Most Popular
-
1
40 flights canceled on Jeju Island due to bad weather
-
2
Korean labor force to shrink by 10 million by 2044: report
-
3
Pandemic left Korea more depressed than before: report
-
4
[AtoZ Korean Mind] Does your job define who you are? Should it?
-
5
N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
-
6
Gov't appears to shelve punitive measures against mass walkout by doctors
-
7
Allegations surrounding BTS resurface, enraged fans demand apology
-
8
Students with history of violence will be barred from becoming teachers
-
9
Samsung mocks Apple over iPhone alarm glitch
-
10
Govt. asks hospitals to mitigate impact of medical professors' absence
-
Chinese tourists‘ card spending in Korea hit record
Chinese tourists’ credit card spending in Korea recorded 4.3 trillion won ($3.93 billion) in the first half of 2016, a more than fivefold increase compared to the same period in 2012, a report showed Thursday.Among foreign visitors’ card expenditures, the Chinese spending accounted for 62 percent, up more than 30 percent from 2012, according to the joint report by Korea Culture & Tourism Institute and Shinhan Card big data center.The largest Yuan spending was for shopping, at 2.4 trillion won. T
Sept. 8, 2016
-
Solar energy and ESS to bring industrial paradigm shift
Solar energy and energy storage systems would fundamentally change people‘s lives, said Hanwha Group heir-apparent Kim Dong-kwan on Wednesday.“The energy revolution along with the integration of the energy storage system, or ESS, and the solar power system would integrate together, and this synergy would provide us with totally different ways of living,” said Kim, chief commercial officer of the group’s solar energy unit of Hanwha Q Cells Co. “Solar energy is set to possess 26 percent of the ren
Sept. 8, 2016
-
S-Oil’s new CEO begins term with sharing for Chuseok
S-Oil’s newly appointed CEO Othman Al-Ghamdi participated in a volunteer event on Thursday to support the underprivileged in his first official appearance as CEO, the company said. Some 100 employees and executives of Korea’s third-largest oil refiner visited a community center in central Seoul, run by Ewha Womans University, to deliver presents for neighbors in need ahead of the Chuseok holiday, which will begin on Sept. 14. S-Oil‘s new CEO Othman Al-Ghamdi (left) delivers a box filled with so
Sept. 8, 2016
-
Concerns rise over fall in orders from foreign shipowners
Concerns grew Thursday that the Hanjin Shipping crisis may affect new ship orders from foreign shipowners, possibly dealing another blow to ailing Korean shipbuilders such as the world’s No.1 Hyundai Heavy Industries. Greek container shipowner Danaos has made a long-term contract with Hanjin Shipping to lend it eight container ships. Danaos has been one of the major clients for Korean companies. According to Clarksons, 48 out of Danaos’s 58 ships were built by Korean companies such as Samsung He
Sept. 8, 2016
-
[Photo News] Lotte showcases 'Super Moon Project' in Jamsil
SUPER MOON PROJECT IN JAMSIL -- Lotte Group and the Songpa District Office are together showcasing the “Super Moon Project” -- a 20-meter-wide sphere-shaped installation accompanied by eight smaller inflatable sculptures symbolizing planets -- at the Seokchon Lake next to the Lotte World Mall in Jamsil, southeastern Seoul from Sept. 1-30. The moon and the planets will be lit up in seven different colors from 6-10 p.m. every day this month. The project was created by FriendsWithYou, a Los Angeles
Sept. 8, 2016
-
Gallery Duty Free selects 3 part-timers for $20,000 weekly pay
Galleria Duty Free 63, a duty-free store run by Hanwha Galleria, said Thursday it has picked three part-timers who will get paid $20,000 for one week of marketing and brand-advertising activities.Galleria Duty Free 63 put out the ad for the high-paid part-timers after fully opening its outlet in the gold-tinted 63 Building skyscraper in Yeouido in July following a partial opening in December. One Korean and two Chinese promoters were selected through an online vote based on their self-instructio
Sept. 8, 2016
-
Korea wins WTO case against US punitive duties on washing machines
South Korea has finally won its case against the United States' antidumping duties imposed on South Korean washing machines, the government said Thursday.The World Trade Organization's dispute settlement panel delivered its final report on the case to members on Wednesday, and the report maintained all key points of an earlier ruling that found the US in violation of the antidumping agreement, according to officials from the Ministry of Trade, Industry and Energy.They said the report will likely
Sept. 8, 2016
-
Three companies selected for fast-track corporate restructuring
Three South Korean companies received government approval on Thursday to become the first beneficiaries of the newly established law aimed at facilitating voluntary corporate restructuring, the trade ministry here said.The Special Act on the Corporate Revitalization, dubbed the "one-shot act," came into effect in early August to help businesses carry out an intra-corporate merger and spin-off through simplified procedures including exemptions from the strict antitrust laws and financial market r
Sept. 8, 2016
-
E-Mart to invest $200 million in Ho Chi Minh City
E-Mart Co., South Korea's largest discount chain, on Thursday said it will sign an agreement with Ho Chi Minh City to invest $200 million in the area that serves as the country's commercial hub.The memorandum of understanding, to be sealed on Friday, establishes a strategic partnership between the two parties to build giant retailers, supermarkets and various other types of commercial facilities in the Vietnamese city, E-Mart officials said. Investment money will also go to local social developm
Sept. 8, 2016
-
[Graphic News] Korean overseas consumption hits record high
Korean households spent 13.61 trillion won ($12.27 billion) overseas in the first half of the year, 10.7 percent higher than the same period last year, the central bank said Wednesday.The figure compiled by the Bank of Korea excludes the money spent by Koreans on online overseas shopping or on business trips. The steep increase in overseas consumption appears to be correlated to the rise in the number of Koreans leaving the country for holidays, according to reports.The number of overseas travel
Sept. 7, 2016
-
[Monitor] 12 of 38 Hanjin firms are ‘zombie’ firms
Among the nation’s top 10 largest conglomerates, Hanjin Group ranked first in percentage of “zombie” firms among its subsidiaries, at 31.6 percent, according to online corporate research firm Chaebul.com. Lotte was found to have the most zombie firms. A zombie firm has paid-in capital already impaired by losses or is unable to cover interest costs with what the company earns.
Sept. 7, 2016
-
[Photo News] Defense cooperation
Jung In (left), CEO of Dong In Optical, Korea’s leading red dot sight manufacturer, and Hamad Salem al-Ameri, CEO of Caracal International, an arms manufacturer based in Abu Dhabi, pose after signing a memorandum of understanding to foster mutual growth by sharing expertise and technology at a defense expo at Kintex in Goyang, Gyeonggi Province, northwest of Seoul, Wednesday. (DI Optical)
Sept. 7, 2016
-
LG Chem chief named best CEO: survey
Park Jin-soo, vice chairman and chief executive officer of LG Chem, was chosen as the country‘s best-performing CEO during the first half of this year, according to market researcher CEO Score on Wednesday. The research firm released the 500 Top CEO rankings among the companies with 5 trillion won ($4.5 billion) in sales. (Park Jin-soo)Vice Chairman Park won 68 out of 100 points while the average score for the CEOs surveyed was 52.5. CEO Score tracked the performance of 363 executives who have
Sept. 7, 2016
-
Hanwha E&C shares Chuseok spirit
Executives and workers at Hanwha Engineering and Construction Corp. visited a community center in Jung-gu, central Seoul, to share the spirit of the upcoming Korean Thanksgiving holiday Chuseok with minority groups, the company said Wednesday.“I am glad to share the holiday spirit with those in need,” said Choi Kwang-ho, CEO of Hanwha E&C, adding that he hopes the food and presents delivered could be helpful. Employees and executives from Hanwha E&C make Korean rice cake songpyeon to share with
Sept. 7, 2016
-
Cargo chaos spreading worldwide over Hanjin fiasco
Cargo disruptions triggered by the cash-strapped Hanjin Shipping deepened worldwide Wednesday, with shippers holding both the parent company and the government responsible for failing to come up with preventative measures.Of 128 Hanjin Shipping carriers owned by the company, 85 or about 66 percent of the total are in abnormal status, according to the company’s latest data released late Tuesday. Abnormal status refers to ships standing by on the high seas or banned from loading and unloading at p
Sept. 7, 2016
-
Convenience stores tapping into overseas market with PB products
Amid a stagnant domestic economy, Korea’s convenience store chains are tapping into markets abroad to sell private brand products, industry sources said Tuesday.Major convenience store chain CU is exporting its self-branded cheese-flavored and red pepper-flavored instant noodles to Jumei, a Chinese online retailer.GS25, meanwhile, has been selling its own Chinese-style instant noodle product Gonghwachun in Australia and New Zealand. The product was made in partnership with a Chinese cuisine fran
Sept. 7, 2016
-
Shipbuilders' order backlog hits 12-year low
The order backlog held by South Korean shipyards fell to the lowest level in over 12 years in August amid a protracted slump in the global shipbuilding sector, industry data showed Wednesday.According to the data compiled by global research firm Clarkson Research Services, the shipbuilding order backlog held by Hyundai Heavy Industries Co. and its other local rivals stood at 23.31 million compensated gross tons as of end-August, the lowest since October 2003, when the comparable figure was 22.56
Sept. 7, 2016
-
Gov't projects cigarette sales to increase in 2017
A government report on Wednesday predicted a second straight year of cigarette sales increase in 2017 despite a price hike meant to discourage smoking, giving the state more revenue from taxes levied on each pack.In the report submitted to the parliament by the Ministry of Strategy and Finance, the government projected a 5.4-percent increase in cigarette sales next year to approximately 3.65 billion packs. This would mean a 5.4-percent increase, or 320 billion won ($289 million), in the money th
Sept. 7, 2016
-
Investor-owned hospitals can create 19,000 jobs: report
A think tank here on Wednesday urged the revision of government regulations that prohibit private investment in large hospitals, claiming investor-owned hospitals could help create up to 19,000 new jobs.In a report, the Korea Economic Research Institute also argued investor-owned hospitals will generate up to 10 times more in taxes than non-profit hospitals while lowering the average medical costs of patients."Tax revenue from hospitals open to private investment will reach 475,000 won ($430) pe
Sept. 7, 2016
-
Hyundai Motor chairman visits US branch
The chief of South Korea's top automaker Hyundai Motor Group on Tuesday called for strengthened efforts to develop luxury, environmentally friendly and sports utility vehicles to catch up with the latest market trends.Group Chairman Chung Mong-koo made the calls during his visit to the US sales branch and a design center in California. Chung said the future-oriented strategy is needed to further expand Hyundai's presence in the US market, the world's second-largest auto market. Hyundai Motor ch
Sept. 6, 2016