Most Popular
-
1
Do Korean doctors make too much money?
-
2
Korean industries gauge impact of Biden's steep tariffs on China
-
3
Court refuses injunction on medical school expansion
-
4
Why Korean crime stories typically feature nameless, faceless perpetrators
-
5
Is FTC's conglomerate listing a boon or bane for Hybe?
-
6
NewJeans to headline palace show
-
7
Coupang's Kim Bom escapes chaebol chief designation again
-
8
Debate on 'no-seniors zones' heats up
-
9
S. Korea, Cambodia forge strategic partnership
-
10
Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
-
Japanese brands making rapid growth in South Korea
South Korea and Japan continue deep-rooted diplomatic feuds over their history marred by 36 years of Japanese colonial rule over the Korean Peninsula that ended in 1945, but retail sale records show that Japanese labels are reaping extraordinary profits in South Korea.Japan's fast fashion brand Uniqlo is the top SPA (special store retailer of private label apparel) brand in sales in South Korea, according to an industry tally as of Monday. After opening its first store in South Korea in 2005, Un
IndustryFeb. 28, 2017
-
Samsung heir to be indicted on bribery charges in corruption probe
Lee Jae-yong, the de facto leader of Samsung Group, will be indicted on charges of bribery, the independent counsel said Tuesday, as investigators wrap up their four-month-long probe into an influence-peddling scandal centered on impeached President Park Geun-hye.Prosecutors suspect that Lee, vice chairman of Samsung Electronics Co., gave or promised some 43 billion won ($36.3 million) worth of bribes to the president's jailed friend Choi Soon-sil in return for the government's backing of a merg
IndustryFeb. 28, 2017
-
Autofactory enters IoT-based smart farm business
Autofactory, headed by Lee Jae-wook, announced Tuesday that it recently entered the Internet of Things-based smart farm business, alongside its automotive data service business. A startup company that provides services in the “connected car” industry, Autofactory possesses several types of IoT-based technologies, including LoRa -- long-range, low-power -- telecommunications technology and object search technology. The company has now applied this technology to its new smart farm business. Based
TechnologyFeb. 28, 2017
-
Korean institutions buy more foreign securities
South Korean institutions' investment in overseas securities jumped 43 percent on-year in 2016, driven by the growth of bond purchases by insurers and asset management firms, central bank data showed Tuesday.The amount of stocks and bonds held by local institutional investors came to $173.7 billion as of the end of last year, up $52.2 billion from a year earlier, according to the Bank of Korea . A pile of US banknotes in a file photo. (Yonhap)"It's mainly attributable to a surge in new investmen
Feb. 28, 2017
-
Despite bitter past, Korean brands succeeding in Japan
Koreans celebrate March 1 every year as the day the country ignited its independence movement against oppressive Japanese colonial rule that had continued from 1910-45.The two nations still have unsettled historical issues stemming from those days, but market trends indicate that on the culture side, Korea is being widely embraced by the Japanese. (Yonhap)"Hallyu," or the Korean Wave, in Japan dates back to the immense local popularity of the Korean drama "Winter Sonata" in 2002. Since then, Sou
IndustryFeb. 28, 2017
-
BOK chief cautious about rate change, suggests more fiscal spending
South Korea's central bank said Tuesday it will maintain an accommodative monetary policy amid concerns about the pace of the US rate hike.Speaking to lawmakers, Bank of Korea Gov. Lee Ju-yeol said it won't rush to raise the country's benchmark rates even if the US increases its own rates again. Bank of Korea Gov. Lee Ju-yeol attends a parliamentary committee meeting in Seoul on Feb. 28, 2017. (Yonhap)"The principle of an interest rate policy is an accommodative operation, but it does not neces
Feb. 28, 2017
-
KEF chief urges self-help plans, says not to expect help from government
The head of a major business lobby on Tuesday urged local companies and their workers to work together to ensure their survival, noting they may not expect any meaningful help from the government for some time."It appears we may not see any economy-supporting politics for a while due to the complicated political schedule that includes the impeachment and presidential election," Bahk Byong-won, chairman of the Korea Employers Federation, said at a Seoul meeting. KEF Chairman Bahk Byong-won (Yonha
Feb. 28, 2017
-
Korea Deposit Insurance to retrieve assets of shuttered savings banks in Cambodia
The state-run Korea Deposit Insurance Corp. will open a branch office in Cambodia next month to help retrieve property assets owned by shuttered South Korean savings banks, KDIC officials said Tuesday. Seven savings banks, including Jeil Savings Bank and Tomato Savings Bank, were suspended in 2011 after they grappled with bad assets due to deteriorating construction loans. This photo shows a protest in 2012 by customers of a shuttered savings bank. (Yonhap file photo)Some of the shuttered saving
Feb. 28, 2017
-
Single households, economic slump drive up demand for small startups
More than half of people seeking to run their own business in South Korea are considering opening a cafe or a bakery, a survey showed Tuesday.In a survey of 4,625 people who have filed an online application to attend the upcoming International Franchise Seoul expo, 65 percent said they will either open a cafe or a bakery when starting their own business, the event organizers said. This file photo, taken on Jan. 6, 2017, shows dozens of would-be business owners attending a franchise-job fair in S
IndustryFeb. 28, 2017
-
Korea govt. spends W22.4tr in Jan.
South Korea spent more than 22 trillion won ($19.4 billion) in government budget last month as part of its efforts to frontload its budget spending to prop up the economy, the finance ministry said Tuesday.Fiscal spending by the government and public institutions reached a combined 22.4 trillion won in January, up 2 trillion won from its planned outlay of 20.4 trillion, according to the Ministry of Strategy and Finance. (Yonhap)The South Korean government has called for a stronger fiscal role in
Feb. 28, 2017
-
Six more firms subject to strict antitrust laws in Feb.
The number of South Korean business groups' affiliates subject to restrictions on mutual investments and loan guarantees gained ground this month from a month earlier, the antitrust watchdog said Tuesday.The Fair Trade Commission said the number of firms on its monthly watch list stood at 1,131 as of end-February, up six from the previous month. (Yonhap)The affiliates are owned by the country's 27 largest business groups, including Samsung Group and Hyundai Motor Group.Four business groups, incl
IndustryFeb. 28, 2017
-
5 more firms picked for fast-track restructuring program
Five South Korean firms gained government approval to carry out their voluntary corporate restructuring through fast-track legal and administrative procedures, the ministry said Tuesday.The Ministry of Trade, Industry and Energy said a government panel chose the five companies, which include LS Metal, an affiliate of the country's 16th largest business group of LS Group; Kahn PI Co., a ship materials manufacturing firm; and Sungwook Steel Co., to endorse their proposed restructuring efforts to b
IndustryFeb. 28, 2017
-
Income of households headed by 40-somethings grows 0.9% in 2016
South Korean households headed by people in their 40s saw their monthly income rise at the slowest pace ever in 2016, data showed Tuesday, sparking concerns it could further dampen the nation's anemic consumption.According to the data by Statistics Korea, the average monthly income of those households came to 5,005,000 won ($4,414) last year, up a mere 0.9 percent from a year earlier which compares to the 2.8 percent on-year expansion the previous year. (Yonhap)It also marked the lowest annualiz
Feb. 28, 2017
-
Sales of nicotine treatment pill spike in Korea
Sales of an anti-nicotine tablet have spiked by more than eightfold in South Korea over the past two years, industry data showed Tuesday, as more smokers opt to quit amid bolstering government efforts on an anti-smoking campaign.The annual sales of Champix, a prescription medication designed to treat nicotine addiction, reached 42 billion won ($37.02 million) at the end of 2016, compared with 5 billion won recorded in 2014, according to the company and industry sources. (Yonhap)Its on-year sale
IndustryFeb. 28, 2017
-
Korea's manufacturing sentiment up for March
South Korean manufacturers' business sentiment for next month improved, as they expect an increase in domestic demand and exports, central bank data showed Tuesday.The business survey index of manufacturing firms came to 81 in March, up from 76 in February, according to the Bank of Korea.(Yonhap)A reading over 100 means optimists outnumber pessimists, while a reading below the benchmark means the opposite.An index measuring local firms' sentiments toward exports came to 92 for next month, up fro
IndustryFeb. 28, 2017
-
Korea's biz sentiment improves for March
South Korean businesses continue to remain pessimistic about their business conditions in the future, but their sentiment improved slightly for the upcoming month, a survey showed Tuesday.The business survey index for March came to 92.1, up from 87.7 registered for this month, according to the Federation of Korean Industries. (Yonhap)A reading below 100 means pessimists outnumber optimists, while a reading above the benchmark means the opposite. The index has remained below the benchmark since M
IndustryFeb. 28, 2017
-
KB Securities seeks to sell Hyundai Asset Management
KB Securities Co., a major South Korean brokerage firm, is pushing for the sale of an asset management unit, industry sources said Monday.KB was born through a merger of Hyundai Securities Co. and KB Investment & Securities Co. early this year. KB also absorbed Hyundai Asset Management as an affiliate. (Yonhap)KB initially considered retaining the asset management company, which is known for real estate and special asset management, in tandem with KB Asset Management Co., according to the source
Feb. 27, 2017
-
Investment policies get tepid response
The South Korean government unveiled Monday a series of measures to boost the economy amid sluggish domestic consumption and investment weighing down on growth. More than 150 measures were introduced during the 11th Trade and Investment Promotion Meeting on Monday, including promoting investment in four major areas -- stimulating local economies, solving difficulties faced by small businesses and fostering industries that target senior citizens. But the announcement -- made after seven m
Feb. 27, 2017
-
10,000 Samsung workers participate in blood donation
About 10,000 workers from Samsung Group’s affiliates participated in a blood donation campaign aimed to boost the nation’s blood reserves, the group said Monday.The nation’s largest conglomerate launched the campaign earlier this month at each affiliate’s office. The group’s affiliates, including Samsung Electronics and Samsung C&T, plan to donate 10,000 won ($8.85) per worker participating in the campaign. The funds will be donated to charity organizations including the Korean Association of Me
IndustryFeb. 27, 2017
-
[Advertorial] LG Chem aims to become global top 5 chemical firm
LG Chem, a major battery maker in South Korea, said Monday it plans to become one of the top five chemical companies in the world by 2025, by bolstering its key businesses this year.The chemical arm of LG Group, the nation’s fourth-largest conglomerate, has been gearing efforts to upgrade its business portfolio to strengthen its competitiveness in the global market. LG Chem’s electric car battery factory in Ochang, North Chungcheong Province (LG Chem)One of the company’s key strategies is to ent
IndustryFeb. 27, 2017