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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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Chaos unfolds as rare November snowstorm grips Korea for 2nd day
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BOK makes surprise 2nd rate cut to boost growth
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Household loans grow for 5th consecutive month
Household loans extended by South Korean financial institutions increased for a fifth consecutive month in August, but the growth rate slowed as the property market sagged on falling demand amid the economic downturn, the central bank said Tuesday. Household lending extended by local banks and non-bank institutions totaled 649.8 trillion won ($584.3 billion) as of the end of August, up 4.1 percent from the previous year, according to the Bank of Korea. Such lending grew by 2.3 trillion won on-mo
Oct. 9, 2012
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Overseas plant orders plunge 33.5% in Q3
Overseas plant building orders won by Korean companies slid 33.5 percent to $8.7 billion in the third quarter from a year earlier, mainly due to delayed orders from the Middle East, the world’s largest plant construction market, the Ministry of Knowledge Economy said on Tuesday. “The global economic slowdown forced some plant building projects in the Middle East to be delayed,” Joo Hyun-dong, an official from the ministry said.Affected by worsening third-quarter performance, accumulated overseas
Oct. 9, 2012
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Learning to communicate from advertising
Effective communication is essential in all parts of today’s society, whether political, economic, social or cultural. For example, one of the most important skills that national leaders need is the ability to communicate their ideas and visions with the public, while inside companies, communication skills are considered the second most important quality for management after insight.Yet many people still say communicating with others is difficult. Communication problems are blamed for conflicts
Oct. 9, 2012
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IMF cuts 2012 growth estimate for S. Korea to 2.7 percent
Less than three weeks after cutting South Korea's growth estimate for this year, the International Monetary Fund (IMF) on Monday provided a gloomier outlook for Asia's fourth-largest economy amid uncertainties in the eurozone and U.S. economies.South Korea is projected to record only 2.7 percent in economic growth this year, the IMF said in a new report on the global economy. Based on annual consu
Oct. 9, 2012
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Shares down 0.67% on eurozone concerns
South Korean stocks closed 0.67 percent lower on Monday as investor sentiment remained chilled amid uncertainties over Spain’s bailout and dashed hopes for the upcoming earnings season, analysts said Monday. The local currency slipped against the U.S. dollar.The benchmark Korea Composite Stock Price Index lost 13.28 points to 1,981.89. Trading volume was moderate at 499.4 million shares worth 4.49 trillion won ($4.04 billion), with decliners outnumbering gainers 533 to 300.“Uncertainties over Sp
Oct. 8, 2012
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Korea picked to host 2018 IEC meeting
The Korean Agency for Technology and Standards said Monday that it has won the bid to host the 2018 general meeting of the International Electrotechnical Commission to Korea. The decision was made at the 2012 IEC general meeting, which was held in Oslo, Norway, between Oct. 1-5.The IEC, headquartered in Geneva, Switzerland, is a world-leading non-profit organization that prepares and publishes international standards for electrical, electronic and related technologies. The general meeting conven
Oct. 8, 2012
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Galaxy Note 10.1 tops Consumer Reports review
Samsung Electronics Co.’s Galaxy Note 10.1 tablet has been picked as one of the best tablet computers along with rival Apple Inc.’s new iPad, a review by a U.S. magazine showed Monday.The 10.1-inch tablet scored 83 points out of a 100-point scale, getting the highest points among tablet computers with 9- to 12-inch displays that only support WiFi access, according to the review by Consumer Reports.The Galaxy Note 10.1, which is an upgraded version of the Galaxy Tab 10.1 and comes with a electron
Oct. 8, 2012
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Top 30 conglomerates’ debts near 1,000tr won
South Korea’s top 30 conglomerates’ debts stood at nearly 1,000 trillion won ($900 billion) as they increased their borrowings in recent years to expand their businesses and to secure cash amid the economic slowdown, an online business data provider said Monday.The debts stood at 994. 2 trillion won last year, up 28. 7 percent or 221.9 trillion won from 2009, according to Chaebol.com, which closely monitors developments of the country’s conglomerates known as chaebol.The business data provider a
Oct. 8, 2012
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S&T hosts field trip for ambassadors from Middle East
S&T Group, a local machinery and plant equipment manufacturer, said Monday that it had hosted a three-day field trip for a group of ambassadors to Korea from the Middle East on Oct. 3-5 to present its technology and production facilities. The ambassadors were Jordanian Ambassador Omar Barakat Mnawer Al-Nahar, Iraqi Ambassador Khalil Al-Mosawi, Saudi Arabian Ambassador Ahmad Y. Al Barrak and Kuwaiti Ambassador Muteb Saleh F Al-Mutoteh. During the field trip, the diplomatic officials visited the p
Oct. 8, 2012
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Invest Korea chief looks to M&As, Japan to boost FDI
Creating a business model that fits Korean environment is my final goal as the IK commissioner: Han Invest Korea chief Han Ki-won has vowed to focus on merger and acquisitions to help the government attain its yearly goal of attracting $15 billion in foreign direct investment.“Korea needs to step up its game and deliver differentiated services to foreign investors in order to attract more investment from them,” Han said in a recent interview with The Korea Herald. “For instance, we can work on t
Oct. 8, 2012
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Korean listed firms unwilling to spend amid uncertainties
South Korean listed firms’ cash-generating capability is expected to increase sharply this year, but they are likely to remain wary of spending big on facility expansion amid high economic uncertainty due to the protracted eurozone debt crisis, data showed Sunday.According to financial service provider FnGuide, combined free cash flow of 183 listed firms is estimated at 8.37 trillion won ($7.54 billion) for the year, compared with last year’s negative free cash flow of 23.65 trillion won.Free ca
Oct. 7, 2012
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Oil product exports up 7.7% in September
South Korean exports of oil products rose moderately in the first nine months of this year thanks to their sharp competitive edge in the international oil product market, a trade association said Sunday.According to the Korea Petroleum Association (KPA), outbound shipments of oil products came to $41.5 billion in the January-September period, up 7.7 percent from the same period last year.The association expects exports of oil products to top $55 billion for the whole of 2012, outpacing a record
Oct. 7, 2012
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Samsung Electronics spent most on TV ads in 2011
Samsung Electronics Co., South Korea’s most highly-valued firm, spent the most on TV commercials last year, a report showed on Sunday.According to the report compiled by the Korea Communications Commission, Samsung spent 95.1 billion won ($85.6 million) on TV advertisements last year, up 82.8 percent from a year earlier. Hyundai Motor Co., the country’s leading automaker, poured 49 billion won into TV commercials last year, followed by LG Electronics Co. with 45.8 billion won, KT Corp. with 44.6
Oct. 7, 2012
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Seoul shares expected to stay put this week
South Korean stocks are expected to move in a tight range this week with investors sitting on the sidelines amid the lack of major issues to push up the index further, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 1,995.17 this week, down 0.05 percent from a week earlier, despite slight signs of recovery in the U.S. economy and Samsung Electronics’ record profit estimate.The world’s largest smartphone maker reported a record operating profit guidance of
Oct. 7, 2012
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Korean economy to grow in 2% range in 2012: foreign banks
Major foreign investment banks are expecting South Korea’s economic growth to remain in the mid-2 percent range for this year on faltering exports, a report showed Sunday. Ten foreign investment banks forecast the Korean economy togrow an average of 2.6 percent this year, according to a report by the Korea Center for International Finance.Their forecast stood in contrast with the central Bank of Korea’s 3 percent growth estimate and the government’s 3.3 percent projection.The prolonged eurozone
Oct. 7, 2012
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KCC says nationwide TV digitalization successful
The Korea Communications Commission announced Thursday that about 98.6 percent of all government-supported households had their TV successfully digitalized. The KCC said in a media briefing that the nationwide digitalization operation has been going smoothly so far and the remaining 1.4 percent of all households which currently own the old analog-type TVs will be provided with satellite receivers free of charge from the government to watch digital broadcasts.About concerns that the forcible digi
Oct. 4, 2012
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Incentives lure Korean SMEs overseas to return home
The Ministry of Knowledge Economy said on Thursday that it will provide support packages to Korean small and medium enterprises doing business overseas that return to their homeland. The plan came as part of the government’s efforts to create jobs at home and to stimulate domestic consumption. “The package will include administrative support, benefits for land rental and tax incentives,” said Kim Sang-woo, an official from the ministry.He added that the ministry will treat those companies as for
Oct. 4, 2012
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Oil refinery supports family of deceased firefighter
S-Oil Corp. has donated funds to the family of a firefighter who died on duty only a couple days before Chuseok, the Korean thanksgiving, the company said on Tuesday. The country’s third-largest oil refiner delivered 30 million won ($27,000) to the bereaved family of Kim Seong-eun, the deceased firefighter.Kim died after inhaling an excessive amount of toxic gas while extinguishing fire at a corporate warehouse in Namyangju, Gyeonggi Province, on Sept. 27. The firefighter was immediately transfe
Oct. 3, 2012
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Conglomerates expand business reach in past decade
South Korea’s top 10 conglomerates, including Samsung and Hyundai Motor, have been expanding the number of areas they do business in over the last decade, data showed Wednesday.The country’s 10 biggest family-owned conglomerates had companies in 56 industries as of late last year, up 43.5 percent from 39 in 2001, according to the data by the Fair Trade Commission and the Financial Supervisory Service.The data also showed that business operations of the so-called chaebol were present in 73.4 perc
Oct. 3, 2012
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Nonlife insurers likely to face losses
South Korean nonlife insurers are expected to face losses for the 2012 fiscal year due to a cut in auto insurance premiums and decreasing returns from asset management, industry data showed Tuesday.Ten local nonlife insurers reported a combined operating loss of 103.2 billion won ($92.6 million) in insurance operations in the April-May period of this year, according to the data. The operating loss of Samsung Fire & Marine Insurance Co., the country’s leading nonlife insurer, came to 3.4 billion
Oct. 3, 2012
