Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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US 'incredibly concerned' about suspected NK-Iran military ties
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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[Kim Seong-kon] Democracy and the future of South Korea
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Seoul says Fu Bao loan 'not going to happen'
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Doosan chairman’s ‘human-oriented’ management hits snag
On Monday, Doosan Group officially put its prestigious machine tool business unit on the market. Despite the government’s plea to retain 51 percent stake to thwart attempts by foreign funds to buy it ― as the machine tools business is considered one of the country’s basic industries ― Doosan declined and said it would look for new owners to overcome its internal difficulties. Doosan Group chairman Park Yong-mann. YonhapIndustrial observers assume the company will be sold for around 1 trillion wo
Dec. 22, 2015
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Lotte celebrates topping-out of Korea’s tallest building
South Korea’s retail giant Lotte Group held a symbolic topping-out ceremony Tuesday afternoon to mark the approaching completion of the Lotte World Tower, the tallest building in the country located in Jamsil, southeastern Seoul. Lotte Corp. placed the last crossbeam on the roof of the 123-story skyscraper amid much fanfare with some 200 high officials in attendance, including Lotte chairman Shin Dong-bin and Seoul City mayor Park Won-soon. A ridge beam is placed on the roof of Lotte World Tower
Dec. 22, 2015
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DSME employees to purchase new company shares
Daewoo Shipbuilding & Marine Engineering employees are planning to purchase new shares to be issued by the company as part of its ongoing restructuring efforts to improve its liquidity, DSME said Tuesday. The South Korean shipyard is planning to issue new stocks worth 2 trillion won ($1.7 billion) as it seeks to recover from mass deficits linked to a global economic downturn that has led to sharp falls in shipbuilding demand. The DSME headquarters in Seoul (Yonhap) Some 80 percent of DSME emplo
Dec. 22, 2015
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Shake Shack Burger to enter Korea in 2016
Shake Shack Burger, New York City’s most famous roadside burger joint, is coming to South Korea next year, the company announced Tuesday. Under a licensing partnership with Korea’s leading food giant SPC Group, Shake Shack Enterprise International plans to open its first Seoul branch in 2016, with plans to launch a total of 25 outlets in the country by 2025.(SPC Group) “We’ve heard from fans in South Korea for years that they’d like us to bring Shake Shack to their hometown, and we’re absolutely
Dec. 22, 2015
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Hanwha Galleria set for partial opening of duty-free store
Hanwha Galleria, a retail unit of South Korean conglomerate Hanwha, said Tuesday it will partially open its first duty-free store at 63 City Building in downtown Seoul next week. Hanwha Galleria plans to open 60 percent of the proposed space in the gold-tinted skyscraper in Yeouido, a must-stop destination among Chinese tourists, on Dec. 28 before a full opening in June. The pre-opening will showcase 369 brands, including cosmetics, watches and jewelry, on four floors, with nearly half of them b
Dec. 22, 2015
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Daewoo Shipbuilding set to sell 500 bln won new stocks
Shareholders of Daewoo Shipbuilding & Marine Engineering Co., a financially troubled shipbuilder, approved a proposal on Tuesday to increase the ceiling of new stock issuance, the latest in a series of steps to improve its shaky financial status.The shipbuilder plans to sell 414 billion won ($353 million) worth of new stocks, and may increase the figure to 1 trillion won depending on market conditions, it said.The new shares will be sold for 5,050 won each. Shares of Daewoo Shipbuilding closed a
Dec. 22, 2015
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Geographic advantage, low-cost rent drive port-based industrial park development
Located at the center of maritime transportation networks in Northeast Asia, South Korea’s port-oriented industrial parks offer a business-friendly environment and strong logistics networks for local and foreign firms. “Thanks to Korean ports that provide highly developed logistics services connected to Asia’s main ports in China and Japan, the companies operating at industrial parks in the hinterland areas of major ports can effectively transport their products to destinations to the neighbo
Dec. 21, 2015
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[Newsmaker] With biotech, Samsung heir aims to emulate father’s chip success
Samsung Electronics vice chairman and heir apparent Lee Jae-yong is betting big on biotechnology, a move reminiscent of his father, chairman Lee Kun-hee’s entry into the chip business almost 40 years ago. In the 1970s, there was widespread skepticism about Samsung’s entry in the chip market that was dominated by U.S. and Japanese companies. But the company poured resources into ramping up quality chips at cheaper prices. Now the company is the No. 1 player in memory chips and the business unit
Dec. 21, 2015
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[Profile] Joo Hyung-hwan, Trade, industry and energy minister nominee
The Trade, Industry and Energy Minister nominee Joo Hyung-hwan is expected to boost the country’s sluggish exports with his abundant experience in formulating economic policies. As the incumbent vice finance minister, Joo overlooked the finance strategy section, including his position at the International Bank for Reconstruction and Development. Joo Hyung-hwan, Trade, industry and energy minister nomineeHe has also worked at the presidential office back and forth since 2003, which added a politi
Dec. 21, 2015
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Samsung bets big on biotechnology
SONGDO, Incheon -- Samsung BioLogics broke ground on its third production plant in Songdo, Incheon, Monday, drawing closer toward its stated goal of becoming the world’s No. 1 contract manufacturer of biologic drugs by 2020. The new plant, to be constructed with an investment of 850 billion won ($740 million) will boast a production capacity of 180,000 liters to become the single largest biologics manufacturing facility in the world upon its completion in 2018. Combined with its two existing pla
Dec. 21, 2015
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Korean Air wraps up 2015 mission of planting love, hope
From small communities in Korea to flood-stricken Nepal, Korean Air wrapped up its annual mission to support people in need around the world, fulfilling its corporate responsibility as the nation’s largest air carrier. Employees of Korean Air pose for photo after planting trees in the Baganuur Desert in Mongolia. Korean AirAccording to the company, it has completed a series of sharing projects to relieve the pain of people suffering from poverty and isolation through joint efforts by its senior
Dec. 21, 2015
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KOGAS denies report on gas field investment in Iran
Korea Gas Corp. on Monday denied a local report that it plans to invest in South Pars gas field in Iran, making it the first Korean company to invest in the Middle East country that had been slapped with international economic sanctions over its nuclear program.According to local reports quoting officials at the Trade Ministry, the state-run company recently sent its officials to discuss ways to invest in the world’s largest gas field, which has been running behind in its development schedule du
Dec. 21, 2015
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‘Distriparks’ at heart of mission to create East Asian maritime hubs
More and more companies are eyeing Korea’s hinterland industrial-commercial complexes, which grant not only geographical benefits for logistics traders but also various tax perks to the residing firms. The “Distripark” sites, once simply storage or logistics-related locations, are rapidly becoming hot spots for multi-business and residential areas of the seashore.According to the Ministry of Oceans and Fisheries, more than 145 companies have decided to nestle in the country’s four major complexe
Dec. 21, 2015
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POSCO E&C to build landmark in Busan
POSCO Engineering & Construction is taking on the challenge of building Korea’s tallest residential apartment complex --“LCT The Sharp” -- near Haeundae, Busan. It was chosen in July to undertake the construction. The apartment complex will consist of three buildings, a 411.6-meter, 101-story landmark tower and two 85-story residential apartments both 339.1 meters high.The landmark tower will house an observatory, a tourist hotel run by Lotte Hotel and a residence hotel for long-term stay. The t
Dec. 21, 2015
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Bidding for Daewoo Securities ends
Four entities have placed bids to buy the country's second-largest brokerage house Daewoo Securities Co. in a deal that could be a possible game changer for at least three of the four prospective buyers, informed sources said Monday.The prospective buyers are KB Financial Group Inc., the largest banking giant by assets; the country's leading asset management expertise firm Mirae Asset Group; Korea Investment Holdings Co.; and the employee stock ownership association led by Daewoo's labor union.T
Dec. 21, 2015
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KT&G launches The One Gold Label
The One Gold Label (KT&G)KT&G, the country’s largest tobacco-maker by market share, on Monday launched the premium edition of its The One brand with micro charcoal filters. Dubbed “The One Gold Label,” the new edition applies triple-layered micro charcoal filters that maximize the clean finish, in addition to premium quality tobacco leaves, the tobacco-maker said in a press release. The gold label came after three years of research and development, targeting demand for premium cigarettes, KT&G
Dec. 21, 2015
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Samsung breaks ground for 3rd bio factory in Korea
Samsung BioLogics Co., a pharmaceutical arm under South Korea's top conglomerate Samsung Group, said Monday that it will build its third production line in the country by 2017, as part of an effort to focus on securing a new growth engine.Under the plan, Samsung BioLogics will invest 850 billion won ($721 million) to build the facility in Songdo, west of Seoul, which will make the firm the world's top contract manufacturing organization.The new facility will boast an annual production capacity o
Dec. 21, 2015
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Samsung Engineering wins $550 mln plant order
Samsung Engineering Co., the plant engineering unit of South Korea's top conglomerate Samsung Group, said Monday that it has received a 649 billion won ($550 million) order to improve a refining plant in Mexico.Under the deal with Petroleos Mexicanos, Samsung Engineering will upgrade the plant with a capacity of 53,000 barrels of ultra-low sulfur diesel by the end of 2018.The deal also includes building a new plant in Salamanca, northwest of Mexico City, which produces 38,000 barrels of ULSD by
Dec. 21, 2015
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Daewoo E&C seeks sale of mall near Yongsan Station
Daewoo Engineering & Construction Co. is promoting the sale of “Yongsan Summit Square,” a shopping mall in Yongsan, central Seoul, company officials said Sunday.The officials said the mall in front of Yongsan Station was part of the high-rise residential complex “Yongsan Prugio Summit” that the company has constructed. An artist’s rendering of Yongsan Prugio Summit (Daewoo E&C)The three-story mall includes 139 shops and is expected to draw high demand given that it is situated near AmorePacifi
Dec. 20, 2015
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Hyundai's Creta SUV named 2016 Car of the Year in India
The Creta, a small SUV made by Hyundai Motor Co., has been named the Indian Car of the Year 2016 thanks to its strong popularity in the world's No. 4 car market, Hyundai said Sunday. The Creta, which was rolled out in July, outrivaled 12 other models, including Honda's Jazz, in seven categories such as sales records, price, performance, fuel efficiency and safety, said Hyundai, South Korea's top automaker. The Creta crossover SUV is the fourth Hyundai model that has earned the prestigious award
Dec. 20, 2015