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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S. Korea, Singapore seal supply chain agreement
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20 minors registered as CEOs making over 100 million won
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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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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S. Korea's industrial output shrinks in Oct.
South Korea's industrial output shrank in October from a month earlier, affected by sluggish activities in the manufacturing sector, a government report showed Friday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries dropped 1.6 percent last month from a month earlier. Compared with a year earlier, it fell 3.2 percent.Production in the service sector, however, inched up 0.8 percent on-month and expanded 2.6 percent from a year ea
Nov. 28, 2014
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Local consumers await Black Friday
Kim Yoo-jin, a high school teacher, has been eagerly waiting for America’s Thanksgiving holiday, definitely not to eat turkey but to shop online on Black Friday, the day following America’s biggest national holiday. Most major American retailers offer big discounts to kick off the holiday shopping season on that day. Kim has been expecting to buy some electronic devices as high-end gadgets are 50 percent cheaper than those in the local market on the big sales day. Sam’s Club, a retail company ow
Nov. 27, 2014
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Watchdog seeks criminal charges against handset subsidy violations
South Korea’s communications watchdog said Thursday it will seek criminal charges against local mobile carriers for violating the new handset subsidy payment law that caused problems for buyers of Apple’s new iPhone 6. The Korea Communications Commission said after a meeting that it is also considering referring the executives of the three mobile carriers to the prosecution to hold them responsible for the illegal subsidies. The move comes weeks after the KCC warned in early November that there
Nov. 27, 2014
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Car output to reach 4.51 million units in 2015
Vehicle output in South Korea is expected to rise slightly to 4.51 million units in 2015 from this year, thanks to growing demand, a report by a state-run industrial think tank showed Thursday.According to the Korea Institute for Industrial Economics and Trade, next year’s numbers represent a 0.5 percent gain from the 4.49 million cars that are expected to be produced in the country this year.Domestic sales of automobiles should increase 1.7 percent on-year to a little over 1.66 million units ne
Nov. 27, 2014
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Korea logs current account surplus for 32nd month
South Korea posted a current account surplus for the 32nd straight month in October on a rise in exports and a fall in dividend payments overseas, data showed Thursday.The current account surplus reached $9.01 billion last month, compared with a revised $7.41 billion in September, according to the preliminary data by the Bank of Korea. The current account is the broadest measure of cross-border trade.With the October data, the country’s accumulated current account surplus during the January-Octo
Nov. 27, 2014
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Investment advisory firms’ net soars in fiscal H1
Korea’s investment advisory companies saw their earnings soar 173 percent in the first half of fiscal 2014 from a year earlier due to a rise in returns from equity investments, the financial watchdog said Thursday.The combined net profit of 166 local and foreign investment advisers reached 51.6 billion won ($46.5 million) between April and September, compared with 18.9 billion won in the same period last year, according to the Financial Supervisory Service.The firms close their books on March 31
Nov. 27, 2014
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Internet of Things to affect Thanksgiving holiday shopping
Kang Hak-dongThe number of smart devices in your home, on your body and around your office is increasing every day. By 2020, there could be as many as 30 billion devices hooked up to the so-called Internet of Things, or IoT.Presumably, this massive network of gadgets, household appliances and even jewelry, will know a lot about your life. A wristband for your smartphone, for example, might take your vital statistics, which would be transmitted to your doctor in nearly real-time. If your blood pr
Nov. 27, 2014
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Hyundai Heavy workers go on first strike in two decades
Unionized workers at Hyundai Heavy Industries, the nation’s top shipbuilder, staged a partial strike on Thursday for the first time in 20 years over an annual pay dispute with the management. The negotiations between the two sides have been deadlocked since May despite more than 50 rounds of talks to reach an agreement on pay and incentives for 2015. Unionized workers gathered at the company’s headquarters located in the southeastern port city of Ulsan and went on a strike for four hours from 1
Nov. 27, 2014
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Copper magnate Koo dies of cancer
The LS-Nikko Copper chairman Koo Cha-myung, dubbed “copper man” in Korea, has died of a chronic illness, the company announced on Thursday.The 62-year-old chairman, the third son of the LS Group founder Koo Tai-hwoi, helped LS-Nikko Copper make a quantum leap in the global copper industry.The nonferrous metal company LS-Nikko Copper is known for its exclusive, top-class technology for extracting gold from copper.Since the late Koo became CEO of the company in 2005, he was credited with various a
Nov. 27, 2014
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Hyundai Heavy goes on partial strike on pay dispute
Unionized workers at Hyundai Heavy Industries Co., the world's largest shipbuilder, went on a partial strike Thursday after pay raise negotiations failed, company officials said. The 18,000-member union staged a four-hour walkout from 1 p.m., its first strike in 20 years, while the negotiations with management have yet to reach a breakthrough. Company officials claimed only about 3,000 members, or 17 percent, of the union participated in the walkout. The union and management have held 52 rou
Nov. 27, 2014
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Park calls on entrepreneurs to build creative economy
President Park Geun-hye urged entrepreneurs from all walks of life Thursday to develop their creative ideas into money-making businesses, saying the government will do all it can to provide them with the necessary support. Park made the remarks during the opening ceremony of Creative Korea 2014, a government-led fair aimed at promoting entrepreneurship across different industries, including science and technology, IT, culture and agriculture. The fair was inaugurated last year as part of the
Nov. 27, 2014
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Shipments in manufacturing, mining down last year
The number of companies in South Korea grew last year but their combined shipments shrank, apparently affected by sluggish market conditions, government data showed Thursday. The number of companies employing 10 workers or more in the manufacturing and mining areas came to 65,759 as of end-2013, up2.4 percent or 1,524 from a year earlier, according to the data by Statistics Korea. Their combined employment also rose 2.9 percent on-year to 2.84 million. Their combined shipments, however, inc
Nov. 27, 2014
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S. Korean companies pessimistic about biz conditions for Dec.
South Korea's big companies are pessimistic about business conditions in December due to the sluggish pace of recovery at home and economic uncertainties abroad, a poll showed Thursday. According to the survey by the Federation of Korean Industries (FKI) of the country's top 600 companies by sales, the business survey index (BSI) for next month stood at 94.0. This is a slight improvement from 93.6 for November but still below the break-even 100 mark. A BSI reading below 100 means pessimists
Nov. 27, 2014
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S. Korea's car output expected to reach 4.51 mln units in 2015: report
Vehicle output in South Korea is expected to rise slightly to 4.51 million units in 2015 from this year, thanks to growing demand, a report by the state-run industrial think tank showed Thursday. According to the Korea Institute for Industrial Economics and Trade (KIET), next year's numbers represent a 0.5 percent gain from 4.49 million cars that are expected to be produced in the country this year. Domestic sales of automobiles should increase 1.7 percent on-year to a little over 1.66 milli
Nov. 27, 2014
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Investment advisory firms' net soars in fiscal H1
South Korea's investment advisory companies saw their earnings soar 173 percent in the first half of fiscal 2014 from a year earlier due to a rise in returns from equity investments, the financial watchdog said Thursday. The combined net profit of 166 local and foreign investment advisers reached 51.6 billion won (US$46.5 million) between April and September, compared with 18.9 billion won in the same period last year, according to the Financial Supervisory Service (FSS).The firms close their
Nov. 27, 2014
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1.5 bln won double-charged at Hyundai Card
More than 1,000 Hyundai Card customers were affected by a financial transaction error that double-charged them more than 1.5 billion won (US$1.4 million), sources said Wednesday. A total of 1,364 customers were billed twice due to the transaction error that occurred due to an internal system glitch, according to the sources. Hyundai Card acknowledged the transaction error and said it had immediately deposited the respective amount into accounts that had been charged twice. The Financial Sup
Nov. 27, 2014
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[Design Forum] ‘Sustainable design for the next generation’
How can designers design products or services that not only look beautiful, but deliver added value that can change the world?British product designer Matthew Cockerill finds the answer in designing products “with the end in mind.”“Designers make a product and sell the product but it’s usually somebody else’s job to recycle that. That causes the problem,” Cockerill said on Wednesday at a Herald Design Forum session on responsible design for sustainability.Cockerill, associate design director at
Nov. 26, 2014
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AmorePacific chairman named Seoul chamber vice chairman
AmorePacific Group chairman Suh Kyung-bae has been appointed vice chairman of the Seoul Chamber of Commerce and Industry, the chamber said on Wednesday.“With the appointment, we expect him to show leadership in strengthening the competitive edge of the Korean economy and industry,” the SCCI said in a press release.Some 90 board members reached a unanimous decision, naming Suh the new vice chairman at a meeting held in Seoul. Suh Kyung-bae“Suh will be a great help to domestic business circles fo
Nov. 26, 2014
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LSIS included in world’s top 100 innovative firms list
LSIS CEO Koo Ja-kyun (left) poses with Tony Kinnear, managing director of ASEAN and North Asia at Thomson Reuters, at an awards ceremony at LS Tower in Anyang, Gyeonggi Province.Korea’s leading cable company LS Industrial Systems said Wednesday that it was listed among the world’s 100 most innovative companies for a fourth consecutive year by Thomson Reuters, a global financial news and information provider.“We are honored to have received this award for the fourth time as an acknowledgement of
Nov. 26, 2014
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POSCO Engineering wins order for precious metals extraction plant
POSCO Engineering said Wednesday it has won a $30 million contract to build a precious metals extraction plant in Chile, the first export order of its kind secured by a South Korean builder.The deal was obtained from Planta Recuperadora de Metales SpA., a joint company set up between South Korea’s LS-Nikko Copper Inc. and the world’s leading copper manufacturer CODELCO of Chile.LS-Nikko owns a 66 percent stake in the venture, with 34 percent being held by its Chilean partner.The factory will be
Nov. 26, 2014