Most Popular
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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[Weekender] How DDP emerged as an icon of Seoul
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Rapper jailed after public street fight with another rapper
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Doctor group's incoming head renews call for govt. to scrap medical school quota hike for dialogue
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Woman gets suspended term for injuring boyfriend with knife
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[KH Explains] No more 'Michael' at Kakao Games
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[Music in drama] An ode to childhood trauma
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Jeju Air to expand service for peak season
[THE INVESTOR] Jeju Air, Korea’s largest low-cost carrier, will launch new routes and expand the number of airplanes in the third quarter to meet demand in the busiest time of the year. The air carrier on July 20 will launch three new routes leaving from Incheon International Airport. They are to Sapporo in Japan, Kota Kinabalu in Malaysia, and Phuket in Thailand, the company said on July 4. With the new addition, Jeju Air will serve six Japanese cities, including Tokyo, Osaka, Nagoya, Fukuoka,
July 4, 2016
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Hanmi Pharm launches biopharma venture firm
[THE INVESTOR] Hanmi Pharm announced on July 4 that it has founded a 10 billion won (US$ 8.7 million) investment company that will invest in biotech and pharmaceutical fields. The new company, named Hanmi Ventures, will be headed by Hanmi IT CEO Lim Jong-hoon, and the capital was raised from Hanmi Pharm chairman Lim Sung-ki and the company’s affiliates. Hanmi Ventures plans to initially focus on investing in pharmaceutical and biotech related fields, and Hanmi Science and Hanmi Pharm will take o
July 4, 2016
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One-third SMEs exporting to Europe brace for Brexit impact
[THE INVESTOR] A third of small and medium enterprises exporting to the UK and Europe expect Brexit to have a negative impact, a survey showed on July 4. In a Korea Federation of SMEs survey on 179 SMEs that export to the UK and the EU, 33.3 percent said that exports will be negatively affected by the development. Destabilization of the foreign exchange market was the most commonly cited reason, followed by tariffs, and UK’s likelihood of falling into a slump after the country exits the EU. Rega
July 4, 2016
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Hyundai Merchant to expand Middle East-Asia route
Hyundai Merchant Marine Co., South Korea's No. 2 shipping line, on Monday said it will expand its routes linking the Middle East and the Asian region, as part of efforts to capitalize on a surge in shipping demand following the lifting of sanctions on Iran.The shipper said it will mobilize a total of 12 container ships on two separate shipping routes.So far, the shipping line has been operating just one route between the Middle East and Asia.Hyundai Merchant said it expects its market share for
July 4, 2016
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Tourism ministry, FKI ink deal to boost domestic tourism
South Korea's business lobby group signed a deal with the tourism ministry on Monday as part of their efforts to boost domestic tourism and strengthen the competitiveness of the local tourism industry, officials said.The move came as the number of outbound travelers has been on the rise in recent years, a trend that has contributed to the country's tourism deficit.The Federation of Korean Industries, which speaks for South Korea's large businesses, signed a memorandum of understanding with the M
July 4, 2016
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Overseas branches of South Korean firms see economy getting worse
[THE INVESTOR] South Korean companies’ overseas operations feel that they are subjected to increasingly tougher regulations by foreign governments, and expect conditions to worsen during the second half of the year, a survey showed on July 3. In a Federation of Korean Industries survey, Korean firms’ overseas operations said that economic conditions are likely to worsen in the final six months of the year citing uncertainties facing US, China and other major economies. Of the 1,380 overseas oper
July 4, 2016
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Korea to offer satellite imagery from new commercial satellite
South Korea is all set to provide the world with high-resolution commercial satellite imagery from its new satellite, a government ministry said Monday.The Korea Multipurpose Satellite-3A, also known as the Arirang-3A, was put into orbit in March last year as part of South Korea's efforts to emerge as a global power in the space sector. (123rf)Built indigenously by the Korea Aerospace Research Institute in charge of the nation's space program, the earth observation satellite offers clear images
July 4, 2016
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Declining manufacturing sector raises concerns
[THE INVESTOR] With the deterioration of manufacturing sector here, industry experts are concerned that producers may opt for low-cost facilities overseas with local jobs fleeing to other developing countries. According to a report by Hyundai Research Institute, the contribution level of the manufacturing industry to the country’s economic growth has decreased from 3.5 percent in 1970s to 1.4 percent most recently. Experts cite that the decreasing measure of the added value in manufacturing as t
July 4, 2016
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Retailers looking for new fish suppliers after failed talks with Japan
Retailers have begun searching for suppliers of locally popular fish after South Korea's fishing agreement talks with Japan fell through last week, industry officials said Friday.The failed talks mean the two countries cannot fish in each other's exclusive economic zones, affecting the supply of belt fish and mackerel, the two most popular types of fish among South Korean consumers, they said.Supermarket chain E-Mart, which has been importing mackerel from Norway and Scotland, said it will look
July 4, 2016
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Hera opens first store in Beijing
[The INVESTOR] South Korea’s leading cosmetics brand Hera opened its first store in China on July 1, its parent company AmorePacific said on July 4. The first store opened at an upscale department store Shin Kong Place in Beijing, with the second one to follow at Hanguang Department Store in the same city on July 28. Hera, which was launched in 1995, has become one of the most popular cosmetics brands in South Korea and other Asian countries, especially in China. Hera’s first store in Beijing /
July 4, 2016
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S. Korean shipbuilders’ H1 performance at record low
[THE INVESTOR] South Korean shipbuilding industry was pushed aside by Chinese and Italian counterparts in the first half, with new orders falling to a record low. According to industry data released on July 4, local shipbuilders were awarded contracts for 27 merchant ships with a combined compensated gross tonnage of 830,000 in the first half of the year. Compared to last year, local shipbuilders’ first half performance has plunged by 88 percent in terms of CGT. The first half figure is the lowe
July 4, 2016
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Ex-chief of Daewoo Shipbuilding summoned over company's accounting fraud
A former CEO of Daewoo Shipbuilding & Marine Engineering Co., one of the country's top three shipbuilders, was summoned Monday as prosecutors widened their probe into the financially troubled firm's alleged accounting fraud and poor management.Ko Jae-ho, who headed the shipyard from 2012 to 2015, appeared before the Seoul Central District Prosecutors' Office in southern Seoul as a key suspect in the ongoing investigation into the embattled shipbuilder."I feel deeply responsible for the grim situ
July 4, 2016
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Shipbuilders' first-half new orders sink to record lows
New orders clinched by South Korean shipyards fell to record lows in the first half of the year, largely due to a protracted industry slump, mirroring their worst-ever business performance, industry data showed on Monday.According to the data compiled by global research firm Clarkson Research Services, a total of 6.32 million compensated gross ton worth of orders were placed around the globe in the January-June period, sharply down from 18.04 million CGTs the previous year.In case of South Korea
July 4, 2016
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Lotte Group chief vows to cooperate with prosecutor probe
The chief of South Korean business group Lotte said Sunday he will faithfully cooperate with a prosecutor probe into allegations that the group created illegal slush funds and conducted shady business practices."I will fully cooperate (with the investigation)," Lotte chairman Shin Dong-bin told reporters upon arrival at an airport in Seoul.His remarks came as Lotte, South Korea's fifth-largest conglomerate, has come under a high-profile investigation since early June involving prosecutor raids o
July 4, 2016
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Gas prices slip
GAS PRICES SLIP -- Drivers fill up on gas at a gas station in Gwanak-gu, Seoul on Sunday. International oil prices fell slightly as the dollar grew stronger after the Brexit vote, but domestic gas prices are holding relatively steady. (Yonhap)
July 3, 2016
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[Photo News] Chey's TED-style talk
SK Group chairman Chey Tae-won gives a TED-style talk to some 40 senior executives from the group‘s 16 companies at an event held in Icheon, Gyeonggi Province, Thursday. In the speech, Chey stressed innovative thinking to bring about a future success. (SK Group)
July 3, 2016
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3M under fire for silence over problematic filter
Multinational conglomerate 3M is remaining silent over its potentially toxic filters used in local air cleaners, stirring public anger over the lack of countermeasures. Earlier last month, a local broadcast revealed that a toxic substance called OIT was detected in air cleaners produced by Cuckoo and Dayou-winia. LG Electronics also admitted later that it had found the same issue in products. The filters of those products were all provided by 3M. Customers looks at air purifiers at a home applia
July 3, 2016
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[KOREAN LUXURY] Converging digital and analog worlds
The rise of new technology puts an end to old ways. This was what Seoul-based audio company iriver learned from the birth of iPhone, which felled its once-thriving MP3 player business at a stroke. In the mid 2000s, the company made a meteoric rise with its cubic digital music players that dominated 70 percent of the local market and 25 percent overseas. The 2007 debut of Apple’s iPhone that put every digital element - from Internet surfing to cameras -- into one hand-held device drove iriver to
July 3, 2016
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Shin Dong-bin returns to Korea
Lotte Group chairman Shin Dong-bin returns to Korea via Gimpo International Airport Sunday. (Yonhap)Lotte Group chairman Shin Dong-bin returned to Korea on Sunday afternoon after nearly a month away from the country, sparking questions about how he will handle the current investigation into the group.Shin, who landed at Gimpo International Airport at 2:38 p.m., was largely silent when questioned by reporters on his stance on prosecutors’ ongoing embezzlement investigation.Shin said only that he
July 3, 2016
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KEPCO school expands education on nuclear power
A graduate school run by the state-run Korea Electric Power Corp. is expanding its education on nuclear power to foreign students. Oh Se-kee, president of KEPCO International Nuclear Graduate School, or KINGS, visited Kenya in May to discuss nuclear issues in both countries and to reaffirm mutual cooperation. Oh also had a meeting with 10 Kenyan KINGS alumni who now work in their home country. KINGS president Oh Se-kee (center) poses with Kenyan graduates from the school in Nairobi in May.(KINGS
July 3, 2016