade row to WTO
Japan’s latest moves to curb exports of key materials used in South Korea’s high-tech industry is to be an agenda at the World Trade Organization’s General Council meeting next week amid mixed forecasts about the results. The Moon Jae-in administration announced Sunday that it planned to use the upcoming meeting to explain its stance on Tokyo’s decision to apply stricter export rules for three materials used for producing chips and displays, and to remove South Korea from
July 16, 2019
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Netflix has 1.84m users in S. Korea: data
The number of South Korean users subscribing to the US video streaming platform Netflix Inc. has nearly tripled on-year to surpass the 1.8 million mark, industry data showed Tuesday. Netflix is estimated to have 1.84 million paid active streaming subscribers as of June, compared with 630,000 users during the same period a year earlier, according to the data compiled by industry tracker WiseApp. The data showed that some 38 percent of Netflix users in the country are in their 20s, followed by
July 16, 2019
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[Contribution] Need to make traditional liquor Korea’s representative brand
While on a plane back from an overseas trip to an exhibition on rural food, I asked without a great deal of anticipation whether the in-flight service includes Korean traditional liquor, besides wine, beer and whiskey.To my surprise, the flight attendant immediately replied that they did indeed serve traditional liquor and had canned makgeolli. The fact that Korea’s traditional liquor was available on the plane made me incredibly grateful and glad, especially as the representative of Korea
July 15, 2019
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[News Focus] Throwing sand in wheels of world trade: Foreign experts weigh in on Japan export curbs
Experts from the US, Japan and Southeast Asia voiced concerns over the escalating trade dispute between South Korea and Japan, saying Tokyo’s restrictive measures aimed at Korean chipmakers would not only have “serious consequences” to the already depressed information technology industry, but also impede the flow of world trade and the principle of market liberalization. Japan’s toughened export control measures on three materials crucial for chip fabrication and its pla
July 15, 2019
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Asiana adopts smart work platform for cabin crew
South Korea’s full-service carrier Asiana Airlines said Monday that it has adopted a smart work platform called A-tab for its cabin crew to increase their work efficiency and convenience. The system,which works on a tablet PC, allows crew members to easily and conveniently check their work schedule, information on flights, work manual and also hand in work-related reports, the air carrier said. Some 4,000 cabin crew members will be given tablet PCs equipped with the system by the
July 15, 2019
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Posco International sends volunteer team to Papua, Indonesia
Posco International, the trade and resources development arm of Posco, said Sunday that it had sent some 30 executives and employees to Papua, Indonesia, to perform volunteer work. Together with 30 medical experts from Korea University Ansan Hospital, the Women’s Health Foundation and Seegene Medical Foundation, the Korean volunteer team conducted medical checkups for some 1,160 residents in Indonesia’s eastern province of Papua from July 6 to Saturday. Posco International&rsquo
July 15, 2019
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Chinese shoppers at Shilla Duty Free rise after WeChat tie-up
Shilla Duty Free, South Korea’s second-largest duty-free operator in terms of sales, has seen a twofold jump in number of Chinese customers on its online mall following the introduction of WeChat Pay, the company said Monday.According to the duty free operator, the number of customers who joined Shilla Duty Free’s Chinese online mall has surged as of July, compared to in March when it introduced WeChat Pay as one of its payment options. WeChat is China’s most popular mobil
July 15, 2019
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Korean oil refiners push into EV charging market
The three large Korean oil refiners -- Hyundai Oilbank, GS Caltex and SK Innovation -- are seeking new opportunities in electric vehicle charging infrastructure, amid slowing sales of diesel cars and weakening profitability in the saturated gas station market. On Monday, Hyundai Oilbank said it signed with local EV charger producer JoongAng Control and charger operator Charzin to build charging infrastructure for electric vehicles in Korea. Under the agreement, the three firms will form a hybrid
July 15, 2019
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Lotte Chemical, GS Energy to invest 800 bln won in petrochemical JV
Lotte Chemical Corp., a major chemical unit under Lotte Group, said Monday it will establish a petrochemical joint venture with GS Energy Co., an energy-specialized holding company of GS Group.Lotte Chemical and GS Energy signed an agreement to form a joint venture, tentatively named Lotte-GS Chemical Company, this year to produce chemical compounds like bisphenol A (BPA) and C4 fraction.Lotte Chemical will have a 51 percent stake in the joint venture, with the rest to be owned by GS Energy.&nbs
July 15, 2019
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Samsung secured materials to continue production amid Japan's export curbs: sources
Samsung Electronics Vice Chairman Lee Jae-yong secured emergency stockpiles of three key high-tech materials subject to Tokyo's export restrictions against South Korea during his recent trip to Japan, sources said Sunday.Sharing the results of his trip, Lee told a special meeting held Saturday with top executives that he secured enough fluorinated polyimides, photoresist and hydrogen fluoride to avoid disruptions in production, according to sources. On July 4, Japan imposed restrictions on
July 14, 2019
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Kosdaq sheds over W4tr in H1 amid biotech slump
Weighed down by a bearish market and a series of business license revocations on key products, South Korea’s pharmaceutical sector saw its market capitalization shed over 4 trillion won ($3.4 billion) during the first half of this year, data showed Sunday.According to market operator Korea Exchange (KRX), the market capitalization of Kosdaq-listed biotech companies stood at 28.9 trillion won as of end-June, down 12.3 percent, or 4.1 trillion won, from the end of last year.The number of lis
July 14, 2019
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Samsung heir returns from Japan amid trade row
Samsung Electronics Co. Vice Chairman Lee Jae-yong returned Friday from Japan amid the neighboring nation's curbs on high-tech exports to South Korea. The heir apparent of Korea's biggest conglomerate, Samsung Group, flew to Tokyo on Sunday, three days after Japan implemented export restrictions on three key materials used for making chips and displays. Lee traveled to Japan in an effort to resolve any potential fallout from the restrictions. He didn't answer questions from reporters
July 12, 2019