Most Popular
-
1
Over 80,000 millionaires, 20 billionaires in Seoul: report
-
2
Yoon apologizes for first lady Dior bag scandal, calls push for special probe ‘political’
-
3
Korean battery makers heave sigh of relief over 2-year IRA reprieve
-
4
Young Korean doctors seek plan B: cosmetic dermatology or overseas
-
5
South Korea open to Indonesian proposal to cut KF-21 payments
-
6
Girl hanging on bridge, police trying to rescue her both fall off; rescued immediately
-
7
Korea forecast to overtake Taiwan in chip production by 2032: report
-
8
Coupang earnings hit hard by losses from ailing Farfetch
-
9
[K-pop’s dilemma] Time, profit pressures work against originality
-
10
Why femicide and dating violence are growing issues in S. Korea
-
Kumho Tire creditors begin sale process
[THE INVESTOR] The creditors of Kumho Tire have begun the process of finding a buyer for the tire maker, local news reported on July 13.According to reports, Kumho Tire’s creditors held the first meeting on the issue on the day, and reviewed the feasibility study by Credit Suisse.Kumho Tire began a workout process in 2009, and is currently 42.01 percent held by the creditors. Among the creditors, Woori Bank holds the largest stake, followed by Korea Development Bank and KB Kookmin Bank. The thre
July 13, 2016
-
Hanjin Shipping sells Vietnamese terminal to secure liquidity
[THE INVESTOR] Hanjin Shipping has sold its entire stake in Tan Cang Cai Mep International Terminal in Vietnam to its affiliate in order to secure liquidity, the ailing shipper announced July 13. The firm, which had a 21 percent stake in the terminal, sold the entire rights priced at 23 billion won (US$ 20 million) to Hanjin Transport, which runs the land transport service under Hanjin Group, during the board meeting on July 12. The move came after the government and creditors, led by state-run
July 13, 2016
-
No plans of opening branch in Korea: AirAsia CEO
[THE INVESTOR] AirAsia does not intend to open an office in Korea, said Tony Fernandes, co-founder and CEO of the Malaysian low-cost carrier, highlighting his discontent with local aviation regulations.“AirAsia is not planning on a branch in Korea,” the chief executive said during his visit to the UK for an air show on July 12. He added that Seoul’s rigid regulatory framework gives Koreans a limited choice of carriers. However, Fernandes said that AirAsia would positively review plans for establ
July 13, 2016
-
Samsung Heavy workers stage sit-in protest
A group of workers of Samsung Heavy Industries Co., a unit of Samsung Group -- the country's largest conglomerate -- staged a sit-in protest Wednesday at the group's headquarters in downtown Seoul, demanding that the management's restructuring drive be nixed. Their protest, the second of its kind in less than one month, came as the shipbuilder, one of the country's big three shipyards, is seeking to launch a large-scale restructuring move in the face of a fall in new shipbuilding orders and wors
July 13, 2016
-
Shipbuilding, construction unions announce mass strikes
[THE INVESTOR] Shipbuilding and construction industry labor unions announced that they will stage mass strikes on July 20.The shipbuilding industry unions’ coalition on July 13 held a press conference at the National Assembly saying that its member unions will stage an “all-out” strike to resist the ongoing restricting efforts. The coalition consists of the unions of eight shipyards. Faced with massive losses, the country’s shipbuilding industry is undergoing restructuring that includes workforc
July 13, 2016
-
[DECODED] Beauty as a business and passion
In the lobby of AmorePacific‘s Beauty Campus in Osan, Gyeonggi Province, stands the gigantic installation “Fractal Turtleship” by media artist Paik Nam-june, created to commemorate the opening of the Korea exhibition at the Venice Biennale in 1995.“It presented what Korea had to the world, and embodied the philosophy of breaking down barriers between East and West, between science and art, the everyday and the artistic,” AmorePacific chairman Suh Kyung-bae said about his choice to Maeil Business
July 13, 2016
-
[DECODED] A tale of two CEOs: men who sell Korean beauty
The numbers say it all: cosmetics is hot right now in Korea, soaring above the country’s struggling traditional sectors that include manufacturing, shipbuilding, electronics and construction.Behind the success of Korea’s booming cosmetics industry stand two men who made it all happen: Suh Kyung-bae, the 53-year-old head of leading cosmetics company AmorePacific, and Cha Suk-yong, 63, of rival LG Household & Healthcare.The two companies have major differences. AmorePacific is almost exclusively a
July 13, 2016
-
[DECODED] Daughter next in line at AmorePacific?
Suh Min-jung, the oldest daughter of AmorePacific group chairman Suh Kyung-bae, is only 25 years old but has over 450 billion won ($390 million) in inherited fortunes. Her personal wealth holdings are almost entirely in stocks of AmorePacific companies, a reason why market watchers pay keen attention to the young lady with regard to the group’s succession plan. The junior Suh, who last year finished her studies at Cornell University in the U.S. and briefly worked at consulting firm Bain & Compan
July 13, 2016
-
Ikea refuses to recall dressers in Korea after selling 100,000 units
[THE INVESTOR] Ikea, the Swedish furniture giant, has sold some 100,000 units of dressers that have been blamed for the deaths of at least six toddlers in falling accidents. While the company is extending its recent recall to China, it is still reluctant to do so in Korea, citing local regulations. Ikea’s recalled dressersRep. Kwack Dae-woon of the ruling Saenuri Party on July 13 urged the company to recall the Ikea dressers, saying all the products, about 36 million units, are recalled in the U
July 13, 2016
-
Direct flight options to Iran widen
[THE INVESTOR] Direct airline services between Korea and Iran will expand from four flights a week to 11, the Ministry of Land, Infrastructure, and Transport announced on July 12. An agreement was reached recently between Korea’s Transport Ministry and Iran’s Office of Aviation as an update to the 1998 aviation agreement leading to the weekly operation of four passenger and cargo planes. Tehran, the capital of IranLast March, the South Korean government handed exclusive flight license to Korea’s
July 13, 2016
-
K-beauty franchises expand presence in China, US
[THE INVESTOR] Innisfree, AmorePacific’s nature-oriented line, opened a store in Shanghai Disneyland, the company announced on July 13. This is the first cosmetics store in the Chinese Disney Town where more than 50 brands are vying for visitors’ attention. In line with the company’s spirit, Innisfree will offer a wide range of products based on Jejudo Island’s nature. Customers can take pictures in front of a huge installation piece made of recycled bottles or experience virtual flying over Jej
July 13, 2016
-
Service industry not yet delivering expected gains for conglomerates
Service businesses and employment form a big part of South Korea's leading conglomerates, but they are not delivering the profit and sales on par to their scale, analysis results showed Wednesday.The analysis by corporate tracker CEO Score compared the business performances and new employment of service-related affiliates of the 30 top conglomerates from 2010 to 2015. Results showed that in 2015, 66 percent of the conglomerates' subsidiaries were engaged in service-related business with 43 perce
July 13, 2016
-
Korea, Iran agree to expand direct flights to 11 times a week
South Korea and Iran have agreed to expand their direct flights between Seoul and Tehran to 11 times a week to help bolster bilateral economic cooperation following the lifting of international sanctions against the Middle East country, the government said Wednesday.South Korea and Iran reached an aviation agreement in 1998 to allow South Korean airliners to run four flights of passenger and cargo planes.Earlier this year, the Seoul government resumed the Seoul-Tehran air route and gave a flight
July 13, 2016
-
Dayou Winia to supply rice cookers to Haier’s Casarte
[THE INVESTOR] Dayou Winia, Korean appliance maker best known for its kimchi refrigerators, said on July 13 that it will supply the first batch of 2,000 rice cookers to Casarte, a premium appliance brand owned by China’s Haier Group. The rice cookers, named the Dimchae Cook, will be sold through Haier’s some 33,600 sales outlets nationwide in China. The Korean firm plans to supply a total of 5,000 rice cookers to Casarte this year and to expand the number to more than 30,000 next year. On July 4
July 13, 2016
-
Hanwha Techwin, GE team up to develop KF-X engine parts
[THE INVESTOR] Hanwha Techwin said on July 13 that the company has teamed up with GE Aviation to jointly develop engine parts for Korea’s flight-jet development project KF-X.The KF-X is aimed at locally developing the twin-engine combat jets equipped with advanced aviation electronics equipment by 2026. An artistic rendering of KF-X flight-jetHanwha Techwin, a defense unit of Hanwha Group, plans to lead the integration and installation of the engines into the KF-X jets, building the munition sup
July 13, 2016
-
Asiana Airlines picks CFM International engines for A320neo fleet
[THE INVESTOR] Asiana Airlines has chosen CFM International as the supplier of engines for its new aircrafts, local media reported on July 13. CFM International is a joint venture between GE Aviation and Snecma of France. According to reports, Asiana Airlines signed a US$ 950 million contract with CFM International to supply LEAP-1A engines for the Airbus A320neo aircrafts the Korean carrier is set to deploy starting in 2019.The contract reportedly includes the cost of parts and repairs for the
July 13, 2016
-
Distribution industry becoming more dependent on Chinese customers
South Korea's distribution industry has become heavily dependent on China for its profits, statistics indicated Wednesday, making them vulnerable to even political and social issues that can turn away consumers from the Asian neighbor. For Lotte Duty Free stores in Seoul, Chinese tourists accounted for 78 percent of its total sales for the January-June period this year, setting a new record. For all stores, 70 percent of the sales during the period were owed to Chinese shoppers, up from 59 perce
July 13, 2016
-
Pernod Ricard institute forms sisterhood with Korea Maritime and Ocean University
Paul Ricard Oceanography Institute, founded by international liquor group Pernod Ricard, signed a sisterhood agreement with Korea Maritime and Ocean University during a 50-year anniversary seminar in France last week, the company’s Korean unit said Tuesday. Kim Yun-hae (right), president of Korea Maritime and Ocean University in Busan, and Patricia Ricard (left), president of the Paul Ricard Oceanography Institute, attend a signing ceremony for sisterhood on Embiez Island in France on Saturday.
July 12, 2016
-
[Graphic News] From iron ore to semiconductors - 70 years of Korean exports
In the early 1960s, Korea’s top export product was iron ore, but this eventually changed over the decades to apparel and then to semiconductors, data from the Korea International Trade Association showed Tuesday.Over the same period, Korea’s biggest export market also changed from Japan to the U.S. and then to China, which bought 26 percent of all Korean exports last year. When KITA was established in 1946, Korea had just four countries as trade partners, but this has since grown to 240, as of l
July 12, 2016
-
Daewoo exec-turned-designer summoned for questioning on illegal profit allegations
[THE INVESTOR] The authorities summoned former celebrity designer Lee Chang-ha, 60, for a second straight day of questioning on July 12 for earning illegal profit based on his ties with Daewoo Marine Shipbuilding’s construction affiliate. During 2006 to 2009, Lee was head of Daewoo Shipbuilding & Marine Engineering Construction. In 2007, Lee set up his own company -- DSON, an interior decorating business. He allegedly pocketed 4 billion won (US$3.47 million) of illegal funds from contracts he at
July 12, 2016