Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[KH Explains] No more 'Michael' at Kakao Games
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Rapper jailed after public street fight with another rapper
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Woman gets suspended term for injuring boyfriend with knife
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Samsung chief bolsters ties with Germany’s Zeiss
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NewJeans pops out ‘Bubble Gum’ video amid troubles at agency
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[Grace Kao] Hybe vs. Ador: Inspiration, imitation and plagiarism
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Med schools expect 1,500+ new admission slots next year
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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SK to acquire Dow Chemical’s PVDC unit
An affiliate of SK Innovation has signed a deal to purchase a chemical unit under Dow Chemical to expand its packaging product businesses, the company said Wednesday.The deal is the second transaction between SK Global Chemical and the US chemical company. The SK affiliate bought Dow Chemical’s ethylene acrylic acid business for $370 million earlier this year. (Yonhap)The sale price of Dow’s polyvinylidene chloride (PVDC) business is not revealed as the company has no obligation to make a public
Oct. 11, 2017
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CJ Cheiljedang to spend W200b on instant food business
CJ Cheiljedang Corp., South Korea's leading processed foods maker, said Wednesday it will invest 200 billion won ($176 million) to further foster its instant meal business in the next three years to meet robust consumer demands.The affiliate of the country's food and entertainment giant CJ said it aims to post 3.6 trillion won in sales from its instant dishes, commonly referred to as home meal replacement products here, in 2020.Its sales from the instant meal business surpassed the 1 trillion-wo
Oct. 11, 2017
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Goldman Sachs invests $30m in Korean food firm
Global investment giant Goldman Sachs has invested $30 million in a local bakery ingredients maker amid the rapid expansion of the country's dessert market, the Korean firm said Wednesday. Sun-in Co. said the investment will be spent to improve its manufacturing and distribution facilities, as well as to develop technology to optimize ordering and delivery experiences for clients. Founded in 1989, Sun-in is the largest bakery ingredients manufacturer and distributor in South Korea, according to
Oct. 11, 2017
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Inflight DFS sales drop amid keen competition with Internet, airport stores: data
Sales at inflight duty-free shops operated by South Korea's national flag carriers have decreased in the past few years, industry data showed Wednesday, amid fierce competition with Internet and airport duty-free stores.Sales figures for South Korea's eight carriers dropped to 332.8 billion won ($293.7 million) last year from 346.6 billion won in 2014 and 337.8 billion won in 2015, according to the statistics compiled by Rep. An Ho-young of the ruling Democratic Party. (Yonhap)By airline, Korean
Oct. 11, 2017
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Korea maintains top spot in global shipbuilding orders in Sept.
South Korean shipyards maintained the No. 1 position in new orders worldwide in September, while their order backlog also rose for the first time in 23 months, industry data showed Wednesday.According to the data compiled by global research firm Clarkson Research Institute, local shipbuilders clinched new orders equal to 1.46 million compensated gross tons last month to build a total of 26 vessels.South Korean shipyards clinched deals last month to build 11 very large container vessels, 10 very
Oct. 11, 2017
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Korean fashion companies rev up overseas push amid domestic slump
South Korean fashion companies are accelerating efforts to tap into overseas markets amid a prolonged domestic slump, industry watchers said Wednesday.Shinsegae International Inc., the apparel arm of retail giant Shinsegae, said it is planning to open three more VOV stores in China this year.The company currently runs 48 branches of the womenswear brand and aims to post 40 billion won ($35 million) in sales from the 51 stores this year, it said.Together with G-CUT, which opened its ninth store i
Oct. 11, 2017
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Consumer trend buzz shifting from ‘YOLO’ to saving
Social media buzz related to consumer trends in Korea are shifting toward seeking value and saving rather than spending money for the present, data showed Tuesday.According to data from Daumsoft analyzing social media keywords, those connected to present-focused spending declined significantly in the second half of 2017. On social media, trends have been moving in the opposite direction from the early months’ focus on spending money on small luxuries and experiences. (123RF)As one example, the n
Oct. 10, 2017
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Coupang opens pregnancy and baby products store
E-commerce firm Coupang said Tuesday that it had launched a new store specializing in pregnancy and baby products from over 400 brands.The store offers about 70,000 products for expectant and new mothers. It will also have overseas brands that are difficult to buy in Korea. Products offered at Coupang’s pregnancy and baby store“The store allows our customers to conveniently buy pregnancy and baby products from various brands at low prices,” said an official with Coupang. “We hope that the store
Oct. 10, 2017
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No. of outbound travelers continues to surge in Sept.
The number of South Koreans who traveled abroad continued to grow in September as more Koreans took advantage of cheaper tickets offered by low-cost carriers, with the trend expected to be maintained this month on a long holiday, industry data showed Tuesday.According to the data compiled by Hana Tour, the country's No. 1 travel agency, about 283,000 people took overseas trips through its tour programs offered last month, up 19.3 percent from the same month a year earlier. This photo, taken on O
Oct. 10, 2017
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Payco payment option added to Google Play
Google has expanded its payment options to include Payco, a mobile payment system operated by NHN Entertainment, for the Google Play Store on Android devices in South Korea, according to the local game and service provider Tuesday. “Google customers can purchase paid apps, in-app purchase content, movies, books and news with Payco point as a new payment method,” a NHN Entertainment spokesperson said.Launched in August 2015, Payco has grown to become the nation’s third-largest mobile payment prov
Oct. 10, 2017
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[Monitor] Record No. of travelers use Incheon Airport
The daily average number of passengers that used South Korea’s main gateway Incheon Airport is estimated to have reached 187,000 during the Chuseok holiday last week, Incheon International Airport Corp. said.Due to the 10-day holiday, the airport broke records for both inbound and outbound travelers. From Sept. 29 to Oct. 9, a total of 2,063,666 passengers used the airport, according to Incheon Airport.
Oct. 10, 2017
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Chaebol's split affiliates to be required to report transactions
The antitrust regulator said Tuesday it will require split affiliates of family-run business conglomerates, or "chaebol," to report their transactions with parent group affiliates from December. The Korea Fair Trade Commission said that if unfair transactions with parent groups are found among affiliates, it can seek to cancel the split. The watchdog, however, said that while it will keep closer tabs on certain activities, affiliates of chaebol that have effectively splintered off from their par
Oct. 10, 2017
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SKC, Evonik seek HPPO partnership
SKC, a chemical arm of SK Group, said Tuesday that it is in talks with German chemical firm Evonik for a strategic partnership.Evonik, a licensor of hydrogen peroxide to propylene oxide (HPPO) technology, is the inventor of the HPPO technology, which employs hydrogen peroxide as an oxidizing agent to oxidize propylene, which produces only water as a byproduct, the company said.The South Korean firm, for its part, is seeking a partnership to introduce the HPPO technology and enter the operation a
Oct. 10, 2017
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Innisfree VP named Amorepacific CEO
South Korean cosmetics giant Amorepacific has appointed Ahn Sae-hong, vice president of its sub brand Innisfree, as its new CEO, the company said Tuesday.The company named the new CEO and other executives as part of its efforts to tackle growing business uncertainty and adapt itself to a fast-changing market environment. Innisfree VP Ahn Sae-hong (Amorepacific)Ahn joined Amore Group, a predecessor of Amorepacific, in 1986. He has served as vice president of Innisfree since early 2014.The company
Oct. 10, 2017
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Daewoong’s new BTX production plant obtains regulatory approval
South Korea’s Daewoong Pharmaceutical said Tuesday that its newly-constructed botulinum toxin production plant in Hwaseong, Gyeonggi Province, has received local regulatory clearance. The Korean Ministry of Food and Drug Safety has granted Good Manufacturing Practice approval to Daewoong’s new plant designed to manufacture Nabota, the drugmaker’s botulinum toxin. With the addition, Daewoong now possesses two plants able to collectively produce 5 million vials of the wrinkle-fighting drug. If nee
Oct. 10, 2017
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Korea vows continued support for nuclear export push
The South Korean government vowed Tuesday to support local companies' bids to export nuclear reactors overseas, in a move to ease concerns that its nuclear phase-out plan could adversely affect efforts to new secure contracts. The Ministry of Trade, Industry and Energy held a meeting with state-run utilities, construction companies and local banks to discuss global market strategy and financial package programs, with an emphasis on upcoming nuclear power projects in Britain, the Czech Republic a
Oct. 10, 2017
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E-Mart stores in traditional markets boost mutual growth
Traditional markets with stores run by E-Mart Inc., the country's largest discount chain operator, have been witnessing an increase in the number of customers, signaling the possibility of the co-prosperity of giant retailers and mom-and-pop shops, industry sources said Tuesday.E-Mart operates stores dedicated to selling its private-label No Brand products at three traditional markets in South Korea. This file photo provided by E-Mart Inc. shows the entrance to its new store in the Sunsan Tradit
Oct. 10, 2017
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Survey says foreign medical tourists generally satisfied, except for language barrier
Foreigners on medical tours to South Korea are generally satisfied with the services they receive but feel inconvenienced the most by the language barrier, a survey showed Tuesday.The Korea Tourism Organization canvassed 2,152 medical tourists who visited South Korea last year and found that they gave an average 4.05 points out of five for the quality of service. Medical skills and facilities received the highest points of 4.23. Specialized services for foreigners got 4.08 points.Sixty-one perce
Oct. 10, 2017
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Hite Jinro opens Korean-style soju bar in Vietnam
Hite Jinro Co., South Korea's leading liquor maker, said Monday it has opened its first overseas soju pub in Vietnam, setting a goal to open over 20 such bars in the emerging market by 2020. The Korean-style covered street bar, called pojangmacha, opened in the capital city of Hanoi with a localized concept and design, after running a pop-up store in late 2016. The liquor maker said it will open the second street bar next year and increase the number of stores to over 20 by 2020. (Yonhap)"We wi
Oct. 9, 2017
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Korean reactor design gets European approval
South Korea's state-run nuclear operator said Monday modifications to its APR 1400 nuclear reactor design gained approval in Europe, paving the way for its export bid.The Korea Hydro & Nuclear Power Co. said the EU-APR design, which modified the APR 1400's emergency cooling system, was approved by the European Utility Requirements, a technical advisory group on nuclear power plants. The APR-1400 is an advanced pressurized water nuclear reactor designed by the Korea Electric Power Corp., the same
Oct. 9, 2017