South Korean shipyards, led by Hyundai Heavy Industries Co., are still struggling to cut costs through unpaid leave for their workers and shutting down dry docks idled amid a lack of orders, industry sources said Sunday.For decades, the shipbuilding sector has been one of the key growth drivers for
The Seoul Central District Court sentenced Vice Chairman Lee Jae-yong of Samsung Business Group to five years in prison this afternoon. Lee’s Lee's lawyers said they will immediately appeal the case to higher court.The prosecutors earlier demanded 12 years in prison against Lee on the ground tha
President Moon Jae-in has appointed an incumbent assistant deputy governor of the Bank of Korea as the new vice chief of the central bank, it said Sunday.Yoon Myun-shik, who entered the central bank in 1983 and served in various posts, was chosen to succeed Jang Byung-wha as BOK deputy governor, acc
POSCO Engineering & Construction Co. said Sunday it has won a 950 billion-won (US$832 million) deal to construct a coal-fired power plant in Bangladesh. The construction arm of steelmaker POSCO will build a 1,200 megawatt plant and related facilities on Matarbari Island, Chittagong, some 280
South Korean health authorities said Saturday they will announce the outcome of the inspection into eggs tainted with the insecticide fipronil later this week amid an unfolding egg contamination scandal in Europe.Details such as how the contaminated eggs could harm human organs when ingested, and ho
A key measure of oil refining companies' profitability has risen in recent months due to rising crude prices, raising speculation that South Korean refiners' third-quarter earnings will improve sharply, industry sources said Sunday.The benchmark Singapore complex gross refining margin (GRM)
The government offered an apology again on Friday for the ballooning concerns over food safety stemming from eggs contaminated with illegal insecticides or chemicals, while promising to beef up a nationwide system to prevent similar cases from recurring. "I sincerely apologize for causing inconveni
“Happy Yes” college student volunteers are now actively involved in social contribution activities for underprivileged people with the launch of a two-day orientation program at Sunning Leadership Center in Yongin southeast of Seoul. About 100 volunteers, who have been selected from colleges and uni
South Koreans are expected to jack up their spending on sports and tours in the third quarter of this year, a survey showed Wednesday, as the country's key consumer sentiment index reached a six-year high last month. According to the survey conducted by the Korea Culture & Tourism
South Korea's health care and beauty-related stores are posting solid growth allowing them to consider expanding operations at home and abroad, industry data showed Tuesday. According to findings released by local retailers, health and beauty (H&B) chain stores like Olive Young, GS Watsons and L
Some egg products in South Korea have been contaminated with a potentially harmful pesticide, the government said Tuesday, amid a growing health scare in Europe over tainted egg products.Some eggs at a farm with 80,000 hens in Namyangju, east of Seoul, were found to contain the pesticide fipronil on
The prosecution turned down an arrest warrant request police sought for the chief of a major drugmaker accused of verbal harassment of his chauffeurs, saying further investigation is necessary, according to police.Police sought the warrant last week to arrest Rhee Jang-han, chairman of Chong Kun Dan
LG Electronics Inc. said Sunday it installed the world's largest organic light-emitting diode (OLED) display signage in the United Arab Emirates, recognized by the Guinness World Records. The South Korean company said the installation at the Dubai Mall features 820 units of 55-inch OLED
South Korean carmakers posted lackluster profitability over the first half of 2017, industry data showed Sunday, falling far behind major overseas rivals.Top carmaker Hyundai Motor Co.'s first-half operating margin was 5.4 percent, down 1.2 percentage points from a year earlier, industry data sh
South Korean companies, led by Doosan Infracore Co., are witnessing better-than-expected sales in China's excavator market as the world's No. 2 economy increased spending on infrastructure, industry sources said Sunday.According to the data provided by Daishin Securities Co., a total of 6,99
Hyundai Motor Co. and its corporate cousin Kia Motors Corp. outpaced Ford Motor Co. to become the No. 2 hybrid automobile sellers in the United States in July, industry data showed Sunday.According to market tracker HybridCars.com, the two South Korean automakers sold 4,976 vehicles that make use of
South Korea's convenience store operators are ramping up efforts to tap into overseas markets amid fierce competition at home, industry watchers said Saturday.GS Retail Co., a major convenience store chain operator, said earlier this week it signed an agreement with a Vietnamese company to set u
China's displeasure over the deployment of a U.S. missile defense system in South Korea has been felt by the country's businesses with the fallout taking a toll on their earnings statements. industry watchers said.Since early this year, South Korean companies in China have faced boycotts and
The Dubai Airport Freezone Authority (DAFZA) has revealed its move to pursuemore intensified investment relations with South Korea. The statement was made during the recent visit of a delegation from South Korea led by Consul General H.E. Nam Duk Heo to thresh out the details for more productive and
JEC Group, the acknowledged leader in composite materials around the world, held a press conference at the Plaza Hotel in Seoul on July 12 to highlight the significance of composites.During the JEC Asia News Conference, JEC Group Chairwoman and CEO Mrs. Frédérique Mutel briefed about t