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Dongwon Industries' US unit fined in tuna price-fixing case
After early tournament exit, half Korean tennis player turns eyes to busine...
Seventeen explores solitude, fear in 3rd full album
Korean-American tennis player feels on cusp of reaching next level
Seoul has world’s 6th priciest groceries
Daewoo E&C clinches LNG plant project in Nigeria
[Graphic News] S. Koreans hold W61.5tr in overseas accounts
[Herald Design Forum 2019] Herald Design Forum 2019 calls attention to ecol...
Main opposition leader has head shaved to demand justice minister's resigna...
LG Display taps LG Chem president as new chief

Today Industry

Dongwon Industries' US unit fined in tuna price-fixing case

A US federal court has ordered Dongwon Industries' US unit StarKist Co. to pay a $100 million (118 billion won) fine in a canned tuna price-fixing case, the Korean tuna company said Monday. StarKist plans to pay the fine in installments over the next five years. Of the planned payment, $50 million has already been reflected in the upcoming second-quarter earnings results, and the remainder will be factored in the bottom line later, Dongwon Industries said in a regulatory filing. The Pittsburgh,

Seoul has world’s 6th priciest groceries

Groceries are more expensive in Seoul than in New York or Tokyo, with only five Swiss cities surpassing the South Korean capital in grocery costs, data showed Monday.According to city and country database website Numbeo, Seoul’s groceries price index amounted to 105.01, placing it at No. 6 on a list of 375 major cities. The groceries price index is calculated according to the retail prices of items such as meat, vegetables and fruit, based on data contributed by users. Swiss citi

Today
Industry
Daewoo E&C clinches LNG plant project in Nigeria

South Korean builder Daewoo Engineering & Construction has clinched a liquefied natural gas plant project in Nigeria, becoming the first Korean builder to be chosen as a prime contractor in the competitive global LNG plant sector.According to Daewoo E&C, it signed a letter of intent with Nigeria LNG last week to undertake planning, equipment purchasing and construction for the Train 7 liquefaction and purification facility on Bonny Island, Nigeria. The Train 7 project is expected to

Today
Industry
[Graphic News] S. Koreans hold W61.5tr in overseas accounts

　South Korean individuals and corporations held a combined 61.5 trillion won ($51.5 billion) worth of wealth in overseas accounts this year, down 7.4 percent from a year earlier, the country’s tax agency said.　The National Tax Service said 696 corporate entities held 55.1 trillion won in June, compared with 551 companies with 59.5 trillion won in overseas accounts a year earlier.　The corporations held the largest amount, 14.81 trillion won, in their accounts in Japan, with their accounts i

Today
Finance
LG Display taps LG Chem president as new chief

LG Display announced Monday the company’s incumbent chief tendered his resignation and that it has tapped a LG Chem executive as the new leader.Han Sang-beom, current vice chairman and CEO of the panel maker, expressed his willingness to step down from the post during an emergency meeting of the board of directors for the company, which is currently suffering deficits.The board accepted Han’s resignation and tapped Jeong Ho-young, chief operating officer of LG Chem, as the new CEO of

Today
Technology
Game companies prepare new mobile titles for Q4

South Korean game companies are preparing to launch potential blockbuster mobile titles in the last quarter of this year, hoping to boost their bottom line.NCSoft is staking its bet on the mobile 3D massively multiplayer game Lineage2M -- the game investors and venture capitalists as well as fans of the original Lineage game have been doggedly asking about from the beginning of this year.Advance sign-ups for Lineage2M began Sept. 5 and broke the 1 million threshold within seven hours, then escal

Today
Industry
Fiscal spending has multiplier effects on economy: BOK

The government’s fiscal spending has a multiplier impact, augmenting the economy by about 1.3 times over five years, central bank data showed Monday.In a recent study by the Bank of Korea, the multiplier effects of government spending on the domestic economy stood at 1.27 over five years.The given index means that every 1 trillion won ($844 million) spent by the government will generate 1.27 trillion won in gross domestic product during the period.When the figure is low, it means that expa

Today
Economy
Hyundai Heavy unit to sell assets, shares to improve financial status

Hyundai Electric & Energy Systems Co., a power equipment maker under Hyundai Heavy Industries Group, said Monday it will sell assets and shares to improve its financial status. The company said it plans to raise 150 billion won ($126 million) by selling new stocks and secure an additional 150 billion won by selling assets in an effort to enhance its financial soundness. The proceeds from its asset sales will be mainly used to pay its debts, with some of them to be invested into its res

Today
Industry
YouTube accounts for nearly 90% of copyright violation accusations: lawmaker

　Copyright violation accusations filed by the country’s major broadcasters number over 150,000 so far this year, with nearly 90 percent against global video-sharing platform YouTube, a lawmaker said Monday 　Citing data from the Korea Communications Commission, Rep. Noh Woong-rae of the Democratic Party of Korea said as of last month there were 153,081 requests made by broadcasters for the media watchdog to address copyright infringement. 　The broadcasters, which include four territorial br

Today
Technology
Korea’s collaborative streaming service to begin Wednesday

　South Korea’s three territorial broadcasters and mobile carrier SK Telecom held an event Monday to mark the launch of a massive video streaming service Wednesday, with an aim to attract 5 million paid subscribers by 2023. 　The heads of the broadcasters and SK Telecom gathered in Seoul to celebrate the launch of their new over-the-top video service Wavve, which combines SKT’s Pooq and the broadcasters’ Oksusu into one integrated platform.　The participants pledged to develop Wav

Today
Technology
Samsung F&M Insurance launches long-term disability insurance

Samsung Fire & Marine Insurance said Monday it was granted a six-month exclusive license to offer long-term disability insurance in South Korea, making the firm the first to provide such a policy with a coverage period of more than three years. Long-term disability insurance allows workers to receive a portion of their salary if they are unable to work for a period deemed to be long by the insurance company, compared to short-term disability policies that usually require a waiting or elimina

Today
Finance
YG to return W67b investment to LVMH

YG Entertainment -- recently shaken by a police investigation into its former CEO Yang Hyun-suk -- is expected to return an investment worth 67 billion won ($56.5 million) related to redeemable convertible preferred shares to French luxury giant LVMH next month, local reports said Monday. According to reports citing financial industry sources, the repayment date set for LVMH’s holdings of 1,359,688 redeemable convertible preferred shares of the entertainment agency is slated for Oct. 16. L

Today
Finance
South Korea closely monitors Aramco setback

Oil refiners see no immediate supply concerns but their refining margins may be affected

Today
Industry
Airlines’ 10-year expiration of mileage under review: FTC

The nation’s antitrust watchdog has been zeroing in on whether it is legal for air carriers’ frequent flyer programs to allow mileage to expire within 10 years. According to lawmakers on Monday, Fair Trade Commission Chairperson Joh Sung-wook told lawmakers last week that the antitrust regulator is reviewing the legality of airline companies’ mileage policies revised in 2008. “In addition to conducting a review on whether the policies have been unfair, we will come up wit

Today
Industry
Jeep Camp in Pyeongchang offers genuine off-road experience

Fiat Chrysler Automobiles Korea, a local importer and distributor of the Italian-American auto brands, held a two-day event in Pyeongchang, Gangwon Province, offering a unique off-road experience with its signature Jeep.Held Sept. 7-8 at the famous ski resort Phoenix Pyeongchang, the 65-year-old festivities embodied the US brand’s adventurous spirit, the company said. This was the 14th consecutive year in which Fiat Chrysler held a Jeep Camp in South Korea, and it invited 300 teams with 1,

Today
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