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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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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Exports to US reach all-time high, widen gap with China
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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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Around 50% of people with disabilities aged 65 or above: report
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Daewoo Engineering signs MOU for infrastructure projects in Laos
Daewoo Engineering & Construction Co. inked an initial agreement with a Laotian partner to win infrastructure projects in the Southeast Asian country, the builder said Friday. On Thursday in Vientiane, Daewoo Engineering signed a memorandum of understanding (MOU) with Petroleum Trading Lao Public Co. (PTL) to build hydroelectric power generation facilities in the Mekong River, sea ports and special economic zones, the company said in a statement. In this photo taken on June 15, 2017, and provi
June 16, 2017
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Lotte Duty Free taps Thailand with first store in Bangkok
Lotte Duty Free, South Korea's top duty-free operator, said it opened an outlet in central Bangkok on Friday, making its first foray into the key Southeast Asian market.The shop, located inside entertainment and retail complex Show DC, is only partially operational at the moment, with the grand opening planned for later this year, the company said. (Yonhap)The launch of the Thai duty-free shop underscores Lotte's push to expand its overseas foothold. Lotte is the third-largest duty-free operator
June 16, 2017
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Ransomware payoff stirs controversy in Korea
A Korean web hosting firm’s recent decision to pay a huge ransom to a group of cybercriminals sets a bad precedent, possibly opening the door for more criminals to target Korea for easy money, security experts said. On Wednesday, local web hosting firm Nayana said it had decided to pay money to a hacker group that has paralyzed its 150 servers -- which also affected its 3,400 client websites -- since Saturday. (Yonhap)“We completed the negotiations with the hacker and we are now preparing the mo
June 15, 2017
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Beauty bloggers become ‘social sellers’
A friendly face and incentives go a long way. That is what has captured the attention of larger cosmetic manufacturers in South Korea as an increasing number of beauty bloggers are invited to join the competitive line of sales.“I was always so disappointed that online-only products were excluded from discounts. Now, as a social seller I can offer my followers and friends online-only products at a special price!” one of the advertisement postings by a blogger reads, packed with carefully crafted
June 15, 2017
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KOGAS starts operation of 3 LNG storage tanks in Korea
The state-run Korea Gas Corp. said Thursday that it started the operation of three large-scale LNG storage tanks in eastern South Korea earlier this week.Since March, the utility firm has test-run the three 270,000 kiloliter LNG storage tanks in Samcheok, 290 kilometers east of Seoul. The capacity of the tanks is the largest in the world, according to KOGAS. (Yonhap)The Samcheok LNG facility currently operates nine 200,000 kiloliter LNG storage tanks.With the three storage tanks going into full
June 15, 2017
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Medytox files US lawsuit alleging BTX theft
Medytox, South Korea’s largest maker of botulinum toxin, said Thursday that it has filed a lawsuit claiming intellectual property theft against domestic rival Daewoong Pharmaceutical and its US partner Alphaeon Corp. Botulinum toxin, or BTX, is a biopharmaceutical substance widely used to cosmetically remove facial wrinkles by temporarily paralyzing muscles. The drug is based on a neurotoxin protein produced by BTX-generating bacteria.(123RF)Medytox has continuously claimed that Daewoong stole
June 15, 2017
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[AIIB] Who’s who among key participants to AIIB
Ministerial-level delegates from 25 countries will participate in the second Asian Infrastructure Investment Bank annual meeting to discuss sustainable infrastructure in South Korea‘s southern resort island of Jeju, the government said Thursday.A total of 2,486 officials consisting of finance ministers, government officials working in fields related to infrastructure development of developing countries, CEOs of private businesses, officials of international organizations and the academia have si
June 15, 2017
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Shinsegae to sell goods in China's No.1 online shopping mall
Shinsegae Department Store, a major South Korean department store, said Thursday it will open a shop on China's largest online shopping mall next week in an effort to cope with the decrease in the number of Chinese tourists amid a diplomatic row over the deployment of a US missile defense system here. The department store said its cosmetics and fashion items will be available on Tmall from Sunday. It plans to sell more various items, including home appliances and products for children, within th
June 15, 2017
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Korean Air chief to resign from all other posts
Korean Air’s President Cho Won-tae plans to resign from his executive positions at all other affiliates within the Hanjin Group, according to the group Thursday.In addition to Hanjin Group’s air carrier, Cho, the son of Hanjin Group Chairman Cho Yang-ho, is also president of five affiliates including Hanjin Kal, Jin Air, Uniconverse, Hanjin Information Systems & Telecommunication and Korea Airport Service. Korean Air President Cho Won-tae (Korean Air)The group said in a statement that the decisi
June 15, 2017
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[AIIB] Korean agencies, companies display infrastructure tech at AIIB
Korean agencies and companies are displaying their latest infrastructure technology at the annual meeting of the Asian Infrastructure Investment Bank held in Jeju starting Friday.The Infrastructure Exhibition is being held in the third-floor lobby of the International Convention Center Jeju from Friday to Saturday. It includes presentations from 30 agencies and corporations from seven countries including Korea. The technology displayed focuses on cutting-edge advancements relevant to infrastruct
June 15, 2017
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Court rules against ex-KDB chief's conviction appeal
A Seoul court ruled Thursday against an appeal filed by a former state-run bank chief found guilty of slandering the head of a South Korean retail conglomerate. The appeals division of the Seoul Central District Court upheld the prior verdict on Min Euoo-sung, former chief of Korea Development Bank, that he defamed Lotte Group Chairman Shin Dong-bin by making false statements about him and his father.This file photo, taken on September 2016, shows Min Euoo-sung, former chief of Korea Development
June 15, 2017
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Lotte founder likely to lose board seat at key affiliate
The founder of South Korean retail giant Lotte Group is expected to lose his seat in the boardroom of a crucial affiliate in the conglomerate's governance structure, media reports said Thursday.The board of directors of Tokyo-based Lotte Holdings Co. is known to have decided not to propose the extension of Shin Kyuk-ho's tenure as a board member for their meeting later this week, according to local media reports. In this file photo taken March 20, 2017, Shin Kyuk-ho, founder of South Korea's fi
June 15, 2017
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Doosan Heavy unit bags 88 bln-won water purification facility deal
Doosan Heavy Industries & Construction Co., South Korea's top power equipment maker, said Thursday that its British affiliate has clinched a 87.5 billion-won ($77.8 million) deal to build a water purification facility.Doosan Enpure has signed the deal with Severn Trent Water, a British water supplier, Doosan Heavy said. (Yonhap)The facility will be able to process 320,000 tons of water on a daily basis. Its construction will be completed in 2020, according to Doosan Heavy.In 2012, Doosan Heavy a
June 15, 2017
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Eastar Jet strengthens services on international routes
Eastar Jet, a South Korean low-cost carrier, said Thursday it will strengthen services on international routes to absorb growing low-cost air travel demand. On Thursday, Eastar Jet began services on the Incheon-Da Nang route, with a plan to start services on the Incheon-Sapporo route from July 1, the budget carrier said in a statement. (Yonhap)The airline currently operates flights on 25 international routes which connect South Korea to eight countries -- Japan, China, Taiwan, Thailand, Vietnam
June 15, 2017
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Korean firms' Q1 sales up 7.9% on recovering oil prices
South Korean companies' combined sales jumped 7.9 percent in the first quarter from a year earlier helped by recovering oil prices and improved exports, central bank data showed Thursday.The on-year sales growth rate for domestic companies -- an indicator of a company's growth -- turned around from a 2 percent contraction in the first quarter of last year, the Bank of Korea said in a statement. The quarterly growth rate marked the highest since the first quarter of 2012, when it stood at 10.4 pe
June 15, 2017
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Prolonged imprisonment of top executive casting cloud over Samsung
Samsung Electronics Co. is set to face hurdles in drawing up business strategies as its top executive Vice Chairman Lee Jae-yong has remained behind bars for nearly four months, industry watchers said Thursday.Lee has been imprisoned since February amid his alleged connection to a political scandal which led to the ouster of former President Park Geun-hye. (Yonhap)The heir to South Korea's largest family-run conglomerate Samsung Group, which encompasses the world's largest smartphone manufactur
June 15, 2017
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Six of Korea's top 10 caps change spots
Six out of South Korea's 10 largest-cap companies have seen their rankings change this year in step with fluctuating business conditions, data showed Thursday.According to the data from the bourse operator Korea Exchange, Naver Corp., the operator of the country's top Internet portal, rose to fourth in terms of market value as of Wednesday from sixth at the end of last year.Naver's ranking got a boost from solid growth in the Internet ad market, the main source of revenue for the company.(Yonhap
June 15, 2017
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Trade agency taps into database for business advice
The Korea Trade-Investment Promotion Agency is planning to launch an online service that runs on database to assist local businesses with their engagement overseas.During a press conference to celebrate its 55th anniversary Wednesday, President Kim Jae-hong of the state-funded agency unveiled a plan to launch a website dubbed “Kotra Overseas Markets Big Bot,” which he said is expected to offer businesses practical advice.“We have accumulated data on companies’ business expansion overseas for a l
June 14, 2017
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Korea's bottled water market to reach W1tr by 2020
South Korea’s bottled water market is expected to surpass 1 trillion won ($890 million) by 2020 on the back of rising popularity among single-person households and the use of online shopping platforms, according to a local market research firm. Between 2010 and 2016, the bottled water market posted average annual growth of 6.7 percent, while the average growth of overall nonalcoholic beverages was relatively lower at 4.7 percent during the same period, according to a report from Taurus Investmen
June 14, 2017
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US Supreme Court decision speeds up entry of biosimilars to market
The US Supreme Court on Tuesday ruled that biosimilar developers do not have to wait six months after regulatory approval to bring their products to market, marking a boon for companies developing the new class of cheaper, near-replicas of expensive biologic drugs for the US. The landmark decision is expected to benefit biosimilar developers around the world, including South Korea’s Celltrion as well as Samsung Bioepis, which are planning to commercialize their products in the US in the future.
June 14, 2017