Most Popular
-
1
Controversy rekindled over when to name criminals, suspects
-
2
Seoul transit pass for travelers to be available starting July
-
3
Hybe-Ador CEO conflict gets messier
-
4
Battery makers ramp up efforts to diversify graphite supply chain
-
5
Prosecutors to summon pastor who allegedly gave Dior bag to first lady
-
6
‘Monk’ DJ spreading Buddhism goes global
-
7
[LLG] Unseen inheritance: Trauma of transnational adoption 'trickles down' to adoptees' children
-
8
[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
-
9
Court's ruling set to shape path of medical school expansion
-
10
Loans of self-employed swell 50% in four years
-
Online shopping sites suffer consecutive losses in 2017
South Korean online shopping site operators continued to report losses in 2017 amid fierce market competition, regulatory data showed Monday.Coupang Inc. suffered a combined net loss of 673.5 billion won ($628.5 million) last year, up 20 percent from 561.8 billion won reported a year earlier, the company said in a regulatory filing.Its sales jumped 40 percent on-year to reach 2.68 trillion won during the cited period, but operating losses rose 13 percent to 638.9 billion won, the company said.Th
April 16, 2018
-
Hyundai Oilbank to go public in fall
Petroleum and refinery company Hyundai Oilbank will go public in the fall of this year, according to chief of Hyundai Heavy Industries on Monday. “We plan to float Hyundai Oilbank on the stock market this year and we are in the process of selecting a lead underwriter. The firm will go public around September and October,” said Kwon Oh-Gap, CEO of Hyundai Heavy Industries, in a press briefing. Hyundai Oilbank is a key affiliate of Hyundai Heavy Industries that holds 91.1 percent of stake.Analysts
April 16, 2018
-
Experts to discuss certification of unmanned aerial vehicles in Seoul this week
Global aviation experts will gather in South Korea this week to discuss setting up international standards for the certification of unmanned aerial systems, the transport ministry said Monday. (Yonhap)The UAS Certification Working Group meeting to be held in Seoul from Tuesday through Friday will be attended by some 30 experts from aviation authorities in countries such as the United States, Japan, China and Singapore. Participants will discuss global standards for UAS certification and ways to
April 16, 2018
-
Koreans among top consumers of energy resources
South Koreans ranked fifth in per capita energy consumption among member states of the Organization for Economic Cooperation and Development in 2016, data released on Monday showed.Individual South Koreans consumed an average of 5.6 TOE (ton of oil equivalent) during that year. The figure places them after the people of Norway (9.2 TOE), Canada (9.1), the United States (7.1) and Australia (5.7).South Koreans ranked even higher at No. 2 in terms of their per capita consumption of coal, which reac
April 16, 2018
-
Samsung 5th-most admired firm in Canada
Samsung Electronics Co. was named the fifth-most admired firm in Canada, an industry tracker said Monday, recovering its reputation tainted by the suspended production of the Galaxy Note 7 in 2015.According to the report announced by Canadian researcher Leger, Samsung Electronics earned a reputation score of 75 to rank at fifth place in the 2018 Ranking of Canada's Most Admired Companies.U.S. IT giant Google topped the list, followed by Canada's Shoppers Drug Mart and Canadian Tire. Japan's Sony
April 16, 2018
-
Casino industry's sales improving from increase in Japanese visitors
Foreigners-only casinos are showing better sales this year after a big dip last year caused by China's retaliation over a diplomatic row, industry data showed Monday.Sales in January and February reached 204.78 billion won ($191.56 million), up 15.9 percent from the same period last year, according to the Korea Casino Association. The local gambling industry took a hard fall in 2017 after China restricted its nationals from going on package tours to South Korea to protest the latter's hosting of
April 16, 2018
-
Biz group says disclosure of Samsung' workplace environment details should be limited
A local business lobby said on Sunday the possible disclosure of Samsung Electronics Co.'s workplace environmental assessment report, which was demanded by former workers due to health concerns, should be limited so as to protect sensitive trade secrets. Former workers suffering from illnesses have been demanding the South Korean tech giant to publicly disclose the chemicals used in its chip and display productions.The Ministry of Trade, Industry and Energy plans to convene a panel meeting of se
April 15, 2018
-
[IP in Korea] ‘Policymakers should work to expand public domain in IP’
Contrary to the widespread belief that they safeguard creators and promote innovation, intellectual property rights often act as legal partitions that intensify market monopoly and deter the proliferation of knowledge, according to an expert in information disclosure and intellectual property.“There is this myth that the reinforcement of exclusive IP rights will encourage and empower inventors and creators,” Nam Hee-sob, patent attorney and director of Open Net Korea and president of Knowledge C
April 15, 2018
-
Korean Air heiress returns home to barrage of criticisms, probe for violence
Cho Hyun-min, the second daughter of the chairman of Korean Air Lines, returned to South Korea on Sunday in the face of mounting controversy over the allegation that she assaulted a manager of a local advertising firm by throwing water at his face. Cho, a senior vice president at the airline, arrived at Incheon Airport at 5:26 a.m. via the Korean Air flight KE464, from Danang, Vietnam, where she had been on vacation. At the airport, the 35-year-old Korean Air heiress apologized for her “foolish
April 15, 2018
-
Hyundai Electric acquires full stake in US transformer plant
Hyundai Electric & Energy Systems Co. said Sunday it has acquired a transformer plant in the U.S.owned by its sister company, Hyundai Heavy Industries Co., seeking to tap deeper into the North American market and brace for potential trade barriers.Hyundai Electric said it has purchased a full stake in the plant in Alabama for 30.9 billion won ($28.9 million). The factory, which currently employs 300 workers, was established by Hyundai Heavy Industries in 2010. The plant has annual production cap
April 15, 2018
-
KRX's overseas businesses turn 'white elephant' amid losses
The overseas businesses of South Korea's main bourse operator Korea Exchange have become "white elephants" amid consecutive annual losses, industry watchers said Sunday.According to the bourse operator's annual report, the Lao Securities Exchange, where the KRX holds a 49-percent stake, posted a net loss of 1.8 billion won ($1.68 million) last year.The LSX opened in 2011 through cooperation between South Korea and Laos.The KRX has invested 15.1 billion won in the LSX so far, although the Southea
April 15, 2018
-
Korean Air heiress returns home amid probe into violent tantrum
The second daughter of the chairman of Korean Air Lines Co. returned home from an overseas trip on Sunday amid controversy over claims that she hurled water into the face of an advertising firm employee last month.Police launched a preliminary inquiry into Cho Hyun-min, a senior executive at the country's largest air carrier, on Friday after media reports that she yelled and threw a water bottle at a manager of the company's advertising agency during a business meeting in her office in Seoul on
April 15, 2018
-
KITA’s 30th chairman group launched
The Korea International Trade Association said Friday it has held an inauguration ceremony to launch its 30th chairman’s group. The group consists of Chairman Kim Young-ju, Vice Chairman Han Jin-hyun and 29 nonstanding vice chairmen. Seven members, including KG Group chief Kwak Jae-sun and Hanyoung Nux head Han Young-soo, are new to the group. The chairman’s group serves to participate in key decision-making in terms of operating the association, deliberating on business and speaking for the tra
April 13, 2018
-
AMCHAM to visit Washington to meet Trump Administration
Leaders from the American Chamber of Commerce in Korea are slated to visit Washington from Sunday to meet with key figures of the Trump Administration, according to AMCHAM on Friday. (Yonhap)Through these visits, the delegation will reaffirm Korea’s status as a strong and reliable ally to the US as well as a close economic partner, said the chamber of commerce. The delegation, including Chairman James Kim and Chairman of the Board of Governors Jeffrey Jones, has secured more than 50 senior-level
April 13, 2018
-
Ministry to decide on protection of Samsung chip tech Monday
The Ministry of Trade, Industry and Energy on Monday will have a deliberation committee to decide on whether to give Samsung Electronics’ chipmaking technologies protection as national core technologies amid a dispute over workplace safety.Earlier this month, the Ministry of Employment and Labor moved for the disclosure of reports on working conditions of the company’s semiconductor plants, which Samsung said could lead to the loss of industrial secrets. Ahead of the scheduled committee, Industr
April 13, 2018
-
GM moves to put Korean unit under court receivership
General Motors is preparing to put its Korean arm GM Korea under court receivership after the government expressed negative feedback in designating the automaker’s two plants in Korea as foreign investment zones, according to local news reports Friday. The automaker’s headquarters has reportedly completed its review on moving its production of GM Korea’s key export model Chevrolet Trax to China. It will also gradually remove its production lines in Korea, leaving only research, design and sales
April 13, 2018
-
Hanmi Pharma gives up on development of lung cancer drug Olita
South Korean pharmaceutical firm Hanmi Pharmaceutical is expected to cease development of Olita, a lung cancer treatment, following its slow progress in clinical trials and cancellation of licensing deals with foreign drug makers. According to the Ministry of Food and Drug Safety, Hanmi submitted a plan to end the development of Olita 200 mg and 400 mg. The ministry has given a green light for sales of Olita in 2016, on condition that phase 3 clinical trials data are submitted. Olita, until rece
April 13, 2018
-
Police to look into Korean Air heiress over alleged assault
Police said Friday they would look into the heiress of Korean Air’s alleged assault at a company meeting, where she is suspected of throwing a cup of water at an employee of an advertisement company last month. Cho Hyun-min, executive director of Korean Air (Korean Air)Seoul’s Gangseo Police Station launched a preliminary investigation to determine whether there are enough grounds for violations of laws subject to formal investigation. The incident surfaced online Thursday after an anonymous wri
April 13, 2018
-
Samsung expands patent holdings in US
Samsung Electronics Co. is focusing on expanding its patent holdings in the United States, industry sources said Friday, amid intensifying industrywide intellectual property rights disputes.The South Korean company held 119,337 patents around the globe as of end-2017, with the US accounting for 46,150, followed by South Korea with 24,860 and Europe with 10,509. The tech giant had 11,005 and 7,086 patents in China and Japan, respectively, data showed.Industry watchers said it was also significant
April 13, 2018
-
[Newsmaker] Mobile carriers say cost breakdown disclosure could expose business secrets
South Korean mobile carriers on Thursday expressed concerns about the country’s top court’s ruling to reveal the breakdown of their operating costs to the general public. The Supreme Court of Korea earlier Thursday upheld the ruling made by a local high court, which claimed consumers’ access to information regarding operating costs of the telecom companies is a right granted by the Constitution for a clearer understanding of fees being charged. In other words, the court’s judgment could be inter
April 12, 2018