Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Exports to US reach all-time high, widen gap with China
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Hopes rise for possible Gaza truce deal
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Ex-pro baseball player who killed debtor appeals sentence
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
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Leaders of S. Korea, Angola agree to boost economic, trade cooperation
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Tonino Lamborghini to launch in Korea
Tonino Lamborghini, a high-end apparel and accessories brand based on Italian luxury sports carmaker Lamborghini, has officially entered South Korea. Established in 1981 by Tonino Lamborghini, the son of Lamborghini founder Ferruccio Lamborghini, the eponymous merchandising brand sells a range of apparel, bags, watches, shoes and accessories inspired by the automotive designs of the iconic Italian sports car. (Tonino Lamborghini) “We are happy to be able to introduce our brand in Korea, an impor
Jan. 14, 2016
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Samsung heiress ends storied marriage
Ending a long-drawn dramatic episode that captivated the nation, Lee Boo-jin, the eldest daughter of Samsung Group chairman Lee Kun-hee, legally ended her 17-year marriage Thursday. According to Samsung officials, the Seongnam branch of the Suwon District Court ruled in favor of the 46-year-old chaebol scion who filed for divorce from her husband Lim Woo-jae in October 2014. Lee Boo-jin YonhapLee, who heads Samsung affiliate Hotel Shilla, had reportedly fallen out with her 48-year-old husband
Jan. 14, 2016
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Antitrust watchdog to unveil governance structure of Lotte Group
South Korea's antitrust watchdog will disclose information on the cobweb-like ownership structure of retail giant Lotte Group this month following a bitter family fight over control of the country's fifth-largest conglomerate, a source said Thursday.The Lotte Group, the businesses of which range from retail and food to construction and chemicals in both Korea and Japan, is mired in a leadership dispute between group founder Shin Kyuk-ho's two sons -- Dong-joo and Dong-bin -- who had each control
Jan. 14, 2016
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Hyundai Motor aims to sell 30,000 Ioniq hybrids
South Korea’s leading carmaker Hyundai Motor said Thursday it aims to sell up to 30,000 units of its first full-on “green car,” the Ioniq. The company plans to sell 15,000 units each at home and abroad this year. For 2017, it hopes to achieve bottom-line sales of 77,000 units. Equipped with a new Kappa 1.6GDi engine, a high-efficient permanent magnet motor and six-speed dual-clutch transmission developed for hybrid models, the Ioniq can run up to 22.4 kilometers per liter, almost on par with the
Jan. 14, 2016
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Korea's big-data industry grows sharply in 2015
South Korea's market for so-called big data expanded sharply in 2015 from the previous year thanks to increased investment and a greater awareness of the novel area, officials said Thursday.The local big-data market reached 262.3 billion won last year, up 30 percent from 201.3 billion won a year earlier, according to the Ministry of Science, ICT, and Future Planning.Big data refers to the process of using large amounts of information, which could not be utilized in the past due to size, for busi
Jan. 14, 2016
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Huawei Y6 sales hit 20,000 units in S. Korea
Sales of Huawei’s Y6 smartphone hit 20,000 units this week, according to South Korea’s No. 3 mobile carrier LG Uplus Corp. on Thursday. The figures beat market estimates, reflecting the burgeoning demand for budget mobiles, the company said.Caption: Models hold up Huawei‘s Y6 smartphone, released by South Korean carrier LG Uplus. (Yonhap)LG Uplus released the smartphone manufactured by China’s Huawei Technologies. The price was set at 154,000 won ($127), putting the phone in the low-end range. L
Jan. 14, 2016
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Samsung chairman’s eldest daughter ends marriage
Lee Boo-jin, the eldest daughter of Samsung Group owner Lee Kun-hee, on Thursday ended her 17-year marriage. Samsung officials confirmed that the Seongnam branch of the Suwon District Court, located south of Seoul, has accepted the divorce claims filed by the CEO of Hotel Shilla, a Samsung affiliate. Hotel Shilla CEO Lee Boo-jin (Yonhap)Recent news reports have said that the 46-year-old executive has been having marital problems for the past few years. Lee met her ex-husband Im Woo-jae in 1995,
Jan. 14, 2016
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LG Electronics releases lightest laptop with wider screen
LG Electronics Inc. said Thursday it has released a new wider screen laptop that weighs less than 1 kilogram and boasts a strong battery that lasts up to 10.5 hours.South Korea's No. 2 tech giant said the Gram 15 laptop comes with a 15.6-inch display, but weighs only 980 grams, a figure which LG claims is equal to the weight of "two cups of coffee." The size is around 50 percent lighter than other rival models of the same size.LG said the laptop has won an official record as the world's lightest
Jan. 14, 2016
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SK hynix to spend 6tr. won in 2016
South Korea’s No. 2 chipmaker SK hynix is planning to spend 6 trillion won ($4.95 billion) this year on investments and other areas for boosting its competitive edge. While the plans are line with the government’s calls for large companies to step up investments, the amount is roughly similar to its capital spending in 2015. SK Group Chairman Chey Tae-won. YonhapThe chipmaker is currently facing a myriad of challenges, including declining demand for memory chips and the surge of Chinese rivals.
Jan. 14, 2016
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Korea set to utilize FTAs to revive exports in 2016
South Korea will make full use of its free trade agreements and diversify products and services it sells overseas to revive exports in 2016 after a disappointing performance a year earlier, the trade ministry said Thursday.In a 2016 policy report to President Park Geun-hye, the Ministry of Trade, Industry and Energy said exports and imports will likely reach $538.2 billion in exports and $448.2 billion this year, resulting in a trade surplus of $90 billion.This represents a 2.1 percent rise in e
Jan. 14, 2016
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Convenience stores wage ‘war of 1,000 won coffee’
It started with Starbucks selling coffees for more than 3,500 won ($2.90) a cup. But convenience stores are now vying to win over the burgeoning local roasted coffee market with its cheap but equally tasty beverages at thousands of outlets. The “war of 1,000 won coffee” is expected to intensify this year when the convenience stores with broad production and sales networks target coffee lovers in need of affordable coffee in their neighborhood. They are expected to compete with the instant powder
Jan. 14, 2016
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Namyang chairman acquitted of tax evasion charges
Overturning a lower court ruling, an appeals court acquitted the head of a major dairy product maker on Wednesday of charges that he evaded taxes worth some 7.3 billion won.The Seoul High Court, however, fined Hong Won-sik, head of the Namyang Dairy Productions Co., 100 million won for illegitimately holding shares under borrowed names.The 66-year-old chairman was indicted in January 2014 for trading shares under borrowed names after inheriting them from his late father and founder of the compan
Jan. 13, 2016
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Leukemia victims demand Samsung's compensation, apology
An advocacy group representing the victims who became ill or died while working at Samsung Electronics Co. said Wednesday the company should make its compensation procedures more transparent and express a sincere apology."Samsung's compensation policies are undisclosed and unilateral," said Lim Ja-woon, a lawyer who works for the Protector of Health and Human Rights of Semiconductor Workers. "Samsung should come to the negotiating table about compensation and apologies."The demand came a day aft
Jan. 13, 2016
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SK Group head back at helm after love child confession
SK Group chairman Chey Tae-won is back at the helm of his enterprise, though he is trying to keep a low profile after he confessed to having a child out of wedlock, group officials said on Wednesday. Last month, the head of South Korea’s third-largest conglomerate admitted to having a child with an unidentified woman, adding he was going through divorce proceedings with his wife. (Yonhap)Since the announcement, Chey has been working mainly from undisclosed locales, rather than at the group’s Se
Jan. 13, 2016
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Suseo bullet trains to start operation in August
New high-speed trains will start to carry passengers departing from Suseo Station in southern Seoul from August, the Transport Ministry said Wednesday.The new bullet train service was to open late last year but was delayed due to additional work on consolidating weak grounds as well as a construction company under a court receivership.The trains will depart from Suseo Station on the new high-speed train line built to connect the southern residential district with Busan, via Pyeongtaek in Gyeongg
Jan. 13, 2016
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Sanofi, LG Life Sciences lock horns over drug promotion contract
LG Life Sciences and Sanofi-Aventis Korea, the local affiliate of France-based global health care company Sanofi, are mired in a dispute over a contract to copromote LG’s top-selling diabetes drugs in South Korea. The two parties are at odds over Sanofi’s fulfillment of their contract. The case could be taken to the courts if the two sides fail to reach an agreement, according to industry watchers. The dispute began when the biopharmaceutical unit of LG Group notified Sanofi last month that it w
Jan. 12, 2016
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DFS geared to enter Korean duty-free market
DFS Group, the world’s leading duty-free operator, based in Hong Kong, is geared to enter South Korea this year by potentially becoming a supplier to a new duty-free store operated by the Jeju Tourism Organization. The JTO, scheduled to open a new duty-free shop in Seogwipo, Jejudo Island on Feb. 12, is “examining the option to source in various foreign brands through DFS, which initially made this offer to the JTO,” a JTO official was quoted as saying in the Korea Economic Daily on Tuesday. Si
Jan. 12, 2016
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Year of Monkey CEOs seek fresh start
According to Chinese zodiac, 2016 is supposed to be the Year of the Monkey. Moreover, people born in the monkey years (1932, 1944, 1956, 1968, 1980, 1992, 2004 and 2016) are said to be smart, lively and quick-witted like forever-playful simians. With the Lunar New Year starting on Feb. 8, business leaders born in these years are also gaining fresh attention. In particular, several CEOs were born in the year 1968 and are called “Earth Monkeys.” The 48-year-old Earth Monkeys are said to be honest,
Jan. 12, 2016
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Nonghyup elects local chapter head as chairman
Kim Byung-won (NACF)The National Agricultural Cooperative Federation, or Nonghyup, announced the appointment of Kim Byung-won as its new chairman Tuesday. Kim, the 62-year-old head of the Nampyeong operations of Nonghyup in Naju, North Jeolla Province, will take helm of the nation’s largest agricultural association with 400 trillion won ($330 billion) in assets, 31 subsidiaries and affiliates, and 8,800 executives. He will represent the 2.35 million members of the farmers’ association. Kim was
Jan. 12, 2016
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Samsung to form watchdog on work-related diseases
Samsung Electronics Co. agreed with victims of leukemia and other work-related diseases Tuesday to set up an independent body in charge of checking working conditions at its facilities as part of efforts to better prevent them. The agreement, signed by representatives from Samsung Electronics and two groups representing the victims and their families, calls for establishing an ombudsman committee outside the firm, which will be charged with reviewing workplace safety measures.The company will
Jan. 12, 2016