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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S. Korean children, teens grow taller, mature faster than before: study
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Some junior doctors are returning: Health Ministry
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Robert J. Fouser] AI changes rationale for learning languages
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Woman dangling from power lines rescued by residents holding blanket
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Accomplices or victims? Tycoons to face grilling at Assembly hearing
In the biggest-ever parliamentary questioning of the nation’s industrial figures, nine chaebol chiefs are set to take the stand at the National Assembly Tuesday, to answer questions over their relationship with President Park Geun-hye and her longtime friend Choi Soon-sil.It is the first time in South Korea’s modern history that the top chaebol leaders will be brought together in a televised parliamentary hearing to face questions over their allegedly cozy ties with politics and power, a topic t
Dec. 5, 2016
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Accomplices or victims? Tycoons to appear at Assembly hearing
Nine chaebol owners are set to take the stand at the National Assembly on Tuesday, to answer questions over their suspicious relationship with President Park Geun-hye and her longtime friend Choi Soon-sil.It is the first time in South Korea’s modern history to bring the top chaebol leaders together for a parliamentary hearing and to question them on national television over their allegedly cozy ties with politics and power, a topic that has mostly been considered a taboo to speak of. (From left
Dec. 5, 2016
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Chopstick skills adds to latest recruitment criteria
Job seekers looking to join local food firm Sempio should buff up on another key skill before applying: using chopsticks.Sempio said it will assess applicants’ skills using chopsticks as part of its recruitment interview process, which began Monday.The firm said it has added a chopsticks evaluation for applicants to better understand company value and philosophy.“We believe that chopstick usage represents Korea’s unique dining etiquette and culture. Chopsticks encompass the spirit of sharing wit
Dec. 5, 2016
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‘E-mart warns against employee for wearing president-bashing badge’
E-mart, the biggest supermarket chain under Korea’s retail giant Shinsegae, is being accused of carrying out a disciplinary measure on an employee for wearing a badge urging President Park Geun-hye’s resignation.E-mart’s Pohang Idong branch in Northern Gyeongsang Province allegedly informed a cashier that “any forms of disadvantage would be her responsibility to take” for wearing a badge expressing her political opinion, the E-mart Labor Union reported on its Facebook page Saturday. An E-mart em
Dec. 5, 2016
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KITA celebrates Trade Day in tough year
The 53rd Trade Day commemoration event took place at the Coex Convention Center on Monday, with more than 1,400 attendants, to encourage business people and companies suffering grim exports condition this year. The ceremony, co-hosted by the Korea International Trade Association and the Ministry of Trade, Industry and Energy, honored 760 businesses people, including Hyundai Oilbank Co. Chairman Moon Jong-bak, for their efforts to promote exports. A total of 1,209 companies received the
Dec. 5, 2016
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Korea’s FX reserve dips on heightened dollar value
(Yonhap)South Korea’s foreign exchange reserve decreased for two straight months, due to strengthened US dollar value, the central bank said Monday. The nation‘s foreign exchange reserve for November stood at $371.99 billion, down $3.18 billion compared to October. It dropped by the largest margin in 16 months since July 2015, when the reserve slid by $3.9 billion. “The value of the US dollar has sharply increased following US President-elect Donald Trump’s acceptance speech, through which he an
Dec. 5, 2016
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Amgen first to apply for European approval of Avastin biosimilar
US pharmaceutical giant Amgen has become the first company to seek regulatory approval to sell an Avastin biosimilar in Europe, taking the lead in the race to introduce cheaper replicas of the blockbuster cancer treatment. Amgen and its partner Allergan announced Saturday that they have submitted ABP 215, a biosimilar referencing Roche’s Avastin (becacizumab) to the European Medicines Agency.“The companies believe this submission is the first becacizumab biosimilar application submitted to the
Dec. 5, 2016
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Number of moviegoers expected to top 200 mln for fourth year
The number of admissions to local theaters this year is expected to surpass 200 million for the fourth straight year, a market tracker said Monday.According to the Korean Film Council (KOFIC), both domestic and foreign films have attracted more than 199.31 million viewers this year as of Monday morning.The annual figure is sure to hit 200 million given that a daily average of 250,000 go to see movies on weekdays.Korean cinemas have sold 215 million tickets in 2014 and 217.3 million in 2015 after
Dec. 5, 2016
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OCI sells US affiliate for 451 bln won
OCI Co., South Korea's leading solar power company, said Monday that it has decided to sell its US affiliate for 451 billion won ($385 million) as part of efforts to improve its financial status.In a regulatory filing, OCI said it has agreed to sell OCI Solar San Antonio 6 LLC. The company did not unveil the name of the buyer.Since 2012, OCI has been conducting a 400MW-solar power project in Texas under which a total of seven solar farms have been established. The proceeds from the asset sale wi
Dec. 5, 2016
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Restaurants face worsening biz conditions
South Korea's restaurant industry is suffering from worsening business conditions due to market saturation and a prolonged economic slowdown, government data showed Monday.The number of restaurants and pubs in Asia's fourth-largest economy stood at 650,000 as of end-2014, up 2.4 percent from a year earlier, according to Statistics Korea. This photo, taken on Oct. 5, 2016, shows a Japanese restaurant in Goyang, northwest of Seoul, empty following the implementation of a draconian anti-graft law.
Dec. 5, 2016
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Russian shipper may place order for four oil tankers with Korean firm
Russia's state-owned shipping line Sovcomflot may award its oil tanker shipbuilding deal to a South Korean shipbuilder in the near future, with its management recently visiting Hyundai Heavy Industries Co. and Samsung Heavy Industries Co., industry sources said Monday.According to the report from global shipping industry tracker Tradewinds and industry sources, top management from Sovcomflot held a series of meetings with the two Korean shipyards last month, as the Russian firm is set to place a
Dec. 5, 2016
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GM Korea chief re-elected AMCHAM chairman
James Kim, president of GM Korea, was re-elected chairman of the American Chamber of Commerce in Korea (AMCHAM) to lead the organization for the fourth consecutive year, AMCHAM said Monday. Kim, who had served as country manager of Microsoft Korea, became GM Korea's chief last year. He is the first Korean-American to serve as the AMCHAM chairman. James Kim, president of GM Korea and incumbent chairman of the American Chamber of Commerce in Korea, speaks during a Seoul forum on Oct. 26, 2016, in
Dec. 5, 2016
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Sales of pricey padded jackets soar despite overall slump
South Korea's leading department stores saw their sales of high-priced padded jackets and other premium foreign clothing brands jump in November despite a drop in overall consumption, industry data showed Monday.Industry leader Lotte Department Store said its sales of imported premium bubble jackets spiked 45 percent last month from a year earlier. Shipments of other pricey clothing items also posted solid growth. This photo, taken on Nov. 27, 2016, shows people shopping for padded jackets at Lo
Dec. 5, 2016
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SNU edits plant gene using ‘non-GMO’ method
Professor Koh Hee-Jong (left), head of Seoul National University‘s Plant Molecular Breeding Center. (Plant Molecular Breeding Center)The Plant Molecular Breeding Center of Seoul National University, led by professor Koh Hee-Jong, has claimed the world’s first selective gene editing technique that produces plants that are not classified as a GMO.The team has applied for a patent for its latest technology, which uses RNA to modify target genes through CRISPR-Cas9, a gene editing technique, the cen
Dec. 4, 2016
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Samsung Galaxy retains top spot in brand value
Samsung Electronics’ flagship smartphone Galaxy maintained the top spot in brand value among the top 100 firms in 2016, a market research firm said Sunday. According to Brandstock’s list of the leading 100 brands for this year in South Korea, Samsung’s Galaxy ranked No. 1 for the sixth consecutive year, despite its global recall and suspension of Galaxy Note 7 smartphones due to risks of explosion.Retail store E-mart and South Korea’s largest mobile messaging application KakaoTalk came in at sec
Dec. 4, 2016
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Tycoons to face tough questions at Assembly
South Korea’s top business heads are on full alert this week as they face a tough parliamentary hearing Tuesday over their alleged connections with the presidential corruption scandal.The chiefs of eight conglomerates including Samsung, Lotte, SK and CJ are expected to testify before the parliament’s special committee, which consists of 18 members, half from the ruling party and the rest from opposition parties. One of the key issues they will be grilled on is Samsung’s alleged attempt to push t
Dec. 4, 2016
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Jeju sees increase in departure tax revenue from more tourists
Jeju Island, one of South Korea's most well-known tourist destinations, on Sunday reported a spike in departure tax this year caused by greater foreign visitor traffic.The provincial government said it collected 46.7 percent more departure tax from outbound international travelers in the 10 months of this year, compared with the same period in 2015.The increase is welcome news since the tax goes into the resort island tourism promotion fund that can make Jeju more attractive to visitors down the
Dec. 4, 2016
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Power outage hits COEX mall
A sudden blackout hit the COEX mall in Gangnam, Seoul, causing an evacuation of visitors and office workers on Friday afternoon. No cases of damage have been reported, according to the Korea International Trade Association, the operator of Coex mall. A shop in the COEX mall temporarily shut down due to power outage on Friday afternoon. (Yonhap)The power was knocked out at 1:50 p.m. at the COEX mall and Korea City Air Terminal and retuned at 2:10 p.m. In a 20-minute-blackout, visitors rushed to e
Dec. 2, 2016
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Samsung BioLogics denies alleged link to Choi gate
Samsung BioLogics on Friday denied growing speculations that it had received preferential treatment for its market debut in connection with Samsung Group allegedly lobbying President Park Geun-hye’s longtime friend Choi Soon-sil.In a rare move, the biopharmaceutical unit of Samsung Group posted an announcement at its website that local reports stating that the Korea Exchange may had revised its stock market listing requirement in favor of the firm are “not true,” saying that its market entrance
Dec. 2, 2016
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Daewoo Shipbuilding to hive off IT biz unit
Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Friday that it plans to spin off its IT business unit next year in an effort to streamline its business structure.The unit, tentatively named DSME Information System, will be launched on Jan. 1, the shipbuilder said. The company will manage Daewoo Shipbuilding's IT system and related tasks with some 150 employees, it said.The planned spinoff is part of the shipyard's restructuring schemes which include asset sales and a re
Dec. 2, 2016