German carmaker BMW said Thursday that it had opened a large-scale cultural complex on a 13,200-square-meter site in Songdo International City in Incheon, South Korea.　The cultural complex was built through a joint investment by BMW and Bavarian Motors, Bavarian Motors, a Korean dealer of BMW and its Mini Brand. The construction project took 1 1/2 years. It is the largest integrated facility opened by a BMW dealer worldwide. From left: Lee In-seok, chief executive officer of Bavarian Motors , Hi

South Korean builder SK Engineering and Construction’s top official has expressed intent to lead a canal project in Turkey, citing its track record in multiple projects in the nation. Dubbed Canal Istanbul, the project involves building a 45-kilometer-long waterway that connects the Black Sea with the Marmara Sea. It is reportedly estimated to cost some $15 billion. “(Canal Istanbul) is a major project both in terms of value and importance,” Lee Seung-soo, vice president of SK E&C, was quoted as

The state-run Korea Post chief Kang Seong-ju said artificial intelligence and big data are key to addressing a global decline in mail volume, in a panel discussion at Universal Postal Union World CEO Forum held Wednesday, according to Korea Post.As a panelist in a session of the forum, Kang introduced Korea Post’s efforts to adopt AI and drones to “develop a future delivery system” that helps mail to be delivered to remote areas that are difficult to reach. Korea Post President Kang Seong-ju (th

Uncertainty about the future and focus on self outweigh hopes for a shared life with significant other

A war of words between the nation’s financial watchdog and Samsung BioLogics intensified Thursday over the legitimacy of authorities disclosing the biotech company’s alleged accounting fraud, further raising already heightened market fears.The Financial Supervisory Service found itself cornered, with officials at the upper echelon turning a cold shoulder, saying that its decision to reveal the content of a preliminary notice sent to Samsung has caused “market chaos.”On Ma

The Korea Trade-Investment Promotion Agency said on Thursday it will move its regional headquarters of Southeast Asia and Oceania from Singapore to Vietnam, in response to the changing trade environment and policies.Kwon Pyung-oh, CEO of KOTRA (Yonhap)“The regional headquarters will be moved to Hanoi where Korean companies are increasingly making a presence. Two new trade centers will also be set up in Ahmedabad, India and Danang, Vietnam,” Kwon Pyung-oh, CEO of KOTRA, told reporters. The state-

For craft beer lovers, N Seoul Tower will be the place to visit next week.CJ Foodville announced Thursday that it will host the Beer Week & Music Festival at N Seoul Tower on Namsan from May 14 to 20.  (123RF)Beer specialists will hold special classes during the week. Beer tasting programs will also be held in front of the tower starting on May 18, along with indie band performances from 6 p.m. to 10 p.m.A pairing service to recommend the right beer for your meal will also be provided throughout

GM to open Asia-Pacific regional office here and remain largest shareholder for next 5 years

More than half of all salaries in 170 major South Korean companies are based on employee seniority, a new poll showed Thursday.The poll released by the Korea Economic Research Institute found that 51.2 percent of employees receive seniority-based salaries while 36.2 percent receive their salaries based on performance.Under the decades-old seniority-based wage system, employee pay rises every year regardless of productivity. This kind of hierarchical pay system has been cited for placing a financ

Korean confectionery company Orion said it will begin manufacturing its signature corn chips Kkobuk Chip for sale in China from Thursday. Orion’s Lang Li Ge Lang, the Chinese version of Kkobuk Chip. OrionIt will be sold under the Chinese name “Lang Li Ge Lang,” which directly translates to a wave inside a wave, referring to the wavy, layered look of the crispy snack. The production and sale of the corn soup flavored snack in China will be done via its overseas corporation in the country, the com

The American-style lager Budweiser, the official beer of the FIFA World Cup, has unveiled its worldwide campaign to promote the 2018 FIFA World Cup, which will kick off in Russia on June 14.  Budweiser’s Light Up the FIFA World Cup global campaign. BudweiserUnder the campaign “Light Up the FIFA World Cup,” Budweiser has released Thursday its advertisement featuring the largest beer delivery to date. In this televised ad which will be aired in some 50 countries around the world, thousands of dron

South Korea's corporate watchdog chief said Thursday that conglomerates should continue efforts to voluntarily reform their cobweb-like family-run governance structures to meet market expectations and promote fair competition.In a meeting with heads of the country's top 10 conglomerates, including Samsung and Hyundai, Fair Trade Commission Chairman Kim Sang-jo also stressed that the corporate watchdog would keep monitoring large business groups who abuse their market dominance and carry out unfa

South Korea's financial regulator said Thursday it will consider gradually adopting US-style data-sharing regulation to make it easier for firms to collect and use personal information.The move is aimed at meeting rising demand for new technologies such as the Internet of Things and big data analytics, the Financial Services Commission said in a statement.In South Korea, people are asked in advance if financial institutions can use their personal data. They can either agree to or reject the coll

BEIJING -- North Korea and China are moving to expand direct flight routes between Pyongyang and major Chinese cities on the back of growing improvements in their bilateral relationship, tourism officials said Thursday.Following North Korean leader Kim Jong-un's visit to Beijing in late March, the two countries began preparations for the launch of a direct air route linking Pyongyang with China's southwestern city of Chengdu, they said.According to local tourism officials, a group of 10 travel a

The US Central Intelligence Agency appeared to be making last-minute behind-the-scenes efforts to finalize details of the summit between the US and North Korean leaders, with its Korea center chief playing a key ancillary role, observers here said Thursday.On Wednesday, US Secretary of State Mike Pompeo, a former CIA director, made another visit to Pyongyang to put the finishing touch on the preparations for the talks between President Donald Trump and North Korean leader Kim Jong-un, as well as