Most Popular
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Inflation eases in April, continues bumpy ride
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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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Seoul alerts overseas missions to NK terror threats
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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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Public backlash against division of Gyeonggi Province under 'corny' name
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[Robert J. Fouser] AI changes rationale for learning languages
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Army takes group action against Hybe for neglecting BTS
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Philips Korea donates supplies worth W35m to local children’s hospital
Philips Korea, the local branch of Dutch health care company Philips, said Tuesday that it donated dental and household goods worth 35 million won ($29,300) to a local hospital for disabled children. The company has delivered items including sonic electronic toothbrushes, kitchen appliances, vacuum cleaners and clothing irons to the Purme Foundation Nexon Children’s Rehabilitation Hospital. “The donation was made to enhance the rehabilitation treatment effect and support disabled children to hav
Dec. 21, 2016
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5 firms picked for fast-track restructuring program
Five South Korean firms, including LG Chem Ltd., the country's largest chemicals manufacturer, received government approval to carry out voluntary corporate restructuring through fast-track legal and administrative procedures, the trade ministry said Wednesday.The Ministry of Trade, Industry and Energy said a government panel chose the firms to endorse their proposed restructuring efforts to boost competitiveness.LG Chem, which posted 20.2 trillion won in sales last year, said it will convert it
Dec. 21, 2016
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Undersea tunnel built by Korean firm opens in Turkey
SK Engineering & Construction Co., a major builder in South Korea, said Wednesday that an tunnel that goes under the Bosporus Strait has opened connecting the Asian and European continents.In 2008, SK Engineering won the $1.24 billion project along with a Turkish firm, and the consortium started work on the project in January 2013.The double-deck tunnel, dubbed the Eurasia Tunnel, is the first for cars under the Strait, and reduces driving time across the Strait from the current 100 minutes via
Dec. 21, 2016
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Surplus cash of 100 big-cap firms doubles over one year
South Korea's top 100 large-cap companies have seen their surplus cash more than double over the past year as they are reluctant to invest amid the economy's prolonged sluggishness, data showed Wednesday.According to the data by market tracker CEO Score, the leading companies had a combined surplus cash flow of 55.2 trillion won ($46.2 billion) as of the end of September, up 118 percent from a year earlier.Cash flow refers to the cash that flows into and out of a company, while a surplus cash fl
Dec. 21, 2016
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Lotte Mart opens 46th store in Indonesia
Lotte Mart, a discount store chain operated by retailer Lotte Group, said Wednesday it has opened its 46th store in Indonesia in line with its global growth strategy. With floor space of 5,572 square meters, the Pramuka shop opened on the underground floor of a commercial-residential building in Jakarta with some 7,000 households.Lotte Mart's 16th retail outlet in Indonesia has a health and beauty section, as well as young children and fresh food corners, the company said.Lotte Mart also operate
Dec. 21, 2016
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3 Korean shipbuilders picked as most influential in Lloyd’s List
The heads of three Korean shipbuilders have been selected as some of the most influential figures in the shipping industry, a UK journal reported Tuesday. According to Lloyd’s List of the “100 most influential people in the shipping industry,” Daewoo Shipbuilding and Marine Engineering CEO Jung Sung-leep came in at No. 76 for showing a “willingness to roll up his sleeves and deal with the troubled shipbuilder’s issues head on.” Jung personally visited Angola and the United Arab Emirates to negot
Dec. 20, 2016
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Massive sales credit poses risks to local constructors
The accumulative sales credit of nine major construction firms in Korea exceeded 25 trillion won ($21 billion) this year, posing potential credit risk to the companies, the financial industry said Tuesday. (Yonhap)According to the Financial Supervisory Service, the total accumulative sales credit of the nine large construction firms recorded 26.7 trillion won as of the third quarter. Hyundai Engineering and Construction topped the nine companies with 6.1 trillion won, followed by GS Engineering
Dec. 20, 2016
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Samsung carries out year-end charity work
Samsung Group has been carrying out charity work throughout December, the company said on Tuesday.Since 1995 Samsung’s management and employees have replaced year-end parties with charity work. This year, around 52,000 employees from all the affiliates of Samsung Group participated in voluntary activities, visiting community child centers and social welfare centers to deliver daily necessities. Samsung employees deliver necessities to elderly people living along near Seoul Station on Dec. 7. Sam
Dec. 20, 2016
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Cruise passengers to Korea expected to surpass 2.2 mln this year
The number of cruise passengers visiting South Korea is expected to top 2.2 million this year, doubling from last year's tally, aided by an influx of Chinese travelers via cruise packages, a state-run tourism promotion agency said Tuesday. According to the Korea Tourism Organization (KTO), 1.94 million cruise passengers had visited the country as of end-October, up 129 percent from a year earlier. If that pace continues, the total tally for 2016 will exceed 2.2 million.A large portion of the pas
Dec. 20, 2016
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SME loans from nonbank lenders soar amid restructuring
A growing number of small and medium enterprises (SMEs) in South Korea are turning to high-interest loans from nonbank lenders as banks tighten their loan screening, data showed Tuesday.As of end-October, outstanding SME loans from nonbank financial institutions came to 76.6 trillion won ($64.4 billion), up 31.2 percent from a year earlier, according to the data by the central Bank of Korea. The amount also marks a 2 percent increase from the previous month.The jump in high-interest lending spar
Dec. 20, 2016
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[Graphic News] Younger Koreans prefer Facebook
A survey by Nielsen Koreanclick showed that the preferred social networking services among South Koreans differed by their age, with the younger smartphone users favoring Facebook and Instagram, and older generation remaining loyal to KakaoStory and Band.Nielsen said community-based services appear to have appealed to the older generation by having a specific purpose of their communities with closer interaction and credibility among the members.The average time spent on social media apps by age
Dec. 19, 2016
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Samsung picks 51 non-profits for W10b fund
From welfare charities to cultural programs for socially disadvantaged groups, Samsung Group last week selected 51 organizations for a 10 billion won ($8.43 million) project to contribute to society.As part of joint efforts with Community Chest of Korea, Samsung Group announced its list of fund recipients for the project named “Sharing and Dream” on Wednesday. The group will fund nonprofit organizations to support those in need and provide opportunities for them to support themselves. The projec
Dec. 19, 2016
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[Herald Interview] Pyeongtaek Port moving fast to foster new growth engines
Newly established shipping routes from Pyeongtaek Port are giving it a competitive edge as the gateway for Korea’s exports to Southeast Asia for local industries, the head of state-run Gyeonggi Pyeongtaek Port Corporation said. Gyeonggi Pyeongtaek Port Corporation CEO Choi Gwang-il (GPPC)“This year, (the company) has put efforts into expanding the cargo volume and seeking new businesses. It will now focus on turning the port into a vehicle-specialized port to become an automobile cluster, and o
Dec. 19, 2016
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LG Chem vows to lead green biotech sector
(LG Chem)South Korean chemicals firm LG Chem on Monday signed a memorandum of understanding with Seoul National University’s College of Agriculture and Life Sciences to work together to develop green biotechnology.LG Chem said it would invest some 5 billion won ($4.22 million) over the next five years for research and development of future core technologies, such as crop protection agents.“Competition is heating up among countries to dominate the green biotech industry in advance. The sector is
Dec. 19, 2016
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[NEWS FOCUS] War on duty free licenses ends, only for now
Saturday’s announcement of six new duty-free licenses in South Korea brought a sense of closure to heated competition, yet simultaneously amplified ongoing debates on the efficacy of the current licensing process on duty-free operations.The Korea Customs Service gave three highly-coveted duty-free licenses to conglomerates in Seoul, bringing the total number of duty free shops in the capital to 13.The golden tickets went to Shinsegae DF, Hyundai Department Store and Lotte Duty Free, after a long
Dec. 19, 2016
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CSL wins Canada's approval of hemophilia drug Afstyla
South Korean biopharma company SK Chemicals said Sunday that a hemophilia treatment it has co-developed with its partner CSL Ltd. has been approved for sale in Canada, marking another step forward in breaking into overseas markets.Last week, Canada's drug regulator Health Canada granted marketing and sales approval for Afstyla, a biologic drug for hemophilia A, to CSL Behring, a subsidiary of CSL Ltd.Afstyla was originally developed by SK Chemicals and licensed out to Australian biotech firm CSL
Dec. 19, 2016
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Celltrion on track to selling world’s first Rituxan biosimilar in Europe
South Korean biopharma company Celltrion is on track to commercialize a Rituxan biosimilar for the first time in Europe early next year, marking another major milestone for the drugmaker.The European Medicines Agency’s Committee for Medicinal Products for Human Use adopted a positive recommendation of Celltrion’s Truxima, a biosimilar referencing the blockbuster lymphatic cancer drug Rituxan (rituximab) on Friday.In line with the CMPH’s recommendation, the EMA is expected to officially grant Tru
Dec. 19, 2016
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Doosan Heavy inks 1 tln-won plant order in Saudi Arabia
Doosan Heavy Industries & Construction Co., South Korea's leading power equipment maker, said Monday it has signed a 1 trillion-won ($842 million) deal to build a power plant in Saudi Arabia.Under the deal with the state-run Saudi Electric Co., a Doosan Heavy-led consortium will build the 1,519-megawatt (MW) power plant, in the Fadhili gas-processing plant, located 85 kilometers north of Jubail Port, by November 2019, the company said.Doosan Heavy said its orders for the year may top 9 trillion
Dec. 19, 2016
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Korean industries show mixed reactions to oil price hike
Korean industries showed mixed reactions to the rising global crude oil price over the weekend, with the ailing shipbuilders expressing relief, while aviation and shipping businesses remained cautious.According to the Korea National Oil Corporation’s oil information provider Opinet, the average of the Korean gasoline price hit its yearly high, going to 1,460 won ($1.23) per liter, Saturday. The diesel price also surged to a yearly high of 1,253 won per liter. The oil information provider specula
Dec. 18, 2016
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Facebook for the young, KakaoStory for the older
With social media taking firm root in everyday lives, the preferred service differs among age groups in South Korea, a survey showed Sunday.Nielsen Koreanclick, which provides base data for media planning and ad effectiveness analysis, said it has researched the generational use of social media, based on findings that 91.7 percent of mobile users were active on various social media services. The survey targeted smartphone users using Android operating system as of October.Facebook was by far the
Dec. 18, 2016