Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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Pandemic left Korea more depressed than before: report
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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Antitrust chief urges voluntary change of conglomerates
The head of South Korea's antitrust watchdog said he expects the country's large businesses groups to voluntarily reform their cobweb-like family-run governance structures to meet market expectations and promote fair competition."I once again reaffirm that I will never be pushy and coercive in carrying out reform on conglomerates," Fair Trade Commission Chairman Kim Sang-jo said in a meeting with reporters on Thursday. "They are fully aware of what they have to do and I hope they will change the
IndustryDec. 15, 2017
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Korean washers popular in US despite trade row
South Korean washers are receiving top-notch reviews from US tech evaluators, industry watchers said Friday, amid actions being taken by Washington's trade watchdog to slap tariffs on some products.US-based industry tracker Reviewed said in its latest report that LG Electronics Inc.'s washer with the model name LG WM9000HVA won the Best Washers for Large Families category."LG's TurboWash feature is remarkable. It mixes up the spray pattern of a wash cycle in order to speed things up while still
IndustryDec. 15, 2017
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Turnover of derivatives market gains 9% in H1
The trading volume of South Korea's derivatives market expanded nearly 9 percent in the first half of the year on the back of a bullish stock market, the financial regulator said Friday.The combined turnover of derivatives, such as stock options and futures, reached 20,047 trillion won ($18.4 trillion) in the January-June period, up 8.6 percent from a year earlier, according to the Financial Supervisory Service.Exchange trading jumped 11.4 percent on-year to 13,267 trillion won, while the turnov
MarketDec. 15, 2017
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Carmakers ordered to recall nearly 320,000 vehicles
Six carmakers will recall nearly 320,000 vehicles in South Korea due to faulty parts, the transport ministry said Friday.This is the latest in a series of recall orders issued by the Ministry of Land, Infrastructure and Transport to both domestic and foreign carmakers.Six carmakers -- Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Maserati, Mercedes-Benz and Toyota Motor Corp. -- plan to recall 12 different models totaling 319,264 vehicles, the ministry said in a statement. (Yonhap)The model
MobilityDec. 15, 2017
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Senior Korean official to protest EU's tax haven blacklisting
A senior foreign ministry official will protest the European Union's recent blacklisting of South Korea as a tax haven country during a meeting in Brussels Friday, a government source said.Deputy Foreign Minister for Economic Affairs Yun Kang-hyeon left for Brussels on Thursday to attend a regular Korea-EU meeting, a ministry official told Yonhap on the condition of anonymity."It is an annual gathering that marks the 14th of its kind. But as it comes after the blacklisting decision, the iss
MarketDec. 15, 2017
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Samsung, LG to debut new laptops
Samsung Electronics Co. and its smaller rival LG Electronics Inc. debuted their latest laptops on Thursday.Samsung Electronics' latest product is a follow-up to a pen-equipped laptop, the Notebook 9 Pen, that was released earlier this year.Bringing its S Pen technology to the company's notebook lineup, the new model will include Intel's latest eighth generation processor, the company said. Like the previous Notebook 9 series, the model has a 360-degree hinge with a touch screen and includes Sams
TechnologyDec. 14, 2017
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SK Incheon Petrochem forecasts another record-breaking year
SK Incheon Petrochem, the petrochemicals unit of the nation‘s top refiner SK Innovation, is expected to post record-high operating profits this year, largely backed by swift sales of the company’s paraxylene products used to produce polyester textiles and plastic bottles. SK Incheon Petrochem's plants in Incheon (SK Incheon Petrochem)SK Incheon Petrochem expects to log operating profit that could surpass the record number achieved last year, the company‘s officials said. The petrochemicals unit
IndustryDec. 14, 2017
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[Photo News] Korea Importers Association celebrates 47th anniversary
CELEBRATING IMPORT -- Participants attend a ceremony marking the 47th anniversary of the Korea Importers Association at Westin Chosun Hotel in Seoul on Wednesday. From front row fifth from left are Ghana Ambassador to Korea Difie Agyarko Kusi, Canadian Ambassador Eric Walsh, KOIMA Chairman Shin Myoung-jin, wife of Chairman Shin Lee Kyung-hee, Czech Ambassador Tomas HUSAK and South African Ambassador Nozuko Gloria Bam. (KOIMA)
IndustryDec. 14, 2017
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S-Oil rewards heroic firefighters
S-Oil has presented awards and prizes worth 90 million won ($82,700) to eight heroic firefighters at a ceremony held at the Yeongdeungpo fire department in Seoul on Thursday, the company said. S-Oil CEO Othman al-Ghamdi (left) poses with firefighter Kim Mee-hee during an award ceremony at Yeongdeungpo fire department in Seoul on Thursday. (S-Oil)After receiving nominations from the National Fire Agency and the Korea National Council on Social Welfare, the company decided to reward firefighter Ki
IndustryDec. 14, 2017
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SK-Sinopec JV highlighted amid Moon‘s visit to China
Wuhan Petrochemical, the SK-Sinopec joint venture, has been highlighted as a successful case of a cooperative project between the two countries during President Moon Jae-in’s state visit to China this week.The Korea-China petrochemical joint venture was forged by SK Global Chemical and Sinopec, China‘s largest petrochemical firm in 2013 with the two investing 3.3 trillion won ($2.91 billion) with the ratio of 35 percent to 65 percent, largely backed by SK Group Chairman Chey Tae-won’s vision to
IndustryDec. 14, 2017
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Korea's annual trade volume tops $1tr
South Korea's annual trade volume surpassed the $1 trillion mark for the first time in three years, driven by upbeat exports of memory chips and petrochemical products, the government said Thursday.The total amount of trades by Asia's fourth-largest economy reached the threshold as of Thursday afternoon, according to the data from the Ministry of Trade, Industry and Energy and the Korea Customs Service.Annual trade volume surpassed the $1 trillion mark for four consecutive years from 2011, but i
EconomyDec. 14, 2017
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[Herald Interview] ‘Intellectual property is strategic tool for fast-changing modern world'
SINGAPORE -- At the presence of the “fourth industrial revolution,” governments are pressed to come up with a comprehensive technological and economic blueprint to survive in the hectic modern world -- and this is where intellectual property comes into spotlight, according to the chief of a leading international authority group.“One of the core strategies for individual governments is to create a business environment which allows an easy influx and acquisition of advanced foreign technology,” Fr
IndustryDec. 14, 2017
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SKT, KT's 5G technology selected as Korean standards
Core 5G network technologies developed by wireless carriers SK Telecom and KT have been selected as Korean standards by the Telecommunications Technology Association, according to the two companies Thursday.On Wednesday, the TTA chose SK Telecom‘s 5G fronthaul technology and KT’s 5G network slice orchestration as its standards at an annual congress held in Seoul.SK Telecom‘s fronthaul technology, which connects 5G central units with distributed units, is an open-interface system that standardize
IndustryDec. 14, 2017
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Lotte Liquor creates export-only Sunhari Strawberry
Lotte Liquor, the alcoholic beverage arm of Lotte Chilsung Beverage, said Thursday that it had created a strawberry-flavored drink exclusively for export.Sunhari Strawberry is the latest in the company‘s Chum Churum Sunhari line, which adds fruit flavoring to soju. Sunhari Strawberry from Lotte Liquor (Lotte Liquor)According to Lotte Liquor, the 12 percent ABV Sunhari line has been popular among consumers abroad who have trouble drinking straight soju. Exports of Sunhari have quadrupled since t
IndustryDec. 14, 2017
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Hyundai Mobis looks for startups with original idea
Hyundai Mobis, the auto parts unit of Hyundai Motor, will hold a technical contest for local startups in search of original technology to invest in or startups to collaborate with, the company said Thursday. Those preparing to open a startup can also register for the event named 2017 M, M standing for Mobis and mobility. Relevant sectors will include automobile, artificial intelligence, future mobility, smart city, robots and energy.“Hyundai Mobis will expand its future technologies together wit
MobilityDec. 14, 2017
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Samsung smartphone to slow in growth in 2018: SA
Samsung Electronics’ smartphone sales are predicted to see the slowest growth next year among the top five smartphone makers, reaching a market share of below 20 percent, according to the US research firm on Thursday. According to Strategy Analytics, the Korean tech giant is predicted to have a 20.5 percent market share this year with shipment of around 319 million units. Next year, the firm will see its share fall to 19.2 percent, with shipment dropping to 315 million units, SA predicted on the
IndustryDec. 14, 2017
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Facebook Korea to stop using Ireland tax avoidance scheme
Facebook is slated to begin reporting taxes to the South Korean government by 2019, in line with its newly adopted tax policy under which the social networking giant will pay taxes in the country where sales are made, instead of booking all revenue in Ireland.Facebook announced this week that it will move toward a “local selling structure” in countries where the company operates offices to support sales to local advertisers, addressing growing calls for greater transparency by governments and po
TechnologyDec. 14, 2017
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Japanese movie ‘Your Name’ Korea’s top searched term on Google in 2017
Google Korea said Thursday that “Your Name,” a Japanese animated drama movie that hit South Korea’s theaters in January, was the most-searched term by users in Korea in 2017, with many other films and media content filling the local Top 10 search list. Google announces its annual rankings for the top Google searches each year, offering a glimpse into what people were most interested throughout the year. In Korea, Google’s search engine comes third in usage after local players Naver and Kakao-own
TechnologyDec. 14, 2017
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Korea to shift toward renewable energy, natural gas
South Korea will shift its reliance from coal and nuclear power toward renewable energy and natural gas to address environmental concerns and safety issues, the energy ministry said Thursday.The Ministry of Trade, Industry and Energy announced its eighth basic plan for long-term electricity supply and demand in a meeting with a parliamentary committee, which includes an energy road map for 2017-2031."While past plans were set with a focus on a stable power supply and economic efficiency, the lat
IndustryDec. 14, 2017
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US rate hike to have little impact on Korean market
South Korea's central bank chief said Thursday that the latest rate rise by the US Federal Reserve will have little impact on the local financial market, as the move was widely expected."The market has long anticipated the Fed's base rate increase this month," Bank of Korea Gov. Lee Ju-yeol told reporters. "The BOK is focused on the Fed's pace of rate rises next year and has kept its 2018 outlook unchanged."He said the Fed remained less "hawkish" than expected despi
MarketDec. 14, 2017