Most Popular
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Iran’s president found dead at helicopter crash site
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Seoul rolls out W250b package in bid to lure foreign talent
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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
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Korea's increasing US investment mutually beneficial: report
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Yoon vetoes bill for special probe into young Marine's death
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Minister warns against trusting NK stated intentions, says Moon misguided
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South Korea bans viral North Korea propaganda video praising Kim
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AI Seoul Summit to discuss ways to make AI equitable in Global South
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SNU alums nabbed for digital sex crimes
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Hermes celebrates craftsmanship
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Govt. to bolster chip, display industries, improve localization
The industry ministry launched a project Thursday to bolster the country's semiconductor and display sectors through new technology development and localized production.The project will be driven by the "Gap 5" strategy, under which Korea will try to maintain a five-year lead compared to emerging economies in the two sectors while at the same time closing the gap with advanced nations.The underlying consensus is that while Korean companies are the leaders in the global semiconductor and display
Feb. 8, 2018
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Completion of new reactors delayed by quake-safety inspections
The completion of two new nuclear reactors has been delayed by eight months to meet strengthened safety requirements against earthquakes, the energy ministry said Thursday.Construction of Shin-Hanul No. 1 and No. 2 reactors began in April 2010 and was planned to be completed by February next year. Ministry officials said the postponement to October is due to delayed test operation of another reactor, Shin-Kori No. 4.All three of the new reactors passed previous safety inspections, but were place
Feb. 8, 2018
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[Feature] Local beer makers struggle amid imported beer boom
Cass has long been a household name in Korea -- even to those who do not imbibe. Korea’s No. 1 beer maker Oriental Brewery has been around for over 80 years, but it has only recently been making moves into overseas markets like China.Even for a well-established brand with sales of 1.5 trillion won ($1.4 billion) in 2016, the reason is clear and simple -- local beers aren’t selling so well in Korea. Korea’s beer market had long been dominated by two local power brands: Cass by OB and Hite by Hite
Feb. 7, 2018
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GS Caltex to invest W2tr in olefin production facility
Korea’s leading oil refiner GS Caltex announced on Wednesday it will make an investment of 2 trillion won ($1.8 billion) in an olefin production facility, mixed feed cracker, near its plant located in Yeosu, South Jeolla Province. Olefin is an unsaturated hydrocarbon that contains at least one carbon–carbon double bond. It includes ethylene and propylene as one of the most common petrochemical classes. Through the plant, GS Caltex plans to produce 700,000 tons of ethylene and 500,000 tons of pro
Feb. 7, 2018
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LG stepping up game with focus on R&D
Although rivals tend to attack LG’s struggling smartphone business, the tech conglomerate remains unfazed, setting its sights on innovation in its lucrative mainstays, with its focus for this year on research and development.LG plans to invest 19 trillion won ($17 billion) this year, with the bulk of it set aside for next-generation technologies including car components, self-driving sensors, plastic organic light-emitting diodes, camera modules and the bio sector. LG’s keyword this year is R&D,
Feb. 7, 2018
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[PyeongChang 2018] McDonald’s Korea launches 3 Olympics-inspired items
McDonald’s Korea launched three new menu items Wednesday as one of the official partners of the 2018 PyeongChang Winter Olympic Games.The Golden Potato Burger, Golden Potato Tomato Muffin and Golden Potato Bacon Muffin are now available at McDonald’s Korea. The Golden Potato Burger (McDonald's Korea)The Golden Potato Burger consists of two beef patties, fried potatoes, white cheddar cheese and pine mushroom sauce, while the other two are breakfast items that each contain tomatoes, bacon and frie
Feb. 7, 2018
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Samsung Electronics OKs construction of 2nd chip line in Korea: source
South Korean tech giant Samsung Electronics Co. has approved a preliminary investment plan to set up a second chip-production line near Seoul, an industry source said Wednesday.The Management Committee -- the top decision-making body at Samsung Electronics -- held a meeting earlier in the day and endorsed the plan without opposition, the source said.The committee is composed of three top Samsung executives, Kwon Oh-hyun, Yoon Boo-keun and Shin Jong-Kyun.Samsung Electronics said it had no comment
Feb. 7, 2018
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Tougher rule to subject more chaebol firms to inter-unit trading ban
Nearly 30 subsidiaries of South Korea's family-controlled conglomerates may be newly subject to a ban on inter-affiliate trading when the nation's antitrust watchdog toughens a related rule, a market tracker said Wednesday.In a policy report last month, the Fair Trade Commission said it will seek to revise the law forbidding inter-affiliate trading within a business group whose owner and family hold 30 percent or more of listed affiliates by lowering the threshold to 20 percent. For unlisted sub
Feb. 7, 2018
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[News Focus] Samsung heir’s comeback places FTC in a bind
The verdict by an appeals court in Seoul freed the heir apparent to South Korean tech giant Samsung on Monday, but it has also placed the nation’s top market regulator in a bit of a bind in moving along its chaebol reform drive.Led by Kim Sang-jo, a former shareholders’ rights advocate, the Fair Trade Commission has been pressing South Korean chaebol to voluntarily bring changes to their backdoor partnerships with politics and opaque governance structures, as well as to ban inter-affiliate tradi
Feb. 6, 2018
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[Monitor] More businesses plan Lunar New Year bonuses
Seven out of 10 businesses in South Korea plan to give out bonuses for the Lunar New Year holiday, a survey by the Korea Employers’ Federation showed Tuesday.The amount has also risen by 32,000 won to 1.16 million won per employee from last year.In 2017, 68.4 percent of the surveyed firms said they were giving out bonuses for the Lunar New Year, while 71.4 percent said they will do so this year.Most, or 68 percent of the companies with the bonus plans, said they were part of the regular rewards,
Feb. 6, 2018
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KT, Hyundai E&C to bring AI to apartments in 2018
Network provider KT has joined hands with Hyundai Engineering & Construction to bring artificial intelligence-powered services to new apartments starting in the first half of 2018, according to KT Tuesday.The two companies signed an agreement Tuesday to cooperate in bringing KT’s artificial intelligence services to Hyundai E&C’s apartments.Lee Pil-jae, Head of Marketing for KT (right), and Kim Jung-chul, Senior Vice President of Hyundai E&C at the Hyundai E&C headquarters in Jongno-gu, Seoul Tue
Feb. 6, 2018
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Convenience stores venture into cosmetics territory
Until recently, the only cosmetic products customers could find at convenience stores were miniature skin care products -- typically packaged in travel kits. Major convenience store chains, however, are venturing into what is viewed as drugstore territory, with the launch of affordable and fashion-forward lines of makeup, looking to appeal to millennial consumers.In Korea, beauty products constitute a 300 billion won ($276 million) industry, which increased 20 percent on-year in 2016.And more co
Feb. 6, 2018
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Netmarble to launch mobile game ‘BTS World’
A mobile simulation game with K-pop phenomenon BTS is to be released in the first half of the year.Korean publisher Netmarble Games introduced “BTS World” in the lineup of new games at the 4th Netmarble Together with Press, held Tuesday. “BTS World” is a mobile game where users can manage and train members of the Korean idol group. (Netmarble)Bang Jun-hyeok, chairman of Netmarble’s board of directors, said that musical and visual content of BTS had been made exclusively for the game. More than
Feb. 6, 2018
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Samsung Lee's appeal puts spotlight on Lotte Chairman Shin's verdict
The ruling Monday that reduced the sentence of Samsung Electronics Vice Chairman Lee Jae-yong is bringing attention to Lotte Chairman Shin Dong-bin’s court verdict slated for next week.Monday’s verdict, which freed Lee, is expected to set the bar for how rulings on bribery charges involving family-run conglomerate owners will unfold. Lotte’s Shin, 62, will face a court verdict at the Seoul Central District Court on Tuesday on charges of bribery worth 7 billion won ($6.4 million) to a foundation
Feb. 6, 2018
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[PyeongChang 2018] Thousands of tourists to stay at Airbnb during PyeongChang Olympics
Airbnb Inc. said Tuesday over 9,000 tourists will visit PyeongChang and adjacent cities where the 2018 Winter Olympics will be held via the global room-sharing platform, with the international sports event set to kick off later this week.The number of travelers who made reservations in Gangwon Province, including in the Olympic host town of PyeongChang, 180 kilometers east of Seoul, during the event period rose 260 percent on-year, Airbnb said. The games are set to begin Friday for a 17-day run.
Feb. 6, 2018
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Samsung executive pledges to make efforts for 'speed management'
A top executive at Samsung Electronics Co. vowed Tuesday to engage in "speed management," which could be seen as a move by the tech giant to make aggressive business decisions.Samsung Electronics Vice Chairman Yoon Boo-keun made the comments in a brief meeting with reporters after attending a forum in central Seoul.Yoon did not elaborate on what he meant by speed management.His comments came a day after the company's Vice Chairman Lee Jae-yong was released from prison after being locked up for n
Feb. 6, 2018
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Rank-and-file Samsung workers calm upon heir’s return
In response to the news of Samsung heir Lee Jae-yong’s return, rank-and-file employees of Samsung Electronics and affiliates remained calm on Monday.“The result doesn’t directly affect rank-and-file employees, but it will matter more to the executives,” said an assistant manager-level employee at Samsung. “But the atmosphere is definitely more positive now as our team leaders look somewhat relaxed, and I think this will lead to good results in businesses, too.” Samsung headquarters in Seocho-don
Feb. 5, 2018
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Lee’s return to accelerate inroads into new biz, global network
With Samsung Electronics Vice Chairman Lee Jae-yong freed from jail Monday, the nation’s largest conglomerate is expected to accelerate new businesses that have been on hold in the absence of its de facto leader. “We are very relieved to hear the court decision, although we are still cautious about making any comments as the very final stage remains,” said a source from Samsung.As Lee still has to wait for the final decision by the Supreme Court, he is unlikely to immediately return to the compa
Feb. 5, 2018
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What Park’s corruption scandal cost Samsung
The court’s suspended sentence Monday at last released Samsung Group’s heir apparent Lee Jae-yong from imprisonment over his connection to the extensive scandal involving former President Park Geun-hye.During the 353 days of its de facto chief’s imprisonment, the nation’s top conglomerate has had a bumpy ride, despite record-breaking earnings.The first of the changes was the dismantlement of the group’s 58-year-old Corporate Strategy Office in March last year in response to accusations that the
Feb. 5, 2018
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[Breaking] Lee Jae-yong gets suspended sentence, released in appeals trial
Samsung Electronics Vice Chairman Lee Jae-yong was freed Thursday, as a Seoul appeals court cleared him of major charges and handed down a suspended sentence. The Seoul High Court overturned a lower court’s five-year sentence and handed down two years and six months in prison suspended for four years for bribery -- rejecting the special counsel’s argument that it was linked to his succession. Prosecutors had maintained a 12-year prison term for Lee.The 50-year-old scion of the biggest conglomera
Feb. 5, 2018