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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Samsung heirs pocket 6 tln won in Cheil Industries IPO
Samsung Group's three heirs reaped nearly 6 trillion won as the group's de facto holding company, Cheil Industries Inc., more than doubled its initial public offering (IPO) price in its market debut, data showed Thursday.Samsung chairman Lee Kun-hee's three children -- Jay-yong, Boo-jin and Seo-hyun -- earned 5.9 trillion won (US$5.4 billion) from the IPO, roughly 733 times their 8.1 billion won investment, according to the data by conglomerate information tracker Chaebul.com.Shares of Cheil Ind
Dec. 18, 2014
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Korean Air to pay heavily for ‘nut rage’
Korean Air will have to pay a much higher price than expected for the misconduct of its executive Heather Cho that set off an intense public backlash, industry sources said Thursday.They noted that Korean Air and its holding company Hanjin-Kal lost almost 240 billion won ($217 million) in terms of market value since the prosecution’s investigation started on Dec.12. Despite the favorable business environment that includes low fuel prices, Korean Air’s shares declined 5 percent over the week, whi
Dec. 18, 2014
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Aekyung forays into hotel business
Aekyung Group, a midsize retailer and household goods manufacturer, on Thursday opened its Novotel Ambassador Suwon in Gyeonggi Province ― its first foray into the hospitality industry. The five-star hotel ― featuring 287 rooms, banquet halls, function rooms and restaurants ― is expected to become a landmark of Suwon, the capital and largest city of Gyeonggi Province, the company said. “The hotel is situated near Suwon train station and will be part of the ‘AK Town,’ along with nearby AK Plaza d
Dec. 18, 2014
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POSCO to open center for creative economy
POSCO, the nation’s top steelmaker, said Wednesday it would open a center for creative economy and innovation in Pohang, a major port city in North Gyeongsang Province, early next year. The steelmaker has sought to build a hub to help incubate start-ups at the home of its steel mill since President Park Geun-hye announced a three-year roadmap for economic growth last February. The administration said it would construct 17 nationwide centers for bolstering the creative economy and innovation by 2
Dec. 18, 2014
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Hyundai Motor’s China sales up 7.6 % in November
Hyundai Motor Co., South Korea’s largest carmaker, said Thursday that its auto sales in China grew 7.6 percent in November, driven by brisk demand for its Avante compact model.Hyundai Motor said that it sold a total of 99,045 vehicles in China last month, compared with 92,008 tallied during the same month a year earlier. This marked the third straight month of sales increase, though the growth rate slowed from the previous month’s 15.5 percent gain. The hike is attributable to more sales of Land
Dec. 18, 2014
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Cheil Industries roars in market debut
Cheil Industries Inc., the de facto holding firm of South Korea’s top conglomerate Samsung, more than doubled its initial public offering price on its first trading day Thursday after raising 1.5 trillion won ($1.35 billion), the country’s largest IPO in four years.Stocks of Cheil Industries closed at 113,000 won, up 7,000 won, or 6.6 percent, from its opening price of 106,000 won. The IPO price was 53,000 won, the top of its marketed range. The country’s key stock index, the KOSPI, shed 0.14 pe
Dec. 18, 2014
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Four public corporations fined 15.4b won for unfair trading
South Korea’s antitrust watchdog on Thursday slapped 15.4 billion won ($13.9 million) in fines on four public corporations and their affiliates for unfair trade practices.The Fair Trade Commission said Korea Electric Power Corp., Korea Expressway Corp., Korea Railroad Corp. and Korea Gas Corp. and their affiliates favored some companies over others in their business dealings, while at the same time forcing partner companies to undercut prices.“All corporations cited for unfair practices have bee
Dec. 18, 2014
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S-Oil awards firefighters
S-Oil, a leading refinery in Korea, conferred the 2014 Hero Firefighters Award to eight Korean firefighters on Wednesday to recognize their contribution and to help improve their working and living conditions. “Whenever I hear news of a fire, which breaks out more often in the cold winter, I feel deeply touched and have great gratitude for the firefighters and their amazing instinct to jump into the flames to rescue people and for devoting their energy into putting out fires,” said S-Oil CEO Nas
Dec. 18, 2014
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Uber, Seoul headed for collision course
(Yonhap)A rift between taxi hailing service operator Uber Technologies and the Seoul Metropolitan Government is expected to deepen on the city government’s decision to push ahead with an ordinance rewarding those alerting authorities of Uber cabs. The city government will send the bill for the ordinance to Seoul City Council for approval on Friday. On Thursday, the taxi hailing service operator issued a statement lambasting the situation. “We urge the Council to reject this ordinance on the
Dec. 18, 2014
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Ministry launches internal inspection on how it handled Korean Air's 'nut rage'
South Korea's transportation ministry launched an internal inspection Thursday into how it conducted its investigation into Korean Air's "nut rage," pressured by mounting criticism that it intended to acquit the airline and its troubled former vice president. "We will thoroughly review the entire proceedings of the investigation to see if there were any flaws," an official from the Ministry of Land, Infrastructure and Transport said, asking not to be identified. The chief purser of a Dec. 5 K
Dec. 18, 2014
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Cheil Industries doubles IPO price on market debut
Cheil Industries Inc., the de facto holding firm of South Korea's top conglomerate Samsung, doubled in price on its market debut on Thursday after raising 1.5 trillion won (US$1.35 billion), the country's largest initial public offering (IPO) in four years. Stocks of Cheil Industries were changing hands at 109,000 as of 11:16 a.m., up 2,500 won or 2.83 percent from its opening price of 106,000 won, compared with an IPO price of 53,000 won that came at the top of its marketed range. The country
Dec. 18, 2014
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Prosecutors seek arrest warrant against KOGAS chief
Prosecutors said Wednesday they have sought an arrest warrant against the chief of state-run Korea Gas Corp. on suspicion of bribery and breach of trust. Jang Seok-hyo, the chief executive officer of KOGAS, is suspected of embezzling billions of won (millions of U.S. dollars) from a tugboat company he headed between July 2011 and July 2013, prosecutors said. Jang allegedly had fake receipts issued for client entertainment expenses while serving as chief of the company. The KOGAS chief is a
Dec. 18, 2014
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Prosecution questions Korean Air’s Cho
Heather Cho, a former executive of Korean Air, appeared before prosecutors Wednesday to face questioning over charges that she may have violated aviation laws by causing a delay in a commercial flight.The daughter of the country’s No. 1 air carrier’s chairman Cho Yang-ho appeared at the Seoul Seobu District Prosecutors’ Office as a defendant. The summons came a week after prosecutors launched the investigation into the case when a civic group filed a complaint against her for violating aviation
Dec. 17, 2014
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Korea’s labor system needs change: KDI
The Korea Development Institute has called for more flexibility in Korea’s labor structure in terms of its wage system and working hours. “With unemployment and the working poor becoming serious social issues in Korea, companies should no longer stick to their old-fashioned labor system,” said KDI researcher Yoon Hee-sook at the state-run think tank’s seminar on labor market changes on Wednesday. Pointing to Korea’s rigid wage and promotion system, she noted that Korean companies have long favor
Dec. 17, 2014
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[Newsmaker] Lotte apologizes for worker’s death
Lotte, the constructor and operator of the 123 story-Lotte World in southwestern Seoul, on Wednesday expressed regret over the death of a construction worker at its site as well as the shutdown of the facility’s cinema and aquarium due possibly to shoddy construction. “We apologize to the citizens for the accidents that took place at Lotte World Mall including the death of a worker at the concert hall construction site. We will follow the Seoul Metropolitan Government’s guidelines and regulation
Dec. 17, 2014
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Samsung Techwin to sign deal to export howitzers to Poland
A South Korean defense company is to finalize a deal to sell its indigenous self-propelled howitzers to Poland, military officials said Wednesday. Under the $320 million deal, Samsung Techwin will export 120 of the K-9 self-propelled howitzers to Huta Stalowa Wola, the Polish public defense company, a military official said. The deal is scheduled to be signed later in the day, he added.“The large-scale deal is expected to revitalize the defense industry, which has been weighed down by a series o
Dec. 17, 2014
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Conglomerates still sitting on large cash piles
South Korean conglomerates are still sitting on large amounts of cash, wary of economic uncertainties and weak domestic demand, despite government pressure for them to spend more on wages, dividends and facilities, data showed Wednesday.The combined retained cash reserves of 83 listed firms affiliated with the country’s 10 largest business groups, excluding financial units, came to 537.8 trillion won ($496 billion) as of the end of September, up 5.7 percent from 508.7 trillion won at the end of
Dec. 17, 2014
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Hyosung Power & Industrial Systems undergoing audit
Hyosung Power & Industrial Systems Performance Group is undergoing a major audit in the aftermath of a series of corruption scandals, sources familiar with the matter said Wednesday.The Fair Trade Commission recently slapped fines on Hyosung, along with a handful of other local manufacturers, for colluding on the prices of parts they had been supplying to Korea Hydro and Nuclear Power Corp. for up to eight years. Hyosung Group’s head office in Mapo-gu, western Seoul. (Yonhap)Hyosung Group said
Dec. 17, 2014
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Hyundai’s Genesis named safest car of the year
The Genesis, a high-end passenger car by South Korea’s Hyundai Motor Co., has been named the safest car of the year in a vehicle safety test that evaluated 12 other cars including the Audi A6 and the Ford Explorer, the Transport Ministry said Wednesday.According to the Ministry of Land, Infrastructure and Transport, the Genesis scored 96.6 points out of a possible 100 in four crash tests that covered frontal and side-impact tests.The Sorento sport utility vehicle from Kia Motors Corp., an affili
Dec. 17, 2014
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Daum Kakao signs MOU to launch taxi service app next year
Daum Kakao board chairman Kim Beom-su. (Yonhap)South Korea’s leading free messenger service operator Daum Kakao said Wednesday it will launch a taxi service app by the first half of next year as it initiates a new platform of connecting online and offline businesses. Daum Kakao signed a memorandum of understanding with the Seoul Taxi Association and Korea Smart Card Co. for the service that would link customers with the closest cab through a mobile app. The taxi association has some 255 Seoul-ba
Dec. 17, 2014