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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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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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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S. Korea suffers kimchi trade deficit due to surging Chinese
South Korea has suffered a growing deficit in the trade of kimchi, the traditional Korean side dish, in the past few years due to the influx of Chinese products, data showed Sunday. The deficit stood at $84.09 million over the past five years in April, according to the statistics by the Korea Customs Service. South Korea imported 212,938 tons of kimchi worth $104.3 million last year while exporting 24,742 tons valued at $84 million. About 99 percent of the imported kimchi came from China.Industr
May 17, 2015
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LG Chem to supply electric vehicle batteries in China
LG Chem Ltd., South Korea's leading chemical and battery maker, said Sunday that it has signed a deal to supply electric vehicle batteries to a major SUV company in China. Under the deal signed with Great Wall Motor, LG Chem will supply batteries for plug-in electric SUV models that the Chinese company plans to produce starting in 2017. LG Chem did not disclose when it signed the deal along with other detailed terms of the contract. Established in 1984, Great Wall Motor is the No. 1 company in C
May 17, 2015
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POSCO revs up reform drive amid alleged graft
South Korea's top steelmaker POSCO Co. has shifted into emergency mode as the company strives to tide over what it sees as its biggest-ever crisis triggered by a prosecution investigation into a series of corruption allegations. With the probe in full swing, POSCO announced Thursday the launch of an emergency management reform committee headed by Chairman Kwon Oh-joon and comprised of board members and the heads of five major affiliates. It is tasked with putting forward measures on corporate
May 15, 2015
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Shinsegae hoards cash for duty-free bid
South Korean retail giant Shinsegae Group has raised more than 650 billion won ($598 million) by selling its Samsung Life Insurance shares in a stock block deal.According to finance industry sources, the two Shinsegae arms ― Shinsegae Department Store and Emart ― each sold 3 million shares of Samsung Life Insurance, at 109,200 won per share. The sale price was 6.27 percent lower than the 116,500 won at which the shares closed trading on Thursday. Foreign investors bought 74 percent of the sold s
May 15, 2015
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Watchdog accepts Chinese mills' offer to hike steel beam prices
South Korea's trade commission said Friday that it will close an anti-dumping probe into steel beam products made by seven Chinese companies as they have agreed to jack up their prices voluntarily.In late July 2014, the Korea Trade Commission (KTC) started an anti-dumping investigation into H-beam imports from China and slapped anti-dumping duties of 17.69 percent to 32.72 percent on Chinese products five months later.The commission said it has decided to end the investigation as the Chinese com
May 15, 2015
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Chrysler recalls over 200 SUVs in S. Korea for air bags
FCA Korea, the local importer and distributor of U.S. automaker Chrysler Group LLC, is recalling more than 200 Jeep Grand Cherokee SUVs in South Korea due to air bag flaws, the transportation ministry said Friday. The recall affects 231 Jeep Grand Cherokees produced between March 27, 2013, and Jan. 13, 2014, according to the Ministry of Land, Infrastructure and Transport. A defect in software for the air bags could interfere with the safety device's ability to deploy during car crashes, it said.
May 15, 2015
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Samsung is 10th most valuable tech firm: data
Samsung Electronics Co., South Korea's top smartphone maker, managed to stay on the top 10 list of global tech players this month in terms of market capitalization but suffered a one notch decline from end-2014 apparently due to a plunge in earnings.Samsung ranked No. 10 among other major tech firms with a market cap of $189.7 billion as of May 1, according to the figures compiled by the Institute for Information & Communications Technology Promotion, which cited S&P Capital IQ. It marked a step
May 15, 2015
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Samsung heir tapped to head two group foundations
Lee Jay-yong, vice chairman of South Korea's top tech giant Samsung Electronics Co., was appointed Friday to head two of Samsung Group's foundations, the company said, taking the posts from his hospitalized father.Under the move, the younger Lee, the heir apparent of South Korea's top family-controlled conglomerate, will take the helm of the Samsung Life Public Welfare Foundation and the Samsung Foundation of Culture, the group's key foundations.He has been working as the de facto head of the to
May 15, 2015
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Korea’s tourism industry thrives despite global slowdown
Korea’s travel industry is in full bloom despite the global economic slowdown, thanks to the weaker yen and tumbling oil prices pushing people for overseas travels, along with the Chinese tourist influx that has been around for a while. According to Yonhap and industry reports, HanaTour, the country’s largest tourist agency, sold a total of 610,296 overseas travel packages between January and March. This is some 23.9 percent up from 492,385 in the same period last year. As a result, the company
May 14, 2015
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[Photo News] Innovation honored
KT chief operating officer Koo Min-seong (left) and Rwanda’s Minister of Youth and ICT Jean Philbert N Sengimana pose during the awarding ceremony of Global Telecom Business Innovation Awards in London on Wednesday. Olleh Rwanda Networks, or oRn, a joint venture between KT and the Rwandan government, won the innovation award for building LTE network infrastructure across the African country since 2013. (KT)
May 14, 2015
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AmorePacific profits surge 50% in Q1
AmorePacific Group’s first quarter profits surged 49.9 percent as sales of its cosmetics subsidiaries continued to grow in the domestic and international markets, company officials said ThursdaySouth Korea’s leading cosmetic and beauty product-maker said profits in the first three months jumped to 320 billion won ($293 million) from 213 billion won in the same period last year, while revenues rose 26.7 percent to 1.44 trillion won.“Strong revenue growth in the domestic and overseas markets drove
May 14, 2015
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U.N. Global Compact to hold summit in Korea next week
The U.N. Global Compact will host the “UNGC Korea Leaders Summit 2015” in Seoul next week, organizers said Thursday.Around 400 officials across governments, corporations, and academia from both Korea and abroad are expected to attend, including U.N. Secretary-General Ban Ki-moon, Global Green Growth Institute Council chair Suslio Banbang Yudhoyono, and John Elkington, the cofounder of Volans.This year’s summit plans to introduce the main UNGC initiatives as well as B4P (Business for Peace) to So
May 14, 2015
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SK Innovation announces first voluntary redundancies in 18 years
SK Innovation, South Korea’s top oil refiner, has announced a voluntary retirement scheme for its employees for the first time in 18 years since the 1997 Asian financial crisis.The company made the announcement Wednesday via its intranet, saying that the company is receiving applications for those who want to voluntarily leave the company. Any employee aged over 44 who has worked for more than five years, or aged under 44 who has worked more than 10 years, can apply. The VRS employees will recei
May 14, 2015
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Hanwha E&C hit by local and overseas sales dip
Hanwha Engineering and Construction saw its sales drop about 650 billion won ($594 million) last year, due to slowing overseas and domestic performance, data showed Thursday. According to the corporate analysis service CEO Score, Hanwha E&C’s overall sales dipped 17.2 percent compared to 2013 to come in at 3.12 trillion won. The fall was fueled by both overseas and domestic sales dropping respectively by 14.4 percent and 19.1 percent. The company’s domestic decline has been attributed to its dec
May 14, 2015
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POSCO launches executives’ panel to drive reform
POSCO, the country’s largest steelmaker, on Thursday launched a reform committee as it struggles to reform its image and business structure. The committee is headed by POSCO CEO Kwon Oh-joon, and its members include all in-house directors, and the chiefs of POSCO’s five largest subsidiaries including Daewoo International, POSCO Engineering and Construction, and POSCO Energy. Under the committee, five subcommittees will oversee changes in the areas of restructuring, responsible management, human
May 14, 2015
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IFEZ rises as global investment center
The Incheon Free Economic Zone is emerging as a global city, with 94 percent of foreign direct investment in eight free economic zones in Korea coming to the IFEZ.The free economic zone was started in 2003 to become a hub city in Northeast Asia, and has shown remarkable growth since. IFEZ has achieved its initial FDI goal and brought in $1.7 billion, about 9 percent of the total FDI in South Korea ($19 billion) and a 2.5 percentage point increase from the previous year.IFEZ has also hosted a tot
May 14, 2015
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Samsung heir yet to divest Samsung SDS shares after lock-up
Lee Jay-yong, the heir apparent of South Korea's No. 1 conglomerate Samsung Group, is unlikely to offload shares of Samsung SDS Co., one of the group's key IT arms, although the lock-up period for the stocks held by major shareholders has expired, industry sources said Thursday.Samsung SDS was listed on South Korea's main bourse in November, and the six-month lock-up period for large shareholders' stakes ended earlier Thursday, which means that Jay-yong and his family members are now allowed to
May 14, 2015
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Shinsegae bets on duty-free bid with landmark store
South Korean retail giant Shinsegae on Thursday announced plans to renovate its landmark outlet, one of the oldest buildings in central Seoul, into a duty-free shop in what could be its latest effort to win a highly competitive bid to run duty-free stores in downtown Seoul.Some six consortiums and companies, including Lotte Duty Free, Hotel Shilla and Hyundai Department Store, are reportedly preparing to take part in an upcoming bid for duty-free store operational licenses in downtown Seoul. The
May 14, 2015
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Lotte mall strives to regain trust
Inside the new Lotte World Mall in southeastern Seoul on Sunday afternoon, the atmosphere at last felt like what a mall of its scale should look like on a weekend ― crowded and bustling with people.For the first time in months, most of the mall’s store clerks were busy attending to a rare influx of customers while many restaurants saw its tables fill to capacity.After Lotte finally gained permission from the Seoul Metropolitan Government to reopen the aquarium and the cinema complex on Tuesday f
May 13, 2015
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Qatari sovereign fund to buy Keangnam skyscraper in Hanoi
The Qatar Investment Authority has agreed to buy the Keangnam Hanoi Landmark Tower in Vietnam for $800 million and gained exclusive rights for the ensuing negotiations, it was reported Wednesday. According to investment bankers and news reports, the Qatari sovereign wealth fund has notified Colliers International, the manager of the Korean-funded building’s sale, that it will accept the $800 million appraisal price granted by a Korean court. The QIA initially offered $600 million but has decided
May 13, 2015