Most Popular
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40 flights canceled on Jeju Island due to bad weather
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Pandemic left Korea more depressed than before: report
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Korean labor force to shrink by 10 million by 2044: report
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Gov't appears to shelve punitive measures against mass walkout by doctors
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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Govt. asks hospitals to mitigate impact of medical professors' absence
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S. Korea's working-age population to dip nearly 10m by 2044 amid low births
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Doggy patrol team on the move to protect their cities
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Samsung mocks Apple over iPhone alarm glitch
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[Photo News] Shoppers flock to department store to avoid heat
Customers shop at the Lotte Department Store in Myeong-dong, central Seoul on Sunday, where diverse foreign luxury goods are being sold at discounted prices as part of a clearance sale. Korean shoppers have been heading indoors to local department stores lately, to avoid the heat wave that has swept the nation over the past few weeks. (Yonhap)
Aug. 21, 2016
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Goldman, EastBridge to acquire majority stake in kitchenware maker Happycall
Goldman Sachs Group Inc. and EastBridge Partners, a South Korean private equity fund, said Sunday they agreed to buy a majority stake in local kitchenware and home appliance maker Happycall Co. The financial terms of the acquisition were not publicly disclosed, but people close to the deal said Goldman and EastBridge would acquire a 90-percent stake in Happycall for 180 billion won ($160.7 million). (Happycall)Goldman and EastBridge are said to pay 40 billion won and 50 billion won each and the
Aug. 21, 2016
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Key creditor to provide loan to Daewoo Shipbuilding next month
Korea Development Bank, a key creditor of Daewoo Shipbuilding & Marine Engineering Co., is expected to provide a short-term loan to the struggling shipbuilder early next month, according to KDB and the Financial Services Commission on Sunday. The planned loan worth between 200 billion won ($178.6 million) and 300 billion won is likely to help Daewoo Shipbuilding address its liquidity shortage and repay maturing debts. (Yonhap)Daewoo Shipbuilding has been under pressure to repay commercial paper
Aug. 21, 2016
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Samsung Electronics hits new high
Samsung Electronics rose to a new high Friday, leading gains in Korea’s large-cap IT stocks and pumping up the broader Kospi index. The electronics giant closed at 1,675,000 won ($1,498) on Seoul’s main bourse, up 2.13 percent from the previous day. Accordingly, Samsung Electronics’ market value added 5 trillion won to reach 237.3 trillion won. The stock has gained nearly 40 percent so far this year, against the Kospi’s 0.7 percent advance. The index inched up 0.04 percent to 2056.24 points Frid
Aug. 19, 2016
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[Weekender] Rise and fall of restaurant chains in Korea
Up until the mid-2000s, US restaurant chain Outback Steakhouse was the go-to dining option for many Koreans who wanted to celebrate special occasions.The Australian-themed casual-dining chain has served its signature grilled steaks and cheese fries for years. However, it has lost ground in recent years due to the growing trend of health-conscious customers and market demand for unique menu items. In 2014, Bloomin’ Brands, the US-based company that brought Outback Steakhouse to South Korea in 199
Aug. 19, 2016
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[Weekender] Dining as leisure, small luxury
For many Koreans, cutting up an American-style steak with a knife and fork was until recently the most common idea of premium dining. Western-themed restaurants thrived for nearly 20 years in the ’90s and 2000s, serving as popular venues to experience food more exotic than kimchi and rice, and to celebrate special occasions. Driven by technological advancements and economic growth, however, dining has recently become about more than just eating out. A growing number of Koreans are perceiving din
Aug. 19, 2016
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MCM wins Trendsetter Award at 2016 ACE Awards
German-born luxury brand MCM Worldwide, run by Sungjoo Group in Korea, was awarded the trendsetter prize at the 20th Accessories Council Excellence Awards, the brand announced Friday.According to the company, the brand was given the trendsetter award for its bold designs and innovative style. MCM is best known for its patterned designs on backpacks and handbags. Logos from the Accessories Council and MCM (MCM)The awards given at the ceremony change year by year depending on that year‘s events in
Aug. 19, 2016
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[Weekender] Food tech transforms dining industry
Technological developments have significantly changed dining and restaurant operations worldwide, improving convenience and efficiency. South Korea, one of the most-wired countries in the world, is no exception. Good restaurants can now be tracked down and reservations made with just a few simple clicks. Models promote restaurant recommendation and pre-order app Syrup Table (SK Planet)According to data released by the state-run Korea Agro-Fisheries and Food Trade Corp. and the Agriculture Minist
Aug. 19, 2016
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[Weekender] Conglomerates go head-to-head in casual dining
Competition for customers at Seoul’s various casual premium restaurants is fierce, with restaurants opened up by owner-executives of Korea‘s largest corporations aggressively seeking to set trends and gain international clout. The battle features some formidable names, including CJ’s Lee Jay-hyun and Shinsegae’s Chung Yong-jin.CJ Group’s restaurant operator CJ Foodville is undoubtedly the oldest and best established in casual dining. Its buffet and steak house VIPS has long become a household na
Aug. 19, 2016
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[Weekender] Shake Shack scores big with trendy Koreans
Kim Go-hee, a 22-year-old university student living in Iksan, North Jeolla Province, had one mission on a recent day trip to Seoul -- dining at South Korea’s first Shake Shack restaurant, which opened last month in Gangnam, southern Seoul. Kim, who was with her boyfriend, had to wait in line in the scorching heat for nearly an hour on Wednesday afternoon. Parasols and ice packs at hand, the couple passed the time by taking selfies in front of the store for Instagram and Facebook. After successf
Aug. 19, 2016
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K-fashion shop opens on Southeast Asia's top fashion portal
An online pop-up store featuring leading South Korean fashion brands has been opened on the largest online fashion-focused portal in Southeast Asia to help Korean design houses enter the Southeast Asian market, industry officials said Friday.The "Premium Korean Fashion" pop-up shop was launched in Singapore the previous day and will be open till October in Zalora sites in Singapore, Malaysia, Indonesia, the Philippines, Hong Kong and Taiwan, according to the officials at the Korea Trade-Investme
Aug. 19, 2016
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Samsung Heavy moves to increase capital via rights offering
Samsung Heavy Industries Co., a major South Korean shipyard, is seeking to raise much needed funds for its ongoing restructuring efforts by issuing additional shares, amending its own rules to allow new offerings, company officials said Friday.At a meeting held earlier Friday, the company's shareholders agreed to revise the company's article of association and raise the number of shares allowed to be issued to 500 million from the current 300 million.The move came as the company has already issu
Aug. 19, 2016
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Coway faces another suit over faulty water purifiers
A group of local consumers was to file a 2.8 billion won ($2.53 million) class action suit Friday against Coway, South Korea's leading water purifier maker, over its water purifier models coated with nickel that they claim taints the water and poses a health hazard.Nickel from the inner coating was found in dispensed water from three ice maker-water models installed from April 2014 to December 2015 by Coway, with the number of users involved estimated at about 87,000. Coway has vowed to take res
Aug. 19, 2016
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Exports of instant noodles soar 18% in H1
South Korean exports of instant noodles jumped more than 18 percent in the first half of 2016 from a year ago, data showed Friday, due apparently to the popularity of Korean pop music and dramas overseas.Overseas shipments of instant noodles, called ramyeon here, came to $123 million in the January-June period, up 18.3 percent from $104 million a year earlier, according to the data by the state-run Korea Agro-Fisheries & Food Trade Corp.By volume, exports stood at up to 33,300 tons in the six-mo
Aug. 19, 2016
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US district court rules in favor of Celltrion’s Remicade biosimilar
The US District Court for the District of Massachusetts on Thursday officially ruled Janssen’s main formulation patent on its blockbuster rheumatoid arthritis drug Remicade invalid, making way for the entry of biosimilars to the US market.The ruling brightens the prospect for South Korean biosimilars developer Celltrion and its regional sales partner Pfizer’s plans to debut Remsima, a biosimilar drug referencing Remicade in the US market in as early as October. The district court’s ruling also r
Aug. 18, 2016
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[Graphic News] Circulation of 50,000 won notes surpasses W70tr: BOK
The volume of 50,000 won notes in circulation exceeded the 70 trillion won ($63.2 billion) mark in July for the first time, according to data from the Bank of Korea on Thursday.The circulation of the highest-denominated bill stood at 70.43 trillion won last month, 0.8 percent higher than the 69.84 trillion won in June, the data showed. The hike comes on the back of increased demand and supply of the bill, BOK officials said, highlighting the all-time low interest rate as a factor behind the rise
Aug. 18, 2016
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[Super Rich] Young chaebol women gain upper hand over elders
Korea’s family-controlled conglomerates, or chaebol, often center around men, with ownership passed down from father to eldest son. When it comes to potential heirs, far more attention is usually paid to sons than daughters, but several outstanding women, such as Lee Boo-jin of the Samsung Group and Chung Ji-yi of the Hyundai Group, have still managed to outshine their brothers. Among preeminent female chaebol scions, some shrewd ladies have even surpassed their older siblings in wealth. Here ar
Aug. 18, 2016
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Moynat comes to Korea
French bag and travel trunk brand Moynat, owned by the Louis Vuitton Moet-Hennessy group, is launching its first store in Korea on Aug. 26, according to the brand Thursday.The store will be on the first floor of the Shilla Hotel in Seoul. Moynat Gallery Shilla (Moynat Korea)This will be the brand’s fourth boutique in Asia, following stores in Beijing, Hong Kong and Tokyo. The Moynat Gallery Shilla boutique will feature men’s and women’s lines as well as exclusive designs created for the Seoul br
Aug. 18, 2016
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Samsung shed 5,700 employees in H1
More than 5,700 employees left Samsung Group in the first half after its five affiliates -- Samsung SDI, Samsung Electro-mechanics, Samsung Heavy Industries, Samsung Engineering and Samsung C&T Corporation -- launched voluntary retirement schemes. According to their semi-annual reports released on Thursday, the number of total employees of the five firms has reduced around 10 percent from 54,988 in December to 49,259 in June, this year. By affiliate, Samsung SDI, which has recently separated its
Aug. 18, 2016
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Dongwon Group honors American veterans of Korean War
South Korea’s Dongwon Group, globally known as the owner of leading US canned tuna company StarKist Co., commemorated some 170 American veterans of the Korean War and their families in a ceremony Wednesday in Pittsburgh, Pennsylvania.The event was attended by members of the Korean War Veterans of Western Pennsylvania association and their families, StarKist President and CEO Andrew Choe as well as Dongwon Enterprise Vice Chairman Park In-gu. Dongwon Enterprise Vice Chairman Park Ingu (center, ba
Aug. 18, 2016