Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Probe of first lady on Dior bag allegations set to begin
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'Super Rich in Korea' will leave viewers appreciating Korea more: producers
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Medical feud leaves hospitals in financial crisis
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'Queen of Tears' riding high on Netflix chart
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Chip up cycle won’t stay long: SK chief
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Chief of GM Korea urges corrupt employees to come clean without consequence
James Kim, president and CEO of GM Korea Co., apparently sought to eradicate what is believed to be widespread corruption among many employees and labor union leaders selling job openings, urging them to come clean without facing any consequences, company officials said Friday.In a recent e-mail addressed to all employees of GM Korea, the South Korean unit of U.S. automaker General Motors Co., Kim said the company and prosecution will not punish those who voluntarily turn themselves in and ackn
Dec. 30, 2016
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NPS chief faces arrest, admits to ordering merger approval
The independent counsel team investigating the charges against President Park Geun-hye and other corruption suspicions surrounding her aides sought an arrest warrant for former welfare minister and current National Pension Service chief Moon Hyung-pyo on Thursday. The team reportedly secured an admission from Moon that he had ordered the NPS to approve the controversial merger deal between Samsung C&T and Cheil Industries last year when he was welfare minister. This is the first arrest warrant s
Dec. 29, 2016
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Lotte Duty Free given pre-permit to open World Tower outlet
Lotte’s duty-free operator said Thursday it has received a preliminary permit to open its World Tower branch, despite controversy over the duty-free licensing process.Following the competitive round of bidding for new duty-free licenses for outlets in Seoul earlier this month, Lotte Duty Free emerged as one of the licensees along with Shinsegae DF and Hyundai Department Store.The Korea Customs Service has notified the three companies that they have acquired preliminary permits to begin preparing
Dec. 29, 2016
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Hanmi and Sanofi shrink licensing deal over new diabetes drug
South Korea’s Hanmi Pharmaceutical on Thursday announced the reduction of a major licensing partnership it entered with Sanofi over a set of new long-acting diabetes treatments developed by Hanmi. Under the newly agreed terms, Sanofi will return the development and commercialization rights to one of the three diabetes treatments it had licensed from Hanmi. In turn, Hanmi will refund a part of the upfront payment it had originally received from the French drugmaker. The Hanmi Pharmaceutical headq
Dec. 29, 2016
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S-Oil donates W2b to underprivileged
Korean oil refiner S-Oil has donated 2 billion won ($1.6 million) to the underprivileged as part of its regular efforts to support those in need, the company said Thursday. S-Oil CEO Othman Al-Ghamdi (left) poses for a photo with Community Chest of Korea Chairman Hur Dong-soo at a donation ceremony in Seoul, Thursday. (S-Oil)“I hope that S-Oil’s donation serves as some help to those in need in every corner of our society, including senior citizens living alone, single-parent families, the disabl
Dec. 29, 2016
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Daelim Industrial bags W2.3tr construction deal with Iran
Daelim Industrial has bagged a 2.3 trillion won ($1.9 billion) construction deal with Iran, marking the largest construction contract that a Korean company has won since economic sanctions on the Middle Eastern country were lifted, the company said Thursday. The company said it received a letter of award from Iran’s Isfahan Oil Refinery to improve and expand oil refining facilities in Isfahan, 400 kilometers south of Tehran. The deal’s value makes up about 24 percent of the company’s sales last
Dec. 29, 2016
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Daelim wins 2 tln won construction deal in Iran
Daelim Industrial Co., a major construction firm here, said Thursday that it has secured a 2.3-trillion-won ($1.9 billion) deal to expand refinery facilities in Iran.Daelim said it has received a letter of award on the contract to improve and expand the facilities of Iran's Isfahan Oil Refinery, located around 400 kilometers south of Tehran. The headquarters of Daelim Industrial Co. in a file photo. (Yonhap)The two sides plan to sign a formal contract next month for the four-year construction pr
Dec. 29, 2016
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Gov't to spend over 4 tln won for development of ports in Jeju, Donghae
The government said Wednesday that it plans to spend 4.22 trillion won ($3.48 billion) to upgrade seaport facilities and strengthen logistics functions on the country's southern resort island of Jeju and the eastern port city of Donghae.According to the Ministry of Ocean and Fisheries, a total of 2.45 trillion won will be poured into building more cruise berths and sea walls at the port of Jeju by 2030, to attract more cruise passengers, with 1.77 trillion won to be spent for the port of Donghae
Dec. 29, 2016
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Retail investors stay net sellers for 8th year
South Korean retail investors have net-sold more than 8 trillion won ($6.6 billion) worth of stocks this year amid a stagnant market, retaining their net-selling position for the eighth consecutive year, data showed Thursday.Individual investors sold a net 8.76 trillion won worth of shares between Jan. 4 and Dec. 28, the largest net selling among market players, according to the data by the Korea Exchange.Institutions sold a net 4.91 trillion won during the cited period, while foreign investors
Dec. 29, 2016
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Overseas units of Korean firms lost money in 2015
Overseas units of South Korean companies were in the red in 2015 for the first time since the global financial crisis, as the business environment in foreign countries has deteriorated, a report said Wednesday. A total of 6,045 overseas subsidiaries with more than $1 million in foreign direct investment logged a net loss of $4 billion in 2015, or $700,000 per company on average, declining 2.3 percent from a year ago, showed a report by the Overseas Economic Research Institute under the state-r
Dec. 28, 2016
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[Best Brand] Lotte Duty Free to pass on business tips to SMEs
Lotte Duty Free has geared up to buttress local small and medium-sized businesses by offering its business knowhow. Since September 2016, Lotte Duty Free has been offering consulting services on management to Joongwon Duty Free, located in Cheongju, North Chungcheong Province. Joongwon Duty Free has been enduring a dry spell in sales since it opened in April 2014. Through the consulting services spanning brand negotiation, marketing and promotions both at home and abroad, business operating tips
Dec. 28, 2016
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Korean Air pilots call off strike
Unionized pilots at Korea‘s largest airline on Wednesday called an early end to its strike originally scheduled to last until Jan. 10. The strike began on Dec. 22.Through an official statement, the Korean Air Pilot Union said that it had reached an agreement to return to negotiations with the company on Thursday at 3 p.m, holding off the strike from midnight Thursday until Jan. 15. This would be the 10th round of wage negotiations. (Korean Air)The pilots’ union had initially demanded a wage incr
Dec. 28, 2016
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Pension fund chief detained for favoring Samsung merger
The National Pension Service’s head Moon Hyung-pyo was brought into custody Wednesday by the independent counsel team on suspicion of having pressured the pension fund to support the Samsung merger deal last year when he was the welfare minister. The special investigation team said it detained the former Welfare Minister Moon, who was summoned Tuesday, on charges of abusing his power to back the merger between Samsung C&T and Cheil Industries in July of last year. The controversial merger helped
Dec. 28, 2016
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DSME to enforce unpaid leave for office workers
Daewoo Shipbuilding and Marine Engineering said Wednesday it will initiate one month of unpaid leave for all office workers starting from next year as part of its cost-saving efforts. The shipbuilder said about 300 office workers will first start their one month of unpaid leave next month. All three Korean shipbuilders -- DSME, Samsung Heavy Industries and Hyundai Heavy Industries -- vowed to enforce such unpaid leave as part of their self-rescue plans, but this is the first time that a company
Dec. 28, 2016
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Shinsegae names new CEOs
Shinsegae Group announced Wednesday that it has named two new chief executives to its duty-free and fashion companies, effective Jan. 1.Son Yung-sik, the Executive Vice President of Shinsegae‘s duty-free operator Shinsegae DF, was named the new CEO of the company. He will be replacing Sung Young-mok, who had been serving as CEO of both Shinsegae DF and Shinsegae Chosun Hotel.According to Shinsegae, Sung will be focusing exclusively on the company’s hotel business while Son will be in charge of t
Dec. 28, 2016
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Korean Air works to stop desertification
Korean Air is working to contribute to the fight against climate change with its Global Planting Project in China and Mongolia.Since 2007, Korea‘s largest airline has been planting trees in the Kubuchi Desert in China. Over the past decades, employees have visited the desert every year to plant trees in the Korean Air Eco-Park. This year, 50 employees joined 70 college students to plant trees from Sept. 20 to 22. Korean Air employees and college students at Kubuchi Desert in China pose at an an
Dec. 28, 2016
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Yuhan Corp. ends licensing partnership with China’s Luoxin Biotech
South Korean pharmaceutical company Yuhan Corp. disclosed Wednesday that it has terminated its licensing partnership with China’s Luoxin Biotechnology Co. over its failure to fulfill its contractual duties.Yuhan had licensed out its new lung cancer drug candidate YH25448 to Luoxin Biotechnology in July this year in a deal valued at around $120 million. The two firms had been carrying out further talks over the contract details.Under the deal, Luoxin Biotechnology had agreed to jointly develop Yu
Dec. 28, 2016
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New IBK chief vows more overseas operations
Kim Do-jin, new CEO of the Industrial Bank of Korea, said Wednesday he will focus efforts on diversifying the income source of the state-owned policy lender.Taking up his new post, Kim stressed the need for expanding noninterest revenue and capitalizing on the rapid growth of mobile banking and fintech businesses. Kim Do-jin, new CEO of the Industrial Bank of Korea, delivers a speech during his inauguration ceremony in Seoul on Dec. 28, 2016. (Yonhap)"The current financial (business) conditions
Dec. 28, 2016
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Korea's top 10 firms lag behind global rivals in R&D spending
South Korea's top 10 largest companies lag behind their global rivals in their spending for research and development projects, data showed Wednesday.In terms of a ratio of research and development spending to revenue, the average spending by the nation's top 10 firms is about 76 percent that of their global rivals, according to the data by market tracker CEO Score. An ad for mortgage loans by a South Korean bank is pictured in this undated file photo. (Yonhap)Of the 10 firms, Samsung Electronics
Dec. 28, 2016
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Korean firms' overseas units lose money in 2015
Overseas units of South Korean companies lost money in 2015 for the first time since the global financial crisis due mainly to a slowdown in global demand, a report said Wednesday.About 6,000 wholly owned subsidiaries in foreign countries registered an average net loss of US$700,000 last year, the first red ink since 2008, according to the report by the Overseas Economic Research Institute under the state-run Export-Import Bank of Korea. "Overseas units of local companies lost money last year a
Dec. 28, 2016