More than eight out of 10 restaurants and accommodations in South Korea go out of business within five years after opening, failing to overcome challenges in the early stages of operation, a state-run think tank said Sunday. The five-year survival rate of hospitality businesses stood at 17.9 percent as of 2015, far lower than the corresponding figure for manufacturers, the Korea Institute for Industrial Economics & Trade said in a report. (Yonhap)The survival rate of restaurants and accommodatio

South Korean steelmaker Hyundai Steel’s labor union conducted outreach activities to help underprivileged families and support children from those families to experience a variety of cultural activities.  Members of Hyundai Steel’s labor union who work at the Incheon production line pose for a photo after conducting outreach for underprivileged families in March. (Hyundai Steel)According to the company, the labor union visited Gyeongju Bird Park with 18 children from underprivileged and multicul

South Korea's corporate watchdog carried out a weeks-long investigation into Google Korea over the firm's alleged abuse of its leverage over local game developers, industry sources said Saturday.According to the sources, the Fair Trade Commission recently wrapped up a three-week on-site probe at the company's headquarters in Seoul into the allegations that Google has been pressing local game firms to launch their games exclusively on the Google Play platform.  (Yonhap)It is the second time that

BMW Korea, the Korean importer and distributor of the German carmaker, is set to face lawsuits by more than 2,000 customers in the coming days following engine fires involving its vehicles. Law firms Bareun, You&Me and Heon said Friday they are preparing further legal action against the German carmaker and Korean authorities over increasing complaints and inconvenience due to insufficient measures after the incidents. According to Heon, some 1,500 customers have agreed to join the group lawsuit

The popularity of salads at convenience stores is rising amid more people opting for quick, affordable and health-conscious food items, according to a report from GS Retail on Friday.GS25, a convenience store chain operated by GS Retail, has seen its sales of salads rise by 278.6 percent between this year through Thursday, compared to the same period last year. A customer browses salads at a GS25 branch. (Yonhap)Sales of salads have seen a constant rise, with the on-year growth rate touching 209

SK Innovation has started construction of an electric vehicle battery factory with its Chinese joint ventures, state-run automaker BAIC and Beijing Electronics Holding, at the Changzhou Jintan Economic Development Zone in Jiangsu, north of Shanghai, the company said Friday.The factory is run by BESK, an electric vehicle battery joint venture between SK Innovation, BAIC and Beijing Electronics Holding established in 2013, in which the Korean firm had invested 1 billion yuan ($145 million).  (SK I

The South Korean government on Friday held the first Korea-Indonesia Automotive Dialogue, in line with the administration’s New South Policy initiative, according to the Ministry of Trade, Industry and Energy.The event, held at Lotte Hotel Seoul, took place as a follow-up to President Moon Jae-in’s state visit to the Southeast Asian state in November last year. After signing a memorandum of understanding on bilateral industrial cooperation, top officials of both states have sought to expand part

P&G Korea said Friday that it has named Balaka Niyazee, current director of sales at SK-II Worldwide under P&G, as its new general manager.Niyazee will replace the outgoing chief Kim Joo-youn, who has been newly appointed as the vice president of Gillette Asia. The new P&G Korea head will assume her post on Oct. 1, according to the company. P&G Korea`s new general manager Balaka Niyazee (P&G Korea)Niyazee initially joined P&G as a sales representative at P&G India. Since then, she has built up e

Samsung Electronics on Friday officially launched the Galaxy Note 9 smartphone in 56 markets around the world, including South Korea, the US, Canada, China and India, as well as all of Europe and Southeast Asia.Following this initial rollout, the South Korean tech giant plans to bring the Note 9 to 120 markets by early September, and embark on expanded marketing activities, the company said.The ninth edition of the Galaxy Note series sports a 6.4-inch AMOLED display and the largest-ever battery

Korean tiremaker Hankook Tire has signed a deal with AMG Speedway run by Mercesdes-Benz Korea to exclusively supply tires for cars used at the track, the company said Thursday.The tiremaker will supply six tire products: semi-racing tires Ventus R-s4 and Ventus R-s3 as well as ultra-high performance tires Ventus S1 evo2, Ventus S2 AS, Ventus S1 evo2 SUV, and Ventus V12 evo2. (Hankook Tire)“We expect our high-performance tires made with latest technology to deliver top-notch racing performance an

Fledging Korean startups devoted to urban technologies that help cities become more efficient and sustainable have been receiving support from the managers of incubator programs. Startup accelerator Company B, together with the Seoul Digital Foundation under the Seoul Metropolitan Government, gave representatives from 33 urban technology startups opportunities to share their views in a meeting of the Urban Tech Accelerating Program in Seoul on Aug. 17.  (Company B)Suggestions from the participan

The state-led Korea Water Resources Corp., also known as K-water, has invited 18 public servants from Southeast Asian nations to a seminar designed to help enhance the capability to manage water resources.  Officials of Southeast Asian countries and K-water pose during a seminar on ways to improve water supply systems and water quality, in Daejeon. (K-water)The seminar dubbed “Water Resources Development and Management” kicked off Monday and runs through Sept. 6. Held in Daejeon, a city 140 kilo

When 30-year-old Kim Young-hoon started a new job at a tech firm in Pangyo this year, he decided on a practical investment: an electric scooter for his daily commute from his home in Seohyun-dong located about 5 kilometers away.　After all, whizzing to work on electric scooters seemed to be the popular thing in Pangyo, a tech-savvy neighborhood south of Seoul known for its quickness to adopt new technologies and trends.　Five months into scootering to work, Kim is beyond satisfied with his purchas

From unicycles to electric scooters, demand for faster PMDs on the rise

South Korean battery maker Samsung SDI is raising its focus on its small-sized lithium ion battery business, as the category has returned to the mainstream of cordless power tools and household devices popular today. Samsung SDI’s small-sized battery business is projected to bring in more than 400 billion won ($357 million) in operating profit this year, riding on strong global demand for cylindrical batteries, according to projections by local securities firms including Mirae Asset Daewoo.  (Sa