Most Popular
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AI textbook bubble could burst, expert warns
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Samsung tightens its belt amid crisis winds
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Food tycoon Paik Jong-won's Theborn Korea pushes toward IPO
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North Korean trash balloons cross border day after Seoul military parade
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Prosecution closes 'Dior bag' case amid opposition uproar
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Court confirms sentence for rapper who attempted to evade national service
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N. Korea may revoke 1991 Inter-Korean Basic Agreement in parliament: Seoul
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[Kim Seong-kon] Understanding uniquely American things
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Ministry confirms irregularities in national soccer coach hiring
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Yoon, Ishiba discuss cooperation on N. Korea in 1st phone talks
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Korea needs to reform gov't, education sectors: McKinsey consultant
South Korea should reform its government and education sectors to remove uneasy business regulations and foster high quality talent in preparing for demographic shifts in the world, a global business consultant said Thursday."If I argue, (the biggest head wind that South Korea faces is) regulation for stickiness," Dominic Barton, global managing director of McKinsey & Co., said in a breakfast meeting in Seoul."There are lots of traditions that need to be challenged, about hierarchy, about the go
PoliticsOct. 29, 2015
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Korea knocked out of U-17 World Cup
South Korea were knocked out of the FIFA U-17 World Cup in Chile on Wednesday following a 2-0 loss to Belgium.Jorn Vancamp and Matthias Verreth scored in each half for Belgium in the round of 16 showdown at Estadio La Portada in La Serena, Chile, as South Korea bowed out of the tournament despite winning their group with an undefeated record.Vancamp scored only 11 minutes into the match, capitalizing on sloppy passing by South Korea. After Lee Sang-min's free kick attempt was blocked, Belgium re
SoccerOct. 29, 2015
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Samsung unveils W11.3tr share buyback as profit rebounds
Samsung Electronics on Thursday unveiled plans to boost investor dividends through an 11.3 trillion won ($10 billion) share buyback after reporting its first on-year profit growth in two years. Samsung said it would cancel all shares purchased through the buyback, its biggest to date, and planned to give shareholders 30-50 percent of its free cash flow over the next three years, mostly through dividends. (Yonhap)The plans come after investors have increasingly requested bigger payouts from the K
Oct. 29, 2015
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Seoul shares open higher on Samsung gains
South Korean stocks got off to a strong start Thursday, driven by a sharp rise in top-cap Samsung Electronics, analysts said. The benchmark Korea Composite Stock Price Index climbed 11.34 points, or 0.56 percent to 2,053.85 in the first 15 minutes of trading. Market bellwether Samsung Electronics, which accounts for 15 percent of the market capitalization, shot up more than 3 percent after the company said it will buy back its own shares worth a total of 11.3 trillion won ($10 billion) over the
Oct. 29, 2015
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Red Cross to film video messages for separated families
The Korean Red Cross said Thursday it is seeking to make video messages of about 10,000 South Koreans who's families were separated by the 1950-53 Korean War by year-end to deliver to their relatives in North Korea next year.Since August, the Red Cross has been making 10 to 13-minute-long video messages containing greetings from South Korean separated families, and expectations for reunions with their kin in the North and their personal stories.More than 66,000 South Koreans, mostly in their 80s
North KoreaOct. 29, 2015
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Top 10% of Koreans control 66 pct of wealth: report
The top 10 percent of South Koreans control 66 percent of the country's wealth, with the inequality gap becoming more acute over time, a report showed Thursday.According to the report by Kim Nak-nyeon, an economics professor at Seoul's Dongguk University, Asia's fourth-largest economy is encumbered by a sizable difference in wealth between the haves and have-nots.While the rich monopolized wealth that includes both financial and property holdings, the lower 50 percent only accounted for 2 percen
Oct. 29, 2015
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Card spending hits record high in Q3
South Korea's credit card spending hit a record high in the third quarter, data showed Thursday, pointing to a recovery in domestic demand from the fallout of the Middle East Respiratory Syndrome outbreak.Total card spending reached 166.5 trillion won ($147.1 billion) in the July-September period, up 13.1 percent from a year earlier, according to the data compiled by the Credit Finance Association.It marks the first time that the purchases made with credit cards broke the 160 trillion-won mark,
Oct. 29, 2015
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Naver's Q3 net dips 24%
Naver Corp., South Korea's No. 1 Internet portal operator, said Thursday its third-quarter net profit fell 24 percent from a year earlier due largely to a one-off factor. But it performed better overall compared with the previous three months, backed by solid growth in advertising revenue generated from its offshore mobile and content businesses. Net income amounted to 116.8 billion won ($103.2 million) in the July-September period, compared with 153.7 billion won a year earlier, the company sai
Oct. 29, 2015
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Samsung Q3 net jumps on chip, currency effects
South Korean top tech giant Samsung Electronics Co. said Thursday its net profit soared nearly 30 percent on-year in the third quarter, backed by strong chip sales and favorable foreign exchange rates. Net income came to 5.45 trillion won ($4.82 billion) in the July-September period, up 29.3 percent from 4.22 trillion won from a year earlier and the first on-year rise in six quarters, Samsung said in its regulatory filing.Sales gained 8.9 percent on-year to 51.6 trillion won in the third quarter
Oct. 29, 2015
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Chinese EV maker BYD to unveil latest model in Korea
BYD Co., a major Chinese electric vehicle manufacturer, plans to start selling one of its latest models in South Korea next year in a bid to tap into the local market with a high growth potential, company and industry sources said Thursday.BYD, which is based in Shenzhen, China, will showcase the updated version of the e6 for the first time in South Korea during an expo in March on the southern resort island of Jeju before starting its official sales, according to the sources."During the expo, w
IndustryOct. 29, 2015
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Household loans keep growing at face pace in Sept.
South Korean banks' household lending continued to grow at a fast clip in September amid rising demand for mortgage loans, the financial watchdog said Thursday.Outstanding household loans by local lenders reached 615.1 trillion won ($543.9 billion) as of end last month, up 6.2 trillion won from a month earlier, according to the Financial Supervisory Service.The September gain was slightly lower than the 7.7 trillion won on-month rise in August. Home-backed mortgages rose 5.9 trillion won on-mont
Oct. 29, 2015
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Hyundai sells 10 millionth vehicle in U.S.
Hyundai Motor has sold its 10 millionth vehicle in the United States, the company said Wednesday, a milestone that came 29 years after the largest South Korean carmaker entered the American auto market.Hyundai began selling cars in the U.S. in 1986, with the export of the subcompact Excel. The company has since expanded its presence in the U.S. market, led by sales of such all-time best-selling models as the Sonata mid-size sedan and the compact Elantra."The United States has been a key region o
IndustryOct. 29, 2015
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Constructive Korea-Japan relations strategic priority for U.S.: State Department
Constructive relations between South Korea and Japan are a strategic priority for the United States, the State Department said Wednesday after the two American allies agreed to hold the first summit of their leaders in more than three years.The planned summit between South Korean President Park Geun-hye and Japanese Prime Minister Shinzo Abe would mark the first bilateral summit between the two countries in about three and a half years and could serve as a turning point in their long-frayed rela
Foreign AffairsOct. 29, 2015
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Heritage Foundation report classifies N. Korea as gravest threat to U.S. interests
North Korea poses the greatest threat to the United States, an annual Heritage Foundation report said Wednesday, warning that the communist nation likely has already mastered the technology to put a nuclear warhead on a missile.The 2016 Index of U.S. Military Strength classified North Korea as a "severe" threat to vital U.S. interests, the highest in the five-level threat assessment scale, while putting Russia, China and Afghanistan-Pakistan terrorism in the second-highest "high" threat category
North KoreaOct. 29, 2015
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Villagers stage protest against ricochets from U.S. Rodriguez firing range
A united group of villagers set fire to bundles of straw near the U.S. military firing range in Pocheon on Wednesday in protest against stray bullets from the range.The Rodriguez Live Fire Complex, about 24 kilometers south of the tensely-guarded demilitarized zone, has been a source of grievances to the residents of neighboring towns following a series of ricochets that have come out of the firing range and landed on residential areas.Most recently in October, a 105-millimeter anti-tank shell f
Social AffairsOct. 28, 2015
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HanmiGlobal confident about growth in Japan
HanmiGlobal, Korea’s leading construction management firm, has entered the Japanese market, setting up its local branch Otak Japan this month.Otak is the corporate name of the U.S.-based engineering firm that HanmiGlobal took over in 2011 to strengthen its urban design and engineering capability. With a foothold in Japan, the company runs business operations in 11 countries, including the U.S., China and Saudi Arabia. HanmiGlobal chairman Kim Jong-hoon“The company has sought entry into the conse
IndustryOct. 28, 2015
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Seoul awards honorary citizenship to Berggruen
The city of Seoul awarded honorary citizenship to 17 foreigners including "the homeless billionaire" Nicolas Berggruen on Wednesday in recognition of their contributions to the metropolis.Berggruen, a philanthropist and investor who is known by the nickname because he lives in hotels without owning a house, was one of the awardees of the honorary citizenship of Seoul, the city government said.Berggruen has served as an advisor for the Seoul city's governance and urban reform through cooperation
Social AffairsOct. 28, 2015
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70th anniversary of SPC
SPC Group chairman Hur Young-in gives a speech to mark the 70th anniversary of the company at the SPC Future Creation Institute in Seoul on Wednesday. Hur announced that the operator of Paris Baguette, Paris Croissant and many other eateries would become a “great food company” with 12,000 outlets around the world generating 20 trillion won in sales by 2030. The company plans to invest 2.6 trillion won into research and development by then. SPC Group
IndustryOct. 28, 2015
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Export slump hampers growth
Exports have been a locomotive driving Korea from underdeveloped status into that of a global economic powerhouse. But the country’s slumping overseas shipments are now seen as a drag on its growth.Korea’s exports decreased by 6.6 percent from a year earlier in the first nine months of this year. This downward trend is expected to continue in the months, or years, to come with Korea’s manufacturing exporters facing a set of unfavorable external conditions.An analysis by a local economic research
Oct. 28, 2015
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[Newsmaker] iPhone sales propel rise in Apple’s profits
Apple said Tuesday that surging iPhone sales helped propel a sharp rise in quarterly profits, as the tech giant delivered a record 48 million of the smartphones.Profits rose 31 percent to $11.1 billion, while revenues jumped 22 percent from a year ago to $51.5 billion, Apple said.Customers look at products during the sales launch of the iPhone 6s and iPhone 6s Plus at the IAPM shopping mall in Shanghai, China. BloombergThe California tech giant, which in September unveiled revamped versions of t
World BusinessOct. 28, 2015