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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Kumho Asiana completes 723 bln won payment to win back key unit
Kumho Asiana Group, the parent of South Korea's No. 2 air carrier, said Tuesday it has completed a payment of 723 billion won ($618.16 million) to buy a controlling stake in Kumho Industrial Co.The move came years after Kumho Industrial, the group's construction unit and de facto holding firm, has been under the control of its creditors through a debt-for-equity swap after the logistics-focused conglomerate faced a liquidity crisis in 2009.Under the move, Kumho Asiana Group bought 50 percent sta
Dec. 29, 2015
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Korea opens office cluster for content industry
South Korea opened an office cluster in Seoul on Tuesday to develop the country's creative content industry and nurture its future talent, the culture ministry said.The "Cel" cluster is located in a former office building of the Korea Tourism Organization in central Seoul and will house more than 90 startups by the end of this year, the Ministry of Culture, Sports and Tourism said."Cel" stands for "Creative Economy Leader" and "Cultural Enrichment Leader."President Park Geun-hye expressed hope t
Dec. 29, 2015
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Sales grow at department stores but drop at discount outlets in Nov.
Sales at major department stores here continued to grow in November while those at major discount outlet chains again suffered a drop partly due to reduced operating hours, government data showed Tuesday.The combined sales of three major department store chains gained 1 percent from a year earlier last month, according to data compiled by the Ministry of Trade, Industry and Energy. The three department store chains are Hyundai, Lotte and Shinsegae.November marked the second consecutive month of
Dec. 29, 2015
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BAT Korea appoints new CEO
Erik Stoel (BAT Korea)Erik Stoel, marketing director of British American Tobacco Korea, has been appointed its new chief executive, the company announced Tuesday. Stoel will take office on Jan. 1, replacing the incumbent CEO Guy Meldrum who has been transferred as head of BAT Australasia. “Over the past 3 years, in his role as marketing director of BAT Korea, Mr. Stoel has made a substantial contribution to the company by strengthening the company’s flagship brand Dunhill to establish BAT Korea
Dec. 29, 2015
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SK chairman to divorce, admits to affair
SK Group chairman Chey Tae-won has revealed that he “has a child with another woman” and plans to divorce his wife Roh Soh-yeong, personally putting an end to the speculations surrounding his shaky marriage. In a three-page letter to the daily Segye Ilbo, which was confirmed by SK Group on Tuesday, Chey said his marriage with Roh “had been falling apart over the past 10 years” despite “several efforts to restore the relationship.” SK Group chairman Chey Tae-won (Yonhap) While the two were “discu
Dec. 29, 2015
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Samsung mass produces industry's first all-in-one bioprocessor
Samsung Electronics Co. said Tuesday it has commenced the industry's first mass-production of all-in-one bioprocessors that can be applied to various health care smart devices to collect users' biological information.The Samsung Bio-Processor, also dubbed "S3FBP5A," will be used to measure different health care information, such as body fat, skeletal muscle mass, heart rate, heart rhythm, skin temperature and stress level.It can track more health care data than any other rival through a single c
Dec. 29, 2015
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Chinese shipyard rises to world's No. 5 player for first time
A Chinese shipbuilder emerged as the world's No. 5 player by order backlog in November, data showed Tuesday, posing a threat to South Korean shipyards which had been dominating the top five list for years.According to the data compiled by Clarkson Research Services, Shanghai Waigaoqiao Shipbuilding had an order backlog of 3.03 million compensated gross tons as of end-November, beating South Korea's Hyundai Mipo Dockyard Co. that held 2.84 million CGTs.Daewoo Shipbuilding & Marine Engineering Co.
Dec. 29, 2015
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Hyundai Heavy workers vote for wage deal with management
Unionized workers at Hyundai Heavy Industries Co., a major South Korean shipbuilder, voted on Monday in favor of a deal tentatively reached with the management during their annual wage negotiations. Of 15,131 votes cast by its unionists, 8,894 workers, or 58.78 percent, supported the deal reached late last week between leaders of labor union and company officials. Both sides earlier agreed to freeze the base salary but give workers a 100-percent bonus along with 1.5 million won (US$1,287) w
Dec. 28, 2015
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Asiana Air allowed to operate 2nd low cost carrier
Asiana Airlines Inc., South Korea's No. 2 flag carrier, has been granted the green light to operate its second low budget carrier, a government decision feared to intensify competition in the already heated no-frills flight market, officials said Monday. The transportation ministry said that it has issued a business license to Air Seoul, the second low cost carrier owned by Asiana Airlines. It already runs Air Busan based in the southeast port city of Busan. The ministry cited a steady growt
Dec. 28, 2015
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Hyundai highlights Genesis, global talent in reshuffle
Hyundai Motor Group on Monday promoted 368 staff at the executive level of 25 affiliates, highlighting the company’s globalization strategy as well as its new standalone premium sedan brand, the Genesis. Luc Donckerwolke and Manfred Fitzgerald“The promotion is designed to beef up our core competitiveness in future technologies, quality and brands, to become the global market leader,” a Hyundai spokesman said. The company appointed Luc Donckerwolke as the head of Hyundai Design Center, and Manfre
Dec. 28, 2015
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Hanwha opens skyscraper duty-free store
Hanwha Group, the country’s ninth-largest conglomerate, opened the Galleria Duty Free 63, a new urban duty-free store located in the iconic 63 City building of Yeouido, southwestern Seoul, on Monday. It aims to generate more than 500 billion won ($430 million) in sales with annual growth of more than 14 percent. The burgeoning duty-free unit under Hanwha Galleria Time World ― retail arm of the group ― threw open 60 percent of the 10,153 square-meter store stocked with 369 glitzy brands attractin
Dec. 28, 2015
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Lotte replaces duty-free chief
In the aftermath of its failure to retain the license for an urban duty-free shop, Lotte Group appointed Chang Sun-wook as the new head of Hotel Lotte’s duty-free operations on Monday.Chang will replace Lee Hong-kyun, who resigned after taking responsibility for having to shut down Lotte Duty Free Shop in Jamsil, southern Seoul. Lee will remain as an advisor.The country’s fifth-largest conglomerate said Chang, who currently heads Lotte’s advertising agency Daehong Communications, has a long hist
Dec. 28, 2015
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[Newsmaker] Hyundai Elevator-Schindler feud resurfaces
Years of bitter feuding between Hyundai Elevator, the nation’s leading elevator manufacturer, and Schindler Group, its No. 2 shareholder, resurfaced on Monday after a top Swiss envoy had a rare meeting with Cheong Wa Dae officials requesting the government’s intervention.According to local reports, Swiss Ambassador to Korea Jorg Al. Reding recently met An Chong-bum, senior presidential secretary on economic affairs, to ask South Korea’s top office to step in. He claimed that the Swiss firm has s
Dec. 28, 2015
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[Photo News] S-Oil donates to charity fund
S-OIL DONATES TO CHARITY FUND — S-Oil CEO Nasser al-Mahasher (left) delivers $2 billion won ($1.71 million) in donations to the Community Chest of Korea, a local charity organization, last week as part of its year-end efforts to help underprivileged citizens across the country. (S-Oil)
Dec. 28, 2015
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E-Mart opens first outlet in Vietnam
E-Mart said Monday it has opened its first outlet in Vietnam, with aims to expand its presence across the Southeast Asian region in the years to come. The discount store chain operated by Korea’s retail giant Shinsegae will be competing with Lotte Mart, which has been operating 11 stores in Vietnam since 2011.E-Mart’s new store located in the Go Vap District in Ho Chin Minh City, Vietnam. (E-Mart) The new E-Mart store -- two stories tall and about 30,000 square meters wide -- is located in the
Dec. 28, 2015
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Aeroflot Russian Airlines boasts service excellence
Aeroflot Russian Airlines, one of the largest and oldest airline companies in Europe, takes pride in offering customers top quality services, safety and convenience in the air.As Russia’s flagship carrier, Aeroflot currently operates one of the newest aircraft lineups in the world -- 167 Airbus, Boeing and Sukhoi airliners -- to boost aviation safety and performance punctuality.A member of the SkyTeam global airline alliance since 2006, Aeroflot and its partners serve 1,057 destinations in 179 c
Dec. 28, 2015
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Doosan Heavy wins 1.1 tln won order in India
Doosan Heavy Industries & Construction Co., South Korea's top power equipment maker, said Monday it has won a 1.1-trillion won ($939 million) deal to build a power plant in India.Under the deal with NTPC Ltd., India's state-run energy service company, Doosan's India-based arm, Doosan Power Systems India Pvt., will build a new 4,000 megawatt power plant in Andhra Pradesh, eastern India.Doosan said it will be in charge of the engineering, procurement and construction of the project that will run t
Dec. 28, 2015
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Hanwha Galleria partially opens duty-free store
Hanwha Galleria, a retail unit of the South Korean conglomerate Hanwha Group, on Monday started partial operations of its new duty-free store at 63 City Building in downtown Seoul.Hanwha Galleria said its new duty free shop, located in Yeouido, will showcase around 370 brands, with nearly half of them being Korean brands. The company said it is currently making efforts to host more foreign luxury brands as well.The official opening of the duty free shop will be held in June.The shop is located i
Dec. 28, 2015
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[Photo News] SK chairman partakes in year-end charity efforts
YEAR-END CHARITY — SK Group chairman Chey Tae-won and group executives deliver meal boxes to underprivileged children in Icheon, Gyeonggi Province, Friday. (SK Group)
Dec. 27, 2015
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Oil price fall spells uncertainty for Korean refiners
Korean refiners -- among the major beneficiaries of a prolonged drop in oil prices this year -- are facing an uncertain profit outlook as the recent price decline is expected to have driven up their inventory-based losses. The country’s major oil refiners are forecast to see their net operating profits exceed 5 trillion won ($4.4 billion) this year, thanks to high refining margins linked to low crude import prices and heightened global demand for oil products. At the same time, industry watchers
Dec. 27, 2015