Most Popular
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Korean labor force to shrink by 10 million by 2044: report
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[AtoZ Korean Mind] Does your job define who you are? Should it?
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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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Medical feud leaves hospitals in financial crisis
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Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
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Samsung mocks Apple over iPhone alarm glitch
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Chip up cycle won’t stay long: SK chief
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'Queen of Tears' riding high on Netflix chart
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Speaker floats dual citizenship as solution to falling births
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S. Korea's industrial output down 0.5% on-month in May
South Korea's industrial output edged down 0.5 percent in May from a month earlier due in part to decreased oil refining, government data showed Friday.The data compiled by Statistics Korea showed oil refining fell14 percent in May from a month earlier, while production in the service sector increased 0.1 percent on-month.From a year earlier, industrial output rose 1 percent. Kim Bo-kyoung, director of Statistics Korea's industry statistics division, said decreased oil refining can be blamed on
June 28, 2019
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Woongjin Group puts Coway up for sale again due to financial risks
Woongjin Group said Thursday that the group will resell water purifier business Coway, just three months after completing its reacquisition, to stave off financial risks. The group will seek to sell a 25.08 percent stake in Woongjin Coway by hiring Korea Investment and Securities as an overseer. Woongjin had sold the unit to private equity MBK Partners in 2013. Then, in March, the group repurchased a 22.17 percent stake from the PE for 1.68 trillion won. It later bought an additional 2.91 percen
June 27, 2019
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Hyosung to partner with Aramco for carbon fibers
South Korean industrial conglomerate Hyosung said Thursday it will partner with Saudi Aramco in the area of carbon fibers. Under a memorandum of understanding, signed by Hyosung Group Chairman Cho Hyun-joon and Saudi Aramco CEO Amin H. Nasser on Tuesday, the two sides agreed to consider building a carbon fiber plant in Saudi Arabia or Korea. They also agreed to cooperate on technology development of carbon fiber production. Carbon fibers are fibers that weigh one-fourth less than steel but
June 27, 2019
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GS Group inks deal with Saudi Aramco
GS Group said Thursday it had signed a memorandum on energy and investments with Saudi Arabia’s state-run oil company Saudi Aramco on Tuesday at Conrad Hotel in Seoul.The ceremony was attended by GS Group Vice Chairman Jung Taek-geun and Saudi Aramco President Amin H. Nasser, as well as executives of GS Engineering & Construction and GS Caltex. Based on the agreement, the two companies will seek new business opportunities in areas such as oil and petrochemicals as well as constru
June 27, 2019
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aT rebrands flower business center to F Square
Korea Agro-Fisheries & Food Trade Corp. (aT) said Thursday it is rebranding its flower business center to F Square, a cultural complex focusing on flowers.F Square will not only have functions the center previously provided, including the auction and wholesale of flowers, but it will also promote a new cultural space for flowers, such as by hosting a flower-themed flea market and displaying famous florists’ works. aT will also launch the support program “Flower Youth,&rdquo
June 27, 2019
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Merck recruiting 18 startups for accelerator program
Biopharma company Merck said Thursday it is looking for 18 startups for its accelerator program in Darmstadt, Germany, and Shanghai, China. This round of participants will focus on four fields of research: biosensing and interfaces; liquid biopsy technologies; clean meat; and artificial intelligence-enabled health solutions. Merck will have 12 startups for its global headquarters in Darmstadt and six for the China Innovation Hub in Shanghai. It has hosted 57 startups since the accelerator p
June 27, 2019
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Nexon announces plans for 7 titles
Nexon Korea on Thursday announced seven titles for the second half of 2019, including a couple of mobile games that are handheld versions of original PC games that may be held in special regard for millennials. Talesweaver M and The Kingdom of the Winds: Yeon are mobile versions of online PC games that forged the company’s reputation and led its sales in the 1990s. Millennials, who were elementary and middle school students then who have now grown into their late-20s and 30s, are the bigge
June 27, 2019
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BTS World gets mixed reactions
Despite the fanfare from international media including CNN, BTS World, a simulation game featuring the award-winning K-pop group, received disappointing reviews the day after its launch.Netmarble released the much-publicized game on Wednesday, in 176 countries and 14 languages simultaneously. Users took to social media to complain of “technical difficulties” and “server failures.” Some found it inconvenient to have to use an additional 544 megabytes to optimize the g
June 27, 2019
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Netmarble launches BTS World
South Korean game company Netmarble launched a new mobile game titled BTS World on Wednesday, featuring the world-famous K-pop star group. Downloads of the game kicked off simultaneously in 176 countries in 14 languages at 4 p.m. for early sign-ups, two hours ahead of the regular launch. Netmarble will exclusively play the new BTS song “Heartbeat” via the game as its background music. Until the “BTS World OST” album releases on Friday, the game is the only platform where
June 26, 2019
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Business leaders seek Saudi’s cooperation, investment in manufacturing, energy
Leaders of South Korean conglomerates gathered for a meeting with Saudi Arabia Crown Prince Mohammed bin Salman at Cheong Wa Dae on Wednesday to forge partnerships with the oil-rich country, which has been looking to curb its export reliance on fossil fuels through technological breakthroughs and capital inflow.During a private luncheon at the presidential house, chiefs of the country’s major conglomerates sought to strengthen business cooperation with the Middle Eastern country to revital
June 26, 2019
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[Best Brand] Coupang’s delivery innovation leads Korea’s online retail biz market
Coupang/ Online shopping mall South Korea’s delivery service has evolved to allow customers to expect next-day arrival of their ordered items, or even receive parcels in just a few hours. At the center of such delivery innovation stands Coupang, an e-commerce company which rolled out a Rocket Delivery service in 2014. Rocket Delivery guarantees next-day delivery of ordered goods when a customer places an order by 12 a.m. Taking the retail business and e-commerce industry by
June 26, 2019
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NXC CEO pulls plug on Nexon sale, for now
What was once deemed to be the biggest deal in the industry -- the sale of Nexon, Korea’s biggest game company by revenue -- reportedly came to a sputter, Wednesday. Kim Jung-ju, the CEO of Nexon’s holding company, NXC, reportedly put the brakes on the sale of his and his wife’s 98.64 percent controlling stake in NXC due to unsatisfactory offers from bidders, the Korea Economic Daily reported.Nexon Korea was unable to comment on the matter. NXC owns 47.98 percent of shares
June 26, 2019
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[Best Brand] Woongjin Coway tackles fine dust with clothing purifier
Woongjin Coway/ Clothing purifierSouth Korean water and air purifier maker Woongjin Coway unveiled a four-in-one air purifying solution in May that helps to remove fine dust residue on clothing.The Coway Four Seasons Clothing Purifier is designed to get rid of fine dust particles or bad odor left on clothing while purifying and dehumidifying the surrounding air at the same time. According to the company, the purifier has a four-part system that ensures clothes come out clean and wrinkle-free.Fir
June 26, 2019
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[Best Brand] Hair care brand Pantene flaunts shining reputation
Pantene(P&G)/ Personal care product P&G Korea’s Pantene is a hair care brand that contains provitamins that nourish and restore shine to damaged hair. The name Pantene derives from the name for a derivative of moisturizing and regenerating provitamin B5, Panthenol. Pantene boasts of its Pro-V solution as one that is developed through 70 years of work by P&G researchers. Panthenol was first developed in Switzerland in 1940 as a vitamin B5 derivative. Once absorbed into skin
June 26, 2019
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Posco to invest W20b to support smart factories for SMEs
South Korea’s top steelmaker Posco said Wednesday it will invest a total of 20 billion won ($17.3 million) for the next five years to help small and midsized companies construct smart factories.The funds will go toward the construction of new smart factories as well as consulting programs for SMEs. Each SME can benefit from 20 million won to 100 million won in subsidies to build their own smart factories. Through consulting, Posco will also help SMEs find ways to improve manufacturing proc
June 26, 2019
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Daewoo E&C ramps up security with next-gen system
South Korea’s leading construction firm, Daewoo Engineering and Construction, said Wednesday that it has upgraded its five-zone security system, dubbed the 5ZSS, as part of its strategy for the new Prugio apartment complexes.In line with the firm’s five-zone clean air system, or 5ZCS, which filters out fine dust, the newly upgraded 5ZSS takes a systematic approach to crime and accident prevention by using advanced technologies tailored for each of an apartment complex’s five zo
June 26, 2019
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Korean Air plants trees in Mongolian desert
South Korea’s largest air carrier by fleet size, Korean Air said Wednesday the company has planted 5,000 maple trees in a Mongolian desert located in Baganuur to fight regional desertification.Two hundred people including executives of Korean Air, staff of US carrier Delta Air Lines and local residents participated in the Global Planting Project that ran May 13-16, the company said. Delta Air’s participation was meaningful as it also marked the first anniversary of a joint venture be
June 26, 2019
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New CEO Hussain Al-Qahtani spearheads S-Oil’s leap
Amid growing expectations about the future business of oil refineries in South Korea, the new chief of the local refining company S-Oil is expected to play a leading role in implementing its growth strategy aimed at enhancing profitability.S-Oil CEO Hussain Al-Qahtani, whose term started June 13, has begun overseeing major company work, to be marked by the inauguration ceremony of the S-Oil Onsan Refinery in Ulsan on Wednesday. The state-of-the-art facility houses a residue upgrading complex and
June 26, 2019
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Glimpse into S-Oil’s RUC/ODC project
S-Oil is slated to hold an inauguration ceremony Wednesday to celebrate the successful completion and beginning of operations of its residue upgrading complex and olefin downstream complex, or RUC and ODC, built at a cost of 5 trillion won ($4.3 billion). The RUC/ODC project, which began operations in November last year, relies on low-value residue oil as feedstock to produce high-value petrochemical products. “We believe increased production capacity of high-value products through th
June 26, 2019
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S-Oil broadens horizons with preeminent chemicals projects
South Korea’s leading oil refiner S-Oil is getting closer to its “Vision 2025,” in which it aspires to become the most competitive and admired energy and chemical company in the Asia-Pacific region. It is swiftly responding to rapid changes in the business environment brought on by the shale boom and emergence of electric vehicles. S-Oil, founded in 1976, has delivered phenomenal growth since Saudi Aramco’s investment in 1991 as the largest shareholder. Its crude refining
June 26, 2019