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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Ex-president's daughter investigated for drunk driving accident
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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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Samsung’s construction biz set for overhaul
Samsung C&T, the construction and trading arm of Samsung Group, is set to push for in-house reorganization after its merger with Cheil Industries next week.The first target for restructuring in the merged entity is believed to be its construction divisions, which are the only overlapping business area of the two Samsung affiliates. Cheil Industries’ business portfolio ranges from fashion to construction to resorts. Local reports said the reorganization process will begin after the two Samsung un
Aug. 24, 2015
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Ham Young-joo nominated as president of KEB Hana Bank
Hana Financial Group announced Monday that it had nominated Hana Bank vice president Ham Young-joo as the sole candidate to become the first KEB Hana Bank president.The financial authorities approved the banking group’s plan to merge Hana Bank and Korea Exchange Bank last week.Group officials said Ham was nominated by KEB Hana Bank’s executive nomination committee and has already been approved by the board of directors.He will be inaugurated as the new president if the nomination is approved at
Aug. 24, 2015
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Hyundai E&C stresses safety in Kuwait project
Hyundai Engineering and Construction Co., South Korea’s largest builder, said Friday it was paying “unwavering attention” to safety standards in a $2.6 billion bridge project in Kuwait. The builder has undergone numerous model tests in building the bridge, in collaboration with researchers at Korean universities. The company said it was also focusing on developing materials that could withstand the environment in Kuwait, a desert country famous for its very dry and hot climate. Hyundai E&C’s coa
Aug. 23, 2015
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Homeplus bidding closes Monday
Private equity groups are expected to submit final bids to take over the nation’s second-largest supermarket chain Homeplus, valued at about 7 trillion won ($5.86 billion), amid growing speculation that two Korean retail firms are mulling to join the deal when the preferred bidder is announced, according to sources on Sunday. Five shortlisted private equity firms formed three consortiums for Monday’s final bidding for Homeplus, wholly owned by Tesco. The British retail giant put up its Korean un
Aug. 23, 2015
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Court rules Lotte copied rival’s snack design
Pepero Premier/Mega Mart websiteGlico`s Barton d`or/RakutenA Seoul court ruled Friday that Lotte Confectionery, the snack-making arm of Lotte Group, stole a Japanese competitor’s packaging design for its upscale Pepero Premier biscuits. The ruling is expected to force Lotte to halt its rollout of the product and dispose of the existing stock. The verdict came from the Seoul Central District Court, which concluded that the package and snack designs of Pepero Premier were too similar to those of B
Aug. 23, 2015
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Hanwha Chemical to enter diaper materials market
Hanwha Chemical has launched a pilot production of superabsorbent polymers, a material commonly used for baby diapers, according to a news provider.There are speculations in the market that Hanwha Chemical has currently carried out trial production of 1,600 tons of SAP using raw materials from China in its factory in Yeosu, South Jeolla Province.A gram of SAP can absorb up to 500 grams of liquid, and is widely used for materials such as diapers and sanitary napkins.SAP is expected to be a lucrat
Aug. 23, 2015
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KB card uses data to target youths
KB Kookmin Card is promoting cards targeted at consumers in their 20s and 30s based on data analysis, company officials said.The KB Kookmin Cheongchundaero Card, released in May, caters to the interests and needs of 20- and 30-somethings, where customers can personalize discount services on select industries based on their spending style.The company ran data analysis on the lifestyles of people in their 20s and 30s, and found that 20- and 30-somethings often purchased products online with their
Aug. 23, 2015
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Lotte declined FTC's overseas affiliates data requests 4 times: lawmaker
Lotte Group, South Korea's fifth largest family-run conglomerate, repeatedly declined official requests to submit ownership data of its overseas affiliates this year, an opposition lawmaker said Sunday.Rep. Shin Hak-yong's office said the Fair Trade Commission, the country's antitrust watchdog, asked Lotte on four separate occasions, between January and early July, to provide shareholding records of affiliates outside the country, but the retail giant intentionally dodged the requests. In partic
Aug. 23, 2015
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[Weekender] Korean firms eye central Asia for growth, cooperation
Korean companies are fast establishing themselves in the growing Central Asian market as the region undergoes economic development. Local construction firms made a name for themselves in carrying out large-scale projects in the Middle East, and they are now proving themselves again in Central Asia. Although Central Asian nations are rich in natural resources and manpower, they are only now focusing on establishing basic infrastructure, presenting a huge market for those with the construction cap
Aug. 21, 2015
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[Weekender] Hyundai Rotem targets developing railway markets
South Korean train-maker Hyundai Rotem, owned by Hyundai Motor Group, is seeking to become a bigger global player by stepping up efforts to bring its railway vehicles and systems to developing markets overseas.“Having established a presence in 35 countries, our core strategy is to use the positive reputation we have built up in the industry to enter new markets in countries with aging or no railway infrastructure in Central America and South America, such as Peru and Colombia,” said a Hyundai Ro
Aug. 21, 2015
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[Weekender] Evolving rail network forms backbone of economic growth
On 10:30 a.m. on a Saturday, Shim Yeon-soo waited for the Korea Train Express at Seoul Station to visit her hometown Daegu. The 57-year-old housewife was planning to have lunch with her relatives in the city near North Gyeongsang Province, some 280 kilometers southeast of Seoul, in less than two hours. “When I was in my 20s, it took more than seven hours to come up to Seoul by train. But since the KTX started operations, it has significantly shortened travel time to only three hours back and fo
Aug. 21, 2015
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Xiaomi says no plan to open stores in S. Korea
Chinese smartphone maker Xiaomi Corp. said Friday that it has no plan to open official stores in South Korea for now but is considering making inroads into the South Korean market. "Xiaomi does not have any official store in South Korea, and we have no plans of entering the country as of now. We are looking into this matter," Kaylene Hong, a communications manager at the Beijing-based company, said in an email. Products of Xiaomi, known for its ultra-cheap mobile phones, have gained popularit
Aug. 21, 2015
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Cable channel JTBC to pay compensation for unauthorized exit poll use
A Seoul court on Friday ordered a local cable channel to compensate three major South Korean broadcasters for the unauthorized use of their exit polls during last year's provincial elections. The Seoul Central District Court ordered JTBC to pay 1.2 billion won ($1 million) to three terrestrial networks, KBS, MBC and SBS, which lodged a suit in August 2014. They accused JTBC of citing their exit polls without permission during the June 2014 elections of provincial government heads and council
Aug. 21, 2015
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KEB-Hana accelerating merger process after regulatory nod
Hana Financial Group Inc.'s flagship bank units -- Hana Bank and the Korea Exchange Bank -- are swiftly moving to wrap up their merger after receiving regulatory approval earlier this week, according to the two banks Friday. On Wednesday, the Financial Services Commission gave its final nod for the two lenders to merge into an integrated unit called "KEB Hana Bank," paving the way for the creation of the country's largest commercial bank by assets. The new unit's launch is scheduled for Sept.
Aug. 21, 2015
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S. Korean TV makers losing footing in global market: report
South Korean TV makers have lost ground in the global market in the face of Chinese rivals and faltering TV demand worldwide, a report showed Friday. The combined share of Samsung Electronics Co. and LG Electronics Inc., two major South Korean players, came to 34.8 percent in the first half, down 4.3 percentage points from a year ago, according to the latest report by market tracker DisplaySearch. Samsung's share dipped to 20.8 percent, while LG's retreated to 13.9 percent over the same peri
Aug. 21, 2015
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More firms adopt wage peak system
More and more business groups are adopting the wage peak system in South Korea, as sought by the government in a bid to create new jobs by slicing existing payrolls. Doosan Group, the country’s 13th-largest business conglomerate, Thursday announced that all its 22 units will implement the new wage peak system next year. It has become the first conglomerate to introduce the program in all affiliates under the agreement between management and unions. The wage peak system refers to the gradual redu
Aug. 20, 2015
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Convenience stores vie for IT supremacy
Customers try out an augmented reality system at 7-Eleven’s “Creative Economy store” in Myeong-dong, Seoul.(Korea Seven)With convenience stores proliferating on every street corner in Korea, the industry’s major players are stepping up their technological convergence and innovation to expand services and boost sales in an increasingly saturated market. From mobile-based delivery services to augmented reality, convenience store chains are adopting new information technology to improve customer ex
Aug. 20, 2015
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Hyundai Heavy union to go on strike
The labor union of Hyundai Heavy Industries said Thursday it is set to go on a partial strike next week, demanding a significant raise in their salary.The unionized workers said they will launch a three-hour strike on Wednesday and the high-ranking officials of the union will begin a seven-hour strike daily, starting next Friday.The union members are demanding up to 127,560 won ($107.44) increase in their monthly base pay, double their special wage for living in rural areas and abolishment of th
Aug. 20, 2015
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[Graphic News] Bum deal for Korean fans of sparkling water
Imported sparkling water brands are being sold in the Korean market at almost eight times their original domestic price, data showed Wednesday.According to the Korean Women’s Federation for Consumers, Italian brand San Pellegrino had the highest price gap between its domestic price and consumer price in Korea. A portion of 100 milliliters of San Pellegrino in Korea sold at 738 won (62 cents), 7.9 times higher than its domestic price in Italy (93 won per 100 ml).Moreover, Czech brand Mattoni sold
Aug. 20, 2015
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[Photo News] Amway promotes healthy living
AMWAY PROMOTES HEALTHY LIVING – Amway Korea, the South Korean unit of U.S direct sales giant Amway, held a two-day health promotion program in Yangpyeong, Gyeonggi Province, on Tuesday and Wednesday in partnership with the Korea Association of Social Welfare Centers and Nawoo Health Institute. Attended by some 110 children and their families from 32 social welfare centers across the country, the program included educational sessions on health and nutrition, food therapy, cooking programs and fam
Aug. 20, 2015