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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[SUPER RICH] Korea’s stock billionaires
In the 21st century, what makes rich people rich is how many shares they own in a company. The power of stocks, which is the combination of corporations ― called the greatest invention of capitalism ― and compound interest ― the strongest energy in the universe, according to Einstein ― gets stronger every day as the world economy advances. In other words, having a business and a source of compound interest is one of the best and fastest ways to become a billionaire. For instance, Bill Gates, a y
Sept. 22, 2014
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[SUPER RICH] Samsung heiress enjoys success with fashion venture
Lee Seo-hyun, president of Cheil Industries’ fashion division, clearly has a knack for making money through fashion. The 41-year-old younger daughter of Samsung Group chairman Lee Kun-hee has recently added fashion brand NONAGON to her success list. Targeting teens and those in their early 20s who are attracted to street fashion, all NONAGON products sold out within three days of its official launch, the company said on Sept. 15. Cheil Industries’ fashion division president Lee Seo-hyun. (Korea
Sept. 22, 2014
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Korean firms seek to tap Canada’s distribution market
South Korean companies are seeking to make inroads into Canada’s vast distribution market in step with the free trade pact with Canada, industry sources said Monday. To that end, a two-day joint road show for the export and retail markets will be held in Toronto from Tuesday to help link South Korean companies and merchandisers with large retail and wholesale businesses in Canada and the United States, they said. The event involving some 30 South Korean small and medium enterprises is being orga
Sept. 22, 2014
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POSCO Energy launches Pospower
POSCO Energy, a unit of POSCO, said Monday that it has entered the coal-fired power generation business by launching Pospower. The nation’s largest independent power company had previously focused on gas-fired thermal power. Pospower, formerly Tong Yang Power, which POSCO Energy acquired last June for 431.1 billion won ($421.8 million), has a business license to build and operate two 1-million-kilowatt capacity coal-fired thermal power plants in Samcheok, Gangwon Province, by 2021. Under the ren
Sept. 22, 2014
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Microsoft to ink deal on Busan data center
Global tech giant Microsoft Corp. is expected to ink a deal for establishing a data center in Busan, the nation’s biggest port city, when its chief executive Satya Nadella visits Korea on Tuesday.During his stay in Korea, Nadella will meet with top government officials including Trade, Industry and Energy Minister Yoon Sang-jick to discuss how the two sides would cooperate on investment plans in Korea, according to government and industry sources. The presidential office of Cheong Wa Dae earlier
Sept. 22, 2014
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Asiana seeks to revive tourism with Japan
Asiana Airlines CEO Kim Soo-cheon (right) poses with Rep. Takei Shunsukei of Japan’s Liberal Democratic Party. (Asiana Airlines)Asiana Airlines CEO Kim Soo-cheon discussed ways to revitalize tourism between Korea and Japan with visiting Rep. Takei Shunsukei of Japan’s Liberal Democratic Party at the company’s headquarters in Seoul on Monday, the company said in a press release. “As both countries are planning exchange programs a year ahead of the 50th anniversary to mark the normalization of rel
Sept. 22, 2014
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Seoul urges local firms in Iraq to ensure staff safety
South Korea on Monday called on local companies operating in Iraq to make utmost efforts to ensure the safety of their staff amid growing security threats from Islamic State militants there.About 80 Korean companies, including subcontractors, are doing business in Iraq with about 1,100 South Koreans staying in the Middle Eastern country. Concerns over the safety of foreigners are running high after IS' killing of several hostages from overseas."South Korean companies in Iraq should ensure the sa
Sept. 22, 2014
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Samsung clan’s stock assets to top W18tr
Samsung Group’s head Lee Kun-hee and his family are expected to see the value of their shareholdings in the conglomerate break the 18 trillion won ($17 billion) mark with an upcoming initial public offering.The country’s biggest conglomerate is preparing to list its IT services affiliate Samsung SDS on the main stock index in November, a move that market watchers assume is closely linked to its management succession plan.The Lee family’s holdings reached 18.15 trillion won as of Friday on the K-
Sept. 21, 2014
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Korea’s handbag imports rise threefold in 5 years
South Korea’s imports of handbags have been trending higher over the past five years as demand for luxury products remains strong despite a prolonged economic slump, data showed Sunday.Handbag imports amounted to $587.68 million last year, tripling from $193.85 million in 2009, according to the data by the Korea Customs Service. It marks the fifth straight year of increase.The data showed that the trend is likely to continue, with imports in the January-August period this year totaling $424.08 m
Sept. 21, 2014
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Hyundai Motor invited to anticancer event for 4th year
Hyundai Motor, South Korea’s largest automaker, took part in a U.S. congressional event aimed at tackling childhood cancer for the fourth consecutive year Friday as an official partner for the bipartisan initiative.The Child Cancer Caucus, involving 78 members of the House of Representatives, held the annual gathering at the Cannon House Office Building in an effort to raise awareness of pediatric cancer and finance the development of medicine and treatment.Hyundai was the only private company i
Sept. 21, 2014
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Korea promotes rural development model
Korea Rural Community Corp., an affiliate of the Ministry of Agriculture, Food and Rural Affairs, is expanding international exchanges in an effort to export the nation’s rural development model. “As a model country for achieving self-sufficiency in staple grains within a century, we hope to share our expertise and knowledge in development of the agricultural sector with other developing nations,” said KRC president Lee Sang-mu. His remark on Tuesday came during a seminar held on the sidelines o
Sept. 19, 2014
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Price gap between preferred, common stocks hits 10-year low
The average price gap between common and preferred stocks of major South Korean companies dipped to its lowest in a decade as investors and funds bought up equities tied to better dividends, data showed Friday. Preferred stocks are generally traded at cheaper prices than common stocks because they offer no voting rights and have low turnover rates. But after the new economic team began pressing conglomerates to pay higher dividends, investors turned to these cheaper stocks, which are given prior
Sept. 19, 2014
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Credit agencies downgrade shipbuilders’ ratings
Korea Ratings, a leading local credit appraiser, said Friday that it has downgraded its credit ratings for local shipbuilders like Hyundai Heavy Industries, but has retained a stable outlook. The ratings agency lowered its long-term credit rating for Hyundai Heavy Industries, the world’s largest shipbuilder, by one notch from its second-highest investment grade of AA+ to AA, with a stable outlook.A huge net loss and a downtrend in profits and cash flow were the main reasons for the downgrade, it
Sept. 19, 2014
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Korea, Turkey sign FTA in service, investment
South Korea and Turkey initialed a free trade agreement for their investment and service sectors Thursday, which will complement a trade pact that went into effect last year.The new South Korea-Turkey FTA on service and investment will soon undergo reviews by each side, according to the Ministry of Trade, Industry and Energy.“The two countries have agreed to officially sign the agreement in early 2015, and they plan to work for its implementation by undertaking domestic procedures that include r
Sept. 19, 2014
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Will Hyundai chief hit the jackpot again?
Hyundai Motor Group chairman Chung Mong-koo raised eyebrows among stock market investors and analysts on Thursday when a Hyundai Motor-led consortium won its bid for Korean Electric Power Corp.’s office property in the lucrative Gangnam district of Seoul, offering 10.5 trillion won ($10 billion), about three times what KEPCO had initially expected. According to multiple sources, behind the big bet was the chairman’s strong will to win the deal. One of the sources said Chung orchestrated the 10.5
Sept. 19, 2014
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Hyundai Motor justifies KEPCO land purchase amid stock dive
While investors and markets were still digesting the whats and whys of Hyundai Motor Group's purchase of land for more than three times the assessed value, the global automotive giant argued Friday its decision was a calculated one to fuel growth, dismissing market concerns that the conglomerate may have confused its priorities and undermined its long-term global competitiveness.Hyundai Motor, the world's fifth-largest automotive group in terms of sales, submitted a winning bid of 10.55 trillion
Sept. 19, 2014
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Hyundai Motor lands Gangnam KEPCO site
Hyundai Motor, South Korea’s largest automaker, has won the bid for Korea Electric Power Corp.’s office property in the affluent Gangnam district of Seoul, the state-run power distributor said.KEPCO said Hyundai Motor’s consortium offered the highest bid of 10.5 trillion won ($10 billion) for its 80,000-square-meter site, beating rival bidder Samsung Electronics. The consortium consisted of Hyundai Motor’s affiliates Kia Motors and Hyundai Mobis.Hyundai Motor welcomed the announcement, saying th
Sept. 18, 2014
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[Newsmaker] Kakao to launch news services
Kakao Corp., South Korea’s biggest mobile messenger service provider, said Thursday it plans to start its own local news services later this year, issuing a challenge to Naver Corp., which dominates online media content.To that end, Kakao has been expanding ties with news providers to distribute their content through its new platform, and will kick off a test-run version of the application next week, the company said. It aims to start a full-fledged service by the end of the year.“The app will b
Sept. 18, 2014
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SPC launches high-end coffee shop
SPC Group, best known for its Paris Baguette bakery franchise, has opened its premium coffee shop, Coffee@Works, in Gwanghwamun, downtown Seoul.It opened two months after a satellite branch in SPC Square in southern Seoul in July. SPC, which already has the street cafe brand Pascucci, said Coffee@Works would focus on high-end coffee beans, picked from the top 7 percent quality in the world. The cafe will also work as the center point for research and development in coffee beans and other premium
Sept. 18, 2014
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Russia looks into adopting LSIS smart grid technology for urban development
United Energy Co., a Russian power equipment provider, visited LS Industrial Systems to review power solutions including smart grids for Moscow’s urban development. Andrey Vladimirovich, the chief executive of UNECO, visited LSIS headquarters and plants in Cheongju, North Chungcheong Province, with senior executives on Sept. 15. UNECO, which was selected as the power infrastructure operator for the New Moscow Project, plans to redevelop the outdated power grids in Moscow and to adopt smart grid
Sept. 18, 2014