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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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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KOGAS to import 2.8 mln tons of LNG from the United States
South Korea’s state-run gas corporation said Wednesday that it will import 2.8 million tons of liquefied natural gas (LNG) annually from the United States starting in 2017.The amount to be imported is equal to 10 percent of what the country needs per annum, Korea Gas Corp. (KOGAS) said. It added that bringing in LNG from North America can reduce the country’s dependence on imports from existing suppliers.Asia’s fourth largest economy is one of the largest consumers of natural gas in the world, w
Oct. 21, 2015
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Hawaiian Airlines poised to beat Jin Air
HONOLULU ― Hawaiian Airlines is confident in competing with Jin Air on the Honolulu route the Korean budget carrier plans to launch later this year, according to the airline’s head. “Hawaii is one of the most competitive markets in the world. We have got used to competition and are quite confident of competing with Jin Air by offering authentic Hawaiian culture that will make passengers feel like their vacation has started the moment they board our flights,” Hawaiian Airlines’ president and CEO
Oct. 21, 2015
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‘Zombie’ firms top 3,000
The number of “zombie companies” unable to generate revenue to pay tax and interest dues has soared to surpass 3,000 over the past five years, data showed Wednesday.The Bank of Korea said the number of firms with the ratio of operating profit to interest costs below 1 increased to 3,295 as of the end of 2014, up from 2,698 in 2009. Bank of Korea governor Lee Ju-yeol (Yonhap)The percentage of such troubled companies rose to 15.2 percent last year from 12.8 percent five years earlier, according t
Oct. 21, 2015
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[Science Summit] Hyundai Motor to invest W81tr in greener, efficient cars
Hyundai Motor Group has announced that it will set aside 81 trillion won ($80 billion) in the next three years for various investments that it hopes will raise the company’s global image and status for the next century.This is equivalent to pouring 20.2 trillion won into investment and development every year, even 1 trillion won higher than the South Korean government’s R&D budget of 18.9 trillion won as of 2015. “Through the investment, we will secure core technology essential for future vehicl
Oct. 21, 2015
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Starbucks to sell Just Juice Cleanse
Starbucks Coffee Korea on Wednesday announced that it would start selling “Just Juice Cleanse” at 100 outlets across the country.The product’s healthy mixture of vegetables and fruits, alongside its Cleanse Salad series, is expected to help Starbucks cement its status as a healthy lifestyle provider. Three kinds of juice -- Clean Green, Lemontox and Berry Balance -- come in 270-milliliter bottles tailored for Starbucks customers by Organica, a Herald Corp. subsidiary. Clean Green is made with
Oct. 21, 2015
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Hyundai E&C tops global sustainabilty index for 3 consecutive years
Hyundai Engineering & Construction, has ranked No. 1 in the construction and engineering industry section of the Dow Jones Sustainability Index for three consecutive years, the company announced on Wednesday. The DJSI, which marks its 16th anniversary this year, is the first global index to track the leading sustainability-driven companies worldwide. It is compiled by S&P Dow Jones Indices, a subsidiary of McGraw-Hill Companies -- the world’s largest, global resource for index-based concepts, d
Oct. 21, 2015
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[Science Summit] Summit delegates applaud SK’s business innovation center
The chief of the Organization for Economic Cooperation and Development visited the Daejeon Creative Economy Innovation Center on Tuesday, calling it a “great business model for nurturing information and communications technology-based venture firms.” Established by SK Group in partnership with the South Korean Ministry of Science, ICT and Future Planning, the center offers start-ups at its facilities various business support and services to help them commercialize their technologies at home and
Oct. 21, 2015
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KAI, Airbus agree to boost strategic cooperation
South Korea's sole aircraft manufacturer Korea Aerospace Industries Ltd. said Wednesday it agreed to step up strategic cooperation in the aviation industry with Airbus Group.The memorandum of understanding signed on the sidelines of the Seoul International Aerospace and Defense Exhibition calls for greater technical cooperation between the two companies, and joint efforts to expand business areas.KAI said the MOU outlines bilateral tie-ups in both civilian and military aircraft, as well as in ma
Oct. 21, 2015
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LG Electronics to supply key electric-vehicle parts to GM
LG Electronics Inc., South Korea's No. 2 tech firm, said Wednesday that it will be selling key vehicle components to General Motors Co. for its new electric vehicle due to be mass-produced starting in late 2016. The Detroit-based automotive company picked the Korean electronic appliance maker as its strategic partner for the development of its new Chevrolet Bolt Electric Vehicle, LG said in a statement. Under the deal, LG will be the provider of 11 key components to GM, including the driving mot
Oct. 21, 2015
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POSCO set to get back on track in Q4
POSCO, South Korea's top steelmaker, has reported a loss for the third quarter of the year but is positioned to bottom out on the back of cost-cutting measures and simmering signs of a rebound in steel prices, analysts said Wednesday.Its consolidated net loss amounted to 658.24 billion won ($582.5 million) during the July-September period, compared with a profit of 224 billion won a year earlier, as the company was hit by foreign exchange losses, a legal settlement and weak steel prices amid a s
Oct. 21, 2015
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Samsung tops global smartphone market share in Q3: report
South Korean tech giant Samsung Electronics Co. trumped rivals in the global smartphone market in the third quarter, while its annual sales are likely to drop on-year largely due to stiffer competition from Chinese makers, a report said Wednesday, Samsung, the world's top smartphone maker, retained its top spot with a market share of 24.6 percent at the end of September, slightly down from 26.7 percent tallied the previous quarter, according to the latest report by market tracker DRAMeXchange.
Oct. 21, 2015
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POSCO swings to net loss in Q3 on weaker demand
POSCO Co, South Korea’s largest steelmaker, said Tuesday that it swung to a net loss in the third quarter amid tough market conditions at home and abroad.Its consolidated net loss amounted to 658.24 billion won ($582.5 million) during the July-September period, compared with a 224 billion profit a year earlier, the company said in a regulatory filing. Operating profit slipped 5 percent on-year to 651.91 billion won in the three-month period, and sales also retreated 7.9 percent to 13.99 trillion
Oct. 20, 2015
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11 business groups to apply wage peak system next year
Major conglomerates, including Samsung, LG and Lotte, have reached a consensus with their respective unions on adopting the wake peak system for all their business units next year, according to a survey by a major business lobby on Tuesday.According to the Federation of Korean Industries, 11 of the 21 major business groups responded that they have reached a deal with unionized workers to introduce the wage peak system, while the remaining -- including Hyundai Motor and SK -- are still negotiatin
Oct. 20, 2015
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Hyundai Group fails to sell brokerage unit
Hyundai Group’s failure to sell its brokerage unit is expected to deal a blow to its efforts to improve finances and secure cash flows, analysts said Tuesday.On Monday, Orix Corp. made it clear that it has no intention of taking over Hyundai Securities.The Japanese private equity fund firm has reportedly sought to acquire a 22.43 percent stake in the securities house from Hyundai Merchant Marine, the flagship company of the conglomerate, for 647.5 billion won.HMM has to repay debts of 1.5 trilli
Oct. 20, 2015
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POSCO swings to net loss in Q3 on weaker demand
POSCO Co., South Korea's largest steelmaker, said Tuesday that it swung to a net loss in the third quarter amid tough market conditions at home and abroad and a one-time charge for a patent suit settlement.Its consolidated net loss amounted to 658.24 billion won ($582.5 million) during the July-September period, compared with a 224 billion profit a year earlier, the company said in a regulatory filing. Operating profit slipped 5 percent on-year to 651.91 billion won in the three-month period, an
Oct. 20, 2015
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Man on Harley reveals life is better on the road
At a glance, the story of Eric Lobo seems to be a typical journey of self-discovery. The 40-something builder with a monthly salary of more than 25,000 euros lost 95 percent of what he had during the 2009 global financial meltdown. Eric Lobo on his Harley-Davidson Dyna Street Bob in Sokcho, Gangwon Province. (Courtesy of Eric Lomo) With what was left and some mortgage, he bought a Harley-Davidson motorbike and began traveling, taking photographs of the scenery and people he met, and writing abo
Oct. 20, 2015
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Users of Airport Railroad Express on increase
More and more Incheon International Airport users are using the Airport Railroad Express that takes them from Seoul Station to the airport in less than an hour, according to the authorities. The number of daily AREX users marked 236,907 on Oct. 8., the highest since the launch of the service in 2007, latest data showed. Airport Railroad users check in for their flights at the City Airport Terminal inside the AREX terminal in central Seoul. (AREX) “The regular ticket with 11 stops is priced a
Oct. 20, 2015
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Shinsegae encourages foreigners’ spending at traditional markets
Shinsegae Department Store announced Tuesday that it will hand out cash vouchers that can be used at traditional markets -- known as “onnuri gift certificates” -- to its foreign customers at its main branch until the end of this month. For customers who hold foreign passports, the department store is issuing 5,000 won ($4.40) cash certificates for purchases over 100,000 won and 10,000 won vouchers for purchases over 200,000 won at its main branch located in central Seoul. Shinsegae’s main branc
Oct. 20, 2015
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Kakao rolls out high-end taxi-hailing app
Kakao Corp., the operator of South Korea's most popular messenger app KakaoTalk, unveiled on Tuesday a premium cab-booking application that offers users luxury car services, as it seeks to monetize its platform business amid concerns on low profitability. KakaoTaxi Black will be available at a minimum fare of 8,000 won ($7.09), compared to 3,000 won charged for general taxis, to provide a high-end experience for users, the company said at a press briefing. It operates in the same way as KakaoTax
Oct. 20, 2015
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Samsung, LG tap battery biz for wearables
Samsung SDI Co. and LG Chem Co., South Korea's two major battery makers, are expanding their product portfolios into flexible cells for wearable devices, a move seen to meet increasing global demand for bendable gadgets such as smartwatches.The two battery-making units of Samsung Group and LG Group said Tuesday they showcased their latest flexible battery lineups at an exhibition held in Seoul. Samsung SDI unveiled two types of flexible batteries - a stripe and band-type -- that are designed to
Oct. 20, 2015