Most Popular
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40 flights canceled on Jeju Island due to bad weather
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Korean labor force to shrink by 10 million by 2044: report
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Pandemic left Korea more depressed than before: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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Gov't appears to shelve punitive measures against mass walkout by doctors
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Allegations surrounding BTS resurface, enraged fans demand apology
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Students with history of violence will be barred from becoming teachers
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Govt. asks hospitals to mitigate impact of medical professors' absence
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Samsung mocks Apple over iPhone alarm glitch
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Financial firms expanding Korean athletes sponsorships ahead of PyeongChang Olympics
South Korean financial firms are expanding sponsorship for athletes competing in the upcoming 2018 PyeongChang Winter Olympics, industry sources said Wednesday, as they seek to improve their brand image while contributing to the better performance of the home team.One of the major financial companies supporting athletes is KB Financial Group, which sponsored now-retired figure skating star Kim Yu-na since 2006. Industry watchers have been citing KB Financial's sponsorship of Kim as one of best e
MarketSept. 6, 2017
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Complaints soar after release of info on sanitary pads
Complaints about unexpected side effects from using sanitary pads have spiked since mid-August when information regarding the materials used in these products were released, according to the Food and Drug Safety Ministry on Wednesday.Since Aug. 21, a total of 74 complaints have been lodged with the Korea Institute of Drug Safety and Risk Management concerning the use of menstrual care products. There were no complaints regarding menstrual care products reported before Aug. 20. The complaints mos
IndustrySept. 6, 2017
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Decline in Japanese tourists to continue after nuke test
The decrease in number of Japanese tourists visiting South Korea is expected to continue on the back of North Korea‘s latest nuclear test, clouding the outlook of the nation‘s tourism industry, according to Korea Tourism Organization Wednesday.The number of Japanese tourists to Korea have shown a tendency to fall upon North Korea-bound provocation in the past. According to data compiled by the KTO, the number of Japanese visitors decreased by 5.4 percent on-year to reach 165,748 in April this ye
IndustrySept. 6, 2017
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Tax-to-GDP ratio needs to top 35% by 2060 to meet growing welfare programs: report
South Korea's tax-to-GDP ratio needs to surpass the 35 percent mark by 2060 to meet the government's social welfare-related spending plan, a local think tank said Wednesday.The report by the Korea Economic Research Institute comes as the ruling Democratic Party proposed hiking up tax rates for the super-rich and top-earning conglomerates to help finance the Moon Jae-in administration's welfare and job creation agenda estimated to cost 178 trillion won ($156 billion) over the next five years.It s
EconomySept. 6, 2017
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Kyobo holds commemorative concert for late founder Shin Yong-ho
In honor of the late Shin Yong-ho, the founder of Kyobo Life, the company announced it is holding a commemorative concert and a memorial photo exhibition this month to celebrate 100 years since its founder’s birth. Regarded as one of the most respected Korean entrepreneurs of the 20th century, Shin’s dedication to learning and national education made him a pioneer in the country’s insurance and publication industry, the company said. Shin Yong-ho, the late founder of Kyobo Life (Kyobo Life)The
IndustrySept. 6, 2017
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Corporate promotion system favors seniority over ability: survey
Promotion systems at more than 35 percent of Korean companies still largely prioritize employee seniority over job skills, according to data released by career portal site Job Korea on Wednesday. Job Korea surveyed 1,057 employees regarding their companies’ promotion systems and found the top result of 35.5 percent of respondents said their companies base promotions on years of service. Of the total respondents, 29.3 percent answered their companies promoted personnel under the criteria of empl
IndustrySept. 6, 2017
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Seoul shares down for 5th day on US losses, geopolitical tension
South Korean stocks closed lower Wednesday as a decline in US stocks, coupled with concerns over North Korean provocations, continued to sour investor sentiment, analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index dropped 6.80 points, or 0.29 percent, to 2,319.82, extending its losing streak to a fifth day. Trade volume was low at 249 million shares worth 5.25 trillion won ($4.62 billion), with losers outnumbering gainers at 569 to 239.Analyst
MarketSept. 6, 2017
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ILO chief urges ‘quick’ resolution on outlawed teachers and civil servants unions
The chief of the International Labor Organization said Wednesday that there is a need to "quickly" address the legal status of South Korea's outlawed teachers and public servants unions, urging the government to work hard to resolve the issue.In a meeting with labor union leaders, Guy Ryder, director-general of the ILO, said South Korea should resolve the legal spat over the progressive unions regardless of the ratification of the ILO's key rights convention by the country.In 2013, the
EconomySept. 6, 2017
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GM Korea steps up moves to quell rumors of withdrawal from Korea
Clay models of GM vehicles and the interior made using 3-D augmented reality technology at the Design Center in Bupyeong, Gyeonggi Province (GM Korea)BUPYEONG, Incheon -- Stepping up efforts to quell unrelenting rumors of its potential pullout from South Korea, GM Korea on Wednesday arranged a press tour of its design center, with the newly appointed CEO emphasizing the importance of the market here.“Firstly, I have heard the many rumors of media regarding our operation in GM Korea. I can assure
MobilitySept. 6, 2017
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Hyundai signs on with Israeli tech institute on self-driving, AI
Hyundai Motor has signed a memorandum of understanding with Technion, an Israeli institute of technology, to jointly develop artificial intelligence and technologies for autonomous driving, the company said Thursday.The joint project also includes a plan to support budding enterprises in Israel and use their ideas to devise new market platform aimed at realizing innovative mobility. South Korea’s Korea Advanced Institute of Science and Technology also joins the project, the company said. Officia
MobilitySept. 6, 2017
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Korea to give rice aid to developing nations
South Korea plans to give rice to developing nations after it joins an international food assistance convention as part of its ambition to stabilize the local rice supply and help the needy around the world, the farm ministry said Wednesday. The Ministry of Agriculture, Food and Rural Affairs said it is preparing steps to join the Food Assistance Convention, expecting parliamentary approval for the membership by the end of this year. If approved, the ministry plans to ship about 50,000 tons
EconomySept. 6, 2017
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Imported car sales jump 10% in August on German, Japanese models
Sales of imported vehicles in South Korea jumped 10 percent last month compared to a year earlier on robust demand for German and Japanese vehicles, industry data showed Wednesday. The number of newly registered foreign vehicles rose to 17,547 in August from 15,932 a year earlier, the Korea Automobile Importers and Distributors Association said in a statement. The three best-selling models were the BMW 520d, Lexus ES300h and Mercedes-Benz E 220d 4MATIC sedans, the statement said. BMW`s 10 milli
MobilitySept. 6, 2017
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Samsung sees share of China's cellphone market slip in Q2
Samsung Electronics Co. saw its share of China's cellphone market drop in the second quarter as more Chinese customers preferred cheaper local brands over its high-end devices, a report said Wednesday.According to the report by the Korea International Trade Association, Chinese customers owned 48 million Samsung cellphones as of end-June, making the company the sixth-largest player in the world's No. 2 economy. It was down two notches from its standing in the first quarter of last year.US rival
TechnologySept. 6, 2017
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Kumho Tire turnaround main focus after deal collapses: biz leader
The chief of Kumho Asiana Group said Wednesday the airline-to-construction conglomerate will consider asset sales in China to help turn around its tiremaking affiliate after the deal to sell it collapsed. In March, China's Qingdao Doublestar signed a 955 billion-won ($844 million) contract with the creditors led by the state-run Korea Development Bank to buy a 42.01-percent stake in South Korea's No. 2 tiremaker. The deal fell through Monday when the creditors rejected Doublestar's demand to cut
IndustrySept. 6, 2017
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Korea‘s economic recovery remains feeble: KDI
South Korea's economic recovery pace remains weak and feeble due mainly to the prolonged slump in private consumption, a state-run think tank said Wednesday."Signs of a slowdown have stabilized on the production side, but the overall economy is not showing hints of a steady recovery,"the Korea Development Institute said in its monthly evaluation of the country's economic conditions. "The improvement trend in domestic demand appears to be unsteady."Concerns have been rising as
EconomySept. 6, 2017
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Korea, Thailand agree to expand bilateral flights
South Korea and Thailand have agreed to double the number of designated airlines on their bilateral routes as Seoul tackles declining travel demand from China, the transport ministry said Wednesday. At the aviation talks held in Busan, 450 kilometers south of Seoul, Koo Bon-hwan, director general of the Aviation Policy Bureau at the Ministry of Land, Infrastructure and Transportation, and his Thai counterpart, Chula Sukmanop, agreed to increase the number of airlines on Korea-Thailand routes fro
IndustrySept. 6, 2017
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Korean stocks down late Wednesday morning
South Korean stocks traded lower late Wednesday morning on overnight losses from Wall Street coupled with the rising concern over North Korean provocations.The benchmark Korea Composite Stock Price Index shed 6.99 points, or 0.3 percent, to 2,319.63 as of 11:20 a.m.Carmakers lost ground, with Hyundai Motor Co. falling 2.17 percent and its sister Kia Motors moving down 3.81 percent. Hyundai Mobis, the country's largest car parts producer, shed 2.1 percent. No. 1 mobile carrier SK Telecom bac
MarketSept. 6, 2017
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Doosan Group taps collaborative robot market
Heavy machinery and power equipment conglomerate Doosan Group said Wednesday that it is planning to enter the so-called collaborative robot market soon with a plan to start selling such robots next year.Doosan set up a robot-developing unit in 2015, which recently showcased four collaborative robot models. (Yonhap)Rather than replacing human laborers, collaborative robots are commonly used to help people with their work.The company said it plans to produce such collaborative robots this year and
TechnologySept. 6, 2017
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KDB, Export-Import Bank of Korea return to black in H1
South Korea's two state-run policy banks -- Korea Development Bank and the Export-Import Bank of Korea -- bounced back into the black in the first-half of this year with their loan-loss provisions falling as the restructuring of the shipbuilding industry nears an end.In a regulatory filing on Wednesday, KDB said it posted a net profit of 1.27 trillion won ($1.12 billion) for the January-June period, compared to a loss of 289.6 billion won a year earlier. The Export-Import Bank of Korea said
MarketSept. 6, 2017
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Japanese tourists to S. Korea feared to dip on NK nuke test
The number of Japanese visitors to South Korea may decrease in the wake of North Korea's latest nuclear test, industry sources said Wednesday.Japanese tourists to Seoul have tended to slip whenever tensions on the Korean Peninsula escalate due to Pyongyang's atomic tests or other geopolitical risks. The isolated North carried out its sixth and most powerful nuclear test on Sunday, drawing strong condemnation from the international community.According to the Korea Tourism Organization, the number
EconomySept. 6, 2017