Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Yoon set for talks with Marcos in Philippines
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Can Jennie break the K-pop solo artist slump?
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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[KH Explains] Can G-Star level up?
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Jin Air's emergency landing stirs budget airline safety fears
Disputes escalated over the safety of low-cost carriers Monday after a passenger jet of Jin Air made an emergency landing because a door was not properly closed.The LJ038 flight of Jin Air Co., owned by Korean Air, returned to Mactan-Cebu International Airport at 1 a.m. local time, about 20-30 minutes after it departed for Busan. The decision was made by the pilot as the plane carrying 163 passengers was flying at an altitude of 10,000 feet, or about 3,000 meters. The captain made the call after
Jan. 4, 2016
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Ssangyong Motor's Dec. sales jump 18.4%
Ssangyong Motor Co., the local unit of Indian auto conglomerate Mahindra & Mahindra Ltd., said Monday that its sales jumped 18.4 percent on-year in December as soaring sales at home more than offset slumping exports. Ssangyong Motor sold 15,116 units last month, compared with 12,764 units a year earlier, the company said in a press release.The figure does not include complete knockdown kits that are assembled abroad. Overseas shipments nosedived 16.4 percent to 3,765 units over the cited period
Jan. 4, 2016
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SK chairman pledges growth at New Year’s event
SK Group chairman Chey Tae-won reaffirmed his pledge to take the lead in overcoming structural difficulties to achieve growth in 2016 during his first official appearance of the year in Seoul on Monday. Chey made the remarks during SK Group’s New Year’s event, attended by some 500 high-level executives including CEOs of SK’s key affiliates. It was his first public appearance since causing a stir last week by admitting to an affair and revealing plans to leave his wife, as well as his first part
Jan. 4, 2016
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Kia Motors' Dec. sales grow 9.1%
Kia Motors Corp., South Korea's No. 2 automaker, said Monday that its sales increased 9.1 percent in December from a year earlier on strong demand both at home and abroad. Kia Motors sold a total of 308,140 vehicles last month, compared with 282,477 units a year earlier, the company said in a press release. Domestic sales rose 11.1 percent on-year to 53,330 units, and overseas shipments also climbed 8.7 percent to 254,810 units.Kia Motors said that its annual sales in 2015 inched up 0.3 percent
Jan. 4, 2016
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Hyundai Motor's Dec. sales grow 8.5%
Hyundai Motor Co., South Korea's top automaker, said Monday that its December sales grew 8.5 percent on-year on strong sales at home and abroad. Hyundai Motor said in a press release that it sold 516,359 vehicles in December, compared with 475,997 units a year before.Domestic sales jumped 18.3 percent on-year to 82,060 units, and overseas shipments also rose 6.8 percent to 434,299 units. For 2015, Hyundai Motor sold a cumulative 4,964,837 vehicles, almost the same as it did in 2014. Earlier in t
Jan. 4, 2016
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GM Korea's sales grow 7.6% in Dec.
GM Korea Co., the local unit of U.S. carmaker General Motors Co., said Monday that its sales in December grew 7.6 percent from a year earlier, driven in part by strong overseas shipments.The carmaker sold 61,338 units last month, up from the previous year's 57,015 units, the company said in a press release.Its domestic sales rose 1 percent on-year to 18,287 units, while overseas shipments expanded 10.7 percent to 43,051 units. Meanwhile, GM Korea said its annual sales in 2015 shrank 1.4 percent
Jan. 4, 2016
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SK head makes public appearance amid divorce scandal
Chey Tae-won, who heads South Korea's No. 3 conglomerate SK Group, made his first public appearance on Monday at a New Year's ceremony, a week after he admitted to having an extramarital child and going through divorce procedures with his wife, the daughter of a former South Korean president.Last week, Chey made an official statement by writing a letter to a local daily that he was suffering discord with his wife, adding that they both were going through divorce proceedings. He also admitted to
Jan. 4, 2016
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Renault Samsung sales up 8.1% in Dec.
Renault Samsung Motors Co., the local unit of French auto firm Renault S.A., said Monday that its December sales grew 8.1 percent on-year mainly due to brisk overseas demand. The automaker said in a press release that it sold a total of 25,555 units last month, compared with the 23,645 units tallied a year earlier.Exports jumped 15.3 percent on-year to 15,320 units, while domestic sales edged down 1.2 percent to 10,235 units. For 2015, Renault Samsung said it sold 229,082 units, up 34.9 percent
Jan. 4, 2016
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S. Korean food producers set sights on halal market
South Korean processed food companies and farmers are ramping up efforts to tap into the rapidly growing global halal market as they face tougher competition from cheaper rivals and unfavorable foreign exchange rates, industry watchers said Monday.Halal food refers to food products that are prepared in a specific way according to Islamic Sharia law, which covers not only meat but also fruits and vegetables. The global halal market stands at around $2.3 trillion, or roughly 18 percent of the tota
Jan. 4, 2016
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Doosan Heavy bags 670 bln won power plant order
Doosan Heavy Industries & Construction Co., South Korea's top power equipment maker, said Monday that it has clinched a 670 billion won ($566 million) order to build a power plant in Vietnam.Under a deal with Hanoi-based Vietnam Electricity, Doosan Heavy will construct the 600-MW power plant in Binh Thuan, some 230 kilometers east of Ho Chi Minh City, Vietnam's economic capital, by August 2019, the company said in a statement.Doosan Heavy will take charge of the entire process, including the eng
Jan. 4, 2016
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SK head makes public appearance amid divorce scandal
Chey Tae-won, who heads South Korea's No. 3 conglomerate SK Group, made his first public appearance on Monday at a New Year's ceremony, a week after he admitted to having an extramarital child and going through divorce procedures with his wife, the daughter of a former South Korean president.Last week, Chey made an official statement by writing a letter to a local daily that he was suffering discord with his wife, adding that they both were going through divorce proceedings. He also admitted to
Jan. 4, 2016
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Samsung heir seeking quiet start to new year
Lee Jae-yong, the heir apparent of South Korea's No. 1 conglomerate Samsung Group, is seeking to take a low-key stance for the new year and to continue efforts to streamline and reorganize the group's operations, industry watchers said Monday.A Samsung Group official said that like in 2015, there will be no group-wide New Year's ceremony chaired by Jae-yong, but the crown prince will instead hold meetings with executives from each affiliate to set yearly business plans.Lee Kun-hee, the Samsung G
Jan. 4, 2016
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Hyundai Heavy cuts new order target for 2016
Hyundai Heavy Industries Co., a major South Korean shipbuilder, said Monday that it is targeting $19.5 billion worth of orders for the year, $3.4 billion less than the previous year's target.In a regulatory filing, the shipyard also slashed its annual sales target to 21.64 trillion won ($18.4 billion) from 24.34 trillion won the previous year.Hyundai Heavy and local rivals, such as Daewoo Shipbuilding & Marine Engineering Co., are struggling with increased costs stemming from a delay in the cons
Jan. 4, 2016
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Samsung chalks up weaker operating profit in Q4: analysts
South Korean tech giant Samsung Electronics Co. probably posted a weaker operating profit in the fourth quarter of 2015 than three months earlier due mainly to sluggish chip, display and mobile businesses, a market tracker said Monday.According to FnGuide, 25 local brokerages put Samsung's operating profit at an average of 6.68 trillion won ($5.67 billion) for the October-December period, down 9.7 percent from 7.39 trillion won the previous quarter. Their average estimate of Samsung's top line f
Jan. 4, 2016
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Firms' dividend payouts hit all-time high in 2015: data
South Korean listed companies paid out a record amount of dividends in 2015 to meet growing demand from shareholders and go with the government's investor-friendly policy, market watchers said Monday. According to the data compiled by KDB Daewoo Securities Co., listed companies' combined dividend payouts were estimated at 22.29 trillion won ($18.96 billion) last year, up 35 percent from the previous year's 16.5 trillion won. An estimate by the Eugene Investment & Securities Co. also put the 2015
Jan. 4, 2016
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Hyundai Motor Group cuts sales target to 8.13 mln this year
Hyundai Motor Group's chairman said Monday that its two carmakers aim to produce and sell 8.13 million cars this year, lowering its annual target from a year earlier due to tough market conditions at home and abroad.This is a downgrade from the previous year when the group, which owns Hyundai Motor Co. and Kia Motors Corp., pushed to sell 8.2 million units.Hyundai Motor Group Chairman Chung Mong-koo told his employees during an event marking the start of 2016 that the auto giant sold about 8.01
Jan. 4, 2016
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Chamber chief concerned by rising anti-chaebol sentiment
In South Korea, where a small number of family-owned conglomerates dominate the economy, calls for curbing the influence and power of big businesses continue to grow every year. Amid concerns that chaebol are granted privileges and preferential treatment, fueled by a string of controlling family members who have displayed questionable behavior, “anticonglomerate” sentiment pervades Korean society today. Mindful of such criticisms, the chairman of the Korea Chamber of Commerce and Industry, the c
Jan. 3, 2016
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Vulnerable industries to step up downsizing
Korea, with its locomotive for growth hurt by a prolonged global economic slump, is likely to see a stronger wave of corporate downsizing in 2016. From shipbuilding, steel and airlines to banking, companies are moving to increase efforts to cut costs through jobs cut, branch closures and outsourcing, while selling off noncore assets, industry officials and experts said. (Yonhap)In financial districts, one of the buzzwords for this year is “voluntary early retirement,” as companies seek to reduce
Jan. 3, 2016
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Korea's major industries bracing for downturn in 2016
After a year of prolonged economic downturn and a major drop in exports in 2015, South Korea faces another grim outlook in 2016 as most of its major industries are forecast for sluggish growth. Though Korea’s overall trade will slightly grow, its net export volume will increase by just 2.1 percent this year, according to the Korea Institute for Industrial Economics & Trade. The state-run Korea Development Bank expects a general recession of the domestic economy to continue into the new year as t
Dec. 31, 2015
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Business leaders stress reform, innovation for 2016
The heads of South Korea’s major business groups called upon the government and businesses to undertake bold structural reforms and continued innovation to remain globally competitive in 2016, while projecting a prolonged economic downturn in the new year. “The Korean economy is at a crucial crossroads. Once we fall behind in the global competition, it (would be) difficult to regain our position,” said Huh Chang-soo, chairman of the Federation of Korean Industries, Korea’s big business lobbying
Dec. 31, 2015