Steel products made by South Korea’s SL Tech has been excluded from the US’ steel tariffs, marking the first case of exemption since the US imposed a quota on Korean steel shipments this May, industry sources said Thursday.The US Commerce Department earlier this week accepted US medical device manufacturer Micro Stamping’s request for a tariff exemption on ultrafine steel tubes imported from Korean steel company SL Tech.Micro Stamping uses ultrafine steel tubes made by SL Tech to produce medical

Is it the massive media attention he received for his copious use of lip moisturizer that’s making him shy? Samsung Electronics Vice Chairman Lee Jae-yong was seen reaching for a dab of his lip balm, but upon noticing a camera filming him, Lee withdrew his outstretched pinky, stony-faced.Lee was spotted with his ever-famous lip balm at the May Day Stadium in Pyongyang, where he was attending the Mass Games next to SK Group Chairman Chey Tae-won as part of a group of South Korean chaebol leaders

(Yonhap)Samsung Electronics is in talks with Japan’s Nipro to sell off its in-vitro diagnostic unit, as part of efforts to streamline its medical equipment business, according to the industry on Thursday. Jeon Dong-soo, president of the medical device division at Samsung, reportedly held a briefing about the sell-off plan for employees recently, the company said.An IVD refers to a medical device that diagnoses diseases by examining patients’ tissue, blood and urine. The IVD unit belongs to Samsu

Police raided a parts supplier of BMW Korea on Thursday as part of a probe into suspicions the Korean unit of the German carmaker covered up vehicle defects that led to dozens of engine fires in recent months. The Seoul Metropolitan Police Agency sent investigators to the supplier's headquarters in the southern city of Yangsan and its research center near Seoul.  The company supplies exhaust gas recirculation coolers and pipes, which BMW blamed for more than 40 vehicle fires this year. (Yonhap)B

South Korea's trade minister Thursday urged local companies to develop high-value-added technologies and seek new growth drivers to embrace the protracted trade tension between the United States and China, calling it a "new normal."Kim Hyun-chong expressed worries over the changing trade environment after Washington imposed a third wave of tariffs on $200 billion worth of Chinese goods and China responded with $60 billion duties on US imports. The US tariff is set at 10 percent and will rise to

South Korean business moguls are expected to start considering potential business projects in North Korea after their Pyongyang trip, according to the industry on Wednesday. According to news reports, the chiefs of the country’s three-biggest family-run conglomerates -- Samsung Electronics Vice Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, LG Group Chairman Koo Kwang-mo and 14 others -- are expected to hold meetings with top executives on the results of the trip after arriving in Seoul

Hyundai Engineering signed memorandums of understanding with Indonesian officials on the expansion of its industrial facilities and the construction of a hydroelectric power plant there, an effort to increase its presence in the country’s growing market, the company said Wednesday.The industrial facilities specialize in the production of vinyl chloride monomer and polyvinyl chloride. “Based on our experience with the perfectly constructed Asahimas vinyl chloride monomer production plant in Indon

Projects depend on NK-US summit: experts say S. Korea sent underlying message with delegation of conglomerate chiefs

Choi Yoon-jung, chairwoman of the Paradise Culture Foundation under the resort complex operator Paradise Group, was given Montblanc’s Arts Patronage Award on Tuesday.  From left: Montblanc Cultural Foundation Chairman Sam Bardaouil, Paradise Culture Foundation Chairwoman Choi Yoon-jung, Montblanc Korea Managing Director Eric Edder and Montblanc Cultural Foundation Chairman Till Fellrath pose during Montblanc’s Arts Patronage Award ceremony at Paradise City, Incheon, Tuesday. (Paradise City)The a

Kakao Pay, the mobile pay solutions unit of South Korean mobile messaging giant Kakao, said Wednesday that its QR code payment option is now available at more than 100,000 partner stores nationwide.　The feat was achieved within just three months of launching its QR pay service, Kakao Pay said. QR code pay is a mobile payment and acceptance method through which customers can make payments by scanning a QR code, instead of paying with cash or a credit or debit card. Of the merchants that have adop

South Korean biopharma company Celltrion said Wednesday it was “undecided” on the location for its third biologics manufacturing plant, denying a local report that alleged the company had confirmed Singapore as the final location for the new facility.“Celltrion is currently wrapping up steps to add 50,000 liters of expanded capacity to its first plant based in Songdo, Incheon. At this point, we’d like to clarify that nothing has been decided on the location of the third plant,” Celltrion said in

Leaders say resumption of business projects depends on when right environment is created

Sales of cigarettes in South Korea declined 1.1 percent in the first eight months of 2018 from a year earlier due to a government-led anti-smoking campaign and higher prices, data showed Wednesday.South Korean smokers purchased 2.31 billion 20-cigarette packs in the January-August period, compared with the previous year's 2.34 billion packs, according to data compiled by the finance ministry. (Yonhap)Starting in January 2015, South Korea increased the price of cigarettes by 80 percent, from 2,50

Major hotels in Seoul have seen their reservation rates rise for the upcoming Chuseok holiday thanks to a new trend of spending the autumn harvest celebration in the nation's capital, industry sources said Wednesday.Chuseok is the Korean equivalent of Thanksgiving Day and is one of the country's biggest traditional holidays, along with Lunar New Year's Day. This year's Chuseok falls on Sept. 24. (Westin Chosun Seoul)The Westin Chosun Seoul said the reservation rate for its Chuseok package progra

North’s top economic official says railway cooperation of utmost important for two Koreas