Most Popular
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Amway opens botanical research center in China
U.S.-based direct sales giant Amway opened the Amway Botanical Research Center in Wuxi, China, last Friday, as the company seeks to step up its research on herbs used in Oriental medicine for potential use in its health and beauty products. Built with an investment of $13 million and spanning across 34 hectares of farmland, the ABRC includes an advanced laboratory and a greenhouse to study soil nutrients and plant physiology which will potentially lead to new product development, according to A
Oct. 26, 2015
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CJ Healthcare enters Chinese antiulcer treatment market
CJ Healthcare, the pharmaceuticals unit of South Korea’s CJ Group, is embarking onto China’s fast-growing antiulcer treatment market valued at an estimated 3 trillion won ($2.65 billion), through a major drug licensing deal with Shandong Luoxin Pharmaceutical Group. The Korean pharma firm said Sunday that it has sealed a license agreement in Shanghai with Luoxin Pharma to transfer the development and commercialization rights to CJ-12420, a drug to treat regurgitation gastritis and gastroesophage
Oct. 26, 2015
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Estee Lauder to invest in Dr. Jart+
U.S.-based cosmetics giant The Estée Lauder Companies sealed a deal in New York on Sunday to invest in Have & Be Co., the South Korean company behind the fast-growing homegrown skin care brands Dr. Jart+ and Do The Right Thing. The terms of the investment -- to be made by December 2015 -- were not disclosed due to legal specifications, according to the firm’s spokesperson.The Estee Lauder Companies executive chairman William P. Lauder (right) signs an investment deal with Dr. Jart+ CEO Lee Jin
Oct. 26, 2015
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Korea becomes first Asian country to successfully farm salmon
South Korea has become the first Asian country to successfully farm salmon throughout the year, which can help the country reduce imports and lead to exports down the road, the government said Monday.According to the Ministry of Oceans and Fisheries, Donghae STF Co., a local aquaculture firm, has been raising some 10,000 silver salmon at a special enclosure some 5 kilometers off the country's eastern coast since late last year. The enclosure system that has been patented can be moved up and down
Oct. 26, 2015
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Koreans sue Volkswagen in U.S. over emissions scandal
Two South Korean Volkswagen owners said Monday that they have filed a class action lawsuit in the United States against the German carmaker over its emissions rigging scandal.“We have filed the suit because we were angry at Volkswagen,” said Yim Ye-won, one of the petitioners who owns the car. “We believe that there should be a heavy penalty for this act of fraud.” “The lawsuit was filed with a federal court in California,” said Jason Ha, a lawyer representing the two, adding that the clients ar
Oct. 26, 2015
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Shinsegae, Doosan sweeten bids for duty-free licenses
Bidders for the country‘s duty-free licenses sweetened their offers Monday to pull ahead in the neck-in-neck competition as they battle with existing operators.Four companies have submitted bids for the operational licenses of three duty-free stores in Seoul, which are set to expire later this year. The result is slated for next month. Shinsegae’s duty-free unit said it plans to invest 53 billion won (US$46.8 million) in the next five years to create a “tourism cluster” in downtown Seoul and col
Oct. 26, 2015
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Korea seeks partnership with Jamaica on infrastructure
South Korea said Monday it wants the country's firms to participate in Jamaica's major infrastructure projects. The Foreign Ministry plans to request the Jamaican government's support during a rare policy consultation meeting to be held in Kingston, the capital of the Caribbean nation, later this week.The two sides are scheduled to hold their first policy coordination meeting in eight years Tuesday."We plan to request the Jamaican government's interest and cooperation so that South Korean compan
Oct. 26, 2015
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Korea's air passenger traffic grows 7.3 pct in Sept.
South Korea's air passenger traffic rose from a year earlier in September, fueled by the increased number of people taking both domestic and international flights, the government said Monday.In September, the country's overall air passenger traffic moved up a solid 7.3 percent on-year to 7.35 million, according to the Ministry of Land, Infrastructure and Transport.The number of international air passengers to and from South Korea gained 4.3 percent on-year to 4.93 million last month, marking a r
Oct. 26, 2015
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Volvo, Ford, FCA to recall 10,197 cars in S. Korea
Volvo, Ford and Fiat Chrysler Automobiles will recall 10,197 cars sold in South Korea for safety-related mechanical defects, the transportation ministry said Monday.According to the Ministry of Land, Infrastructure and Transport, a combined 3,877 S80, S60, XC90, XC70 and V70 models made by the Swedish carmaker have problems with the upper part of the fuel pump section that can cause an oil leak and fire.The problem involves cars made from May 24, 2000 through Feb. 4, 2005.The ministry said Ford
Oct. 26, 2015
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Top 3 shipbuilders to post W7tr losses
South Korea’s top three shipbuilders are expected to log their worst ever combined operating loss this year ― over 7 trillion won ($6.2 billion) ― due to mounting losses from offshore projects and falling global demand for ships, according to industry data Sunday. Industry data forecast a 7.4 trillion won deficit from the three leading firms ― Daewoo Shipbuilding and Marine Engineering, Hyundai Heavy Industries and Samsung Heavy Industries ― by predicting an operating loss of 3 trillion won in t
Oct. 25, 2015
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Hanwha Life trumpets education for staff
Hanwha Life is working to developing talent with a vision to become the “top insurance company in the world,” company officials said.Hanwha runs several programs to increase competitiveness of their employees, largely focused on developing their professional capabilities.Company officials said the firm offered systematic programs aimed at fostering business leaders, and also provided assistance for overseas MBA courses and evening courses at Korean universities to support the development of prof
Oct. 25, 2015
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Major hotels probed for price-fixing
Korea’s state watchdog launched an investigation into an alleged price-fixing practice by the country’s high-end hotels, suspecting that it resulted in hikes in their room prices despite a stall in demand. Fair Trade Commission building in Sejong city. (Yonhap)According to news reports, the Fair Trade Commission recently requested the country’s so-called five-star hotels to report on their price-setting processes. FTC officials suspect that the hotels fixed prices in order to avoid undercutting
Oct. 25, 2015
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Korea's top 3 shipbuilders to lose over 7 tln won in 2015
South Korea's top three shipbuilders are expected to post a combined operating loss of more than 7 trillion won ($6.2 billion) in 2015 amid an industrywide slump, data showed Sunday.Market data showed the country's top three shipbuilders -- Samsung Heavy Industries Co., Hyundai Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. -- are expected to post an operating loss of 3 trillion won in the second half of 2015.The three players already posted an operating loss of 4.7 trilli
Oct. 25, 2015
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Corporate earnings outlook turns gloomier for Q4
The corporate earnings outlook for the fourth quarter of this year has turned bleaker amid a series of weak third-quarter performance reports by major South Korean companies, a market tracker said Sunday.FnGuide, which provides financial information, said 128 major listed companies, for which more than two brokerages houses have offered earnings estimates, are projected to register a combined operating profit of 27.4 trillion won ($24.3 billion) for the October-December period.The number is down
Oct. 25, 2015
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Korea's imports of coffee to hit record in 2015
South Korea's coffee imports are expected to set a new annual record in 2015, the customs office said Sunday, driven by soaring demand from local consumers.Asia's fourth-largest economy imported a record 102,500 tons of coffee in the January-September period, up 3.2 percent from the same period last year, the Korea Customs Service said.The imports were valued at $416 million, up 8.9 percent from a year earlier, the customs office added. The amount is expected to reach $600 million by the end of
Oct. 25, 2015
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Gore honored for work culture
Gore Korea country head Hans Baik (Gore Korea)W. L. Gore & Associates, commonly known as Gore, received two awards from global research and management consultancy Great Place to Work, the Korean operation of the U.S.-based manufacturer said Friday. In Korea, Gore was named as one of the “100 Best Companies to Work for in Korea (2015)” for the fifth consecutive year. Globally, it was also ranked No. 3 as one of the “25 Best Multinational Workplaces” for the fourth consecutive year. The Great Pla
Oct. 23, 2015
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BAT Korea settles wage hike
BAT Korea CEO Guy Meldrum (front row, second from left) poses with union leaders from its Sacheon factory after signing a wage pact for the next three years at the firm’s Seoul headquarters Wednesday. (BAT Korea)British American Tobacco Korea and the labor union at its Sacheon factory have reached an agreement on three-year salary negotiations without any hiccups, the tobacco manufacturer said Friday. The agreement states the percentage of salary increase and adjustment in the calculation of wa
Oct. 23, 2015
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Businesses cash in on Fashion Week
Every year since 2000, Seoul Fashion Week has drawn local and overseas fashion gurus, buyers and the larger public together in a festival to showcase the country’s talented designers and upcoming fashion trends. The biannual event -- held every March and October -- not only offers sneak previews of Korea’s latest fashion designs for the seasons ahead, but also attracts wide attention from the public as well as international buyers. Alongside local designers and independent labels looking to show
Oct. 23, 2015
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Hyundai E&C Q3 net soars 21 %
Hyundai Engineering & Construction Co., South Korea's No. 2 builder, said Friday its third-quarter net profit jumped 20.7 percent as large-scale projects in the Middle East took shape. Net profit stood at 163.02 billion won ($145 million) in the July-September period, compared with the 135.1 billion won registered a year earlier, the construction firm said in its regulatory filing. Operating profit rose 14.6 percent on-year to 264.37 billion won, and sales gained 10.6 percent to 4.71 trillion wo
Oct. 23, 2015
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Hyundai Mobis Q3 net drops 20 pct
Hyundai Mobis Co., South Korea's top auto parts maker, said Friday its third-quarter earnings plunged 20 percent from a year earlier due mainly to falling sales in China and other major countries.Net profit stood at 621 billion won (US$552 million) in the July-September period, compared with a profit of 776 billion won a year earlier, the company said in its regulatory filing.Operating profit also shed 8.3 percent on-year to 670 billion won in the third quarter, while sales rose 2.9 percent to 8
Oct. 23, 2015