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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K-pop singer lost consciousness after being hit by foul ball, cancels show
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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Contentious grain bill put directly to plenary meeting for vote
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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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Trilateral talks acknowledge ‘serious’ slumps of won, yen
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[Today’s K-pop] BTS pop-up event to come to Seoul
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From pixels to the past: Games firm helps preserve Korean cultural heritage
In a match that may sound unusual at first, there is a gaming company in South Korea that has been consistently contributing to the country’s cultural heritage preserving organization.The Korean arm of Riot Games has given over 5 billion won ($4.4 million) to the Cultural Heritage Administration here for the past seven years. The funds were spent on helping preserving palaces, heritage sites, and most recently for the recovery of a 102-year-old printing woodblock that had been lost for many year
April 15, 2019
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Coupang posts 65% on-year growth in revenue
South Korean e-commerce company Coupang announced Monday its revenue for 2018 marked 4.42 trillion won ($4.1 billion as of the date of the report), posting 65 percent growth from the previous year.In its 2018 financial statements Coupang indicated that its operating deficit stood at 1.09 trillion won due mainly to its heavy investments. Throughout 2018, the company invested in its popular next-day delivery flagship service Rocket Delivery by expanding item selections from 2 million to 5 million
April 15, 2019
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Sephora to open Korea’s first store in Oct.
Beauty retailer Sephora, owned by French luxury group LVMH, will open its first store in Korea on Oct. 24, the group said Monday.Sephora said it has decided to enter Korea amid growing interest here in multi-brand health and beauty stores. “It is exciting for us to introduce Sephora to the Korean market, which leads the global beauty trend. Korea is one of the most dynamic markets in Asia. I expect Sephora will serve as a place to exchange domestic and global beauty trends,” said Benjamin Vuchot
April 15, 2019
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[Sky’s the Limit] Lotte World Tower, witness to group’s twist and turns
Korea’s tallest skyscraper is a double-edged sword for its owner, as the building could either become a landmark that adds value or end up being a costly, low-liquidity asset.South Korea’s fifth-largest conglomerate Lotte Group has bet on its building becoming a landmark. Lotte World Tower, which came about from a long-held dream of Lotte Group founder Shin Kyuk-ho, was completed in December 2016, after yearslong disputes over its height, safety and profitability, just to name a few.The tower wa
April 14, 2019
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[Newsmaker] Feuding Hanjin siblings mourn brother’s death
Over the weekend, renowned corporate and political figures paid tribute to late Hanjin Group Chairman Cho Yang-ho, who died of a chronic illness last week. However, his younger brothers Cho Nam-ho and Cho Jung-ho garnered more attention due to their strained relations in the past. Another brother, Cho Soo-ho, former chairman of Hanjin Shipping, died in 2006. Nam-ho is the former chairman of Hanjin Heavy Industries, while the youngest Jung-ho is current chairman of Meritz Financial Group. The sib
April 14, 2019
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HHI wins $600m orders in 2 weeks
The world’s largest shipbuilder Hyundai Heavy Industries said Sunday it has signed contracts to build vessels, including liquefied natural gas carriers, valued at $600 million over the past two weeks. The Korean shipbuilder said it has signed a contract with a Greek company to build a 174,000 square-meter LNG vessel -- its latest deal in two weeks. HHI said it has signed contracts to make a total of five carriers, including LNG vessels, with Greek, Japanese and Korean firms. The names of the com
April 14, 2019
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LG G8 ThinQ launched in North America, Canada
LG Electronics launched its latest premium smartphone, the LG G8 ThinQ, in North America on Friday via major mobile carriers including Verizon Communications, AT&T, Sprint Corp. and T-Mobile, the tech firm said Sunday. (LG Electronics)The new model features a biometric unlock system that recognizes the pattern of veins on a user’s palm. It also has a fingerprint sensor and a rear camera assembly that is flush with the glass. In addition, the call-receiver speaker has been removed to allow the or
April 14, 2019
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Funeral for Korean Air chief begins
The funeral for Hanjin Group and Korean Air Chairman Cho Yang-ho began Friday. Cho’s body was transported to a funeral hall at Yonsei Severance Hospital in Seoul after arriving at Incheon Airport from the US at around 5 a.m. Friday. Korean Air CEO Cho Won-tae enters a funeral hall at Yonsei Severance Hospital in Seoul on Friday. (Yonhap)Cho’s first son, Korean Air CEO Cho Won-tae, and second daughter, former Korean Air Executive Director Cho Hyun-min, were seen leaving the airport on Friday morn
April 12, 2019
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Designation of Hanjin Group chief may be delayed: Kim Sang-jo
With ongoing market speculation on Hanjin Group’s ownership following its chairman’s death on Monday, head of the country’s Fair Trade Commission said Friday it might delay the designation of the owner of the group. During a radio interview, FTC chief Kim Sang-jo said that considering the current situation, schedule of the designation may be delayed by two weeks to May 15.On May 1 each year, the Fair Trade Commission designates an individual or a legal entity as the business group’s de-facto chi
April 12, 2019
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[Newsmaker] Korea welcomes WTO ruling, vows to continue import ban on Japanese seafood
The South Korean government on Friday welcomed a ruling by the World Trade Organization that upheld the government’s import ban on Japanese seafood in the wake of the 2011 Fukushima disaster.“The government has been making all-out efforts to follow the principle of making the health and safety of the people a priority, and the government highly appraises the WTO’s decision,” the Ministry of Trade, Investment and Energy said in a statement, adding that it would continue the import ban on Japanese
April 12, 2019
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Renault Samsung's Busan plant to stop operations for 4 days
Renault Samsung Motors Corp. said Thursday that its plant in the southern port city of Busan will stop operations for four days starting later this month.Unionized workers at the factory will go on a so-called premium vacation for two days starting on April 29 and for another two days from May 2, officials said. This Yonhap file photo shows unionized workers of Renault Samsung Motors Corp. holding a press conference in the southern port city of Busan, demanding higher pay. (Yonhap)The vacation i
April 11, 2019
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Hyundai to test run 1-MW fuel cell generator in Ulsan
Hyundai Motor said Thursday it has signed a memorandum of understanding with Korea East-West Power Co. and Deokyang, a local hydrogen producer, to test run a 1-megawatt fuel cell generator in the nation’s southeastern city Ulsan.Under their partnership, Hyundai will set up fuel cell power generation system, while EWP, an affiliate of state-run Korea Electric Power Corp., will maintain the hydrogen-powered system and sell electricity generated from the plant. The hydrogen gas will be supplied by
April 11, 2019
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[News Focus] Creditors pressure Kumho Asiana to sell off flagship air carrier
Kumho Asiana Group, South Korea’s 28th-largest conglomerate, stands on the brink of selling off Asiana Airlines -- the group’s flagship unit and the nation’s second-largest air carrier -- as financial authorities and creditors voiced disapproval over the group’s latest self-rescue proposal.Main creditor state-run Korea Development Bank on Thursday denied the cash-strapped conglomerate’s request for financial help and a grace period.“Creditors found Kumho’s self-rescue plan insufficient to restor
April 11, 2019
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Riot Games, SKT forge alliance for ‘League of Legends’ contents
Riot Games Korea and SK Telecom on Thursday forged a strategic alliance to air the final match of League of Legends Champions Korea (LCK) 2019 live on the latter’s platform Oksusu. The LCK Spring Final 2019 is slated for Saturday at Jamsil Arena in Songpa, Seoul. Fans can watch the game on SKT’s Oksusu’s sports channel.This partnership is not a one-off affair. SKT said it will work as LCK’s official 5G sponsor till end-2020, with exclusive rights to create virtual and augmented reality contents
April 11, 2019
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Funeral for Korean Air’s Cho to begin Friday
The funeral for Hanjin Group and Korean Air’s late Chairman Cho Yang-ho will begin from Friday and extend until Tuesday at Yonsei Severance Hospital in Sinchon, Seoul, the company said Thursday. They will be flying in the body on Friday from Los Angeles, it added.Cho passed away at a hospital in Los Angeles on Monday, where he had been receiving medical treatment for pulmonary fibrosis since December.The company said Cho’s funeral will be led by Hanjin KAL CEO Suk Tae-soo. Cho will be interred a
April 11, 2019
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Celltrion bags Canadian approval for Truxima
Celltrion recently gained approval from the Canadian Health Ministry to begin sales of Truxima, a rituximab biosimilar used to treat blood cancer, the company announced Thursday.“Celltrion will quickly enter the Canadian market so that patients there will enjoy a more affordable high-quality anticancer biosimilar,” said a Celltrion representative. This is the first time Canada has approved a rituximab biosimilar. Truxima (Celltrion)Canada has made efforts of late to cut drug costs and improve pa
April 11, 2019
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Korean firms struggle to enter halal market
KUALA LUMPUR, Malaysia -- South Korean firms have been eyeing the expanding halal market for some years now, but technical difficulties in receiving certifications and a lack of expertise in attracting buyers continue to remain major hurdles.More than 20 local firms flew to Kuala Lumpur last week to participate in this year’s Malaysia International Halal Showcase -- considered the biggest annual halal trade fair in the world with participants from 700 firms in 44 countries. Malaysia is seen as a
April 11, 2019
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Kumho Asiana asks for W500b funding, agrees to sell off assets
Debt-ridden Kumho Asiana Group called on its creditors to inject 500 billion won ($439.17 million) to address its liquidity crisis through a business revamp plan it submitted to the state-led Korea Development Bank, according to the KDB on April 10. Ex-chairman of Kumho Asiana Park Sam-kooRelated:Kumho Asiana creditors demand asset sell-off, solid loan repayment planCorrected audit report weighs on Asiana AirlinesIn the recovery plan, submitted April 9, the family-owned conglomerate agreed to se
April 10, 2019
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‘Korea excels in regenerative medicine’: Deloitte Anjin
South Korea excels in the field of regenerative medicine, one of three key next-generation gene technologies, said Amit Agarwal, managing director at Deloitte Consulting in San Francisco.Agarwal spoke at Deloitte Anjin’s seminar for Life Sciences and Healthcare Solutions, held at the Korea Pharmaceutical and Bio-Pharma Manufacturers Association in Seocho, Seoul on Tuesday.With worldwide health care spending estimated to top $10 trillion by 2022, global pharma sales are anticipated to reach $1.2
April 10, 2019
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Co-working space to keep up strong growth in downtown Seoul: CBRE
Despite slow gross domestic product growth and weak interest rates throughout the year, as well as the dampening impact on consumer sentiment, South Korea’s market is likely to see visible growth in smarter office space business, according to the world’s largest commercial real estate services firm.CBRE Korea, the local subsidiary of the US-based real estate service provider, Wednesday held an annual forum to present its market outlook for 2019, focusing on the Asia-Pacific region that includes
April 10, 2019