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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DSME mulls acquisition of STX cruise ship builder
Daewoo Shipbuilding and Marine Engineering is reviewing plans to acquire the defunct STX Group’s French cruise-ship maker. According to news reports, DSME was planning to acquire a two-thirds stake in STX France.The company, however, downplayed the reports, saying that the plans were in their early stages. “The company has received a proposal regarding the acquisition of STX France, (but) so far nothing has been decided,” the company said in the statement. STX France is a subsidiary of STX Offsh
May 13, 2015
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GS Energy, KNOC secure 3% stake in UAE oil fields
A South Korean consortium sealed a landmark deal on Wednesday to secure a 3 percent stake in the Abu Dhabi Company for Onshore Oil Operations, which operates the biggest onshore oil fields in the United Arab Emirates.The new deal grants the South Korean consortium ― comprised of GS Energy and the Korea National Oil Corp. ― developing rights to ADCO’s oil fields for 40 years, alongside other foreign companies including France's Total and Japan's Inpex.Over the 40 year period, Korea is expected to
May 13, 2015
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Korean firms encouraged to invest in Eastern Germany
South Korean businesses were encouraged to invest in Eastern Germany, as German investment specialists and company leaders shared insights about business prospects in the country’s new federal states at a meeting hosted by the Korean-German Chamber of Commerce and Industry in Seoul on Wednesday.Officials from Germany Trade & Invest ― an organization that helps foreign companies enter German markets ― discussed current business conditions and investment flows in the new federal states of Germany,
May 13, 2015
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New body to deal with W100tr in postal assets
The government will create a state-run institution to operate the 100 trillion won ($91.2 billion) asset that is currently managed by the Postal Savings and Insurance Bureau, the Finance Ministry said Wednesday. In a national finance strategy meeting at Cheong Wa Dae, Finance Vice Minister Bang Moon-kyu said the launch of a state managed monitoring body will help lessen the uncertainties in the asset management sector that may lead to increased financial threats amid years of low interest and sl
May 13, 2015
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Visibility worsened significantly before Asiana jet's hard landing in Japan
Visibility had worsened significantly when a passenger plane of South Korea's No. 2 flag carrier Asiana Airlines Inc. crash landed at an airport in Japan last month, a preliminary investigation showed Wednesday.The results of the month-long investigation conducted by the Japan Transport Safety Board, however, did not pinpoint the exact cause of the accident that took place in mid-April. Nor did it mention any possible fault or mistake by the pilots that could have led to the accident.The results
May 13, 2015
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S. Korean milk powder makers turn to China on low birthrate
South Korean milk powder makers are revving up exports to China, data showed Wednesday, as they search for new profit sources to make up for falling sales at home due to a tumble in baby births.South Korea's weekly milk powder consumption came in at 13,555 tons last week, nearly halving from 25,472 tons 20 years earlier, according to the data by the Korea Dairy Committee.The drop is attributed to the country's birthrate, which reached 1.21 in 2014, one of the lowest rates among member nations of
May 13, 2015
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Asiana to reduce flights to Saipan on services for Hiroshima
Asiana Airlines Inc., South Korea's second-largest flag carrier, said Wednesday that it will reduce its flights to Saipan as part of efforts to address a plane shortfall caused by the recent resumption of its Hiroshima route that was temporarily halted following a hard landing accident in Japan. The Asiana Airlines Flight 162, carrying 73 passengers and seven crew members, came to a stop after veering off the runway, as it tried to land in the Hiroshima Airport on April 14. The Airbus320 passeng
May 13, 2015
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NCsoft Q1 net down 2.57 pct
NCsoft Corp., one of South Korea's leading game makers, said Wednesday its first-quarter net profit shed 2.57 percent from a year earlier but managed to push up sales helped by popularity of its flagship Lineage games.Net profit came to 35.6 billion won ($32.4 million) on a consolidated basis in the January-March period, compared with the 36.5 billion won a year earlier, the company said in a regulatory filing.Sales moved up 5.59 percent on-year to reach 188.1 billion won in the first quarter, a
May 13, 2015
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S. Korean TV makers to fare better in Q2 on LCD price drop: report
South Korean TV manufacturers are expected to fare better in the second quarter compared with the dismal previous three months, as a price decline in liquid crystal display panels will boost their profits, a report showed Wednesday. The price of a 42-inch full high-definition LCD panel stood at $145 at the end of March, according to the latest report by market tracker DisplaySearch. The report forecast the price to fall by $4 in the second quarter, another $6 in the third quarter and an addition
May 13, 2015
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[SUPER RICH] Superrich who stepped out of their families’ shadows
When one comes from a superrich family, many expect the person to assist the family business and live an easy life. However, several have decided to make it on their own without any assistance from their family.While it may be true that they were able to pursue their path more easily due to their lineage, it takes more courage to follow independent careers when they are better known as family members of millionaires.Ralph Lauren ― Andrew and Dylan LaurenTwo out of Ralph Lauren’s three children d
May 12, 2015
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[SUPER RICH] Shinsegae’s Chung sells Samsung shares
Shinsegae vice chairman Chung Yong-jin returned to the media spotlight last week when a local newspaper revealed that he sold 48,500 shares of Samsung Electronics ― valued at around 59.1 billion won ($54.1 million) ― late last year. The deal reduced the number of Chung’s shares in Korea’s largest tech company to 245,000 from 293,500, reported as of September 2014. According to reports, Chung holds a 0.17 percent stake in Samsung Electronics, which makes him the fourth-largest individual sharehol
May 12, 2015
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Honey Tree wins Asian social responsibility award
Honey Tree, an Asia-wide beehive ice cream franchise based in Korea, has won a corporate social responsibility award in recognition for its sustainable business practices by collaborating with honey comb farmers in local areas. “Honey Tree will continue to expand these social programs to support local farmers in starting bee farming and create structured training programs and small loan process to support these farmers,” said Brad Han, CEO of Honey Tree. Established in 2013, Honey Tree has intro
May 12, 2015
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S. Korea's steel imports drop 8.5 pct in April
South Korea's imports of steel shrank in April from a year earlier, caused by slumping demand and increased inventory, industry data showed Tuesday.South Korea imported 1.84 million tons of steel last month, down 8.5 percent from a year earlier, according to the data compiled by the Korea Iron & Steel Association.Steel imports had expanded for 14 straight months until December before slowing down this year. Cheaper products from China, in particular, flowed into the market, causing a supply glut
May 12, 2015
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Brokerage houses' Q1 profit sharply up on low interest rates, increased turnover
Major securities firms in South Korea posted strong earnings in the first quarter thanks to a sharp rise in brokerage fees from increased stock turnover and other financial instruments amid low interest rates, data showed Tuesday.Four listed brokerage houses -- Hyundai Securities, Meritz Securities, KDB Daewoo Securities and Samsung Securities -- logged a combined 447.8 billion won ($410 million) in operating profit in the January-March period, a 175.5 jump from a year earlier, according to the
May 12, 2015
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Hyosung Group’s cash cow running on shaky legs
Hyosung Corp., the flagship firm and cash cow of Hyosung Group, is suffering from a continued profit slump, data suggested. Hyosung’s net profit for 2014 came in at 184.9 billion won ($169.3 million), down 31.9 percent compared to 2010, according to data released Monday by the corporate assessment website CEO Score.Analysts attributed Hyosung’s profit decline to the slowdown experienced across the company’s portfolio with the exception of its textiles business. The data said Hyosung’s industrial
May 11, 2015
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Stokke to offer free stroller repairs due to fall hazard
Norwegian baby product manufacturer Stokke decided to offer free repairs to Korean consumers who purchased its stroller model Trailz after a fall hazard prompted its recall in other countries, the company said on Sunday. “The model is not officially distributed in Korea but we will provide free repair service to Korean consumers,” a Stokke Korea official said. The move comes after the Korea Consumer Agency advised Stokke Korea to take appropriate measures for those who bought the high-end stroll
May 11, 2015
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E-Mart’s clothing sales rise for first time in 42 months
Monthly clothing sales for South Korean supermarket chain E-Mart have risen in April for the first time in 3 1/2 years, the company said Monday.The retailer saw a 1.4 percent on-year rise in clothing sales in April, putting an end to 14 straight quarters of decline.“While E-Mart’s sales index is showing an upward trend during the first quarter, fashion sales grew for the first time in 42 months as well,” an E-Mart official said. The performance was lifted by the growth of E-Mart’s fashion label
May 11, 2015
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KT to build electricity metering system in Uzbekistan
KT, South Korea’s No. 2 telecom network carrier, said Monday it has secured a $110 million deal with the Uzbekistani government to build the nation’s advanced electricity metering system.As part of a joint project with Asian Development Bank, KT plans to install smart electric readers at some 1 million houses in Uzbekistan’s three big cities by 2017. The company said other related systems for data management and charging will be developed along with the readers that can be remotely controlled. “
May 11, 2015
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S. Korea's ICT exports shrink in April
South Korea's exports of information and communication technology products dropped slightly from a year earlier in April, marking the third consecutive month of drop, the government said Monday.Outbound shipments of ICT products amounted to US$14.34 billion last month, down 2.7 percent from the same month last year, according to the Ministry of Trade, Industry and Energy. Imports gained 3.9 percent on-year to $7.57 billion.The country's trade surplus in the ICT sector dropped 9.1 percent on-year
May 11, 2015
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KT wins $101-mln energy solution system deal from Uzbekistan
South Korea's No. 2 mobile carrier KT Corp. said Monday it has won a $101 million deal from Uzbekistan to provide a smart-energy solutions system that improves efficiency of power management.Under the contract with state-owned power generation company Uzbekenergo, KT will supply energy-metering solutions, such as the Advanced Electricity Metering, that analyze users' energy consumption patterns and add efficiency to power management.The project, supported by the Asian Development Bank, will take
May 11, 2015