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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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Schaefers appointed new Bosch Korea head
Frank Schaefers was appointed president and CEO of Robert Bosch Korea, Bosch Group announced Thursday. Schaefers joined the Bosch Group in 1992 and has over 20 years of experience in various functions, the company said. He worked as general manager at Robert Bosch Automotive China from 2012-2014 and before then, worked as senior vice president for corporate human resource development from 2010 to 2012 and senior vice president for corporate controlling from 2008 to 2009.Schaefers acquired a degr
Jan. 8, 2015
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CJ vice chairwoman to take a back seat
CJ Group’s No. 2 Lee Mie-kyung will take a back seat when the conglomerate carries out executive reshuffles next month, sources said Wednesday.The sources said Lee Mie-kyung, an elder sister of group chief Lee Jay-hyun, would reduce her involvement in management for medical treatment.The 56-year-old vice chairwoman has been in Los Angeles to receive treatment for Charcot-Marie-Tooth disease, a neurological disorder that runs in her family. The disease is characterized by progressive muscle weakn
Jan. 8, 2015
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KEPCO plans to invest record-high W5.5tr this year
Korea Electric Power Corp., the nation’s largest utility company, said Thursday that it would invest a record high of 5.5 trillion won ($5.01 billion) this year in improving the safety of power generation and distribution-related facilities and in developing new growth engines in the energy sector. The state-run KEPCO will increase investments by 54 percent in 2015 from a year ago, which is the largest investment plan in its 54-year-long history, company officials said.Under the plan, the power
Jan. 8, 2015
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Hotel Shilla, Severance Hospital, Sungkyunkwan University top rankings
Hotel Shilla, Severance Hospital and Sungkyunkwan University topped the consumer satisfaction rankings in their respective industries, according to the NCSI survey for 2014. In the overall rankings, Hotel Shilla ranked top out of the surveyed 305 companies and institutions with 84 points, Severance Hospital at No. 5 with 81 points, and Sungkyunkwan University at No. 9 with 80 points.Established in 1973 by Samsung Group founder Lee Byung-chull, Hotel Shilla is a luxury hotel with locations in Seo
Jan. 8, 2015
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Money inflows continue into high-yield funds
Korean investors are putting more money into funds that invest in low-grade bonds amid low market interest rates, data showed Thursday.Inflows to such funds amounted to 3.19 trillion won ($2.9 billion) as of end-December, just nine months after their market debut in early April last year, according to the data compiled by the Korea Financial Investment Association. In March last year, the country’s regulator allowed local financial firms to sell a new type of high-yield fund, matched with tax be
Jan. 8, 2015
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Samsung Electronics puts Q4 operating profit at 5.2 tln won
Samsung Electronics Co., the world's top maker of smartphones and memory chips, on Thursday estimated 5.2 trillion won (US$4.73 billion) in operating profit in the fourth quarter of 2014, expecting a moderate pickup from the weakest results in three years seen in the previous quarter. The guidance marks a 37.4 percent decline from a year earlier and an 28.1 percent on-quarter increase, the company said in a regulatory filing. The final earnings figures are due to be released later this month.The
Jan. 8, 2015
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Seitz to head Volkswagen Financial Services Korea
Hans-Peter SeitzVolkswagen Financial Services Korea said Wednesday that it had appointed Hans-Peter Seitz as its new president. Hans-Peter Seitz, 54, who majored in economics at the Ludwig-Maximilian University of Munich, has worked as CFO for MAN Financial Services, an affiliate of the Volkswagen Group.He has also been in charge of financial affairs for MAN AG and MAN Financial Services for over 20 years since entering MAN AG in 1994.Seitz’s appointment indicates that both Volkswagen Financial
Jan. 7, 2015
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Samsung to bolster biopharma business
Samsung Group is gearing up to make more investments and reinforce research and development in the biopharmaceutical sector, which the company sees as a future growth engine. According to the Incheon Free Economic Zone Authority, Samsung BioEpis, a biopharmaceutical affiliate of the country’s largest business conglomerate, recently purchased 42,999 square meters of land in Songdo, Incheon, for 27.7 billion won ($25.1 million). “The exact use of the place is unknown but since Samsung BioLogics R&
Jan. 7, 2015
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Hyundai Heavy unionists reject tentative wage agreement
Unionized workers at Hyundai Heavy Industries Co., the world's largest shipbuilder, voted against a tentative wage agreement on Wednesday due to a complaint about the pay award agreed upon by the union and management, the company's union said. The union and management reached a tentative agreement on the pay raise on Dec. 31, which includes a basic pay increase of 37,000 won (US$33.56) per month and a special bonus of 2 million won. They also agreed to count regular bonuses, equal to 700 percent
Jan. 7, 2015
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Incheon airport logs record passenger traffic in 2014
Incheon International Airport, the main gateway to South Korea, saw its busiest year ever in 2014 thanks mainly to a jump in Chinese passengers and growth of low-cost carriers, its operator said Wednesday.The Incheon International Airport Corp. said in a provisional tally that a total of 45.51 million people used the airport in 2014, up 9.7 percent from the previous year and the highest yearly number since its opening.International passenger traffic rose 10.1 percent on-year to 44.9 million in 2
Jan. 7, 2015
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Samsung chief still undergoing rehabilitation: group spokesman
South Korea's top conglomerate Samsung Group said Wednesday its head Lee Kun-hee, recuperating from a heart attack last May, is still undergoing rehabilitation without any marked change in health condition."The chairman's health has not seen any significant changes in the new year, and there is nothing to explain," said Lee Jun, the top communications official of Samsung Group.Lee was rushed to a hospital near his home in Seoul on May 10 after experiencing difficulty breathing and was later conf
Jan. 7, 2015
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Hyundai, Kia eye 'cutthroat competition' in China
Hyundai Motor Co. and its smaller affiliate Kia Motors Corp. said Wednesday they are bracing for "cutthroat competition" in China this year as the world's No. 2 economy slows and foreign rivals expand their production capacity. The Chinese market for passenger cars is expected to grow about 10 percent to 18.49 million units this year amid "cutthroat competition among rivals, hit by a range of negative economic factors, including a sluggish property market and debts of local governments," Hyundai
Jan. 7, 2015
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Korean Air to sell over W500 billion worth of shares
Korean Air Lines Co., South Korea's largest flag carrier, said Tuesday it will sell more than 500 billion won ($455 million) worth of shares to raise money needed to repay debt.The company's board of directors decided to sell 14,164,306 shares at 35,300 won apiece, it said in a regulatory filing.The share offering will increase the number of the company's outstanding shares to 73,950,538.Korean Air said the raised money will be used to repay debts and improve its financial status."This will help
Jan. 6, 2015
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Hyundai Motor scion makes rare appearance at CES
Chung Eui-sun, vice chairman of Hyundai Motor Group, visited the 2015 International CES in Las Vegas to showcase the firm’s future auto technology, the company said Tuesday.It is the first time the heir apparent of Hyundai Motor Group chairman Chung Mong-koo has attended the world’s largest consumer electronics trade show since 2011. Hyundai Motor vice chairman Chung Eui-sun (Yonhap)His attendance demonstrates the automaker’s attention to the global trend of convergence between cars and informa
Jan. 6, 2015
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Lotte heir dismissed from Japanese units
Shin Dong-joo, the eldest son of Lotte Group founder and general chairman Shin Kyuk-ho, was dismissed from his executive positions at three Lotte affiliates in Japan, Lotte Holdings in Japan announced on Monday. According to the company, during a meeting in December the board of directors decided that Shin Dong-joo would no longer serve as vice president of Lotte, as vice chairman and CEO of Lotte International, and as a Lotte Ice Cream executive. But he will remain vice chairman of Lotte Holdin
Jan. 6, 2015
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Estee Lauder sharply raises duty-free prices
Global cosmetics and fashion player Estee Lauder Group increased the prices of its duty-free products by as much as 14.5 percent, company officials said Tuesday.The price hike affected the group’s popular brands including Estee Lauder, Clinique, Bobbi Brown, Origins, Lab Series and Aramis. “The price change may have been influenced by a number of factors, such as the exchange rate and marketing fees, which were one of the biggest factors this time,” an official from Estee Lauder’s duty-free team
Jan. 6, 2015
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Jeju Air to launch flights to Guam this week
Jeju Air Co., South Korea’s largest low cost carrier, said Tuesday that it will start flights on the route between Busan and Guam this week to meet growing demand. Starting on Thursday, the carrier will offer two flights per week on the route on Thursdays and Sundays, the company owned by Aekyung Industrial Co. said.This is the first time that the budget carrier will provide flights bound for Guam from a provincial region, not from South Korea’s main gateway of Incheon International Airport. The
Jan. 6, 2015
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SK Broadband subcontractors taken to police station after protests
About 200 union members of SK Broadband’s subcontractors were taken to a nearby police station for interrogation after holding a protest rally inside the company’s building in downtown Seoul on Tuesday. Earlier in the day, the protesters stormed and occupied SK Corp. building, which houses the broadband unit, to call for improving labor rights. Witnesses said the workers clashed with security personnel while attempting to enter the SK building in Seorin-dong.The protesters, who are mainly Intern
Jan. 6, 2015
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Auto recalls down 27 pct in S. Korea: data
The number of automobile recalls in South Korea shrank 27.2 percent in 2014 from a year earlier, a car safety agency said Tuesday, on the back of a decline for local carmakers.A total of 755,501 vehicles registered here were recalled for safety reasons last year, down from 1.04 million units in 2013, according to the data compiled by the Korea Transportation Safety Authority. The number of models affected, however, jumped 80.5 percent on-year to 352 from the previous 195.There were fewer recalls
Jan. 6, 2015
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Jeju Air to launch Busan-Guam flights this week
Jeju Air Co., South Korea's largest low cost carrier, said Tuesday that it will start flights on the route between Busan and Guam this week to meet growing demand. Starting on Thursday, the carrier will offer two flights per week on the route on Thursdays and Sundays, the company owned by Aekyung Industrial Co. said.This is the first time that the budget carrier will provide flights bound for Guam from a provincial region, not from South Korea's main gateway of Incheon International Airport. The
Jan. 6, 2015