Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Hopes rise for possible Gaza truce deal
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
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Leaders of S. Korea, Angola agree to boost economic, trade cooperation
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Korea ranks No. 1 in online grocery shopping
South Korea ranked No. 1 in terms of e-commence for grocery shopping, far outpacing other major developed countries, an industry report showed Tuesday.According to the report by industry tracker, Kantar Worldpanel, the percentage of fast-moving consumer goods shopping via online and mobile channels out of all purchases in South Korea between June 2015 and June 2016 came to 16.6 percent. FMCG refers to goods such as soft drinks, toiletries, over-the-counter drugs, processed foods and many other c
June 27, 2017
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Pharmaceutical industry contributes more to employment than other industries: data
South Korea's pharmaceutical industry has posted more than double the annual growth rate in terms of employment compared to the manufacturing sector as a whole, industry data showed Tuesday.The pharmaceutical industry has recorded 3.9 percent in annual employment growth rate between 2005 and 2015, while the comparable figure for overall manufacturing stood at 1.6 percent, according to data by the Korea Pharmaceutical and Bio-Pharma Manufacturers Association which checked figures released by Stat
June 27, 2017
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Kogas to start imports of US shale in July
South Korea’s state-run Korea Gas said Monday that it will start importing US shale gas in July.Following a deal secured in 2012 with the Texas-based Cheniere to bring in shale gas, Korea has become the first nation in Asia to import US shale gas. From this year, Kogas will bring in 2.8 million tons of US shale gas annually for the next 20 years. Throughout 2017, the company will import some 1.5 million tons, which will allow Korea’s annual import shipments of natural gas to reach 36 million ton
June 26, 2017
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Lotte beefs up logistics capabilities, says it seeks mergers
(Yonhap)Lotte’s parcel delivery service Lotte Global Logistics is seeking to find new avenues for growth after acquiring large-scale investments, sparking speculation about a merger with another Lotte affiliate to increase its presence in the highly competitive parcel delivery market.This year, Lotte Global Logistics, which was acquired by Lotte from Hyundai Group last year, landed two large-scale capital infusions including a 300 billion won ($264 million) investment arranged by private equity
June 26, 2017
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China's imports of Korean shipbuilding parts surge through April
China's imports of shipbuilding parts and equipment produced by South Korean firms surged this year, aided by the neighboring country's drive to nurture key industrial sectors, a report showed Monday.According to the report compiled by the Korea Trade-Investment Promotion Agency (KOTRA), China's imports of South Korean shipbuilding parts and equipment reached $28.3 million in the first four months of the year, sharply up 37.6 percent from a year earlier. (Yonhap)During the cited period, China's
June 26, 2017
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Samsung expected to announce US plant during Moon's visit
Samsung Electronics Co. is expected to announce a plan to build a new production facility in the United States during President Moon Jae-in's visit to Washington this week, industry sources said Monday."As Samsung's plan to build a factory for home appliances is virtually fixed, it is likely the company will make it official when Moon is visiting the United States," an insider said. (Yonhap)Moon will hold the two-day talks in Washington on Thursday and Friday (US time) to touch on a host of outs
June 26, 2017
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6 chaebol still rely heavily on cross-shareholding: report
Korea’s six conglomerates are still relying heavily on cross-shareholding to strengthen their owner families’ control over the affiliates, a report by chaebol business tracker showed Monday.The combined assets of the 1,259 affiliates under the top 30 business groups reached 1,642.5 trillion won ($1,447.7 billion) as of Monday, according to the report by Chaebul.com which cited each company’s latest regulatory filing. More than one third of their assets, or 35 percent, were created in cross-share
June 26, 2017
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Samsung's Galaxy S8 advert wins Cannes Lions awards
Samsung Electronics Co.'s advertisement of its flagship Galaxy S8 smartphone won seven awards from the Cannes Lions International Festival of Creativity, the company said Monday.The South Korean tech giant said it has won three gold, two silver and two bronze prizes from the festival with its advertisement dubbed "the dream of an ostrich." (Yonhap)Under the theme "do what you can't," the advertisement shows an ostrich struggling to fly after wearing a virtual-reality device. Samsung said the adv
June 26, 2017
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Hanjin Group changes skyline of LA
Creating a new peak to the skyline in Downtown Los Angeles, the Wilshire Grand Center is the completion of nearly three decades of work by Cho Yang-ho, chairman of Hanjin Group.Wilshire Grand Center (Korean Air)The 73-story edifice is the tallest in LA, California, West of the Mississippi River and outside of New York and Chicago. It changes the horizon of the City of Angels and symbolizes the conglomerate’s pride and confidence for a higher presence in the US.“The opening of Wilshire Grand Cent
June 25, 2017
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[From the Scene] Strong scientific research underpins biotech boom in San Diego
SAN DIEGO -- What if we could simply take a protein-control pill to get in sync with our circadian rhythm, curing the dreaded symptoms of jet lag once and for all? How about reversing the natural aging process -- literally becoming younger -- via genetic modification processes? These are just some scenarios that could one day become a reality through ongoing research at the Salk Institute of Biological Studies in San Diego, California, one of the key players underpinning the city’s booming biote
June 25, 2017
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Korean food rejected by Chinese customs surge 280% amid THAAD row
South Korean food products rejected by Chinese customs surged amid heightened tensions surrounding the diplomatic row over the deployments of a US anti-missile defense system here, official data showed Sunday.In March and April 95 shipments of food were turned back by Chinese customs, up a sharp 280 percent from 25 rejections posted for the same two-month period in 2016, the state-run Korea Agro-Fisheries & Food Trade Corporation said.It said items rejected included various cookies and crackers,
June 25, 2017
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Online shopping vendors on rise: data
The number of online shopping vendors in South Korea has rapidly expanded, government data showed Sunday, reflecting the development of e-commerce transactions here.According to the data by the National Tax Service, some 151,000 businesses exclusively selling products or services through the Internet were registered as of end 2015, up 14.3 percent from a year earlier. (Yonhap)The number of businesses that only have online shops has steadily increased from 108,000 in 2012, 114,000 in 2013, to 132
June 25, 2017
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Korean Air, Delta agree tie-up for Pacific routes
Korean Air and Delta Air Lines on Saturday finalized an agreement to set up a joint venture for Pacific routes, according to Korean Air.The joint venture will not take the form of a separate corporation, but the two carriers will operate Pacific routes together, sharing both costs and profits.Korean Air and Delta will rearrange their route schedules in the Pacific to allow for a more organic network between 290 cities in the Americas and 80 cities in Asia.Hanjin Group Chairman Cho Yang-ho, Korea
June 24, 2017
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FTC chief calls for fair chaebol governance
Kim Sang-jo, the new head of South Korea’s antirust watchdog Fair Trade Commission, met CEOs from the nation‘s four largest conglomerates on Friday and urged them to voluntarily change their decision making process to be more transparent and democratic.The former shareholder activist assured the top businessmen that the Moon government will not unilaterally push the so-called chaebol reform, by slapping them with punishments or regulations. The government, as well as himself, is ready to listen
June 23, 2017
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[News Focus] Moon’s nuclear-free policy lauded but face technical hurdles
The nuclear-free policies laid out by President Moon Jae-in as he attended the shutdown of the country’s oldest nuclear reactor on Monday have been hailed by most citizens so far, but they are also expected to bring a major change in the nation’s energy generation portfolio entailed with technical challenges and price hikes, experts in Seoul said Friday.Theoretically, renewables and liquefied natural gas can replace nuclear power, but the government can face difficulties with keeping the nation’
June 23, 2017
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Samsung BioLogics ups appeal at US biotech convention with high tech
SAN DIEGO, California -- Virtual reality headsets, a digitized traditional painting and miniature building replicas -- these are not things you would normally expect to see at a biotechnology and pharma industry event. Yet, they are all offerings available at the Samsung BioLogics booth at the 2017 Bio International Convention in San Diego, where the Samsung-owned contract drug manufacturer is working to appeal to its target clientele of global biopharmaceutical companies.Leveraging its roots in
June 23, 2017
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SK chief‘s daughter starts work at SK‘s biopharma unit
The elder daughter of SK Chairman Chey Tae-won has begun working as a manager at the group’s biopharmaceutical affiliate, according to SK Group.Twenty-eight-year-old Chey Yun-jeong joined SK Biopharmaceuticals’ strategy division, which sets up growth strategies and manages the development of new drugs. SK Group is currently investing heavily in its biopharmaceutical business as a future driver of growth.Chey Yun-jeong studied biology at the University of Chicago in the US, and has spent time int
June 23, 2017
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Bain & Company appoints two new partners
Bain & Company, a global management consulting firm, announced on Thursday that it has appointed Kang Ji-chul, 42, and Yoon Sung-won, 38, as the newest partners to its Seoul office. Kang is a graduate of Yonsei University’s Department of Economics with an MBA from Duke University’s Fuqua School of Business in the United States. He joined Bain & Company in 2009. At Bain’s Seoul Office, Kang has worked as a specialist in consumer goods distribution and has conducted a variety of consulting servic
June 23, 2017
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Korea Line inks 1.27 tln-won shipping deal
Korea Line Corp., South Korea's No.2 bulk carrier, said Friday that it has clinched a 1.27 trillion-won ($1.15 billion) deal to transport liquefied natural gas.Under the deal with Korea Gas Corp., Korea Line will transport LNG through May 30, 2037, the company said in a regulatory filing.Other details of the contract were not revealed.In 2013, Korea Line was taken over by SM Group, a midsized shipping group. Korea Line currently operates some 30 vessels, hauling goods, such as iron, ore, crude o
June 23, 2017
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Korean Air, local airlines surge on falling oil prices, firm demand
Stocks of South Korean airlines, led by Korean Air Lines Co., are set to further rise down the road following their recent surge on the back of falling oil prices, solid demand and a strong won, analysts said Friday.Korean Air Lines, which has gained some 50 percent so far this year, traded at 38,950 won (US$34) on the Seoul bourse as of 10:20 a.m., extending its gain to a third day. No. 2 flag carrier Asiana Airlines, which saw its stock price almost double this year, hit a yearly high of 6,330
June 23, 2017