Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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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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Seoul alerts overseas missions to NK terror threats
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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Samsung Heavy mulls rights issue in self-rescue plans
Samsung Heavy Industries Co., the world's third-biggest shipbuilder by order backlog, is considering issuing shares to raise funds amid an extended industry slump, the company said Thursday. "We are mulling over a capital increase as part of our self-rescue programs. But the size and the timeframe for the rights issue are not decided yet," the company said in a regulatory filing.The size of the capital increase will be decided in late June after its main creditor Korea Development Bank completes
June 9, 2016
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Daewoo Shipbuilding bags $580 mln order
Daewoo Shipbuilding & Marine Engineering Co., a South Korean shipbuilder, said Thursday that it has clinched a US$580 million order to build four carriers for a Greek shipper. Under the agreement with Maran Tankers Management, a unit of Greece's largest shipper, Angelicoussis Shipping Group, Daewoo Shipbuilding plans to deliver two liquefied natural gas carriers by 2019 and two very large crude carriers by 2017.The latest deal will raise the number of ships delivered or to be delivered by the So
June 9, 2016
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Institute develops new emission reduction tech for diesel cars
A state-funded research institute said Thursday that it has developed a new technology that helps diesel cars reduce soot emissions by nearly 95 percent and improves air quality.The Korea Institute of Machinery and Materials said it has completed 60,000-kilometer on-road tests on a diesel car equipped with the newly developed diesel particulate filter and a plasma burner.The institute said the new system can be applied to vehicles around next year after winning government certification.A PDF is
June 9, 2016
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Incentive tours boost Korean MICE industry
A growing number of foreigners have visited South Korea for travels related to meetings, incentives, conferences and exhibitions over the past year, having a ripple effect across the nation's tourism industry, the state-run Korea Tourism Organization said Thursday. South Korea has become a major incentive travel destination in Asia as its vibrant culture and advanced technology have attracted more travelers from various nations.The KTO said a series of big incentive tours by major Asian companie
June 9, 2016
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Newcomers to Korea’s tax-free market in all-out war
[THE INVESTOR] Step into the doors of the third-floor entrance of HDC Shilla Duty Free in Yongsan, central Seoul, and it’s a whole new world. The gleaming marble floors, the endless showcases stamped with global cosmetics brand names and the air filled with a faint floral scent are in stark contrast to the surrounding area, known best for its American military base. Visitors watch 360-degree LED displays surrounding a swing ride, created by Belgian artist Carsten Holler, at Shinsegae Duty Free’s
June 9, 2016
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Hanmi Science acquires medication management firm JVM
[THE INVESTOR] Hanmi Science, the holding company of South Korea’s Hanmi Pharmaceutical, said Thursday that it has acquired local medication management automation company JVM Co. under a stock swap agreement. Hanmi Science acquired a 30 percent stake in JVM by purchasing 1.89 million JVM shares for 129 billion won ($112 million) -- 20 percent of which was paid in cash and the remaining 80 percent through Hanmi Science shares.Hanmi Science (Yonhap)“Through the merger, we expect great synergies be
June 9, 2016
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DSME suspected of raising W10tr illegally
[THE INVESTOR] Prosecutors have found evidence that embattled Daewoo Shipbuilding & Marine Engineering illegally raised money amounting to 10 trillion won ($8.6 billion) through accounting fraud, according to local news reports on Thursday. The prosecutors have placed travel bans on two former chief executives Nam Sang-tae and Koh Jae-ho of the world’s second-largest shipbuilder. The prosecution’s special force for anticorruption had secured evidence after raiding 10 organizations on Wednesday i
June 9, 2016
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[Photo News] Park Sam-koo promotes Korea-China friendship at luncheon
Park Sam-koo (right), head of the Korea-China Friendship Association and Kumho Asiana Group chairman, hosts a luncheon to discuss ways to promote cultural and economic exchanges between the two countries on Thursday at the 63 Building in Seoul. In attendance were Li Xiaolin (center), president of the Chinese People’s Association for Friendship with Foreign Countries, and Chung Jong-wook (left), vice chairman of the Presidential Committee for Unification Preparation and former Korean ambassador t
June 9, 2016
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Antitrust body to ease regulation on conglomerates
[THE INVESTOR] The nation’s fair trade authorities said Thursday it would ease a key regulation to ban excessive expansion of conglomerates by raising the asset ceiling for its conglomerate watch list for the first time in seven years.In an economy-related ministers meeting held in Seoul, the Fair Trade Commission said it would boost the minimum asset criteria to 10 trillion won ($8.65 billion) from 5 trillion won. Fair Trade Commission in Sejong City (Yonhap)Mobile messaging giant Kakao and bio
June 9, 2016
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Organica, Starbucks introduce ‘Bistro Box’ in Korea
Organica Day, the organic juice and food development unit of Herald Corp., said Thursday that it has released the “Cajun Chicken Whole Wheat Bistro Box,” a tortilla wrap made with chicken and fresh vegetables, at some 800 Starbucks Coffee stores in South Korea.The new locally launched product is based on Starbucks’ signature “Bistro Boxes” that have been garnering high popularity in the U.S. It was codeveloped by Organica and Starbucks for local introduction.“With the launch of the ‘Bistro Box,’
June 9, 2016
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E-mart enters soju market
[THE INVESTOR] Discount retailer E-mart is entering the soju market with the acquisition of Jeju Soju, the company said Thursday.The two companies signed a provisional contract, with final terms and conditions to be negotiated before the final agreement.Jeju Soju’s two lines of soju (Jeju Soju website)Reports estimate the deal to be worth around 30 billion won ($26 million), but Shinsegae Group, the parent company of E-mart, said that the deal price could not be confirmed until final negotiation
June 9, 2016
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[Consumer This Week] Shake Shack, BAT Korea, A’pieu, MCM, Swarovski, SPAO
Shake Shack Burger to open in GangnamShake Shack Burger, a famous roadside burger joint from New York City, will be opening its first store in South Korea in Gangnam, southern Seoul, its local operator SPC Group said Tuesday.The new store, which is now under construction, is on the main road that connects Gangnam Station with Shinnonhyeon Station. It is about 150 meters from exit 5 of Shinnonhyeon Station.The burger joint is scheduled to open “within summer,” presumably before August, according
June 9, 2016
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Rally in pharm, bio stocks drives up yields in healthcare funds
Healthcare funds have outshone other equity funds in the past month on a recent rally in pharmaceutical and biotechnology stocks, a fund ratings company said Thursday. Healthcare funds took the top five spots in the domestic equity funds' yield rankings released on Tuesday by Korea Fund Ratings.The company surveyed the yield results of homegrown stock-based funds for the month ending June 7.Mirae Asset Global Investment Co. managed four out of the five highest-yielding healthcare funds, with the
June 9, 2016
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Korea's dessert market grows fast
The South Korean market for desserts has been expanding rapidly over the past years despite the country's prolonged economic slump, industry data showed Thursday.The dessert market was estimated at 1.5 trillion won in 2015, up a whopping 90 percent from the previous year. Last year, the market more than doubled to 800 billion won from 300 billion won in 2013.In a recent report, Eugene Investment & Securities Co. predicted the figure to breach the 2 trillion won mark this year as several domestic
June 9, 2016
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Chinese portal opens Korean news site to expand exchange
A Chinese portal website has opened an online platform that publishes South Korean news to help expand exchange between the two countries, its local affiliate said Thursday.Renghuangwang (http://www.ifeng.com) has opened the news site (http://kr.ifeng.com), becoming the first Chinese portal to do so with the purpose of boosting exchange, Renghwangwang Korea Media said, adding the service is also available as a smartphone app. Screenshot of http://kr.ifeng.comThe portal owned by Phoenix New Media
June 9, 2016
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[Photo News] World's largest engine test cell
Incheon Aviation Tech Co. said Wednesday that it completed construction of the world’s largest engine test cell at its plane-engine maintenance center in Unbuk-dong, Incheon. The ETC will allow engineers to test engines weighing up to 75 tons. IAT is a joint venture between Korean Air and American engine manufacturer Pratt & Whitney providing maintenance, repair and overhaul for commercial jets. Hanjin Group chairman Cho Yang-ho (fourth from left), Incheon Free Economic Zone Authority commission
June 8, 2016
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Korean shipbuilders to tighten belt as orders dry up
South Korea's major shipbuilders are expected to tread water over the next three years as orders are drying up amid the prolonged industry slump stemming from the oil price plunge, company and government officials said Wednesday. The nation's big three players -- Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering -- have come under growing pressure to overhaul its money-losing businesses as the slump in oil prices has led to delays or cancella
June 8, 2016
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Herald Corp. to launch online business news service
Korean media and lifestyle company Herald Corp. will launch The Investor, a pioneering real-time English online business news service, on June 14th. Under the slogan “Decoding Korean Markets,” The Investor will cover more than 300 listed companies and the 300 richest people in Korea, with in-depth data and analysis by business reporters from The Korea Herald, the nation’s largest English newspaper.From stock market news to corporate governance, The Investor will offer breaking news and developme
June 8, 2016
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POSCO Energy may post net loss in 2016
POSCO Energy, the energy business arm of steel-making giant POSCO, is suffering dwindling profits unable to withstand the business slowdown, raising concerns over marking its first ever net loss this year, according to an industry source Wednesday. “The country’s largest LNG power producer faces earnings cliff as its entire businesses are mired in a slump. When the downward trend continues, it is highly possible for the energy giant to post its first net loss in its 47-year history,’’ an industr
June 8, 2016
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Authorities investigate UPS cargo plane’s Incheon Airport accident
Transport authorities are currently investigating an accident on Monday involving an American cargo plane at Incheon International Airport.According to Incheon International Airport Corp. and the Transport Ministry, a UPS cargo plane failed to takeoff from the airport on Monday night after skidding off the runway, losing its front wheels. The cargo plane flying UPS flight 5X061, on the takeoff runway at Incheon International Airport (Incheon International Airport)Four crew members, including the
June 8, 2016