Most Popular
-
1
Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
-
2
Key suspects grilled over alleged abuse of power in Marine death inquiry
-
3
S. Korean children, teens grow taller, mature faster than before: study
-
4
[Graphic News] Number of coffee franchises in S. Korea rises 13%
-
5
Some junior doctors are returning: Health Ministry
-
6
Army takes group action against Hybe for neglecting BTS
-
7
Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
-
8
[Robert J. Fouser] AI changes rationale for learning languages
-
9
Woman dangling from power lines rescued by residents holding blanket
-
10
Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
-
Top court upholds tax on Lone Star over property deal
South Korea's top court on Thursday confirmed the validity of the tax the government imposed on U.S. private equity firm Lone Star's profits from its sale of a Seoul building, The Supreme Court upheld a lower court's decision which approved the 64.8 billion won ($55 million) tax the Yeoksam District Office of National Tax Service levied on Lone Star Fund III over the sale of the skyscraper in southern Seoul.The amount excludes 39.2 billion won which the tax office had levied as additional tax. T
Dec. 15, 2016
-
Samsung Display's Q3 sales of flexible OLED screens exceed $1 billion
Samsung Display Co., the display-making unit of Samsung Group, saw its third-quarter sales of flexible organic light emitting diode screens exceed US$1 billion, according to industry data Thursday. In terms of sales of small and medium-sized flexible OLED screens for smartphones and other wearable gadgets, Samsung Display took the No. 1 spot for the third quarter with a market share of 31.8 percent. The data by IHS Markit showed Samsung Display posted sales of $3.66 billion in total in the small
Dec. 15, 2016
-
Hyundai Heavy says 2 trillion won order canceled
Hyundai Heavy Industries Co. said Wednesday a 2.16 trillion won (US$1.8 billion) order to build an offshore facility has been canceled, but there are no losses for the shipbuilder. In a regulatory filing, the world's biggest shipbuilder by orders said Chevron North Sea Ltd. on Tuesday notified them of its decision to cancel the order to build a floating production storage offloading unit, citing a deteriorating business environment."As the process to build the offshore plant has not begun due to
Dec. 15, 2016
-
SK hynix mulls over partnership with U.S.-based Seagate
SK hynix Inc., the world's second-largest producer of memory chips, said Wednesday it was considering teaming up with a U.S. hard disk drive maker to strengthen its competitiveness. In a regulatory filing with the Financial Supervisory Service, SK hynix said, "We are looking into various options, including setting up a joint venture with Seagate Technology PLC, to strengthen the mid and long-term competitiveness of our nonvolatile storage flash chips. But no decision has yet been made." In recen
Dec. 15, 2016
-
Hyundai Heavy says 2 trillion won order canceled
Hyundai Heavy Industries Co. said Wednesday a 2.16 trillion won (US$1.8 billion) order to build an offshore facility has been canceled, but there are no losses for the shipbuilder. In a regulatory filing, the world's biggest shipbuilder by orders said Chevron North Sea Ltd. on Tuesday notified them of its decision to cancel the order to build a floating production storage offloading (FPSO) unit, citing a deteriorating business environment."As the process to build the offshore plant has not begun
Dec. 14, 2016
-
[Newsmaker] Hanjin Shipping teeters on the brink
Hanjin Shipping, once the world’s seventh-largest shipping company, is on the verge of collapse and fading into history, despite its strenuous efforts to revive itself while under court receivership. According to the Seoul Central District Court in charge of the court receivership, accounting firm Samil PricewaterhouseCoopers has concluded that liquidation of the cash-strapped shipper is “more economical” rather than continuing with rehabilitation. The accounting firm estimated the liquidation v
Dec. 14, 2016
-
Burson-Marsteller names new Korea chief
Global public relations and communications firm Burson-Marsteller announced Wednesday it has named Chee Ihn as the new head of its Korea branch. Chee Ihn, new market leader of Burson-Marsteller KoreaChee has expertise in public relations and marketing communications in the areas of consumer goods, pharmaceuticals and tech. She previously worked with Edelman Korea and Weber Shandwick Korea.Burson-Marsteller Korea was the first foreign communications firm to open here in 1989. It is part of the to
Dec. 14, 2016
-
Starbucks Korea opens 1000th store
(Starbucks Coffee Korea)Starbucks Coffee Korea opened Wednesday its 1000th store in Cheongdam-dong, Seoul. The global coffee chain launched its first store in Korea in 1999 in front of Ewha Womans University in Seodaemun-gu.“The 1000th store marks a new roadmap for Starbucks Korea. We will continue to put in our best efforts to provide a comfortable and joyful cultural space for customers,” said Starbucks Korea. Spanning 258 square meters, the latest store covers three floors of the Cheongdam St
Dec. 14, 2016
-
Incheon Airport to streamline, expand cargo facilities
Incheon Airport will build a new cargo complex and terminals with an aim to raise its annual freight volume to 3 million tons by 2020, the Transport Ministry said Wednesday.It is part of a move to improve the airport’s freight competitiveness in the face of changing air cargo market trends, with the world’s trade volume on an overall slowdown.The arrivals hall at Incheon International Airport (Incheon International Airport)Traditional air cargo items such as electronic products are now turning t
Dec. 14, 2016
-
[Duty Free] Hyundai Department Store to bring retail experience to luxury duty-free
This is the third installment in a series of articles on companies vying for Seoul’s new duty-free licenses to be issued Saturday -- Ed.Hyundai Department Store Group is putting luxury at the forefront of its bid for a duty-free license for its first-ever tax-free outlet, promising a full lineup of major luxury brands at the store as well as specialized zones focusing on various aspects of Korean culture.Hyundai Department Store pushed its 30 years of operating luxury department stores as eviden
Dec. 14, 2016
-
Prosecution charges 17 over Hanmi Pharmaceutical disclosure case
The share-dumping scandal involving Hanmi Pharmaceutical is nearing closure, with the prosecution charging 17 people Tuesday for insider trading. The suspects are accused of reaping unlawful gains by taking advantage of undisclosed information regarding a broken licensing deal. After a monthslong investigation, the Seoul Southern District Prosecutors’ Office announced that it found 45 offenders involved with the Hanmi case, 17 of whom were indicted. The Hanmi Pharmaceutical headquarters in sout
Dec. 14, 2016
-
Korean Drug Ministry releases more biosimilar approval results in English
The South Korean Ministry of Food and Drug Safety this week released an English version of the results of its latest approval evaluation of Korea-made biosimilar drugs. The ministry started to offer the English versions in August with the aim of helping the companies expedite approval in other countries.The recent English-language disclosure were of Samsung Bioepis’ two biosimilars for treating rheumatoid arthritis -- Brenzys and Renflexis.Brenzys is a biosimilar referencing Amgen’s top-selling
Dec. 14, 2016
-
Expats get help joining SME drive
Chomnad Thongkamsopa, an expat from Thailand, was assigned to the Seoul branch of her company nine years ago. Now, with help from the “Trade Academy” program offered by Seoul Global Center, she runs her own business.After being transferred to Seoul almost a decade ago, Chommad saw potential in the booming online e-commerce industry in Korea and sought a job at a local company to capture the rapidly changing trends. She began to work for a company which supports local online shopping malls headin
Dec. 13, 2016
-
Shipping companies’ sales dip as car exports fall in Q3
(Yonhap)Local and foreign shipping firms are seeing a decrease in sales in tandem with a decline in automobile exports due to a slowing global economy.Hyundai Glovis, Hyundai Motor’s auto-shipping unit, recorded 1.53 trillion won ($1.31 billion) in sales between July and September this year, an 8.2 percent drop on-year and a 1.9 percent decline compared to the previous quarter, company data showed Tuesday.Eukor Car Carriers Inc, a local shipping firm that handles Hyundai and Kia Motors‘ outbound
Dec. 13, 2016
-
Capital injection for DSME to be wrapped up soon
Creditors will inject capital of nearly 3 trillion won ($2.6 billion) into Daewoo Shipbuilding and Marine Engineering by this month to rescue the cash-strapped company from delisting risk, industry insiders said Tuesday. Last month, the creditors, including the Korea Development Bank, decided to provide financial aid in the form of a debt-for-equity swap to the company. On Monday, the embattled shipbuilder’s board decided to sell stocks to the KDB to have its 1.8 trillion won debt swapped with s
Dec. 13, 2016
-
New electricity bill system finalized
The Ministry of Industry, Trade and Energy said Monday it finalized the new electricity pricing system for residential use. Under the new system, bills will be charged in one of three brackets, with the top cumulative rate three times higher than the lowest. The current power rate is determined using six brackets, with the top rate 12 times higher than the lowest. The ministry projected that the new system would cut power bills by 11.6 percent on average. Households consuming over 600 kilowatt-h
Dec. 13, 2016
-
Dozens of state-run companies face uncertain reshuffle
Dozens of South Korea’s state-run companies are in a leadership lull as the replacement of company heads who have reached the end of their term has been delayed due to the impeachment of President Park Geun-hye. According to the government’s data of state-owned firms disclosed on the website called Alio, the terms of 24 CEOs of state-run companies have ended but their successors have not been decided yet.Among such enterprises under the Ministry of Trade, Industry and Energy, heads of KEPCO Engi
Dec. 13, 2016
-
[Photo News] 2nd Shake Shack in Seoul to open Saturday
2ND SEOUL SHAKE SHACK -- US premium burger chain Shake Shack will open its second outlet in Cheongdam-dong of Seoul’s Gangnam district Saturday, according to the brand’s South Korean licensee SPC Group. The outlet, located on Dosan-daero, will open at 11 a.m. (SPC Group)
Dec. 13, 2016
-
Shinsegae opens mega department store in Daegu
DAEGU -- Retail giant Shinsegae is wrapping up the year with the grand opening of Daegu Shinsegae on Thursday, bringing a large-scale shopping and entertainment complex to the southern city connected to a transportation complex. The giant department store, which has more than 103,000 square meters of operating space, is Shinsegae Department Store‘s second large-scale branch outside of Seoul, following the Centum City branch in Busan. In addition to the traditional shopping areas, Daegu Shinsegae
Dec. 13, 2016
-
[Duty Free] Lotte Duty Free touts World Tower attractions
This is the second installment in a series of articles on companies vying for Seoul’s new duty-free licenses to be issued Saturday -- Ed.Lotte Duty Free, Korea’s largest duty-free operator, said that it would maximize tourist attractions in and around Lotte World Tower to build up the competitiveness of its branch there. The company pledged Tuesday to invest 2.3 trillion won ($1.97 billion) over the next five years to bring in tourists, develop tourism infrastructure in southern Seoul and suppor
Dec. 13, 2016