Most Popular
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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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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Netflix, streaming platforms come under fire for loose ratings
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20 minors registered as CEOs making over 100 million won
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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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Man killed by fellow hunter who mistook him for wild boar
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LG Energy Solution pledges to double sales by 2028
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Firms feel shareholder pressure
The season for the annual general meetings of shareholders, one of the biggest events in the corporate world, kicked off this week with Nexen Tire’s AGM. Attention is being paid to the “super” corporate voting day on March 13 when many big-name companies, including Samsung Electronics and Hyundai Motor, will host their annual shareholders’ meetings.Market analysts said one of highlights for this year’s shareholder voting season will be the growing power of institutional and individual minor inve
Feb. 17, 2015
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[SUPER RICH] How much is time worth to the superrich?
In a capitalist society, time is money, and its financial worth varies from person to person. In terms of financial gain, a minute spent by a child cannot be worth the same amount as that spent by a globally successful businessman.Time runs differently for the superrich compared to ordinary people. According to China’s Hurun Report, the three richest men in the world ― Bill Gates, Warren Buffett and Carlos Slim ― earned a total of $52 billion in 2014, meaning that they earned an average of $100,
Feb. 17, 2015
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[SUPER RICH] Doosan heir releases jam for good cause
Doosan Group heir Park Seo-won has once again gone off the beaten track, selling fruit reductions in order to help farmers struggling with blemished products. Park, who now serves as the chief creative officer of the country’s oldest advertising agency, Oricom, said Monday that the company had released a series of jams named Ireonjjaembyeong (Such a Jar of Jam). “Just because they (the fruits) have fallen a bit earlier than their peers or have been scratched by branches, they should not be regar
Feb. 17, 2015
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Missha losing ground in budget makeup war
South Korean budget makeup brands The Face Shop and Innisfree are establishing a solid foothold in the low-cost cosmetics market, shrugging off competition from the once-dominant Missha.The Face Shop, acquired by LG Household and Healthcare in 2009, held on to the top spot by posting 610.1 billion won ($554.4 million) in sales and 69 billion won in operating profit last year. Cosmetics giant AmorePacific’s Innisfree followed next, recording 456.7 billion won in sales and 76.5 billion won in oper
Feb. 17, 2015
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Low oil price brightens Korean Air’s outlook
With the oil prices continuing to hover around record low rates, it is widely expected to help the nation’s economy recover given its heavy dependence on oil imports.Korean Air, the nation’s largest flag carrier, is one of the major companies expected to benefit from the oil trend and market analysts have a positive outlook on the carrier this year.The company has already shown a profit boost in the fourth quarter last year largely due to the lower of jet fuel prices. The operating profit reache
Feb. 17, 2015
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Court postpones announcement of new Pantech owner
A court announcement on the new owner of cash-strapped Pantech Co. has been postponed due to unprepared paperwork, court officials said Tuesday, although a U.S. asset management firm was still in the lead to buy South Korea's No. 3 handset maker.An announcement has been expected for days, but the Seoul Central District Court said a decision has been delayed until after the Lunar New Year holidays this week. "The final decision will be made after the holiday, as the potential consortium failed to
Feb. 17, 2015
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Hyundai Heavy reaches wage agreement
Unionists at Hyundai Heavy Industries, the world's largest shipbuilder, on Monday approved the latest wage agreement negotiated with the management, ending a dispute that had dragged on since May. The deal was accepted by 65.9 percent of an estimated 15,400 union members, the company said in an e-mailed statement. The union has about 16,000 members. The two sides had reached a tentative agreement on the pay raise on Dec. 31, but that deal was rejected by the union. The new agreement, like the pr
Feb. 16, 2015
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AmorePacific eyes U.S. fragrance market
South Korean cosmetics giant AmorePacific is banking on its fragrance business as a way to secure a solid foothold in the U.S. beauty market.AmorePacific said Monday that its fragrance brand Annick Goutal will open a second store, a 65-square-meter unit at 955 Madison Avenue in New York, this month. The opening follows the flagship outlet on Bleecker Street in New York that opened last summer.Annick Goutal, originally a French perfume house, was acquired by AmorePacific in 2011. The brand sells
Feb. 16, 2015
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Incheon Airport wins top global service award for 10th year
Incheon International Airport won the top spot in the prestigious Airport Service Quality survey for the 10th consecutive year from 2005, the company said Monday. A total of 1,800 airports across the world participated in the 2015 ASQ survey conducted by the Airports Council International.According to the council, Incheon International Airport scored 4.97 points out of 5.Singapore Changi Airport and Beijing Capital International Airport were placed second and third, respectively. The survey eval
Feb. 16, 2015
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McDonald’s makes surprise price increase
McDonald’s Korea on Monday announced that it would raise the price of some of its best-selling menu items by an average of 1.89 percent starting Feb. 23. Ten hamburgers will be subject to the price raise including the Big Mac, which will go from 4,100 won to 4,300 won ($3.70 to $3.90), as well as five breakfast items and four desserts. “This has been an inevitable decision. We have been struggling to provide the best products and services despite the soaring (prices of) ingredients, logistics an
Feb. 16, 2015
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Hyundai Motor to invest 2 tln won in commercial vehicle sector
Hyundai Motor Co., South Korea's top automaker, said Monday it will invest 2 trillion won ($1.8 billion) over the next six years to beef up its commercial vehicle production and related research to develop new cars and engines.The investment to be completed by 2020 will be focused on a plant in Jeonju, some 240 kilometers south of Seoul, where Hyundai Motor produces commercial vehicles such as trucks and buses, according to the automaker. "By establishing a global R&D structure through cooperati
Feb. 16, 2015
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LGE reveals CCTV clip on Samsung washing machine
LG Electronics’ home appliances division head Jo Seong-jin revealed CCTV video footage on Monday in a bid to prove his innocence, one day after he was indicted by South Korea’s prosecutors on charges of allegedly vandalizing high-end Samsung washing machines. (Youtube)Along with the video (http://youtu.be/yvrQBRHAc38), he also released an official statement denying the accusation. “At the spot, I was with other Samsung officials who were watching us, and they did not take any action to stop us d
Feb. 16, 2015
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Hyundai, Kia recall nearly 60,000 cars in S. Korea
Local industry leader Hyundai Motor Co. and its affiliate Kia Motors Corp. are recalling over 57,000 vehicles, including the Grandeur Hybrid, the transportation ministry said Monday.Hyundai Motor is recalling 10,604 units of the Grandeur Hybrid, produced between Dec. 24, 2013 and Oct. 24, 2014. The recall is for a faulty electronic program in the vehicle's brake system that may fail to warn the driver of a leak or lack of brake fluid, which could lead to a failure of the brake system, according
Feb. 16, 2015
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Premium class cars selling better among imports: data
Premium class foreign vehicles were selling better among imported brands, industry data showed Monday, with one out of four sold in South Korea priced at 70 million won ($66,100) or higher.Last year, South Korea imported a record 196,359 foreign vehicles, of which those priced 70 million won or above accounted for 24.9 percent, according to the data by the Korea Automobile Importers and Distributors Association.The ratio is higher than 21 percent a year earlier. Imported vehicles have become les
Feb. 16, 2015
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Lotte to boost investment in tourism, retail, construction
Lotte Group, the country’s fifth-largest conglomerate, announced Sunday that it would invest a record 7.5 trillion won ($6.8 billion) in the retail, tourism and construction sectors.The investment plan expanded about 31.5 percent from 5.7 trillion won last year.“Despite the worsening business environment, we shouldn’t hold back on investments (to seek growth),” Lotte Group chairman Shin Dong-bin was reported as saying in a recent executives’ meeting. “We have to build momentum for growth, while
Feb. 15, 2015
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Trade association chief rejects second term
The Korea International Trade Association is looking for a new leader as its current chief Han Duck-soo said he would not take on a second term. Han, whose term will end this month, announced his decision at the KITA chairmen’s meeting on Saturday, saying the organization needed new leadership. KITA would launch a selection process for the new chairman after Lunar New Year. KITA said a committee would soon recommend a candidate and seek approval at the annual general meeting scheduled for Feb.
Feb. 15, 2015
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Lotte Group pledged record investment to override business slump
Lotte Group, whose affiliates include retail, construction, chemicals and tourism, said Sunday it will make a record amount of investment in its businesses this year to aggressively target the market despite an economic slump.The group, the fifth-largest family-run conglomerate in the country, also said it will hire 15,800 people this year, slightly more than last year.The announced investment, 7.5 trillion won (US$6.82 billion), includes 3.4 trillion won on retail business, 1.5 trillion won on
Feb. 15, 2015
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LG, Samsung to clash in court over washer row
Three officials at LG Electronics Inc. will stand trial for allegedly wrecking washers of rival company Samsung Electronics Co. at German shops, prosecutors said Sunday, as the two parties failed to reach a settlement after five months of wrangling. The Seoul Central Prosecutors' Office said it has indicted Jo Seong-jin, president of LG's home appliance division, and two other company executives on charges of vandalizing three Samsung washers at two German shops in September.Samsung has claimed
Feb. 15, 2015
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Harim acquires Pan Ocean
Major Korean stockbreeder Harim on Thursday said it has acquired maritime transportation operator Pan Ocean for 1 trillion won ($900 million), aiming to become a global agricultural product distributor. According to the company, Harim Group and its partner JKL signed a deal to take over 58 percent of Pan Ocean after the Seoul Central District Court gave its approval in December. The chicken processor and stockbreeder said there would be a capital increase of 850 billion won through the issuance
Feb. 13, 2015
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POSCO to sell stake in engineering, construction unit to Saudi fund
South Korea’s top steelmaker POSCO will sell part of its stake in its engineering and construction unit to Saudi Arabia’s Public Investment Fund, sources said Friday. The two sides also plan to set up a joint construction firm. According to industry sources, POSCO signed a contract on Thursday with the Saudi state-backed investor to sell 38 percent of its stake in the unit and issue new stocks for some 1.5 trillion won ($1.36 billion). In a separate provisional deal, they also agreed to build a
Feb. 13, 2015