Most Popular
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Korean industries gauge impact of Biden's steep tariffs on China
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Do Korean doctors make too much money?
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Is FTC's conglomerate listing a boon or bane for Hybe?
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NewJeans to headline palace show
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Coupang's Kim Bom escapes chaebol chief designation again
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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CIO chief nominee to explain allegations at confirmation hearing
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Yoon vows to run country 'rightly' on Buddha's birthday
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Debate on 'no-seniors zones' heats up
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Posco E&C teams up with Italian designer Alessandro Mendini
Posco Engineering & Construction has teamed up with Italian architect Alessandro Mendini to design the exterior of its latest construction of The Sharp apartment brand, the company said in a statement Tuesday. According to Posco E&C officials, the company chose to collaborate with the designer for the second time in an effort to develop an apartment building that features unique colors and box-shaped geometric designs. Italian architect, artist and designer Alessandro Mendini (POSCO E&C)“The ap
Oct. 17, 2017
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SK-Sinopec joint venture to invest W740b to raise production capacity
A joint venture between SK Innovation and Sinopec of China has decided to invest 740 billion won ($653.8 million) to expand its production capacity by some 36 percent, officials in Seoul said Tuesday.The Sinopec-SK Wuhan Petrochemical joint venture was established in 2013 with the two companies investing 3.3 trillion won. SK Global Chemical, a subsidiary of SK Innovation, holds a 35 percent stake in the venture. (Yonhap)The plant under the joint venture has an annual production capacity of 2.2 m
Oct. 17, 2017
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Korea's rice output expected to fall below 4m-ton mark this year
South Korea's rice output is expected to drop below the 4 million-ton mark for the first time in over three decades, due mainly to bad weather conditions in the harvest season, government data showed Tuesday.The country's rice production is expected to come to 3.96 million tons this year, down 5.8 percent from 4.2 million tons in 2016, according to the data compiled by Statistics Korea.The last time the total fell short of 4 million tons was in 1980 when the country's rice output stood at 3.55 m
Oct. 17, 2017
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[Save the Startups] 'Keep calm and beware the toxic clauses'
A startup entrepreneur may heave a sigh of relief when finally signing an investment contract, taking it as a tangible solution to the numerous uncertainties lying ahead of the budding business.But it is especially at this stage that one should take the upmost guard, looking out for possible “toxic clauses” which may deliver irrevocable consequences upon the business in moments of crisis, according to lawyer Roh Jong-eon.“People, most of all startup founders who are new in the business realm, te
Oct. 17, 2017
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Airlines to impose higher fuel surcharges on intl. routes next month
South Korea's airlines will impose higher fuel surcharges on international passengers next month due to an increase in jet fuel prices, industry sources said Tuesday. Local airlines didn't impose fuel surcharges on long-haul routes from May to September as the average price of jet fuel remained below the benchmark $1.50 per gallon.But they imposed fuel surcharges on international routes this month as the average fuel price went above the number. (Yonhap)Fuel surcharges on international routes w
Oct. 17, 2017
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Passengers to have security interview at airport for US visit
All passengers bound for the United States will be required to undergo a security interview at airports in their countries amid growing concerns about terrorist attacks, the transport ministry said Tuesday.On June 28, the US Transportation Security Administration asked airlines across the world to carry out a thorough security check of passengers bound for the US through interviews and screening, the Ministry of Land, Infrastructure and Transport said in a statement."Local passengers who travel
Oct. 17, 2017
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Former French minister visits border station
GWANGMYEONG -- The city of Gwangmyeong, just south of Seoul, said Monday former French Minister for Government Reform and Simplification Jean-Vincent Place expressed support for South Korea's efforts to build a railway connection with North Korea and Eurasia. Gwangmyeong Mayor Yang Ki-dae (L) talks with former French Minister for Government Reform and Simplification Jean-Vincent Place during their trip to Dorasan Station, South Korea's northernmost station, which lies in the border town of Paju,
Oct. 16, 2017
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Air traffic growth in NE Asia to be driven by LCCs: Boeing
Air traffic growth in the Northeast Asian region will be mainly driven by LCCs, according to an executive from airplane maker Boeing.“As we look at growth in the future, we expect that growth to be driven by airlines in the emerging and developing economies, as well as low-cost carriers,” Randy Tinseth, vice president of marketing for Boeing Commercial Airplanes, told reporters at Boeing‘s offices in Seoul on Monday.Together, the air travel traffic in Korea, Japan and Taiwan are expected to grow
Oct. 16, 2017
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[News Focus] Can Lee Jae-yong control Samsung from behind bars?
With the resignation of Samsung Electronics’ practical commander in chief Kwon Oh-hyun on Friday signaling a large-scale personnel reshuffle, eyes are zeroing in on the group’s jailed heir Lee Jae-yong and how possible it would be for him to strategize, control and direct future steps from his cell.According to experts who have studied Samsung and South Korean chaebol closely for years, there were cases of so-called “in-prison management” in the recent past, and it is highly likely for the 49-ye
Oct. 16, 2017
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Daesung chairman hosts WEC assembly in Lisbon
Daesung Group Chairman Younghoon David Kim is hosting an executive assembly of the World Energy Council, a group of energy leaders around the world, in Lisbon, officials said Monday.As the chairman of WEC, Kim will preside over summits and conferences scheduled to be held for the four-day gathering. The assembly runs through Thursday, they added. Daesung Group Chairman Younghoon David Kim (World Energy Council)Kim will also deliver an opening speech to stress the role of the energy sector in tra
Oct. 16, 2017
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Hanjin chief faces detention over embezzlement
Police on Monday sought an arrest warrant for Hanjin Group Chairman and Korean Air CEO Cho Yang-ho, who stands accused of embezzling funds to renovate his private home. Cho was questioned by police last month on accusations of using approximately 3 billion won ($2.66 million) of Hanjin funds that had been earmarked for the construction of a hotel in Incheon. The renovations to Cho’s private home in Jongno, Seoul, took place between May 2013 and January 2014. Hanjin Group Chairman Cho Yang-ho app
Oct. 16, 2017
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Land minister visits Uzbekistan, Turkey, Iran for infra projects
South Korea's land minister has embarked on a six-day trip to Uzbekistan, Turkey and Iran with a business delegation to support local companies' bids for infrastructure projects and expand economic ties, her office said Monday. Kim Hyun-mi, minister of land, infrastructure and transport, headed a group of senior officials from state utility companies, construction firms and banks to discuss major infrastructure projects in the three countries. The trip runs from Sunday to Friday. The policymaker
Oct. 16, 2017
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Samsung engages in aggressive marketing against LG OLED TVs
Samsung Electronics Co.'s latest aggressive marketing tactic against rival LG Electronics Co. in the high-end TV field appears to be part of its efforts to get ahead in the consumer electronics sector. Samsung Electronics has been at the forefront of liquid crystal display TV technology that has helped it become the biggest selling TV brand in the world. But LG Electronics has led in organic light-emitting diode TV technology in the ultra-high definition market.Samsung Electronics recently came
Oct. 16, 2017
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Doosan Infracore posts brisk sales in Chinese market
Doosan Infracore Co., South Korea's top construction equipment maker, continued to expand its presence in China's excavator market, as the world's No. 2 economy increased spending on infrastructure, industry sources said Monday.According to observers, Doosan Infracore sold a total of 718 excavators in China last month, more than double from a year earlier.In the first nine months of the year, Doosan Infracore sold a total of 7,881 excavators, also up 131 percent from the same period in 2016, the
Oct. 16, 2017
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Kumho Tire releases new winter tires for sedans, SUVs
Kumho Tire, the nation‘s second-largest tiremaker, has released new tires designed for safer driving in the winter, the company said Sunday.The Wintercraft WP72 and WS71 are the sequels to Kumho’s signature winter tire products Wintercraft KW27 and I’Zen RV KC15, with the tiremaker having strengthened design elements and improved functionality. Kumho Tire's new Wintercraft WP72 and WS71 are presented. (Kumho Tire)Wintercraft WP 72 is a premium winter tire set for sedans that makes less noise, bu
Oct. 15, 2017
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Samsung CEO’s sudden departure signals change, challenge
A surprise farewell announcement by a Samsung Electronics chief executive officer on the day the tech giant paraded another record-quarterly profit last week signals a generational shift within the tech giant leadership and also a change into a technology-focused, business-to-business company from a copycat appliance maker, experts in Seoul said Sunday.Kwon Oh-hyun, who led Samsung Electronics’ thriving chip business and has recently emerged as the public face of the tech giant, said Friday that
Oct. 15, 2017
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[Kosdaq Star] Clinical-stage SillaJen rises to Kosdaq powerhouse
This is the 43rd in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- EdWhile the top-tier stock market is riding on the global IT boom, the second-tier bourse is strongly dominated by the biopharma technology sector, with pharmaceutical players accounting for seven out of the top 10 shares in market cap.Among the local pharmaceutical powerhouses, a clinical-stage biotech firm SillaJen is noted for its signature oncolytic virus Pexa-Vec.Less than 11 months
Oct. 15, 2017
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Duty-free shops still reeling from THAAD impact
South Korean duty-free shops are still smarting from China's retaliation against Seoul over the deployment of a US defense shield here with their profitability worsening despite rising sales, industry sources said Sunday.In mid-March, China banned the sale of group tours to Seoul in retaliation against the installation of a Terminal High Altitude Area Defense (THAAD) battery in southeastern South Korea, which Beijing sees as a security threat. The move has dealt a harsh blow to local duty-free s
Oct. 15, 2017
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MMFs see huge capital outflow amid stock rally
Investors in South Korea are scrambling to withdraw their money from short-term investment vehicles amid a recent stock market rally, data showed Sunday.Money market funds (MMFs) here had a combined 106.3 trillion won ($94 billion) under their management as of Tuesday, according to the data from the Korea Financial Investment Association.The withdrawals represent a 23 percent tumble -- worth 31.7 trillion won -- from an all-time high recorded May 17 this year amid high political uncertainties. (
Oct. 15, 2017
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THAAD-hit S. Korean retailers turn to Southeast Asia
South Korean retailers are accelerating their push to tap deeper into the Southeast Asian market after they suffered a serious setback in China in the face of Beijing's economic retaliation over Seoul's deployment of a US anti-missile system, industry watchers said Sunday. On Tuesday, Lotte Group, South Korea's fifth-largest conglomerate, opened an online shopping mall in Indonesia together with local conglomerate Salim Group. The Korean firm said it set up a joint venture to combine Lotte's ret
Oct. 15, 2017