Most Popular
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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S. Korean children, teens grow taller, mature faster than before: study
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[Graphic News] Number of coffee franchises in S. Korea rises 13%
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Some junior doctors are returning: Health Ministry
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Army takes group action against Hybe for neglecting BTS
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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[Robert J. Fouser] AI changes rationale for learning languages
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Woman dangling from power lines rescued by residents holding blanket
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Ador CEO's request for exclusive right to terminate NewJeans' contract with Hybe refused in February
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Malibu, SM6, K7 named safest car of the year
GM Korea’s Chevrolet Malibu, Renault Samsung’s SM6 and K7 from Kia Motors were named the 2016 safest car of the year during a ceremony held by Korea’s transportation ministry Tuesday. The Ministry of Land, Infrastructure and Transport examined a total of 14 new vehicles launched from July 1, 2015 to June 30, 2016 in South Korea. Nine domestic and five imported cars were reviewed for the annual assessment. Renault Samsung's SM6 (Renault Samsung)The Chevrolet Malibu by GM Korea, the South Korean
Dec. 7, 2016
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Samsung to review ways to disband future strategy office
Following Samsung Electronics Vice Chairman Lee Jae-yong’s remarks to abolish the group’s future strategy office during a parliamentary hearing on Tuesday, industry watchers projected Wednesday that Samsung will continue to downsize the office, and disband it in the process of creating a holding company.The group has reportedly been scaling down the office, as Lee values pragmatic and responsible management.Chief communications officer at Samsung future strategy office Lee Joon answered “No” whe
Dec. 7, 2016
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The Shilla Duty Free sweeps customer satisfaction indices
The Shilla Duty Free, operated by Hotel Shilla, was ranked first in the duty-free division in two major customer satisfaction indices this year, according to the company Wednesday.The duty-free operator received the highest marks among duty-free companies on the National Customer Satisfaction Index and the Korean Customer Satisfaction Index. Hotel Shilla CEO Han In-kyu poses with employees after receiving the highest ranking on the NCSI on Tuesday. (Hotel Shilla)The NCSI combines survey results
Dec. 7, 2016
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Hanmi shares hit as US drug trial recruitment halted
Shares of Hanmi Pharmaceutical plunged 10.76 percent to close at 311,000 won ($266.30) Wednesday, following news its partner Janssen had stopped recruiting participants for the clinical trials of a new diabetes drug licensed out by the South Korean drugmaker last year.The news came just months after Boehringer Ingelheim terminated a $730 million licensing deal it had entered with Hanmi over a new lung cancer therapy back in July 2015 after patient safety issues emerged, igniting fresh fears amon
Dec. 7, 2016
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US Supreme Court rules in favor of Samsung in smartphone patent suit
The US Supreme Court ruled Tuesday that Samsung may not have to disgorge all profits from smartphone sales even if some designs of the phones were copied from Apple's iPhone, officials said.The decision is a victory for Samsung, which has sought to get some of the damages it already paid Apple reimbursed.Samsung paid Apple $548 million in damages awarded by a lower court for copying designs of the iPhone. Last December, Samsung took the case to the highest court, asking it to reconsider the scop
Dec. 7, 2016
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Fate of Samsung’s future strategy office nears end
Samsung Group’s future strategy office, which its de facto chief Lee Jae-yong vowed to abolish during a parliamentary hearing Tuesday, has long been the tech giant’s key organ in charge of acquisitions of companies and the entry of new businesses. “I will remove Samsung’s Future Strategy Office, which is subject to negative public sentiment,” Lee said.The office, dubbed the control tower of Samsung Group, was formed under the direction of group founder Lee Byung-chull in 1959. It started as a se
Dec. 6, 2016
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Hearing fails to deliver, only scars corporate image
The parliamentary hearing Tuesday to question nine business moguls involved in a political scandal failed to reveal new facts, leaving only scars on the companies’ reputations, industry watchers said. The rare televised hearing failed to hit the spot as lawmakers repeated outdated and often irrelevant questions and chiefs feigned ignorance.“There were no new facts discovered from the hearing. The same questions that have been addressed during the prosecution’s investigation achieved little excep
Dec. 6, 2016
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Lee Jae-yong put at center in largest hearing on chaebol
The nation was glued to television broadcasts Tuesday as the country’s top chaebol owners sat in front of lawmakers at the National Assembly to face questions over allegations they made secret deals with President Park Geun-hye and her longtime friend Choi Soon-sil in exchange for favors.The historic hearing put Samsung Electronics Vice Chairman Lee Jae-yong at the center of the Choi scandal, turning the entire session into a rare event that laid bare alleged irregularities surrounding Lee’s rol
Dec. 6, 2016
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[Graphic News] Asia’s digital music market flourishes
Asia’s digital music market is expanding as a growing number of millennials prefer streaming online and downloading, according to a report by McKinsey & Company.By region, Japan topped the rank in digital music market sales at $432 million last year. South Korea recorded the second-largest with $173 in sales. China ranked the third earning $152 million last year, seeing the most aggressive 28.5 percent of market growth annually. India and Thailand followed with $58 million and $30 million, respe
Dec. 6, 2016
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Koreans shamed, embarrassed over hearing of chaebol
South Koreans tuned into the parliamentary hearing of the country’s nine biggest corporations with shame and embarrassment, as the nation’s business leaders looked solemn and agitated.The owners of conglomerates attended a public hearing by the National Assembly to be grilled about suspicious connections between them and President Park Geun-hye’s confidante Choi Soon-sil. Many young Koreans watched the hearing on social networking sites including the Facebook Live service and expressed their dis
Dec. 6, 2016
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FKI on path to disbandment
The fate of the Federation of Korean Industries is inching towards disbandment as some chaebol chiefs including Samsung Electronics Vice Chairman Lee Jae-yong vowed to stop supporting the nation’s richest business club at a parliamentary hearing Tuesday.Nine heads of Korea’s top conglomerates were called in to face lawmakers’ questions about dubious links between chaebol and Cheong Wa Dae.The FKI, consisting of some 600 member companies, played a key role in collecting funds from top business gr
Dec. 6, 2016
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Story behind hearing’s seating arrangement
(Yonhap)Samsung Electronics Vice Chairman Lee Jae-yong took center stage, literally, during Tuesday’s parliamentary probe, both in terms of questions received and in seating arrangement.SK Group Chairman Chey Tae-won and Lotte Group Chairman Shin Dong-bin were respectively placed to Lee’s left and right at the hearing of South Korea’s nine biggest business tycoons. They were summoned to the National Assembly to testify on their involvement in the presidential scandal surrounding President Park G
Dec. 6, 2016
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Watchdog picks 176 firms for restructuring
South Korea's state financial watchdog on Tuesday selected a total of 176 local small and medium-sized enterprises (SMEs) for immediate corporate restructuring.The Financial Supervisory Service (FSS) conducted a credit risk assessment of 2,035 SMEs here in a regular move taken under a related corporate law.As a result, the 176 companies were put on the blacklist, a 28.5 percent increase from the average of 137 over the past three years.The FSS said it has applied stricter criteria to the evaluat
Dec. 6, 2016
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Korean shipbuilders to adopt information technology for competitiveness
South Korean shipbuilders will work to infuse information and communication technology into their field in order to raise their competitiveness, the country's information ministry said Tuesday.Under the plan, local shipyards will adopt information technology to develop software and infrastructure needed for their work, according to the Ministry of Science, ICT and Future Planning.The shipbuilding sector and ICT firms will also work together to promote ICT-based shipbuilding technology, it said."
Dec. 6, 2016
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Uncertainty overhangs pick of new duty-free operators
With an announcement some 10 days away, a thick cloud of uncertainty hangs over South Korea's selection of new duty-free shop operators due to a litany of variables, industry sources said Tuesday.The Korea Customs Service (KCS) is slated to announce four new operators for duty-free shops in Seoul and two others in provincial cities on Dec. 17, with the nation's five major retailers in the running. One of the four licenses in the capital has been allotted to a small or medium enterprise, leaving
Dec. 6, 2016
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Two firms vying for top-selling drug title
Two major drug firms are competing to become the first South Korean maker of a new homegrown medication with annual sales of more than 50 billion won, a landmark for the local industry, sources said Tuesday.Industry experts define as a blockbuster drug an extremely popular medicine that generates annual sales of at least 10 billion won ($8.6 million) for the company that produces it. No locally produced drug has posted annual sales of 50 billion won or more so far.According to the sources, one o
Dec. 6, 2016
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Travelers to Korea surpass 16 mln
The number of foreigners who visited South Korea this year surpassed 16 million in early December thanks to the rising influx of travelers from Asian nations, the state-run tourism agency said Tuesday. A total of 15.9 million foreigners visited the nation in the January-November period, up 31.3 percent from a year earlier, the Korea Tourism Organization (KTO) said. Myeongdong, a major shopping district in downtown Seoul, is crowded with travelers on Dec. 4, 2016. (Yonhap)Considering the average
Dec. 6, 2016
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Tycoons deny donation-for-favor suspicions
South Korea's business tycoons denied that their conglomerates donated money to two foundations in return for getting business favors when they attend a parliamentary hearing on Tuesday.Samsung Group Vice Chairman Lee Jae-yong stressed that his conglomerate’s donation was not intended to earn business favors. Samsung's Lee Jae-yongThe Samsung heir-apparent was questioned over allegations that the company received support from the National Pension Service for its controversial merger of two affil
Dec. 6, 2016
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Asiana Airlines flight makes emergency landing in Russia after smoke alarm
A South Korean airliner made an emergency landing in Russia on Monday after a smoke alarm went off, but all aboard are safe, officials said.Asiana Airlines Flight OZ521 was on its way to London with 197 people on board when it landed at an airport in the central Russian city of Khanty-Mansiysk about 10:50 p.m. following an alarm that smoke was detected near the engine, officials said.It was about eight hours after the flight departed from Incheon International Airport around 2:50 p.m.Russian off
Dec. 6, 2016
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Unionized pilots of Korean Air plan to strike for 12 days
Unionized pilots of South Korea's No. 1 flag carrier Korean Air Lines Co. said Monday they will launch a 12-day strike later this month. The pilot union said it notified the company that its union members will lay down their tools from Dec. 20 to 31. They are likely to carry out the plan if the union and the management fail to reach an agreement on wage deals at their final negotiation session scheduled on Wednesday. A majority of unionized pilots of Korean Air already voted "yes" to go on strik
Dec. 5, 2016