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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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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Ex-president's daughter investigated for drunk driving accident
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'Culinary Class Wars' producers deny trying to spice up results
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Seoulites celebrate coexistence at Wellness Seoul 2024
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First lady’s Dior bag scandal to be at center of Assembly audit
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Tesco to sell off Homeplus
British retailer Tesco has kicked off a sale process for its South Korean unit, whose market value is estimated at around $5 billion, according to industry sources on Friday. The U.K. retail giant sent out a teaser letter to prospective buyers on Thursday and hired HSBC as the sale broker for Homeplus. “With this pace, Tesco may be able to begin the preliminary bid in July and wrap up the takeover deal in October,” an official at an investment bank said. Tesco owns a 100 percent stake in Homeplu
June 5, 2015
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Samsung tops India’s high-end smartphone market
Samsung Electronics claimed the No. 1 spot in the premium smartphone market in India, beating its arch rival Apple, according to a report compiled by research institute Counterpoint Research on Friday.The Seoul-headquartered smartphone-maker captured 46 percent of the country’s luxury smartphone market during the January-April period, buoyed by robust sales of the Galaxy S6 and its variant S6 Edge, the Note 4 Edge, and the A7, according to the report. Apple ranked second with a 42 percent share.
June 5, 2015
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Airports put on alert
The nation’s two airport operators are panicking over the outbreak of Middle East respiratory syndrome, worried about its impact on passenger traffic. In line with the level 2 health warning issued by the Korea Centers for Disease Control, the Incheon International Airport Corp. and Korea Airports Corp. ― which runs 14 airports nationwide, including Gimpo Airport ― said they had established a task force each to deal with issues related to the disease since May 22.The task force is in charge of t
June 4, 2015
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POSCO-Saudi fund deal imminent
POSCO’s impending deal with Saudi Arabia’s sovereign wealth fund is raising both concerns and expectations for Korea’s largest steelmaker. According to financial industry sources, POSCO is set to sell 15.89 million shares or about 38 percent of POSCO Engineering and Construction to Saudi’s Public Investment Fund, or PIF.The two sides are expected to ink the deal within this month, said a source close to the matter.The sale is expected to give POSCO a boost in its efforts to streamline its affili
June 4, 2015
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Samsung merger faces challenge
U.S.-based hedge fund management firm Elliott Management on Thursday announced that it has become one of the major shareholders of Samsung C&T, and opposes its planned merger with Cheil Industries. This is the first opposition raised against the plan to merge the two main pillars of Samsung Group. “Elliott believes that Cheil Industries’ proposed takeover undervalues Samsung C&T and that the terms are neither fair nor in the best interests of Samsung C&T’s shareholders,” the firm said in a press
June 4, 2015
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[Photo News] Delizioso Korean food
Italian visitors have lunch at Korean restaurant Bibigo in the Korean Pavilion at the Expo Milano 2015 which runs through October in Milan, Italy. (CJ Foodville)
June 4, 2015
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Hana Financial hosts musical event for liberation anniversary
Hana Financial Group recently hosted an invitation event to the musical “Hero” at Blue Square in Hannam-dong, Seoul, to commemorate the 70th anniversary of Korea’s liberation from Japanese colonial rule.About 1,000 Hana Financial Group customers, including members of the “Daehan Minguk Mansae” deposit and savings plan ― jointly created by Hana Bank and Korea Exchange Bank ― attended the event.The musical followed the story of independence activist Ahn Jung-geun, tracing his life from 1909 to 191
June 4, 2015
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Duty-free license bidders boast social responsibility plan
The bidding war to win two licenses to operate downtown duty-free stores has entered a new phase as applicants competitively target points in corporate social responsibility categories to vie for the upper hand, according to sources Thursday.Hyundai Department Store, one of the seven applicants to join the bidding for the burgeoning duty-free market worth 3.2 trillion won ($2.9 billion), said it would return 20 percent of its envisioned store’s operating profits to society if it wins the license
June 4, 2015
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AMCHAM hosts charity night
“Would you like some more wine or champagne? How are you enjoying your dish?” Such are typical questions that any polite server working at a restaurant at the Conrad Hotel in Seoul would ask a guest.At the hotel Wednesday however, it was not a waitress or waiter but foreign executives who were making such remarks while personally serving their employees, friends and families at this year’s CEO Servers’ Night ― an annual fundraising event hosted by the Partners for the Future Foundation, the char
June 4, 2015
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Samsung Heavy bags $330 mln oil tanker order
Samsung Heavy Industries Co., a South Korean shipbuilder, said Thursday that it has secured a $330 million deal to build three oil tankers.Under the deal with an unidentified U.S. shipper, Samsung Heavy will deliver the vessels by February 2018, the company said in a statement.The vessels are each 293 meters long and 49 meters wide, according to the shipyard.With the latest deal, Samsung has secured deals to build 43 oil tankers, accounting for some 38 percent of the total orders placed around t
June 4, 2015
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Imported car sales in S. Korea jump 20.1 pct in May
Sales of imported cars in South Korea jumped 20.1 percent in May from a year earlier, driven by strong demand for German vehicles, industry data showed Thursday.According to the data by the Korea Automobile Importers and Distributors Association, 18,386 foreign vehicles were newly registered in the country last month, compared with the previous year's 15,314 units.The May registration figure is also 1 percent higher than the previous month. The latest figure raised the cumulative sales of import
June 4, 2015
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U.S. fund opposes Samsung unit's merger proposal
U.S.-based hedge fund Elliott Management said Thursday it is against a proposed move by Samsung C&T Corp., a trading arm of South Korea's top conglomerate Samsung Group, to merge with its affiliate, Cheil Industries Co., as it is not in "the best interests" of shareholders."Elliott believes that Cheil Industries' proposed takeover of Samsung C&T significantly undervalues Samsung C&T and that the terms are neither fair to nor in the best interests of Samsung C&T's shareholders," the company said
June 4, 2015
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India emerges as 4th largest auto market: data
India has emerged as the fourth-largest auto market in the world, which will further intensify the competition among global automakers to expand their presence there, industry data showed Thursday.According to the data by the Korea Automobile Manufacturers Association, a total of 877,000 new cars were registered in India during the first quarter of the year, rising 4.7 percent on-year, the largest growth tallied among the four BRIC countries -- Brazil, Russia, India and China -- the data showed.
June 4, 2015
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Shipbuilders strike out in key market
South Korean shipbuilders failed to strike a single deal in selling offshore support vessels in the January-April period, a sign that they are at risk of losing the market to increasingly confident Chinese competitors.Up to 22 of 34 offshore support vessels worldwide were sold by Chinese shipbuilders during the period, while local firms posted zero sales, according to industry reports. China’s outpacing of local shipbuilders, including Daewoo Shipbuilding & Marine Engineering and Hyundai Heavy I
June 3, 2015
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Gasado’s microgrid projects future of electricity
GASADO, South Jeolla Province ― Gasado Island, a 15-minute boat ride from Jindo of South Jeolla Province, is a quiet little place with less than 280 residents. But this nondescript island is in the spotlight for housing the first-ever independent microgrid made using an indigenous energy management system in Korea. In other words, the island is capable of generating its own electricity with renewable energy sources for its own residents.A total of 400 kW of electricity is generated from four aer
June 3, 2015
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German chamber elects new board chairman
The Korean-German Chamber of Commerce and Industry named Kim Young-jin, chairman and CEO of Handok Pharmaceuticals, as its new chairman of the board Wednesday.“The KGCCI is grateful for chairman Kim’s commitment and is looking forward to further promoting economic exchange and cooperation between Korea and Germany under his leadership,” KGCCI secretary general and executive director Barbara Zollmann said in a statement.Kim, 58, is also the chairman of the Korean-German society. He holds degrees
June 3, 2015
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SK Innovation sells stake in Peruvian gas firm
SK Innovation, South Korea’s leading oil refiner, said Wednesday that it sold its 11.19 percent stake in the Peru-based natural gas pipeline operator Transportadora del Gas de Peru for $251 million.Spanish energy firm Enagas will take over a 3.94 percent stake in the Peruvian gas firm while the remaining 7.2 percent stake will go to Habanera, a Canadian subsidiary of Peru-based Corporacion Financiera de Inversiones, S.A., according to the Korean refiner.“The deal is largely a part of SK Innovati
June 3, 2015
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LS Cable wins Singaporean extra-high-voltage cable project
LS Cable & System said Wednesday that it won the contract for a $45 million underground cable project in Jurong, Singapore. The contract is a turn-key project which involves delivering cables to construction projects.The company said that it has established itself as a main supplier in the electric cable business in Singapore, with 35 percent market share, through its Vietnamese branch LS-VINA.LS-VINA, established in 1996, is the leading electrics company in Vietnam with over 30 percent of marke
June 3, 2015
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Coupang gets $1 bln investment from SoftBank
South Korean e-commerce giant Coupang said Wednesday that it has won a $1 billion investment from Japanese telecommunications giant SoftBank Corp., a deal that is anticipated to solidify its footing in the local online retail market and fuel global expansion plans.Under the agreement, a SoftBank unit will make the investment in Coupang, with the deal closing in early July, the two companies said in a joint press release. "We welcome SoftBank as a long-term partner and look forward to leveraging
June 3, 2015
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Intel set to widen gap with Samsung via Altera merger
Intel Corp., the world's top chipmaker, is expected to widen the gap with No. 2 Samsung Electronics Co. thanks to its purchase of Altera Corp., industry watchers said Wednesday.The U.S.-based chip giant said earlier this week that it will acquire Altera, the world's second-largest maker of programmable logic devices and field programmable gate arrays, for $16.7 billion and merge with it."The combination is expected to enable new classes of products that meet customer needs in the data center and
June 3, 2015