Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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S. Korean children, teens grow taller, mature faster than before: study
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Some junior doctors are returning: Health Ministry
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Army takes group action against Hybe for neglecting BTS
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[Robert J. Fouser] AI changes rationale for learning languages
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Woman dangling from power lines rescued by residents holding blanket
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Naver Q1 net income soars 1,171.9% on growth of major businesses
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Franchisees on average close biz in just over 4 years: data
Franchisees on average shuttered their businesses in just over four years, government data showed Monday, in the latest sign of the challenges faced by entrepreneurs.The 2015 data compiled by Statistics Korea showed that franchisees ran their stores for 52 months before closing them. (Yonhap)By sector, franchisees of pharmaceutical businesses shuttered their shops after operating them for 133.6 months on average, the longest of businesses checked. In comparison, coffee franchisees stayed open ju
Dec. 24, 2018
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Lotte’s flagship duty-free store to report W4tr in sales
Lotte Duty Free’s flagship store in Sogong-dong is expected to report 4 trillion won ($3.5 billion) in annual sales, the largest amount among other duty-free stores around the world.Korea Customs Service data requested by Rep. Choo Kyung-ho showed Sunday that Lotte Duty Free’s Sogong-dong store earned 3.9 trillion won in sales from January to November this year. Considering that average monthly sales were around 350 billion won, Lotte Duty Free said this year’s total sales would hit the 4 trilli
Dec. 24, 2018
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Korea-made new drugs to take another shot at US entry in 2019
Despite experiencing delays and setbacks in the approval process this year, a number of South Korean biopharmaceutical companies will make another attempt to bring their new drugs to the US market in 2019. Investors had been pinning hopes that SK Biopharmaceutical’s solriamfetol, an investigational drug to treat narcolepsy, would be approved by the US Food and Drug Administration by the year’s end. The US FDA was scheduled to make a decision on Dec. 20. However, the regulator recently decided to
Dec. 24, 2018
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Hite Jinro seeps into Russian market
South Korean liquor maker Hite Jinro said Monday that it has launched its signature soju brand Chamisul in Russian liquor store chain Vin Lab, in a move to penetrate the local drink market there. Hite Jinro said Chamisul, which has an alcoholic content of 19 percent, will hit the shelves of some 400 Vin Lab stores across Russia, where not only local consumers but tourists visit to purchase a variety of liquor products. Since establishing the Russia office of its overseas corporation, Hite Jinro
Dec. 24, 2018
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Samsung expected to post weaker performance for Q4
Samsung Electronics Co. is expected to post a weaker performance for the fourth quarter compared with a year earlier, analysts said Monday, apparently due to the slowed growth of its chip business. Local analysts said the South Korean tech giant is forecast to report an operating profit of 13.9 trillion won ($12.3 billion) for the October-December period, down 7.6 percent from the 15.1 trillion won reached a year earlier. (Yonhap)Sales are estimated at 63.8 trillion won, down 3.2 percent over th
Dec. 24, 2018
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‘Game changer’ in guardrail industry taps overseas roads
Local enterprise Caris Guardrail Co. has been drawing global attention for its recent development of safe, eco-friendly guardrails, which have passed various tests for commercialization in both South Korea and the US.It began as a venture startup founded by Yu Cheol in May 2016. Its PVC (polyvinyl chloride)-based guardrails received venture business certification and green certification, and passed the domestic vehicle collision test and the US vehicle collision test in June 2018.The company sai
Dec. 23, 2018
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Korean AI speaker supply to hit 8 mln units in 2019: report
The supply of artificial intelligence speakers in South Korea is expected to reach the 8-million unit mark in the new year as the devices gain popularity, a report by a local digital media lab said Sunday.According to the findings by KT Group affiliate Nasmedia Co., some 40 percent of the country's 20 million households will likely have an AI speaker in 2019. The numbers represent a sharp increase from just 1 million units supplied in 2017 and around 3 million that have reached the market this y
Dec. 23, 2018
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Samsung expands partnerships with global contents providers to promote HDR10+
Samsung Electronics Co. said Sunday that it is actively expanding partnerships with global contents providers to promote the growth of its high dynamic range 10+ technology.The world's leading producer of high-end TVs said U.S. and European content providers have started providing services using HDR10+. (Yonhap)The latest HDR technology allows screens to deliver vivid and wide depth of field images combined with the best possible brightness and color renditions, depending on the content being w
Dec. 23, 2018
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Prosecutors speed up probe into alleged fraud of Samsung Biologics
South Korean prosecutors will speed up their probe into the alleged accounting fraud of Samsung Biologics, focusing on securing evidence as to whether Samsung’s now-defunct control tower was involved. Investigators plan to summon former and incumbent employees of the biotechnology firm within the week, according to sources Sunday. The prosecution raided the main office of Samsung BioLogics in Songdo, Incheon, over the allegation that the company had illegally inflated the company’s value. Separa
Dec. 23, 2018
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Cost of solar power generation to drop to below 100 won by 2023
The average total costs of generating solar energy in South Korea will go down below 100 won ($0.1) per 1 kilowatt hour five years later, a parliamentary report said Sunday.According to the report, the levelized cost of energy of solar power will decline to below 100 won per 1 kWh in 2023 and 84 won in 2030. (Yonhap)LCOE refers to an average total cost to build and operate a power generator over its lifetime.It was 1,144 won per 1 kWh in 2005 and dropped to 171 won in 2014. In 2018, the LCOE of
Dec. 23, 2018
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P&G Korea expands CSR for environmental sustainability
The South Korean unit of Proctor and Gamble, a household and personal care goods company, has expanded its corporate social responsibility programs for environmental sustainability, the company said Sunday.The company has worked to reduce the use of plastic in its products. For instance, its toothbrush brand Oral-B has been promoting recycling. To raise environmental awareness, it held classes on oral care and a sustainable future for 15,353 students at 60 elementary schools from January to Augu
Dec. 23, 2018
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Galaxy, QLED, Shin Ramyun top South Korean brands for 2019: poll
Galaxy smartphones, quantum dot light-emitting diode TVs made by Samsung Electronics Co. and Shin Ramyun produced by Nongshim Co. were recognized as South Korea's top brands in 2019, a local poll showed Sunday.According to a survey carried out on 30,000 people nationwide in November by Brandstock Corp., Samsung's Galaxy name ranked No. 1, getting 95.15 points out of a possible 100. (Yonhap)The premium QLED TVs made by the tech giant came in second with 94.95 points trailed by the spicy instant n
Dec. 23, 2018
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Small-medium biz corporation to open innovation center in Seattle
South Korea's Small and Medium Business Corp. said Sunday that it will open a global innovation growth center in Seattle to better help promising companies make inroads in the world's largest market.The public organization said the goal is to actively help growth of local unicorn startup companies that currently have valuations of 1 trillion won ($889.3 million) or more. Unicorn companies refer to very rare successful startups that have made a splash in their respective fields, such as Uber and
Dec. 23, 2018
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KCCI chief calls for closer ties with Moroccan businesses
Korea Chamber of Commerce and Industry Chairman Park Yong-maan (Yonhap)The head of the Korea Chamber of Commerce and Industry urged businesses to strengthen ties with Moroccan firms, highlighting the country’s push for industrial development.“Morocco, which has signed free trade agreements with about 50 countries, holds geopolitical advantage for business expansion,” said Park Yong-maan, chairman of the KCCI, the nation’s largest group representing Korean businesses.“I wish for broader cooperati
Dec. 21, 2018
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Market share of HNB e-cigarette hits 11 percent in Nov.
Heat-not-burn e-cigarettes accounted for 11.3 percent of all cigarettes sold in November, ministry data showed Friday.According to the Ministry of Economy and Finance, 288 million packs of cigarettes were sold here in November, a 1 percent on-year increase. Some 35 million packs of those were cigarettes used for HNB e-cigarette devices. Since the launch of the first HNB e-cigarette Iqos from Philip Morris International in May last year, interest in such devices has grown, sparking a steep increa
Dec. 21, 2018
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Cigarette sales up 1% in November
Sales of cigarettes in South Korea rose 1 percent in November from a year earlier, data showed Friday, amid an anti-smoking campaign and higher prices. (Yonhap)South Korean smokers purchased 288 million 20-cigarette packs in November, compared with 285.1 million in the same period of last year, according to data compiled by the Ministry of Economy and Finance.The figure represented a 20.5 percent drop from November 2014, just months before South Korea increased the price of cigarettes by 80 perc
Dec. 21, 2018
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Samsung to produce 7nm chips for IBM's CPU
US information technology giant IBM Corp. said Friday that South Korean chipmaker Samsung Electronics Co. will manufacture 7-nanometer microprocessors for its CPUs.According to IBM, Samsung will manufacture 7nm Power processors for IBM Power Systems, IBM Z and IBM LinuxONE high-performance computing systems and cloud offerings. (Yonhap)The deal is expected to help Samsung, which has Qualcomm Inc. as one of its clients, to beef up its foundry business utilizing extreme ultraviolet process techno
Dec. 21, 2018
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Korea must step up enforcement of laws against foreign bribery: OECD
South Korea must increase its efforts to enforce laws against bribery of foreign public officials, as enforcement is weak in view of the size of the nation’s economy and its export-oriented nature, said a report released Thursday by the Organization for Economic Cooperation and Development.“The decrease in foreign bribery enforcement (in Korea) since 2011 is a cause for concern, especially in view of the size of the Korean economy, its export-oriented nature, and the geographical and industrial
Dec. 20, 2018
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Daewoong Pharmaceutical to export Nabota to New Zealand, Israel, Ukraine
South Korean drugmaker Daewoong Pharmaceutical Co. said Thursday it has signed deals to sell its type A botulinum toxin drug in New Zealand, Israel and Ukraine.The product, called Nabota, will be available in the three countries as early as 2020 in accordance with the three separate contracts, whose combined value amounts to $12 million, the company said.This photo, provided by South Korean drugmaker Daewoong Pharmaceutical Co., on Dec. 20, 2018, shows its BTX product, Nabota. (Yonhap)Douglas Ph
Dec. 20, 2018
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CJ CheilJedang celebrates 30 years in Indonesia
CJ CheilJedang, a food manufacturing unit of CJ Group, celebrated its 30th anniversary since opening business in Indonesia, seeking to emerge as a world-leading bio firm. “Based on our business operation in Indonesia, CJ CheilJedang could develop as a global bio firm, thanks to hardworking employees at the Parusuan production line. The past 30 years will be a motivation for the next 30 years,” said CJ CheilJedang CEO Shin Hyun-jae, who participated in a ceremony in Parusuan, Indonesia, Thursday.
Dec. 20, 2018