Most Popular
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Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
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Wealthy parents ditch Korean passports to get kids into international school
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Man convicted after binge eating to avoid military service
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First snow to fall in Seoul on Wednesday
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Final push to forge UN treaty on plastic pollution set to begin in Busan
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Korea to hold own memorial for forced labor victims, boycotting Japan’s
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S. Korea not to attend Sado mine memorial: foreign ministry
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Nvidia CEO signals Samsung’s imminent shipment of AI chips
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Toxins at 622 times legal limit found in kids' clothes from Chinese platforms
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Job creation lowest on record among under-30s
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Three funds bid for Woori Financial
Three private equity funds have submitted letters of intent to take over Woori Financial Group while no financial group will participate in the M&A competition.The Public Fund Oversight Committee, which closed the receiving of LOIs on Wednesday, said the potential buyers are MBK Partners, Vogo Investment, and TStone Partners.The committee, under the wing of the Financial Services Commission, plans
June 29, 2011
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Hyundai execs invited to White House forum
Korea’s leading automaker Hyundai Motor Co. said Wednesday that its executives will take part in a White House policy meeting aimed at improving the fuel economy of cars sold in the United States.The company said Ron Bloom, senior counselor for manufacturing policy to President Barack Obama, and Gary Guzy, deputy director of the Office of Environmental Quality, will be present at the meeting sched
June 29, 2011
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Samsung Engineering wins order from India
Samsung Engineering Co. Ltd., Korea’s largest industrial plant builder, said Wednesday that it has won a $230 million order to build a petrochemical plant in western India.Under the deal with ONGC Petro-additions Ltd., a unit of India’s state-run Oil & Natural Gas Corporation Ltd., Samsung Engineering will complete the plant by July 2013 with an annual production capacity of 340,000 tons of high-d
June 29, 2011
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Yeosu-Fukuoka sea route opened for World Expo 2012
The state-run Korea Tourism Organization said Wednesday that it has secured a sea route linking the southern port city of Yeosu to Fukuoka, southwestern Japan, in preparation of next year’s Yeosu World Expo.The organization, together with the South Jeolla provincial government and the Yeosu city government, has arranged for a chartered ferry service by Japan’s Kyushu Railway Co. (JR Kyushu) over t
June 29, 2011
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Korean conglomerates expand global network
SK Innovation’s oil platform in operation at an offshore mining area in Vietnam. (SK Group)Local firms look for opportunities for old and new businesses abroadFaced with a fast saturating domestic market, local firms have increasingly been seeking growth in overseas markets.For some, such as Hyundai Motor Group, overseas expansion has been an extension of their main businesses.Others, such as SK
IndustryJune 29, 2011
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CJ Group hit by acquisition costs
Korea Express union opposes takeover, worries about job losses from potential merger with GLSHefty acquisition costs and bad blood with Samsung have left CJ Group pondering how to overcome the multiple hurdles it faces as the preferred bidder for logistics giant Korea Express, industry watchers said.At the top of the agenda is addressing industry concerns that CJ would have a tough time coming up
IndustryJune 29, 2011
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Hyundai-Kia overtakes 6 competitors in a decade
Hyundai Motor and its affiliate Kia Motors emerged as one the world’s top five automakers in global sales last year, selling more than 5 million vehicles.About a decade ago, the two companies under the wing of Hyundai Motor Group ranked 11th worldwide in total sales volume.Climbing six notches in less than 10 years was not a simple accomplishment, as it required stepping over global players includ
MobilityJune 29, 2011
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Corporate Korea braces for multiple unions
Companies quietly pulling out all stops to keep unions to minimumFollowing is the second in a two part series featuring multiple labor unions that will be introduced in Korea on Friday. ― Ed.The top brass at Korean companies are on high alert over challenges they could face when multiple unions become legal as of July 1. Conglomerates, some of which have enjoyed years without the nagging presence
IndustryJune 29, 2011
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Seoul worried by financial sector’s short-term debt
Korea held an emergency meeting with major banks Wednesday to express its concern over growing short-term debt held by financial institutions here, the Finance Ministry said.The meeting was held earlier in the day at the government’s complex building in Gwacheon, south of Seoul, with officials of nine banks, including three foreign institutions, in attendance, according to the Ministry of Strategy
June 29, 2011
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Rare earths deposits found in central Korea
Korea has found rare earths reserves in the North Chungcheong and Gangwon provinces, with a sufficient supply for the next 50 years, a state-run think tank said Wednesday.The deposit in Chungju, 147 kilometers southeast of Seoul, contains 71,500 metric tons of rare earths. The one in Hongcheon in the country’s east has about 76,000 metric tons, the Korea Institute of Geoscience and Mineral Resourc
June 29, 2011
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Well begun is ‘half’ done: The Korea-EU FTA
Kim Jong-hoonTomorrow, the free trade agreement between the Republic of Korea and the European Union will finally enter into force. With the publication of the agreement in the official gazettes of the two sides the day before yesterday, all the required procedures have been completed and we are now about to embark upon the smooth implementation of the agreement.As is often said, well begun is hal
June 29, 2011
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FSC targets OECD average in controlling household debt
The financial authorities on Wednesday pledged to bring snowballing household debt down to the Organization for Economic Cooperation and Development average.With household debt at a record high of more than 800 trillion won ($740 billion), the Financial Services Commission reiterated its commitment to tackling the issue.“We plan to stabilize the market gradually with the goal of lowering the debt
June 29, 2011
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Lagarde chosen to lead IMF; first woman in top job
French Finance Minister Christine Lagarde poses before giving a television interview, Tuesday June 28, 2011 in Paris, after she has been chosen to lead the International Monetary Fund. She will become the first female managing director of the global lending organization.(AP-Yonhap News)WASHINGTON (AP) _ French Finance Minister Christine Lagarde was chosen Tuesday to lead the International Monetary
June 29, 2011
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Koreans top in digital literacy: OECD
From news reports Young South Koreans learn the best from computers and the Internet according to a survey of 15 year-olds in 19 countries, the Organization for Economic Cooperation and Development said on Monday. The OECD, which groups 34 of the world’s most advanced economies, tested the digital literacy of students in 16 member countries as well as Colombia and the Chinese cities of Hong Kong a
TechnologyJune 29, 2011
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Pope tweets for the first time
VATICAN CITY (AP) _ Pope Benedict XVI has tweeted for the first time, announcing the launch of a Vatican news information portal.Benedict's tweet on Tuesday read: ``Dear Friends, I just launched News.va Praised be our Lord Jesus Christ! With my prayers and blessings, Benedictus XVI''.The portal www.news.va for the first time aggregates information from the Vatican's various print, online, radio an
TechnologyJune 29, 2011
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Korea-EU FTA opens doorway to Europe
South Korea steps closer to completing FTA networkThe Korea-EU Free Trade Agreement is set to take effect on Friday, opening new doors for the country’s economy.The negotiations over the pact, which began in May 2007, came to a close in October 2009 when the agreement was penciled in, and in October 2010 the agreement was formally signed by the leaders of Korea and the EU.The EU approved the deal,
June 28, 2011
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Full employment of most precious resources
The most valuable economic resources are human resources, and Korea needs to improve its use of its most precious assets. A survey released last week reported that the average worker in Korea retires in his or her mid-50s. This is much earlier than their Western European OECD counterparts, who usually retire at 65 or older, and for whom even early retirement is usually 60 or older.The survey resul
June 28, 2011
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LG smart appliances attract crowds
LG Electronics, the world’s leading household appliance maker, is poised to push up the quality of appliances by several notches with the introduction of savvier smart appliances.“Smart appliance” has become one of the industry’s new buzzwords, quickly picking up on the growing demand from consumers to live smarter and more economically at not just the office, but at home.LG Electronics, as the in
IndustryJune 28, 2011
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POSCO begins works on third FINEX plant
POSCO began construction on its third FINEX steel mill at its steelworks in Pohang, North Gyeongsang Province on Tuesday.The new FINEX plant, which will have an annual production capacity of 2 million metric tons, is scheduled for completion in 2013.The company said the construction budget for the new FINEX plant is 1.3 trillion won ($1.2 billion), equal to that used in building the second FINEX p
IndustryJune 28, 2011
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CJ named Korea Express bidder
Samsung Group denies involvement in bidding processCJ Group was selected Tuesday as the preferred bidder in the controversial race to acquire a sizeable stake in logistics company Korea Express. If all goes smoothly, the conglomerate will be on its way to achieving its long-term goal of creating Asia’s largest logistics company by 2015. Korea Express is likely to fetch up to 2 trillion won ($1.8 b
IndustryJune 28, 2011
