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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[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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Seoulites celebrate coexistence at Wellness Seoul 2024
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[KH Explains] Can G-Star level up?
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[Lee Kyong-hee] Tone-deaf first lady causes chaos
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HABSTORE, the fashion link between Korean designers and world
Online specialty retailer HABSTORE, which introduces new creative designers to the general public, opened its English site at www.habstore.com through cafe24’s Global E-Commerce platform (www.cafe24.com) last month.HABSTORE CEO Hong Seong-jo said they were concentrating on introducing more Korean designers to the world to better their business.“Although there is more worldwide interest in Korean fashion thanks due to the Korean wave, smaller Korean designers don’t have enough capital or infrastr
Dec. 10, 2015
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330,000 Hyundai cars remain on road fuming out excessive emissions
Some 330,000 vehicles produced and sold by South Korea's leading carmaker Hyundai Motor Group are still running on the road here years after it promised a voluntary recall of the cars that were found to emit excessively high levels of hazardous gases into the air, industry sources said Thursday.The number is around three times larger than 125,000 Volkswagen automobiles that the environment ministry recently ordered to be recalled in South Korea in connection with the fake emissions scandal invol
Dec. 10, 2015
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Global sales of AMOLED panels hit record high in Q3
Global sales of active mode organic light-emitting diode display panels for smartphones and other mobile devices soared to a record high in the third quarter, industry data showed Thursday.Worldwide shipments of mobile displays stood at 79 million units in the third quarter, more than doubling from a year earlier and up 35 percent from three months earlier, according to the data by market tracker IHS.The value of such mobile displays sold also reached a record high of $3.29 billion, nearly doubl
Dec. 10, 2015
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Tokyo-based affiliate eyes major stake in Lotte Confectionery
Korean retail giant Lotte Group’s confectionary affiliate said Wednesday that Japan-based Lotte Holdings has offered to buy 259 billion won ($219.6 million) worth of shares in the firm, a move that will help the group chairman strengthen his control amid a prolonged succession dispute with his brother. The Japanese firm will buy 7.9 percent shares of Lotte Confectionary at 2.3 million won per share from the market during trading hours by Dec. 28, the company said in a regulatory filing. “By boos
Dec. 9, 2015
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[Photo News] S-Oil honors civilian heroes
S-OIL AWARDS CIVILIAN HEROES -- S-Oil CEO Nasser al-Mahasher (left) awards a total of 140 million won ($119,000) to 20 civilian heroes in South Korea in a ceremony held in Seoul on Wednesday. Lee Seong-sun (right) was awarded the top cash prize for his courageous act of saving 10 lives in a fire that broke out in an apartment complex in Uijeongbu, Gyeonggi Province, this year. (S-Oil)
Dec. 9, 2015
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AMCHAM foundation renews youth employment pledge
The Partners for the Future Foundation, the nonprofit charity organization of the American Chamber of Commerce in Korea, pledged to continue its efforts to boost youth employment as it celebrated its 15th anniversary Wednesday.The PFF, sponsored by AMCHAM members, has been lending a hand in helping young Koreans find jobs and improve their lives through educational and training assistance since its establishment in 2000. “Giving back to the community is a part of the DNA of AMCHAM members and th
Dec. 9, 2015
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Han Sung Motor eyes two-digit growth in 2016
Han Sung Motor, the largest Mercedes-Benz dealer in South Korea, aims for 10-13 percent growth in car sales in 2016, its chief executive said Wednesday.The target is higher than the 8 percent growth rate of the country’s imported luxury car market predicted for next year by the Korea Automobile Importers and Distributors Association. Han Sung Motor CEO Ulf Ausprung speaks during a press conference held Wednesday in Seoul. (Han Sung Motor)Han Sung CEO Ulf Ausprung revealed the company’s total car
Dec. 9, 2015
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Samsung to launch car electronics division
South Korea's top tech firm Samsung Electronics Co. said Wednesday that it will establish an automotive electronics division, a move seen to diversify its business portfolio. In its early stage, the division will focus on infotainment and an autonomous driving system, and strengthen cooperation among affiliates, the company said. The move came as Samsung, whose business portfolio ranges from handset, semiconductor to refrigerator and other home appliance, is suffering a setback in its mainstay
Dec. 9, 2015
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Hyundai Motor launches EQ900 flagship model targeting global market
Hyundai Motor Co., South Korea's largest carmaker, launched the EQ900 flagship sedan Wednesday, targeting the global luxury vehicle market mostly dominated by German brands. The EQ900 is the first model unveiled under the name of Genesis, which Hyundai Motor recently launched as an independent luxury brand. "The EQ900 is a state-of-the-art premium sedan that we developed to target the global market," Hyundai Motor Group Chairman Chung Mong-koo said during a launch event in central Seoul. "B
Dec. 9, 2015
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Lotte's Japan unit to jack up stake in Korean affiliate
Lotte Confectionery Co., a unit of South Korean retail giant Lotte Group, said Wednesday that Lotte's Japan operation will increase its stake in the affiliate, a move seen as part of efforts to cement the incumbent group chairman's grip on the conglomerate amid a succession feud. In a regulatory filing, Lotte Confectionery said that Tokyo-based Lotte Holdings will buy 7.9 percent of its shares at 2.3 million won ($1,950) per share during trading hours by Dec. 28, a deal worth about 258 billion w
Dec. 9, 2015
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Antitrust watchdog probing unfair clauses in Apple repair deals
South Korea's antitrust watchdog said Wednesday it is checking possible unfair provisions in contracts signed between Apple Korea and local electronic repair companies. The Fair Trade Commission did not elaborate on details but said it confirmed there were unfair clauses that favored the electronics giant. "The probe was launched by the commission based on suspicions, with investigators processing all the information gathered," FTC chief Jeong Jae-chan said. He predicted that results of the re
Dec. 9, 2015
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Hyundai Motor seeks to raise stake in auto financing unit
South Korea's carmaking giant Hyundai Motor Group is seeking to raise holdings in its auto financing unit by taking over a part of stakes held by a U.S. firm, industry sources said Wednesday. Currently, GE Capital, a unit of General Electric Co., holds 43 percent in Hyundai Capital, the country's largest auto financing company. Hyundai Motor Group and Taiwan's Fubon Group are considering taking over 23 percent and 20 percent, respectively, from the company, according to the sources. With the
Dec. 9, 2015
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Lotte's Japan unit to jack up stake in Korean affiliate
Lotte Confectionery Co., a unit of South Korean retail giant Lotte Group, said Wednesday that Lotte's Japan operation will increase its stake in the affiliate, a move seen as part of efforts to cement the incumbent group chairman's grip in the conglomerate amid a succession feud. In a regulatory filing, Lotte Confectionery said that Tokyo-based Lotte Holdings will buy 7.9 percent of its shares at 2.3 million won ($1,950) per share during trading hours by Dec. 28, a deal worth about 258 billion
Dec. 9, 2015
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Hyundai, Kia see market share in Russia hit all-time high in Nov.
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. saw their market share in Russia hit an all-time monthly high in November despite overall slumping demand, industry data showed Wednesday. According to the data by the Association of European Business, the two South Korea auto giants took up a combined 22.2 percent of the total car sales in November. This was higher than the previous monthly record high of 22.1 percent set in September. Hyundai Motor's sales in Russia dropped 7 per
Dec. 9, 2015
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Korea's major shipyards seen to miss order targets
South Korea's major shipbuilders are widely expected to miss this year's order targets as a global economic slump and lower oil prices sharply reduce shipbuilding demand, industry sources said Wednesday. The country's big three shipbuilders -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- racked up a combined $26.1 billion worth of orders through November, a little more than half of this year's order target of $47 billion, accordi
Dec. 9, 2015
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Five South Korean superrich worth more than N. Korea’s GDP: report
The accumulated wealth of the five richest South Koreans exceeds the gross domestic product of North Korea, recent data showed. According to a Bloomberg Billionaires report, five South Korean business tycoons were among the world’s 400 richest people as of Friday, with their combined wealth coming in at $36.4 billion (40.1 trillion won). That is 18.3 percent higher than North Korea’s 2014 nominal GDP of 33.9 trillion won ($28.8 billion). The five tycoons were Samsung Group chairman Lee Kun-hee (
Dec. 8, 2015
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Korea aims to have over 1 mln eco-friendly cars by 2020
South Korea will seek to have more than 1 million eco-friendly cars on the road by 2020 as part of its plan to reduce greenhouse gas emissions and generate new growth momentum for its auto industry. The 2016-2020 plan will push up the percentage of green cars such as hybrids, plug-in hybrid electric vehicles, pure electric vehicles and hydrogen fuel cell cars sold in Asia's fourth-largest economy, to 20 percent of all sales, the Ministry of Trade, Industry and Energy said. "The goal is to cre
Dec. 8, 2015
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Instant coffee losing market share in Korea
South Korea's instant coffee market has been on a steady decline despite increasing coffee consumption, as more people drink at coffee shops or buy other types of coffee drinks, industry data showed Tuesday. The instant coffee retail market was valued at 1.05 trillion won ($895.6 million) last year, falling 9.4 percent compared with a year ago and dipping 14.7 percent from 2012, according to data from the Ministry for Agriculture, Food and Rural Affairs. The combined sales of instant coffee
Dec. 8, 2015
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Creditors set to provide 450 bln won to STX Shipbuilding
STX Offshore & Shipbuilding Co., a midsize local shipyard, is likely to receive financial aid of 450 billion won ($385 million) from its creditors soon, industry sources said Tuesday. According to the sources, the creditors, led by the state-run Korea Development Bank, will decide this week on whether to salvage the shipbuilder from a liquidity shortage. Local lenders' exposure to STX Offshore & Shipbuilding stood at 4.29 trillion won at the end of September, with KDB extending the largest amo
Dec. 8, 2015
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Doosan Heavy wins 240 bln-won order from Botswana
Doosan Heavy Industries & Construction Co., South Korea's top power equipment maker, said Tuesday that it has clinched a 240 billion-won ($205 million) deal to improve a power plant in Botswana. Under the deal with Botswana Power Corp., Doosan Heavy will improve the Morupule A power plant that has a capacity of 132 megawatts, 260 kilometers northeast of the capital city of Gaborone. The power plant has been shut down since 2012. Doosan Heavy will replace key parts, such as turbines and boilers
Dec. 8, 2015