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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Shilla tops new duty-free shops in daily sales
South Korea’s five newly licensed duty-free stores in Seoul are seeing steady improvements in their daily revenue, with HDC Shilla and Hanwha in the lead so far, the companies said Tuesday. HDC Shilla said its new duty-free store in Yongsan has been racking up some 1.1 billion won ($925,000) in daily sales since April. It opened on Mar. 25 as the first of the five new stores permitted to begin business this year.Hotel Shilla president and CEO Lee Boo-jin looks around Shilla I’Park Duty Free stor
May 31, 2016
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Daewoo Shipbuilding to cut wages, sell assets to stay afloat: report
Troubled South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering is seeking pay cuts and sales of subsidiaries as part of self-rescue efforts to stay afloat, a local news report said Tuesday.Based in Geoje in South Gyeongsang Province, the shipbuilder plans to slash 10-20 percent of the wages of executives, office workers and manufacturing employees, as well as to sell shipbuilding subsidiaries such as DSEC, Samwoo Heavy Industries, Shinhan Machinery and Welliv, Yonhap News Agency said
May 31, 2016
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Salary gap may remain burden for SK Telecom in M&As
A steep salary gap may impede South Korea's top mobile carrier SK Telecom Co.'s post-merger integration efforts even if it obtains government approval for its proposed acquisition of CJ Hellovision, industry people said Tuesday.In the January-March quarter, SK Telecom's 4,184 employees received an average of 51 million won ($43,000) per person, almost four times higher than the average salary of 14 million won for CJ Hellovision's 1,109 workers, according to data from the Financial Supervisory S
May 31, 2016
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Korean firms at joint industrial park boycott gov't support measures
South Korean firms suffering months-long financial damage from the shutdown of a joint industrial complex in North Korea expressed discontent with the latest government support measures on Tuesday, saying the partial aid is not enough to compensate for their losses. Seoul shut down the Gaeseong Industrial Complex in the North's border city of the same name on Feb. 10 in response to Pyongyang's January nuclear test and long-range rocket launch in February. Gaeseong Industrial Complex (Yonhap)In
May 31, 2016
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Performance-linked pay system gains fame, along with opposition
The number of public firms introducing the government-proposed wage system based on workers' performance is growing at a faster rate than hoped for, despite growing labor opposition that might lead to legal battles.As of Tuesday, about 70 state-run firms and public organizations out of the total 120 that are required to introduce the new wage system have done so, well ahead of the June 30 deadline for state-run companies and the Dec. 31 deadline for public organizations set by the government, ac
May 31, 2016
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Logistics association sues Coupang for ‘rocket delivery’
An association of local logistics companies has filed civil and criminal suits against e-commerce firm Coupang, claiming that its delivery system is illegal.According to the Korea Integrated Logistics Association, Coupang’s so-called “rocket delivery” system is in violation of the Trucking Transport Business Act because the delivery vehicles are not licensed as cargo transporters.Since Coupang is an intermediary seller rather than a retailer in its own right, it does not have ownership of the pr
May 31, 2016
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Hyundai Steel to raise price of hot-rolled sheets
Hyundai Steel Co., South Korea's second-biggest steelmaker, said Tuesday it will raise the price of hot-rolled sheets starting from next month as China is set to tackle oversupply in its steel industry.The affiliate of Hyundai Motor Group said it will increase the price of hot-rolled sheets by 50,000-70,000 won ($42-58.70) per ton next month, which comes after a 30,000-won hike in April. The price of hot-rolled sheets was 650,000 won per ton last week, and had stayed in the same range for three
May 31, 2016
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Doosan Heavy bags desalination plant order from Kuwait
Doosan Heavy Industries & Construction Co., South Korea's top power equipment maker, said Tuesday that it has won a 460 billion won ($86 million) deal to build a desalination plant in Kuwait.Under the deal with the Ministry of Electricity & Water, Doosan Heavy will construct the desalination plant by November 2018, and do operating and maintenance work until November 2023, the company said in a statement.The facility will process 270,000 tons of sea water into fresh water a day, which could be c
May 31, 2016
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Snack bread turns into local best-seller after succeeding in France
"Kopan," a dessert-snack bread from South Korea's leading confectionery Paris Baguette, has won over local consumers after earning popularity first in France, hitting 10 million in sales in nine months, the company said Tuesday.Short for Korean pan, Kopan was served as a dessert at the Korea-France summit dinner in Paris in November last year. Because its pronunciation is similar to copain, meaning friend in French, it has been mentioned as being symbolic of the amicable relations between the tw
May 31, 2016
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Daewoo Shipbuilding draws up self-rescue package worth 3 tln won
Loss-making Daewoo Shipbuilding & Marine Engineering Co. has mapped out self-rescue measures worth over 3 trillion won ($2.52 billion) in total which include an employee wage cut and asset sales, industry sources said Tuesday.Last year the shipyard drew up a 1.85 trillion won self-rehabilitation plan in return for 4 trillion won in financial aid. Recently, the shipyard presented an additional step estimated to save 1.5 trillion won, according to the sources.The latest measures include a cut of u
May 31, 2016
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Samsung rules SSD market in 2015
South Korean tech giant Samsung Electronics Co. dominated the global solid state drive market last year on the back of the increased adoption in personal computers, data showed Tuesday.Samsung Electronics saw its share in the global SSD for personal computer market reach 54 percent in 2015, far outstripping U.S. rival Intel Corp.'s 9 percent, according to the data compiled by industry tracker IHS.An SSD is a data storage device made with a NAND flash memory chip that saves data without requiring
May 31, 2016
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Dairy industry hit by low milk consumption, cheaper imports
Unsold milk keeps piling up in storages and attempts to use it to make cheese, about the only dairy product still selling in the market, have been foiled by heavy imports, industry officials said Tuesday.Trouble for the local dairy business turned serious in November 2014, when the milk stock surpassed 200,000 tons for the first time. According to the Korea Dairy Committee, there were 244,146 tons of leftover milk as of March this year, the 16th month that the stock has exceeded 200,000 tons.Sou
May 31, 2016
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Korea's industrial output sinks 2.8% on-year in April
South Korea's industrial output fell for the second consecutive month and widened its downward pace in April due mainly to a sharp drop in the production of the auto and electronics parts sectors, a government report showed Tuesday.Production in the mining, manufacturing, gas and electricity industries fell 2.8 percent last month from a year ago, according to the report by Statistics Korea. From a month earlier, industrial output also retreated 1.3 percent.The April figure represents a contracti
May 31, 2016
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Korean investment in overseas securities rises in Q1
The amount of foreign securities held by major South Korean institutions grew at the fastest clip in over eight years in the first quarter, partly on a surge in South Korean investment in foreign bonds, central bank data showed Tuesday.As of the end of March, the value of foreign securities held by South Korea's institutional investors came to US$135.74 billion, up $14.75 billion from the revised $120.99 billion tallied three months earlier, according to preliminary data from the Bank of Korea.A
May 31, 2016
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Eximbank Korea adopts performance-based wage system
State-run policy lender, the Export-Import Bank of Korea (Eximbank Korea), decided Monday to offer incentives and penalties to their employees based on their performance, becoming the last of nine public financial firms here to introduce the so-called performance-based wage system.The decision, however, may face strong resistance, if not a legal battle, from unionized workers as it was made solely by the bank's board of directors.The decision came one day before the deadline set by the country's
May 30, 2016
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Lotte chairman pins hope on hotel IPO to boost corporate transparency
Lotte Group Chairman Shin Dong-bin said Monday that the upcoming listing of its affiliate, Hotel Lotte, will be a crucial initial step to boost the group's corporate governance, hoping to restore the retail giant's image tainted by a prolonged succession feud.Shin made the remark in a meeting with institutional investors as Lotte's hotel and duty-free operating unit is set to make its debut in the KOSPI market on June 29. The listing is one of the reform pledges that the 51-year-old made as part
May 30, 2016
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[Newsmaker] Lotte chairman seeks to cement power via IPO
Making a rare appearance as the head of the nation’s fifth-largest conglomerate, chairman Shin Dong-bin met top investors in the country Monday, vowing to improve the transparency of Lotte Group’s governance structure. At an investor relations forum held a month prior to the planned listing of the group’s hotel unit on June 29, Shin said the company will no longer remain a private entity but become “a public and trusted firm.”“Through the upcoming initial public offering, Lotte Group will improv
May 30, 2016
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Samsung Bioepis’ Remicade biosimilar approved in Europe
Samsung Bioepis said Monday that Flixabi, its biosimilar drug referencing Johnson & Johnson’s blockbuster rheumatoid arthritis treatment Remicade, has been approved by the European Medicines Agency. The EMA has approved Flixabi for the treatment of rheumatoid arthritis, Crohn’s disease, ulcerative colitis, ankylosing spondylitis, psoriatic arthritis and psoriasis, the company said.Samsung Bioepis' headquarters in Songdo, Incheon (Samsung Bioepis)It is the second Remicade (infliximab) biosimilar
May 30, 2016
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Korea to export ‘samgyetang’ to China
South Korea will begin exporting its traditional ginseng chicken soup “samgyetang” to China from next month, as the two countries have reached an agreement on the trade deal, the Korean Agriculture Ministry said Sunday.The Ministry of Agriculture, Food and Rural Affairs said the two governments have concluded talks on related food regulations including those on quarantine and sanitation, making way for Korea to start exporting its chicken soup to China.A bowl of samgyetang (Yonhap)Once local chi
May 30, 2016
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Haitai Beverage to expand business into medical and health food
Haitai Beverage, an affiliate of LG Household & Health Care, said Monday that it was changing its name to Haitai htb to reflect its plans to diversify its business operations.The company, which makes drinks like Sunkist, Cocopalm and Sunny10, said that removing the word “Beverage” from its official name signaled its decision to diversify into making medical and health food products. The new logo for Haitai htb (Haitai htb)“We do not have a set date for releasing our new medical products, but we
May 30, 2016