Most Popular
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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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Army takes group action against Hybe for neglecting BTS
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[Robert J. Fouser] AI changes rationale for learning languages
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[Today’s K-pop] Stray Kids go gold in US with ‘Maniac’
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Unfair trade by delivery apps rampant: report
Half of small businesses working with delivery apps have experienced unfair trade, a report showed Sunday.The Korea Federation of SMEs said it surveyed 200 small restaurant companies that serve chicken, Chinese and other fast food to hear of their business difficulties. The result showed that 48 percent had experienced one or more incidents of unfair trade after joining the delivery app services.Food delivery apps such as Baedal Minjok and Yogiyo have expanded significantly over recent years, wi
Dec. 18, 2016
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Travel ban imposed on Samsung, SK, Lotte heads
The special investigation team has imposed travel bans on conglomerate chiefs as it prepares to dissect the political scandal involving President Park Geun-hye and her confidante Choi Soon-sil, according to news reports on Sunday. Samsung Electronics’ Vice Chairman Lee Jae-yong, SK Group’s Chairman Chey Tae-won and Lotte Group’s head Shin Dong-bin have been banned from travelling abroad. The ban came as the independent counsel team is set to begin a 70-day investigation into the scandal from Mon
Dec. 18, 2016
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Sales of poultry dip, imported pork soar on avian flu outbreak
The highly pathogenic strain of bird flu that is rapidly spreading throughout the country has led to a decrease in sales of chicken. Sales of chicken declined 15.4 percent on-year during the first 15 days of December following the H5N6 avian influenza outbreak, according to South Korea’s largest discount retail chain E-mart.This is in contrast to the 6.1 percent on-year sales increase recorded between January and November at the stores.Sales of other poultry, such as duck, plunged 17.2 percent,
Dec. 18, 2016
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Top three retailers win new duty-free licenses in Seoul
Lotte Duty Free, Hyundai Department Store and Shinsegae DF have won new licenses to operate duty-free stores in the affluent Gangnam district in Seoul, the Korea Customs Service said on Saturday evening.Two other big rivals SK Networks and HDC Shilla failed to get the ticket, after a six month battle to tap into the demand of growing Chinese tourists in southern Seoul.The announcement came despite strong opposition from civic groups and lawmakers, who demanded that the government suspend the dec
Dec. 18, 2016
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Daewoo Shipbuilding wins potential 700 bln-won deal
Daewoo Shipbuilding & Marine Engineering Co. said Sunday it has bagged a combined 700 billion won ($590 million) in potential orders from a Greek shipping company. Under the agreement with Maran Tankers Management -- a unit of Greece's largest shipper, Angelicoussis Shipping Group -- the troubled South Korean shipbuilder will provide a liquefied natural gas-floating storage and regasification (LNG-FSRU) ship.Details of the deal were not revealed, but the LNG-FSRU is priced at the upper 200 billi
Dec. 18, 2016
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New duty-free licenses await decision amid controversy
Korea’s customs regulator is set to announce the winners of six new duty-free licenses Saturday evening, despite continued opposition from lawmakers and civic groups.Three of the licenses will be granted to large companies in the Seoul area. Five companies have bid for the licenses -- Lotte, SK Networks, Shinsegae, HDC Shilla and Hyundai Department Store. The rest of the licenses will go to small and medium enterprises and duty-free outlets outside of Seoul.The bidding and evaluation process ran
Dec. 16, 2016
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[Newsmaker] Daesung chief explores new territory for energy transition
Younghoon David Kim, chairman of Daesung Group, a South Korean conglomerate specializing in the energy business, has a unique and grand mission in mind: finding individuals like Michael Faraday.Stressing that the world is on the verge of an energy transition, Kim believes the time is ripe for entrepreneurs like him to find the brightest minds to bring about a paradigm shift from a fossil fuel-based economy to one based on new sources of energy. To open a new chapter in human history, the world n
Dec. 16, 2016
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[Weekender] Convenience stores’ private brands hit big
Convenience stores have long been a part of South Korea’s quick, fast-changing lifestyle, and they have now taken a step further by producing their own private brands.What makes their private brands work is the convenience store chains’ wide distribution capacities.Omori Kimchi stew ramen released by local convenience retail brand GS 25 and instant noodle maker Paldo. (GS Retail)Most convenience retail brands do not spend large sums of money on ads for their private brands, because promotion is
Dec. 16, 2016
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[Weekender] At your convenience
Ethan Kim, a 33-year-old marketer living in Seoul, says he cannot remember the last time he was in a grocery store.“I do most of my shopping online,” he says. “Everything else, I buy at a convenience store near my house. I usually stop and get something for dinner on my way home from work.”As the number of single-person households continues to rise in Korea, convenience stores have become the new offline retail outlets of choice, a rare sector of growth in a sluggish retail climate. According to
Dec. 16, 2016
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[Weekender] Convenience stores team up with services firms
Korean convenience stores, arguably a slump-free business in times of weak local demand, are increasingly teaming up with services firms to attract more customers and to differentiate their business models, industry officials said.The latest move came from Korea’s biggest convenience store franchise GS Retail, which joined hands with budget telco service firm Annex Telecom to sell a low-cost USIM card.A user of Ticket Monster’s mobile shopping app TMon picks up her delivered product at a CU conv
Dec. 16, 2016
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Sharing warmth
SHARING WARMTH -- From left: Chung Moon-sik, head of the KT CS Labor Union, Lee Eung-ho, executive director of KT CS, Park Hyung-jung, head of the Daejoen branch of the Ministry of Employment and Labor, and Kang Tae-in, head of the Yongun Welfare Center, pose for a photo Friday. KT CS, KT’s contact business operator, donated winter supplies, such as oil and coal briquettes, worth 20 million won ($16,900) on Friday to low-income families. (KT))
Dec. 16, 2016
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[Duty Free] HDC Shilla to create duty-free store for millennials
This is the fifth installment in a series of articles on companies vying for Seoul’s new duty-free licenses to be issued Saturday -- Ed. HDC Shilla has promised to create a duty-free store catering to trendy millennials at the IPark Tower in Gangnam-gu if granted a new duty-free license. The IPark Tower in Gangnam-gu, Seoul (HDC Shilla)The joint venture between Hyundai Development and Hotel Shilla chose the artsy building designed by American architect Daniel Libeskind as the home of its next d
Dec. 16, 2016
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SK Biopharm begins brain cancer drug development with local hospital
SK Biopharmaceuticals, the new drug development unit of South Korea’s SK Group, has taken its first step into the cancer treatment market by entering a new partnership with a cancer research body at a Korean hospital.SK Biopharm and the Samsung Medical Center’s Institute for Refractory Cancer Research signed a joint drug research partnership in Seoul on Thursday, agreeing to co-develop new drugs to treat brain tumors for the next three years. SK Biopharm CEO Cho Dae-sik (right) and President and
Dec. 16, 2016
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Korean firms most concerned about protectionism, policy vacuum: survey
South Korea's major conglomerates are most worried about growing protectionism around the globe and an economic policy vacuum following the impeachment of President Park Geun-hye, a survey showed Friday.In the survey, conducted by Yonhap News Agency on 32 affiliates of the nation's 30 conglomerates, 16 firms, or 45.7 percent, said the biggest challenge they face next year is global protectionism, followed by the political instability stemming from the impeachment of President Park with 9 firms,
Dec. 16, 2016
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FKI’s influence ebbing away
The embattled business lobby group Federation of Korean Industries is stuck in a tight spot as it attempts to devise a reform plan without much enthusiasm or support from its major members.None of the heads from the nation’s top five conglomerates -- Samsung, LG, Hyundai, SK and Hanwha -- attended the organization’s meeting on Thursday morning, which was held to gather opinions about the future direction of the organization. The heads were absent from the meeting amid growing calls for the lobby
Dec. 15, 2016
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HHI shares fall from canceled plant project
Hyundai Heavy Industries’ stock price started off weak Thursday, a day after it announced its marine plant project worth 2.1 trillion won ($1.78 billion) was canceled, having been pending for more than three years.The stock price opened at 150,500 won on the Seoul bourse on Thursday, down 1.95 percent from the previous session, and continued to drop in the afternoon. The shipbuilder said Chevron North Sea had notified that it would withdraw the order to build a floating production storage offloa
Dec. 15, 2016
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S-Oil awards local heroes
Korea’s oil refiner S-Oil gave awards to dozens of citizens and bereaved families for risking or sacrificing their lives to save others, the company said Thursday.S-Oil presented a total of 140 million won ($118,600) to 34 citizen heroes at its annual Hero Neighbors Award event held at its headquarters in Seoul. S-Oil CEO Othman al-Ghamdi poses for a photo with award recipients at the S-Oil headquarters, Seoul, Thursday. (S-Oil)The recipients included 29-year-old job seeker Ahn Chi-beom, who pa
Dec. 15, 2016
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[Duty Free] SK Networks offers healing resort experience with duty-free
This is the fourth installment in a series of articles on companies vying for Seoul’s new duty-free licenses to be issued Saturday -- Ed. SK Networks‘ Sheraton Grande Walkerhill Hotel in Gwangjin-gu seeks to entice visitors by offering up a healing resort experience with shopping opportunities if it wins back a duty-free license. SK Networks has applied for the license to re-open its duty-free store at the Walkerhill Hotel, having expanded the floor space of its stores and storage by 2.5 times t
Dec. 15, 2016
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Korean nuclear fusion reactor takes step forward for commercialization
An experimental nuclear fusion reactor in South Korea has achieved a world record of 70 seconds in high-performance plasma operation, taking a step forward in commercializing a nuclear fusion reaction to produce electricity, researchers said Thursday. Unlike light and heavy water nuclear reactors, which are widely used for now, a nuclear fusion reaction provides safer electricity as it produces low levels of radioactive waste.Along with the United States, the European Union, Japan, Russia and Ch
Dec. 15, 2016
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What did Koreans google the most in 2016?
(TechOne 3)In 2016, South Korea’s most googled search term was “The Handmaiden,” an erotic thriller movie by award-winning director Park Chan-wook.Wrapping up the year, Google Korea on Thursday released a list of 10 most searched words between Jan. 1 and Dec. 10.The hit movie “The Handmaiden” attracted over 4.2 million viewers in local theaters, and has been sold to 175 countries after garnering attention at the 2016 Cannes Film Festival. Coming in second place was popular TV series “Descendants
Dec. 15, 2016