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Seoul blanketed by heaviest Nov. snow, with more expected
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NewJeans to terminate contract with Ador
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NewJeans terminates contract with Ador, embarks on new journey
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Seoul snowfall now third heaviest on record
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Korean Air gets European nod to become Northeast Asia’s largest airline
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Samsung shakes up management, commits to reviving chip business
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Hybe consolidates chairman Bang Si-hyuk’s regime with leadership changes
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Heavy snow of up to 40 cm blankets Seoul for 2nd day
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How $70 funeral wreaths became symbol of protest in S. Korea
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Chaos unfolds as rare November snowstorm grips Korea for 2nd day
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New European chamber vows transparency
The secretary-general of the European Chamber of Commerce in Korea stressed that the newly formed chamber was a completely different organization from the controversy-plagued European Union Chamber of Commerce in Korea. Wolfgang Slawinski especially emphasized that the new organization would be tightly audited so that irregularities at the EUCCK would not be repeated. “This new chamber will guarantee transparency by introducing an external advisory board as well as being subject to outside audit
Nov. 26, 2012
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Sales of venture firms jump 13.9 pct in 2011
Sales of venture businesses in South Korea rose nearly 14 percent in 2011 from a year earlier, outperforming large companies and small and medium enterprises (SMEs), a report said Monday.The average revenue of local venture companies gained 13.9 percent on-year to 7.03 billion won ($6.47 million) last year, according to the report by the Small and Medium Business Administration (SMBA). The report is based on a survey of 2,034 new companies throughout the country.The sales growth rate outpaced a
Nov. 26, 2012
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Seoul shares start higher on U.S. gains
South Korean stocks opened higher Monday as investor sentiment got a boost from gains on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) climbed 0.80 points, or 0.04 percent, to trade at 1,912.13 in the first 15 minutes of trading.Shares gathered ground across the board, with LG Electronics increasing 2.1 percent while No.1 carmaker Hyundai Motor added 0.46 percent. Top chipmaker SK hynix moved up 0.78 percent.U.S. stocks ended higher Friday on rising consumer
Nov. 26, 2012
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Korea's consumer sentiment nears 9-month low in Nov.
South Korean consumers' confidence inched up in November from the previous month, but it remained close to a nine-month low as the economy continued to lose steam, the central bank said Monday.The consumer sentiment index -- a gauge of consumers' overall economic outlook, living conditions and future spending -- came in at 99 for November, up from a nine-month low of 98 tallied for October, according to a survey by the Bank of Korea (BOK).A reading below the benchmark 100 means pessimists outnum
Nov. 26, 2012
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Korea faces era of low growth: KDI
Korea will see the protracted economic slowdown continue next year amid tardy recovery in the global economy, a state-controlled research institute predicted Sunday.In its report, the Korea Development Institute revised its projection on the nation’s gross domestic product growth for 2013 down to 3 percent, from its earlier estimate of 3.4 percent.The think tank also forecast that the 2012 GDP growth would stay at 2.2 percent, compared with its earlier estimate of 2.5 percent.The KDI’s projectio
Nov. 25, 2012
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Department stores’ sales surge 14%
The winter weather has brought Christmas early to the nation’s major department stores this year, as winter apparel boosted their sales growth to double digits this month, data showed Sunday. The trio ― Lotte, Shinsegae and Hyundai ― saw their sales increase between 14.1 percent and 13.7 percent from Nov. 1 to Nov. 22, compared to the same period last year, according to data compiled by Yonhap News.Market analysts said the sales of overcoats and other winter jackets seemed brisk due to the early
Nov. 25, 2012
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Korea’s auto industry feared to retreat next year: report
South Korea’s automobile industry is feared to fare worse next year because of the global economic slump, while its IT, machinery and shipping sectors will likely perk up, a report said Sunday. Automakers are expected to enter a contractionary phase as worldwide demand will likely falter on the protracted economic downturn and global competition get fiercer, according to the report by the Hyundai Economic Research Institute. The report said although the U.S. Big Three ― Ford, Chrysler and Genera
Nov. 25, 2012
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Finance chiefs of Korea, Japan share need to resume FTA talks
Finance ministers of South Korea and Japan agreed Saturday to continue efforts to resume suspended free trade talks between the two countries, both sides said.South Korean Finance Minister Bahk Jae-wan and his Japanese counterpart, Koriki Jojima, met in Seoul to discuss matters of mutual concern, including the suspended FTA talks.“We have reconfirmed the importance of continued efforts to resume South Korea-Japan Free Trade Agree talks,” the two sides said in a joint press release. “Each promise
Nov. 25, 2012
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Land Ministry starts relocation to Sejong City
The Ministry of Land, Transport, Marine Affairs started to move to Sejong City, South Chungcheong Province, on Friday, becoming the first government organization from Gwacheon Government Complex to pack up for the new administrative city. The ministry’s move is part of the government’s plan to relocate economic-related ministries and their affiliates to Sejong City for balanced regional development.The ministry said it would complete the relocation of its headquarters in Gwacheon and three affil
Nov. 25, 2012
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Bibigo brand expands into 9 countries in a year
CJ Cheiljedang, a leading food business and bio company in Korea, has stepped up globalization of its global food and restaurant brand Bibigo.According to the company, Bibigo has penetrated into 1,000 retail stores in nine countries for the past year since its establishment in 2011. The nine countries are the U.S., Japan, China, U.K., Taiwan, Australia, Singapore, Hong Kong and Russia. Under the Bibigo brand, CJ has introduced six processed foods to the global food market, ranging from Korean sa
Nov. 25, 2012
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Korea’s credit rating rises most in OECD
The country’s sovereign rating surged the most among the members of the Organization for Economic Cooperation and Development in the past five years, said a report on Sunday.According to data by the Korea Center for International Finance, Korea’s credit rating went up by two notches to “Aa3” between the end of 2007 and October of this year. “Aa3” is the fourth-highest level designated by Moody’s Investors Service.The report also said that Fitch Ratings lifted South Korea’s rating to “AA-” from “
Nov. 25, 2012
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LG Electronics’ Optimus G ranked top in U.S
South Korean tech giant LG Electronics Inc.’s latest Optimus G has been picked as the best smartphone by a U.S. magazine in its latest handset survey, industry sources said Friday.Consumer Reports said the Optimus G is the best smartphone choice for subscribers of two major mobile carriers in the United States.It is the first time that an LG smartphone has been the top recommendation of Consumer Report, according to the sources.The LG phone released by AT&T Inc. received the highest 79 points in
Nov. 23, 2012
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The Shilla Seoul to close for refurbishment
The Shilla Seoul said Friday that it would close in January for about six months for a major refurbishment. The hotel said that it would cease all hotel services during the six-month revamp, except the Shilla Duty Free Shop, which will be open throughout the refurbishment period. Having been built more than three decades ago, the hotel building needs to renovate the guestrooms and bathrooms, hotel officials said. They said that the project will only involve the interior of the hotel and not the
Nov. 23, 2012
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NPS chief Jun to serve one more year
The government decided to extend the term of National Pension Service chief Jun Kwang-woo by a year, officials said on Friday.The NPS chief’s three-year tenure was due to expire early next month.Health and welfare officials said the government made the decision in consideration of the performance the pension service achieved under Jun.According to officials, the number of subscribers of the national pension surpassed 20 million people and the NPS’ combined operating profits it collected by fund
Nov. 23, 2012
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4 investors show interest in Ssangyong E&C’s capital increase
Four domestic and foreign investors have expressed interest in Ssangyong Engineering & Construction Co.’s planned rights offering of more than 150 billion won ($138 million), which is aimed at resolving the liquidity crisis of the embattled builder, officials of the state-run debt-clearer said Friday.The rights issue comes as Ssangyong’s creditors have been trying to sell the cash-strapped builder, the former construction arm of Ssangyong Group. Their latest attempt in August, fifth since 2007,
Nov. 23, 2012
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Korea counters Lone Star’s ISD invocation
The government will have to pull out all the stops to ensure its victory over Lone Star Funds in a looming legal battle, pundits said on Friday, as the case will set a critical precedent. On Nov. 21, the Dallas-based private equity firm filed investor-state dispute, or ISD, arbitration claims at the International Centre for Settlement of Investment Disputes against the Korean government for damages of up to 2.4 trillion won over its delayed approval of prospective buyers for Korea Exchange Bank.
Nov. 23, 2012
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IEA says Korea a good example of green energy, nuclear power
South Korea is setting an example for the rest of the world to follow in developing new and clean energy sources, including nuclear energy, as part of efforts to fight climate change, a country report by an international organization said Friday.The International Energy Agency especially praised the country for its 2009 pledge to voluntarily cut greenhouse gas emissions by 30 percent from its business-as-usual levels in 2020.“In its report, the IEA very positively viewed the country’s setting a
Nov. 23, 2012
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IEA report says S. Korea a good example of green energy, nuke development
South Korea is setting an example for the rest of the world to follow in developing new and clean energy sources, including nuclear energy, as part of efforts to fight climate change, a country report by an international organization said Friday.The International Energy Agency (IEA) especially praised the country for its 2009 pledge to voluntarily cut greenhouse gas emissions by 30 percent from its business-as-usual levels in 2020."In its report, the IEA very positively viewed the country's sett
Nov. 23, 2012
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Manufacturing output in Korea's provincial areas slows in Q3
Annual growth of manufacturing production in South Korea's provincial areas eased in the third quarter as an indication of the slowing economy, the central bank said Friday.Output by manufacturers in Korea's provincial regions grew a mere 0.4 percent in the July-September period from a year earlier, slowing from a 1.6 percent on-year gain in the second quarter, according to the Bank of Korea (BOK).The BOK said that the production by automakers and machinery firms remained lackluster in the third
Nov. 23, 2012
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Seoul shares start higher on improved economic data
South Korean stocks started higher Friday as investor sentiment got a boost from improved economic data from China and the eurozone, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 4.69 points, or 0.25 percent, to trade at 1,904.19 in the first 15 minutes of trading.Tech shares led the gain, with market bellwether Samsung Electronics moving up 0.71 percent while its electronics component-making affiliate Samsung Electro-Mechanics gained 2.73 percent. Samsung SDI, the
Nov. 23, 2012
