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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Can Jennie break the K-pop solo artist slump?
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Yoon set for talks with Marcos in Philippines
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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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Seoulites celebrate coexistence at Wellness Seoul 2024
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Ex-president's daughter investigated for drunk driving accident
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Yoon honors veterans of Korean War in trip to Philippines
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'Culinary Class Wars' producers deny trying to spice up results
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Top 10 biz groups suffer sharp drop in market value
Market capitalization of South Korea's 10 largest business groups has dipped significantly this year despite a rise in total value of the local market driven by small and mid-cap stocks, the main bourse operator said Monday.As of Thursday, the combined value of listed firms affiliated with the country's top 10 business groups, including Samsung Group, came to about 653.83 trillion won ($552 billion), down 9.06 percent from the end of 2014, according to the Korea Exchange.The value of 24 listed f
Sept. 14, 2015
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POSCO Energy goes global with new turbine tech
POSCO Energy, the power generation specialist unit of POSCO Group, is hoping to expand its presence in the overseas market with indigenous technology.In collaboration with HK Turbine, turbine maker POSCO Energy took part in the Power-Gen Asia industry show in Bangkok early this month, using the event to showcase the new disc-type steam turbine.Power-Gen Asia is one of the largest electricity-related industry events held in Asia, attracting more than 7,500 industry officials from over 70 countrie
Sept. 13, 2015
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Steelmakers bet big on supply for premium cars
Bogged by risks from weakening profits and China’s economic slowdown, South Korean steelmakers are seeing higher-than-estimated annual sales in a niche sector to become a major growth engine ― premium auto steel sheets. POSCO and Hyundai Steel, the top two Korean steelmakers, are revving up to gain a competitive edge in auto steel sheets, focusing on developing super high-strength, lightweight products. POSCO workers check steel sheets to be used for cars at its plant in Gwangyang, South Jeolla
Sept. 13, 2015
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Hanwha E&C earns credibility in Iraq project
Hanwha Engineering and Construction said Sunday it had received a 240-billion won ($203 million) advance payment for its ongoing new-town building project in Iraq. In April this year, the construction unit of Hanwha Group won a 2.4-trillion won contract to build social infrastructure, including water management systems and roads, in Bismayah, a new satellite city of Baghdad. The company said the advance payment shows the Iraqi government’s strong commitment to its postwar reconstruction despite
Sept. 13, 2015
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Mercedes-Benz to recall 42 cars sold in S. Korea
Mercedes-Benz Korea, the local importer of the German luxury automobile brand, is recalling 42 cars sold in South Korea for problems with engine compartment seals, the transportation ministry said Sunday.According to the Ministry of Land, Infrastructure and Transport, the rubber seals on some cars have been found to fall off and come in contact with parts of the engine that can cause a fire. The recall affects 39 E300 4Matic mid-size sedans, two E300s with rear-wheel drive and one CLS400 Coupe,
Sept. 13, 2015
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Samsung launches IPTV service in Spain
Samsung Electronics Co. said Sunday it has teamed up with Spanish telecommunications titan Telefonica S.A. to launch an Internet Protocol TV service in Spain.Samsung Electronics explained that the joint service, which began last month, provides access to 119 TV channels and 30 audio channels.Unlike other IPTV services, it does not require a set-top box, which helps cut electricity costs and allows users to access the service with their remote controls, Samsung said."We plan to bolster cooperatio
Sept. 13, 2015
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Creditors set Kumho Industrial sales price at 722.8b won
Creditors of Kumho Industrial proposed higher sales price for a controlling stake in the firm than the Kumho Asiana Group chairman offered, sources said Friday. During a meeting in the day, the state-invested Korea Development Bank and other 54 creditors agreed on selling the builder’s 50 percent stake plus one share for 722.8 billion won ($610 million), or 41,213 won per share.“Creditors took account of the result of company’s valuation, market price and relative value over companies in the sam
Sept. 11, 2015
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FedEx Korea apologizes for anthrax delivery
FedEx Korea has issued an apology for delivering a live anthrax sample that the U.S. military accidentally sent to a U.S. Forces Korea lab five months ago, the country’s transport workers union said Friday. The Korean unit of global air courier services firm offered an apology in an official document to the Korean Public Service and Transport Workers Union, which filed a complaint against FedEx Korea for failing to protect its workers and the public from hazardous materials.“We apologize to FedE
Sept. 11, 2015
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Hyundai Motor beefs up global sales network
Amid the slowdowns in the global economy and car sales, Hyundai Motor Group vowed to beef up its dealer network to 6,320 dealers in more than 200 countries as to achieve its sales goal of 8.2 million cars this year. “Our goal does not lie in becoming the largest carmaker in the world, but being the most-loved car brand among customers,” company vice chairman Chung Eui-sun said at the 2015 Global New Dealers’ Convention held at its Seoul headquarters. Hyundai Motor product dealers pose at the 20
Sept. 11, 2015
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Lotte chairman prepares for parliamentary audit
In a bold move apparently to soothe antipathy against his businesses and to reassure the public that he is fit for the helm of the 90 trillion won ($76 billion) business empire, Lotte Group chairman Shin Dong-bin agreed to be grilled at the National Assembly’s annual audit slated for Sept. 17. He also sought to deliver his promise of listing Hotel Lotte by winning shareholders’ approval while kicking his elder brother off the board to consolidate his regime. “The chairman will sincerely answer
Sept. 11, 2015
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L’Oreal celebrates 10th anniversary of charity program
Global cosmetics-maker L’Oreal on Friday celebrated the 10th anniversary of its Group Home support project, connecting company staff and department store sales clerks with those in need in Gyeonggi Province. At the “Citizen Day” event held at the company’s headquarters and the Jamsil Auxiliary Stadium in Seoul, 355 “Angel” gift boxes containing stationery and children’s apparel were handed over to 75 Group Home welfare facilities. L’Oreal also donated 30.4 million won ($25,700) to the welfare fa
Sept. 11, 2015
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Global start-up pitch-off returning to Seoul
Seedstars World, a global network of start-up investors, is holding a local pitch-off for a chance to compete in Switzerland for $500,000 in funding.Up to 12 start-ups can compete in the third annual pitch-off in Seoul on Oct. 6 for a ticket to the Seedstars World final in Geneva, giving the winner a chance to meet investors and go head to head with over 50 other start-ups at the global event for the funding prize.With the aim of bringing investor awareness to start-ups from emerging markets, Se
Sept. 11, 2015
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Hotel Lotte picks 3 lead managers for IPO
Hotel Lotte, Lotte Group's hotel unit, said Friday it has chosen three brokerages houses for its initial public offering, accelerating the group's move to improve its murky governance structure and transparency.Seoul-based KDB Daewoo Securities, Bank of America Merrill Lynch's Merrill Lynch International & Co and Citigroup were selected to lead the listing process. Korea Investment & Securities, Mirae Asset Securities of South Korea, Goldman Sachs and Nomura will advise the listing, the firm sai
Sept. 11, 2015
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Samsung to hold Tizen conference in China with Baidu, Tencent
Global smartphone leader Samsung Electronics Co. will hold a two-day gathering of developers on its own Tizen operating system in China next week, partnered with Chinese Internet firms Baidu Inc. and Tencent Holdings Ltd., a company official said Friday. Samsung unveiled its first Tizen-based smartphone in India earlier this year, as part of its years-long push to build its own mobile-phone ecosystem, like Google Inc.'s Android and Apple Inc's iOS. It would be the first time that Samsung holds s
Sept. 11, 2015
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S. Korean firm completes Asia's biggest biomass plant
GS EPS Co., a South Korean utility firm, announced Friday the completion of a power plant that consumes agricultural byproducts for power generation just southwest of the capital.The company has spent 300 billion won ($254 million) over the past three years on building the biomass plant in Dangjin, some 110 kilometers south of Seoul, claiming it is the largest of its kind in Asia.The plant is around 80 percent fueled by palm kernel shells.The plant generates up to 105 megawatts of electricity, t
Sept. 11, 2015
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Samsung seeking to sell its private jets, choppers: sources
South Korean tech giant Samsung Electronics Co. is trying to sell its private planes and helicopters, industry sources said Friday, a move seen as part of Samsung Group heir apparent Lee Jae-yong's drive for efficiency amid a shakeup. The world's biggest smartphone maker is apparently in talks with Korean Air Lines Co. to sell three airplanes -- two Boeing 737s and a Bombardier 700, according to Samsung officials. It is also looking to hand over six of the seven helicopters it owns to Korea Airp
Sept. 11, 2015
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S. Korean pilots leave for better working conditions
More South Korean pilots are leaving local airlines, data showed Friday, apparently for better salaries and working conditions abroad.According to the data by the transportation ministry, the number of pilots who left top flag carrier Korean Air Lines Co. during the January-July period stood at 42.This is compared with 26 pilots leaving the company in 2013 and 27 in 2014, the data showed. Pilots of Asiana Airlines Inc. who quit are also on the rise, with the figure coming to 29 during the first
Sept. 11, 2015
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Hotel Lotte shareholders approve IPO
Shareholders of Hotel Lotte Co., Lotte Group's hotel unit, approved Thursday the listing of its shares on the Seoul bourse, backing the retail giant's efforts to improve its governance structure. Hotel Lotte has been preparing for an initial public offering(IPO) after Lotte chairman Shin Dong-bin last month promised to improve corporate transparency by listing its affiliates and untangle the complex cross-shareholding structure. Lotte, the country's fifth-largest conglomerate, has come under gro
Sept. 10, 2015
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Ikea hosts HejHOME Together
Ikea will hold the HejHOME Together event at Kunsthalle in Nonhyeon-dong, southern Seoul, through Sept. 25, displaying home-furnishing solutions for families with kids. A variety of furniture and home furnishing solutions will be showcased under the themes of “doing everything together,” “doing nothing together,” “creating things together,” “rest and recharge together” and “growing a garden together.” Visitors will be encouraged to paint a picture and make flowerpots with their children. By Bae
Sept. 10, 2015
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Korean refiners set for downturn on oil price drop
Faced with fluctuating oil prices that have led to a renewed drop in refining margins, South Korean oil refiners are geared for a major downturn in profits in the third quarter.An oversupply of oil coupled with slowing demands from key consumers like China have been driving down the world’s oil prices to record-lows, with the U.S. benchmark West Texas Intermediate crude hitting a six-year-low, closing below $40 a barrel on Aug. 21, amid an expected hike in stockpiles from the U.S. and the Middle
Sept. 10, 2015