Most Popular
-
1
Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
-
2
'Culinary Class Wars' producers deny trying to spice up results
-
3
Ex-president's daughter investigated for drunk driving accident
-
4
Seoulites celebrate coexistence at Wellness Seoul 2024
-
5
Netflix, streaming platforms come under fire for loose ratings
-
6
S. Korea, Singapore seal supply chain agreement
-
7
North Korean troops killed, wounded in Ukraine war: Seoul defense minister
-
8
20 minors registered as CEOs making over 100 million won
-
9
Yoon honors veterans of Korean War in trip to Philippines
-
10
K-pop CEOs sidestep key issues at National Assembly audit
-
[SUPER RICH] Daegu tends grave of SoftBank founder’s kin
Gang Dae-sik, head of the Dong-gu District Office in Daegu, on Aug. 31 made a special but familiar trip to nearby Mount Palgongsan. It was the week before Chuseok, or Korean Thanksgiving, a time when Koreans visit the old tombs of their ancestors to pull out the weeds and trim the grass. But the person buried in the tomb Gang and his colleagues tended to was neither a relative nor an acquaintance. The tomb belongs to a member of the Son family, who came from a small village nearby. About 15 peop
Sept. 15, 2014
-
Hyundai Heavy names new CEO
Hyundai Heavy Industries named on Monday Kwon Oh-gap, the chief executive of local oil refiner Hyundai Oilbank, as its new CEO amid lackluster earnings and labor disputes. “The appointment reflects our will to overcome the crisis the company is facing and to make a new leap,” the company said in a statement. The company’s decision came after it posted the worst performance in its history ― an operating loss of 1.1 trillion won ($1 billion) in the second quarter of this year.Hyundai Heavy Industr
Sept. 15, 2014
-
Macoll Consulting Group launches Jeju consulting
Macoll Consulting Group said on Monday that it had opened its Jeju branch in Nohyeong-dong, Jeju City. It will be providing a specialized communication consulting service in the Jeju Free International City.Macoll Consulting’s Jeju branch is now capable of providing prompt and locally optimized service for the Jeju Special Self-Governing Province, relevant government authorities, and domestic and foreign companies.It will service those currently running a business or planning to extend their bus
Sept. 15, 2014
-
Korean firms deliver low returns to investors: data
Major South Korean companies have remained stingy about paying dividends over the past few years, while smaller firms have delivered a relatively high percentage of returns to their shareholders in the form of dividends, data showed Monday.According to Chaebul.com, which tracks the nation’s big business groups, a total of 25 companies had a dividend yield ratio of over 5 percent in the 2011-2013 period, a mere 1.4 percent of the 1,785 companies listed on South Korea’s stock market. In the cited
Sept. 15, 2014
-
Samsung to host first open-source conference
South Korean tech giant Samsung Electronics Co. said Monday it will hold a two-day conference on open-source to allow developers to share ideas on the new industrial trend.The Samsung Open Source Conference (SOSCON), which kicks off Tuesday, aims to cover various themes, such as the Internet of Things, cloud computing, and big data, and other sectors in relation to open-source. U.S.-based Intel Corp. and the Linux Foundation are also sponsors of the event.Open-source refers to programs whose sou
Sept. 15, 2014
-
Samsung files vandalism complaint against LG exec
Samsung Electronics said Sunday it has asked the prosecution to investigate senior officials of its home rival, LG Electronics, on suspicion of intentionally damaging its products at a shopping mall in Germany.Samsung’s petition names Jo Seong-jin, head of LG’s home appliance division, and a number of other senior company officials, accusing them of vandalizing its laundry machines on display.The incident occurred earlier this month in Berlin just ahead of the Internationale Funkausstellung trad
Sept. 14, 2014
-
Apple Pay could struggle in Korea
Apple’s ambitious mobile payment service Apple Pay may need some time to see any success in the growing local mobile payment market due to iPhone’s low penetration rate, the difficulty of building partnership with local firms and security issues. Meanwhile, Kakao, which recently launched its new Kakao Pay is expected to reign for the time being, according to market watchers. Last Tuesday, Apple unveiled Apple Pay, which lets iPhone 6 users pay in stores by holding their phones up to checkout rea
Sept. 14, 2014
-
Industrial complexes crucial to growth
Some 2 million people working at the nation’s roughly 1,000 industrial complexes will be in a festive mood this week as Korea celebrates the new “Week of Industrial Complexes” from Monday. “The weeklong event has been launched to celebrate the 50th anniversary of the nation’s first industrial complex (the Guro Industrial Complex in Seoul) and discuss the future of the backbone of the nation’s economic development,” said a Korea Industrial Complex Corp. official. The KICOX, an affiliate of the Mi
Sept. 14, 2014
-
Korean firms’ overseas earnings top W19.5tr in 2013
South Korean firms earned 19.5 trillion won ($18.8 billion) from overseas business activities in 2013, up twofold from five years earlier, a report submitted to parliament by the National Tax Service showed Sunday.According to Rep. Park Won-suk’s office, overseas earnings by local businesses have risen steadily in recent years, especially among the country’s larger companies.Corporate foreign earnings stood at 8.76 trillion won in 2008, but they rose to 12.42 trillion won in 2010 and topped 18.0
Sept. 14, 2014
-
Samsung may see another earnings shock in Q3
Samsung Electronics Co., the world’s largest mobile phone manufacturer, is expected to suffer another earnings shock in the third quarter, mainly due to weak demand for its new products and stiff competition from rivals.Local brokerages initially forecast operating profits for the July-September period to be in the 6 trillion won ($5.8 billion) range, but some like IBK Securities Co. marked down their assessment to around 5 trillion won with a corresponding dip in sales after the five-day Chuseo
Sept. 14, 2014
-
POSCO E&C wins $1.14 bln Nigeria power plant order
POSCO Engineering and Construction Co. (POSCO E&C), South Korea's third-largest builder, said Sunday it has secured a US$1.14 billion order to build a thermal power plant in Nigeria.The comprehensive engineering, procurement and construction deal includes a 2,500 megawatt gas-fired power plant that marks the first project won by POSCO E&C in Africa.The Ebonyi Independent Power Plant will be located some 300 kilometers south of the capital Abuja, with the builder expecting the work to be complete
Sept. 14, 2014
-
Homeplus enters insurance
Large supermarket chain Homeplus on Friday said it will start selling insurance policies next year, becoming the first discount store to make inroads into the finance market. The nation’s second-largest chain store, owned by the U.K.’s Tesco, established a subsidiary, Homeplus Financial Services, last month, which will sell insurance policies of financial firms on a consignment basis. The new firm will overlook the entire process, from promotion to consulting, sales and aftersales.Homeplus has b
Sept. 12, 2014
-
Court commutes jail term of CJ chairman
A Seoul appeals court, partly overturning a lower court‘s ruling, on Friday handed down a reduced jail sentence of three years to the chairman of food and entertainment conglomerate CJ Group, who is charged with embezzlement and tax evasion.The Seoul High Court, however, did not immediately lock up Lee Jay-hyun, citing his poor health. Lee was earlier temporarily released from jail for hospital treatment.In a lower court ruling earlier this year, the 54-year-old tycoon had been sentenced to four
Sept. 12, 2014
-
Government considers Jeju airport expansion
The government said Friday that it will soon launch a feasibility study on the expansion of Jeju International Airport amid a fast-growing number of visitors to the southern resort island of Jejudo.The move follows a recent study, published earlier in the day, that suggested the number of air passengers to and from Jeju will more than double from some 20 million in 2013 to over 44 million in 2030, according to the Ministry of Land, Infrastructure and Transport.The airport, including its runway,
Sept. 12, 2014
-
Samsung Engineering wins $80m plant order in Mexico
Samsung Engineering said Friday that it has secured an $80 million order to design plants for a major Mexican oil refiner, thanks to its proven track record in large construction projects.The South Korean industrial plant builder said it plans to complete the order placed by Mexico’s state-run oil refiner, Petroleos Mexicanos, by September 2015.The Mexican refiner is pushing to build a refinery with a daily production capacity of 38,000 tons of ultralow sulfur diesel in the Salamanca region, loc
Sept. 12, 2014
-
Samsung Engineering wins US$80 mln order from Mexican refiner
Samsung Engineering Co. said Friday that it has secured a US$80 million order to design plants for a major Mexican oil refiner, thanks to its proven track record in large construction projects.The South Korean industrial plant builder said it plans to complete the order placed by Mexico's state-run oil refiner, Petroleos Mexicanos (PEMEX), by September 2015. The Mexican refiner is pushing to build a refinery with a daily production capacity of 38,000 tons of ultra low sulphur diesel in the Salam
Sept. 12, 2014
-
[Graphic News] Cigarette prices to rise in Korea
The Ministry of Health and Welfare said Thursday it planned to raise prices by 2,000 won ($1.90) from January. South Korea’s tax ratio on cigarette prices is below the World Health Organization’s recommendation of 70 percent.Taxes make up about 62 percent of the price of a pack of cigarettes. The rest is comprised of retail margin and production costs (39 percent), an excise tax on tobacco (25.6 percent), funds for national health promotion (14.2 percent), local education tax (12.8 percent), val
Sept. 11, 2014
-
Samsung, YG unveil fashion collaboration
Cheil Industries, the fashion unit of Samsung Group, on Thursday unveiled the fashion collaboration brand NONAGON with K-pop agency YG Entertainment. Through Natural Nine, a joint venture of the two companies, a line of bomber jackets, sweatshirts, minidresses and caps using denim and leather heavily inspired by key YG entertainers Taeyang of boy band Big Bang and CL of 2NE1 was presented to the public. The brand will portray the dynamics of Korean street culture such as music and dance, said Ya
Sept. 11, 2014
-
Korea’s ICT exports shrink in August
South Korea’s exports of information-communication technology products dropped from a year earlier last month partly on a decrease in shipments to China, the government said Thursday.Outbound shipments of ICT products came to $14.19 billion in August, down 2.1 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.Imports increased 5.9 percent on-year to $6.73 billion, causing the country’s trade surplus in the sector to shrink to $7.46 billion from $8.13
Sept. 11, 2014
-
Profitability of Korean builders falls in Q2
The number of South Korean builders reporting operating losses in the second quarter rose compared to the previous three-month period, raising concerns that the construction industry as a whole may face tough times in 2014, industry-wide data showed Thursday.According to consulting agency Korea Ratings, the earnings before interest and taxes, or EBIT, of 21 local builders that had an investment-grade status better than BBB dropped 56 percent vis-a-vis the first quarter. This is in contrast to th
Sept. 11, 2014