Most Popular
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Korea forecast to overtake Taiwan in chip production by 2032: report
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[K-pop’s dilemma] Can K-pop break free from ‘fandom’ model?
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YouTuber fatally stabbed on livestream by another YouTuber in Busan
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No plan to let doctors with foreign licenses practice here anytime soon: PM
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Yoon rebuffs opposition's call for special probe into wife
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Stray Kids hit with racism in Met Gala photo line
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Ador CEO's dismissal to be decided on last day of May
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[News Analysis] Yoon's first 2 years marked by intense confrontations, lack of leadership
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[Graphic News] Beer the most favored alcoholic drink by Koreans
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Yoon doubles down on repeal of financial investment income tax
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Seoul exerts all efforts against US auto tariffs amid weak car sales
South Korea is making all-out efforts to oppose the US slapping high tariffs on imported cars and auto parts, reflecting the growing anxiety of the local auto industry.Top policymakers capitalized on their overseas agendas during the weekend to underline the value of fair trade between Seoul and Washington, as well as negative consequences the tariff hike is to have on the US economy.Deputy Prime Minister and Finance Minister Kim Dong-yeon took the helm and called for the exclusion of Korea from
July 22, 2018
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Number of new Incheon airport terminal users tops 9 m
The number of travelers using the new passenger terminal of Incheon International Airport has surpassed 9 million since its opening six months ago, airport officials said Sunday. As of last Wednesday, more than 9.08 million people used the second terminal, which started operations on Jan. 18, the airport's tally showed. During the six-month period, the number of the airport users also rose to more than 33.44 million, an increase of about 12.6 percent from the same period in the previous year.(Yo
July 22, 2018
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[Newsmaker] YouTube, Facebook dominate Korea’s video ad market: report
YouTube and Facebook grabbed a combined 73.1 percent share of South Korea’s video advertising market in the first half of this year, according to a report by Mezzomedia, a digital marketing firm.Data showed Friday that YouTube garnered 116.9 billion won ($103.2 million) and Facebook 93 billion won from online video advertising between January and June this year. The 73.1 percent share controlled by the two firms marks a 6 percent increase from last year’s 67.5 percent.(Yonhap)Naver, the country’
July 20, 2018
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South Korean duty-free sales fall for three months
Sales of South Korean duty-free stores have fallen for three consecutive months since April, industry data showed, partly due to the Chinese government’s strengthened crackdown on Chinese shuttle traders or “daigongs.”According to the Korea Duty Free Association, combined sales at 48 local duty-free shops came to $1.41 billion (1.6 trillion won) in June, an about 5.17 percent drop from the previous month. (Yonhap)Despite a sharp decrease in the number of foreign tourists following a diplomatic
July 20, 2018
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[Video] Duty-free store offers broadcast zone for influencers
Shinsegae opened its second city center duty-free store in Seoul at Express Bus Terminal in Gangnam on Wednesday.The new five-story shopping space seeks to attract young and rich foreign tourists interested in Korean cosmetics and fashion. Thirty-six percent of the 13,570-square-meter space has been allotted to Korean brands.Inside the store, there is a space called Studio S where social media influencers can use microphones and lights for live broadcasting and filming. On the store’s launch day
July 19, 2018
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New jobs? Lift regulations first: KCCI head
SEOGWIPO, Jeju Province -- Amid growing pressure on Korean Inc. to create new jobs, the head of the nation’s largest group representing the interests of businesses reiterated the need to eradicate the barrier of regulations first, stressing that the political fear of big companies monopolizing the market is excessive.“The fear that large companies have an intention to monopolize the market (when initiating new businesses) and that they would exert an evil influence (on small businesses and start
July 19, 2018
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11st taps SKT’s AI expert as new CEO
An artificial intelligence expert at SK Telecom has been tapped to head SK Planet’s e-commerce platform 11 Street from September, SK Planet said Thursday.Lee Sang-ho, SK Telecom’s service platform division head, will become the new CEO of the company, which is set to be spun off on Sept. 1. Lee Sang-ho, SK Telecom’s service platform division head (Yonhap)Lee developed search and voice recognition technology at companies like LG Electronics, NHN and Kakao, before joining SK Planet as chief techno
July 19, 2018
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Innisfree teams up with Alibaba to open new concept store in China
South Korean cosmetics giant Amorepacific’s cosmetics brand Innisfree has opened a new concept store in Hangzhou, China, in collaboration with Alibaba’s Tmall, the company said Thursday.According to Innisfree, its new concept store features a technology-based shopping experience, backed by Tmall’s new retail technology. Innisfree’s new concept store in Hangzhou, China (Innisfree)Tmall is China's largest B2C platform for brands and retailers, in terms of GMV.At the store, customers can test makeu
July 19, 2018
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SK Innovation launches mangrove swamp restoration campaign
South Korean oil refiner SK Innovation has started a mangrove tree donation campaign on its Facebook page to restore the mangrove swamp in Vietnam, the company said Wednesday.The event aims to raise awareness of the importance of preserving the ecosystem by donating 10,000 mangrove trees until the end of this month. As of Tuesday, some 3,000 people have participated in the event, collecting over 5,000 trees in eight days.“The campaign will be funded by employees and executives of SK Innovation w
July 18, 2018
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Posco’s CSR project introduced as model example at UN
Posco’s Steel Village project was introduced as an outstanding example of corporate social activity at a high-level political forum on sustainable development hosted by Korea’s Ministry of Foreign Affairs at the UN headquarters, the company said Wednesday.Through the Steel Village project, Korea’s No. 1 steelmaker has been supporting social minorities and those whose homes have been destroyed in natural disasters with its steel products since 2014.“CSR efforts such as Posco’s Steel Village proje
July 18, 2018
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KCCI chairman urges new policy work to spur growth at Jeju Forum
SEOGWIPO, Jeju Island -- While upholding the government’s reform drive, the head of the largest group representing the interests of small and large businesses here called for new policy work to spur South Korea’s growth, stressing that the nation’s economy is on a downward spiral. “The handlebar is set for the right direction, but without growth pedaling, we can never go forward,” said Park Yong-maan, chairman of the Korea Chamber of Commerce and Industry, at the annual Jeju Forum, likening the
July 18, 2018
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[Advertorial] GS chief highlights balance in business portfolio
GS Group Chairman Huh Chang-soo on Wednesday called for balance in the group’s business portfolio and its ecosystem for growth in a rapidly changing environment. At a quarterly meeting attended by around 150 C-level executives and senior officials across GS affiliates, Huh emphasized both astuteness and balance in terms of discovering new businesses and making investments. “We should always closely monitor changes in the market and our customers, and be bold in investing in new businesses for th
July 18, 2018
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Lotte Liquor’s Kloud beer sells 41,000 boxes in Cambodia
Lotte Liquor, a unit of Lotte Chilsung Beverage, said Wednesday that over 41,000 bottles of Kloud beers were sold in Phnom Penh, Cambodia, just five months after its launch there.Models pose in front of a van wrapped with Kloud beer advertising in Cambodia. (Lotte Liquor)As part of the company’s move to expand its sales to Southeast Asia, Kloud beer entered the Cambodian market in February. According to Korea International Trade Association, over 41,000 boxes of 330 milliliter bottles were sold
July 18, 2018
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G-Smatt Global signs MOU for joint corporation in Middle East
G-Smatt Global, a South Korean company that manufactures and distributes complementary metal oxide semiconductor image sensors, said Wednesday that it signed a trilateral memorandum of understanding with Kolon Global and Dubai-based BMAR Investment LLC to establish a local joint corporation.The establishment of the joint corporation is aimed at exclusive sales and distribution of G-Glass in the Middle East, the company said. G-Glass is the world’s first and only construction material and display
July 18, 2018
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Kakao Friends gets new name Kakao IX after takeover
Following an inter-subsidiary acquisition, Kakao Friends, a character licensing subsidiary of mobile software giant Kakao, changed its name to Kakao IX on Wednesday. Kakao IX is short for Kakao Innovative eXperience. Other than selling goods that use Kakao’s intellectual property for characters, Kakao IX will serve as a documentary magazine publisher, food and beverage brand owner and real estate developer, the company said. (Kakao IX)This came after Kakao Friends on July 2 took over Joh & Co.,
July 18, 2018
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Ministry seeks to selectively permit marijuana-based drugs
In South Korea, marijuana is a strictly banned substance. Even when the purpose is clearly medical, using and importing the herb in any form is a criminal offense. But this is set to change, as local drug regulators are moving to legalize some forms of medical marijuana. Korea’s Ministry of Food and Drug Safety said Wednesday that it had set out to amend the narcotics law to legalize the import of selected drugs made with chemicals extracted from marijuana that have been officially approved for
July 18, 2018
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Daewoong Pharma promotes botulinum toxin Nabota at IMCAS Asia
South Korea’s Daewoong Pharmaceutical said Wednesday that it has promoted the safety and efficacy of its botulinum toxin product Nabota that is approaching US approval during IMCAS Asia 2018, an annual aesthetic surgery and cosmetic dermatology conference, held in Bangkok, Thailand. At the conference, dermatology professionals who had taken part in the clinical trials for Nabota held in the US, Europe and Canada stressed how Nabota has strong clinical evidence proving its efficacy and safety, ac
July 18, 2018
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Private deals make up bulk of chaebol's internal trading: data
Private contracts accounted for the bulk of transactions among affiliates of South Korea's major family-controlled conglomerates in 2017, data showed Wednesday, fueling criticism of their shady business practices.According to the data from corporate tracker CEO Score, those units struck 93.7 percent of inter-affiliate transactions worth 161.4 trillion won ($143 billion) through closed negotiations last year, up 0.4 percentage point from the previous year. The tally covered 977 subsidiaries of 52
July 18, 2018
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Kakao's character licensing arm gets new name: 'Kakao IX'
Kakao Friends Corp., a character licensing arm under South Korea's top mobile messenger operator Kakao Corp., said Wednesday it has decided to change its name to Kakao IX after merging with JOH, a brand consulting firm, earlier this month.Kakao IX said its new name stands for "Innovative Experience," explaining that the title reflects the company's vision of providing new experiences to clients in their everyday lives. The company holds license over Kakao Friends, a group of popular characters u
July 18, 2018
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Processed food prices jump on rising costs
Prices of processed foods and eating-out costs in South Korea have been rising sharply this year due to increased labor and raw material expenses, industry sources said Wednesday.The government raised the minimum wage by 16.4 percent to 7,530 won ($6.48) per hour on Jan. 1 this year, the biggest hike in nearly two decades. Next year's minimum wage has been set at 8,350 won, up 10.9 percent from this year. (Yonhap)According to the sources from the convenience store industry, Ottogi Co., Korea's s
July 18, 2018