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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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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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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GE donates $2 million to university for joint research
From left to right: Inha University president Park Choon-bae; Hanjin Group chairman Cho Yang-ho; GE chairman and CEO Jeff Immelt; and Chris Drewer, general manager of Asia-Pacific sales for GE Aviation, pose at the partnership signing ceremony held at a Seoul hotel on Monday. (Hanjin Group)U.S. conglomerate General Electric donated $2 million to Inha University, owned by Hanjin Group, to build a new research and development center within the school, Korean officials said Wednesday.Tentatively na
Nov. 19, 2014
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Asian CSR conference kicks off in Vietnam
HO CHI MINH ― Some 80 experts on corporate social responsibility gathered in Vietnam on Wednesday to discuss the challenges and opportunities for CSR policies in Asia. “Against the backdrop of continuous economic growth in Asian countries, CSR has become one of the most important factors to be considered by Asian corporations,” said Paul Linnarz, regional representative for economic policy and resident representative for Japan of Konrad Adenauer Stiftung, an independent German political foundati
Nov. 19, 2014
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Samsung C&T to build new landmark skyscraper in Malaysia
Samsung C&T CEO Choi Chi-hun (fourth from right) poses for with Symphony Life executive chairman Tan Sri Azman Yahya (second from left) at the groundbreaking ceremony.Samsung C&T, the construction and trading arm of Samsung Group, said Wednesday that it has bagged a contract to construct Star Development in Kuala Lumpur, Malaysia, by Alpine Return Sdn Bhd, a joint venture between United Malayan Land Bhd and Symphony Life Bhd.The $310 million project will involve constructing three high-rise towe
Nov. 19, 2014
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IKEA sorry for East Sea blunder
Swedish furniture giant IKEA on Wednesday apologized over what it said was a poor choice of words in naming the eastern body of water of the Korean Peninsula. “We apologize for the naming of the East Sea on the world map (sold at IKEA stores),” IKEA Korea retail manager Andre Schmidtgall said during a press conference at the Seoul outlet in Gwangmyeong, Gyeonggi Province.“We’re in close contact with our product development team at the headquarters in Sweden to make modifications,” he said.In the
Nov. 19, 2014
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Hyundai Glovis takes over European vehicles logistics firm
Hyundai Glovis CEO Kim Kyung-bae (third from right) with Adam Byglewski, the founder of Adampol S.A (fourth from right), at a signing ceremony.Hyundai Glovis, the logistics arm of Hyundai Motor Group, said Wednesday that it took over Adampol S.A., one of the leading finished vehicles logistics companies in Poland.Adampol S.A., established in 1990, has been transporting 400,000 luxury brand vehicles such as BMW, GM and Toyota all across Europe for over two decades. It has shown a 15 percent annua
Nov. 19, 2014
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LS C&S launches world‘s first superconducting cable project
LS Cable & System, the nation’s largest power transmission cable-maker, said Wednesday that it has started the verification test of its superconducting direct current cable in the smart grid demonstration site, run by Korea Electric Power Corp. on Jejudo Island.The move came after it had completed the installation of an 80 kilovolt- superconducting DC cable in the grid within the KEPCO site last month. LS Cable & System CEO Koo Ja-eun“The company launched the pilot project for the superconductin
Nov. 19, 2014
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Kia to unveil U.S. version of all-new Sorento SUV at LA Auto Show
Kia Motors Corp. will unveil the U.S. version of its all-new Sorento SUV at the Los Angeles Auto Show, the company said Wednesday.The car that is already on sale in South Korea will be marketed as a “class above” its rivals by having a host of amenities, safety features and space, the automaker said.The third generation of the midsize crossover will also come with three gasoline engine choices for the North American market, compared to two diesels for its home market.Kia said customers can opt f
Nov. 19, 2014
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IKEA Korea apologizes for controversy over "Sea of Japan" map
IKEA Korea, the local unit of Swedish furniture giant IKEA, apologized on Wednesday for a controversial map on its website and one of its products that marked the water between South Korea and Japan only as "Sea of Japan.""I would like to take a moment to apologize for the issue we have created to name East Sea only... (as) Sea of Japan. We are aware of the seriousness and again apologize for it," retail manager Andre Schmidtgall said in a press conference."We are in close contact with our produ
Nov. 19, 2014
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Top court again suspends custody of CJ head
The nation's top court on Wednesday again accepted a request from the convicted chairman of food and entertainment conglomerate CJ Group to suspend his imprisonment for hospital treatment.The Supreme Court decided to suspend the confinement of Lee Jay-hyun, who was found guilty of various corruption charges, for the next four months, citing his poor health.But Lee's place of stay will be limited to Seoul National University Hospital until March 21, the court said. In an appeals court ruling in S
Nov. 19, 2014
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MSCI adds Samsung SDS to emerging market index
Global index provider MSCI has added Samsung SDS Co., a key IT unit of Samsung Group, and three other Korean stocks to its emerging market index in its latest quarterly review, which will take effect later this month, according to its website Wednesday.The U.S.-based provider of investment research and indices included Samsung SDS, which was listed on the Seoul bourse Friday, immediately becoming the nation's sixth-largest company by market capitalization. MSCI also added Daum Kakao Corp., CJ K
Nov. 19, 2014
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KDI discourages support for insolvent companies
The state-run Korea Development Institute on Tuesday called for a decrease in the financial support for insolvent companies as it could delay their restructuring and hamper their economic dynamism. The KDI said in its report that increasing support for so-called “zombie companies” ― insolvent companies relying on external financial support ― would have a negative impact on the economy as a whole. The existence of the companies would keep labor costs and interest rates high, thus having a negativ
Nov. 18, 2014
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Korean car parts fail to compete on price: poll
South Korean car parts are of high quality but suffer from weak price competitiveness, a poll showed Tuesday.The survey of 87 corporate buyers attending this year’s Automotive Aftermarket Product Expo (AAPEX) in the United States found that they gave locally made parts 4.6 points out of a possible 5 in quality, but numbers fell to 3.2 points in price and 2.7 in terms of payment. Locally made products also got 3.3 points in design.According to the survey by the state-run Korea Trade-Investment Pr
Nov. 18, 2014
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FTC chairman nominee known for expertise in fair competition
The nominee for the head of the country’s corporate watchdog is a career administrator known for his deep experience and knowledge in fair competition, experts said Tuesday.President Park Geun-hye earlier tapped Jeong Jae-chan as the head of the agency in charge of investigating price rigging and other activities deemed to hurt market competition.Jeong, 58, started his career in 1978 by passing a public servant examination and spent most of his time at the FTC. In the past decade, in particular,
Nov. 18, 2014
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Starbucks Wi-Fi requires tougher authentication for locals
South Korea-based Starbucks coffee shops require more complex authentication procedures for its Wi-Fi service powered by KT Corp. for local customers compared to foreigners, industry sources said Tuesday, raising a controversy over possible discrimination.Currently, local Starbucks shops require visitors to type in their name, email, mobile phone number and service providers in order to use free Wi-Fi on the Korean version of its Web page, whereas the English version only requires name and email
Nov. 18, 2014
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Hyundai Genesis wins U.S. Residual Value Award
Hyundai Motor’s Genesis sedan won the 2015 Residual Value Award issued by the Automotive Lease Guide for premium fullsize cars sold in the United States, the nation’s largest carmaker said on Tuesday.The company said the award was a recognition that the Hyundai brand is making a name for itself in the premium segment of one of the world’s largest automobile markets. The award put the Genesis sedan ahead of its foreign rivals such as the Volvo XC70, Lexus GS, Audi A6 and BMZ 5 series cars.The ALG
Nov. 18, 2014
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KEPCO KDN’s ex-chief booked for allegedly lobbying lawmakers
A former chief of a subsidiary of state-run power company Korea Electric Power Corp. has been booked on suspicion of providing illegal political funds to four lawmakers in return for business favors, police said Tuesday. The former chairman of KEPCO Knowledge, Data & Network Co., only identified by his surname Kim, allegedly ordered 568 employees to provide funds to the lawmakers in exchange for helping reject a bill unfavorable to the company, the National Police Agency said. The incumbent legi
Nov. 18, 2014
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Korea needs facility for spent nuclear fuel by 2045
South Korea should start building a new facility to permanently dispose of its spent nuclear fuel by at least 2045, along with interim facilities that can hold such highly radioactive waste until then, a public debate commission said Tuesday.“Considering our circumstances, the commission believes the country needs to start operating a repository for permanent disposal of spent nuclear fuel by 2055,” Hong Doo-seung, head of the Public Engagement Commission on Spent Nuclear Fuel Management (PECOS)
Nov. 18, 2014
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Pungnap offers affordable English camp experience
Pungnap Camp, an English language camp in Songpa-gu, Seoul, is open to elementary and middle school students during the upcoming winter vacation, camp organizers said Tuesday. They stressed that the best part of the camp is that unlike some of the English language camps that demand sky-high prices, students would be able to take part in high-quality programs lasting up to three weeks at affordable prices of around 1 million won ($900).The programs, the organizers said, were created to not only h
Nov. 18, 2014
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S. Korean car parts suffer from weak price competitiveness: poll
South Korean car parts are of high quality but suffer from weak price competitiveness, a poll showed Tuesday.The survey of 87 corporate buyers attending this year’s Automotive Aftermarket Product Expo (AAPEX) in the United States found that they gave locally made parts 4.6 points out of a possible 5 in quality, but numbers fell to 3.2 points in price and 2.7 in terms of payment. Locally made products also got 3.3 points in design.According to the survey by the state-run Korea Trade-Investment Pr
Nov. 18, 2014
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S. Korea should build facility for spent nuclear fuel by 2045: commission
South Korea should start building a new facility to permanently dispose of its spent nuclear fuel by at least 2045, along with interim facilities that can hold such highly radioactive waste until then, a public debate commission said Tuesday."Considering our circumstances, the commission believes the country needs to start operating a repository for permanent disposal of spent nuclear fuel by 2055," Hong Doo-seung, head of the Public Engagement Commission on Spent Nuclear Fuel Management (PECOS)
Nov. 18, 2014