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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Nexen Tire expands football marketing in Europe
Nexen Tire Corp., South Korea’s smallest tiremaker, said Tuesday it has stepped up football marketing in Europe as part of its strategy to raise brand equity and sales.The company, which recently inked a 1.2 trillion won ($1.17 billion) deal to build a tire production plant in the Czech Republic, said it has started advertising at football stadiums of nine professional teams belonging to Britain’s Premier League, Spain’s Primera Liga, Germany’s Bundesliga and Italy’s Serie A.It said LED ads with
Aug. 26, 2014
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DSME honored for Korea’s first drillship
Daewoo Shipbuilding & Marine Engineering received a plaque of appreciation for building South Korea’s first drilling rig, which has been used to help secure the nation’s energy sources over the last 30 years.Built in 1984, the drilling unit Doo Sung was acquired by the Korea National Oil Corp., which was aiming to stabilize Korea’s oil supply in the aftermath of an oil price shock that rattled the Korean economy in 1973. Ko Jae-ho (third from right), chief executive of Daewoo Shipbuilding & Mari
Aug. 26, 2014
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Hyundai E&C grows in emerging markets
Hyundai Engineering & Construction, South Korea’s largest builder, will expand further into emerging markets and diversify its business risk in the second half of this year, the company said in a statement outlining its annual goals. The builder aims to record $11 billion in overseas sales this year by moving beyond the overheated Middle East market and focusing on the booming construction markets in emerging countries. “Hyundai E&C will continuously place more emphasis on overseas projects. We
Aug. 25, 2014
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Caffe Bene opens Vietnamese outlet
Caffe Bene on Sunday opened its first Vietnam outlet on Dong Khoi Street in Ho Chi Minh City, company officials said Monday. The Korean coffee chain has plans to launch up to 300 outlets in Vietnam by 2018, starting with the first in Ho Chi Minh. By the end of this year, it plans to open at least three outlets in the Vietnamese capital of Hanoi. “We look forward to spreading South Korea’s coffee culture in Vietnam through thorough market research and analyzing customers’ taste,” Caffe Bene said
Aug. 25, 2014
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GS Home Shopping makes leap in mobile
GS Home Shopping, the operator of the nation’s No. 1 home shopping brand GS Shop, aims focus more resources into its soaring mobile business. About 20 percent of GS Shop customers shop using a mobile phone or tablet PC. Mobile sales began exceeding those based on PCs in May. In the first half of this year, the company logged 285.5 billion won ($279.9 million) in mobile sales. The figure is expected to reach some 800 billion won by the end of this year, almost triple the 278.9 billion won from la
Aug. 25, 2014
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Conglomerate hiring rate to remain flat in H2
In the second half of this year, leading business groups here are expected to hire roughly the same number of new employees as in the same period last year to help bolster the local job market, corporate observers said Monday.Also, instead of choosing people based on schools and accreditations, more companies were found looking for employees who best fit their needs for pursuing competitiveness and long-term growth.Samsung Group plans to hire up to 5,000 workers in the second half to hire a tota
Aug. 25, 2014
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SK E&C inks deal to build world’s largest oil sand plant in Canada
SK Engineering and Construction Co. said Monday it has won a $2.55 billion order to build the world’s largest oil sand plant in Canada.The agreement with Fort Hills Energy L.P. ― a partnership between Canadian oil companies Suncor and TECK and France’s Total ― calls for processing 180,000 barrels of bitumen from the Fort Hill region in Alberta.SK E&C, South Korea’s eighth-largest builder, said the plant is being built in a region that is estimated to hold some 3 billion barrels of bitumen, enoug
Aug. 25, 2014
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Most top 100 listed firms’ operating profits down in H1
More than half of the top 100 South Korean companies saw their operating profit decrease on-year in the first half of this year, with the global economic slowdown taking the heaviest toll on the shipbuilding and steel industries, data showed Monday. The combined sales of the top 100 listed companies, excluding financial firms, were tallied at 441.6 trillion won ($433.7 billion) in the first six months, down 0.9 percent from 445.8 trillion won a year earlier, according to the data compiled by mar
Aug. 25, 2014
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[SUPER RICH] Bigger dividends may spell bigger rewards for superrich
A number of conglomerate heads have been working for free. Samsung Group chairman Lee Kun-hee has not received wages since 2010, along with Hanwha chairman Kim Seung-youn, GS chairman Huh Chang-soo and SK chairman Chey Tae-won. But thanks to the jaw-dropping amount they get in dividends, these tycoons are able to live in luxury. Samsung’s Lee, for instance, bagged 68.8 billion won ($67.4 million) of dividends from his shares in Samsung Electronics in the fiscal year of 2013. Hyundai Motor Group
Aug. 25, 2014
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Conglomerates to hire roughly same number of employees in H2 as last year
South Korea's leading business groups plan to hire roughly the same number of new employees in the second half as last year, despite lingering economic uncertainties and sluggish domestic market conditions, corporate observers said Monday.Companies have been diversifying their recruitment system to pick employees best fit for their different needs in bolstering competitiveness and long-term growth.Samsung Group, the country's largest chaebol, or family-run conglomerate, plans to hire up to 5,000
Aug. 25, 2014
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Hyundai Oilbank posts H1 profit, others fall
Hyundai Oilbank was the only local petroleum refinery that posted a surplus in the first half of this year, thanks to the company’s efforts to diversify its sources of crude oil. “We’re focusing on diversifying sources of crude imports by analyzing oil samples from around the world to find cheaper oil products that better fit our refining equipment,” a Hyundai Oilbank official said. The nation’s smallest refiner reported 11.3 trillion won ($11 billion) in sales and 142 billion won of profit in t
Aug. 24, 2014
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Korea’s international air passenger traffic up 10.6%
South Korea’s international air passenger traffic grew more than 10 percent in July from a year earlier, thanks to increased flights and routes, the government said Sunday.The number of international air passengers to and from South Korea stood at 5.13 million last month, up 10.6 percent from the previous year, according to the Ministry of Land, Infrastructure and Transport.The number of passengers to and from China spiked 23.2 percent on-year in July, following the expansion of flights and rout
Aug. 24, 2014
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5 bidders join race for Dongbu HiTek stake
Five potential bidders joined the race to buy a controlling stake in Dongbu HiTek Co., a tech unit of cash-strapped local conglomerate Dongbu Group, industry sources said Sunday.The five prospective buyers are three private equity funds, local funds Hahn & Company and Askveritas and U.S. fund Bain Capital, and two foreign chip makers, China’s Semiconductor Manufacturing International Corp. and India’s HSMC, they said.Dongbu HiTek plans to sell its 37 percent stake that is expected to fetch up to
Aug. 24, 2014
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KEPCO to lay Korea-Japan undersea power grid
South Korea’s state-run utility giant Korea Electric Power Corp. is pushing ahead with an undersea power grid project between South Korea and Japan in an effort to export electricity to the neighboring country, according to a local media report on Friday. The project aims to connect South Korea’s second-largest metropolis of Busan via Tsushima (Daemado Island), a Japanese island situated between Korea and Japan, to Japan’s Kyushu Island, with a 200-kilometer undersea cable. A KEPCO official said
Aug. 22, 2014
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Seoul shares close higher ahead of Fed speech
South Korean stocks closed 0.61 percent higher Friday as investor sentiment was lifted by upbeat U.S. data ahead of a key U.S. Federal Reserve event, analysts said.The local currency gained ground against the U.S. greenback. The benchmark Korea Composite Stock Price Index rose 12.49 points to close at 2,056.70, a rebound from a 1.19 percent fall Thursday sparked by hints of an early rate hike in the United States. Trading volume was slim at 273 million shares worth 3.45 trillion won ($3.37 billi
Aug. 22, 2014
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KT ordered to pay data-leak victims
KT Corp., the nation’s second-largest mobile carrier, was ordered by a local district court Friday to pay 100,000 won ($97) in compensation to each customer who had personal data leaked in 2012. The Seoul Central District Court’s ruling came after some 28,000 KT users filed a lawsuit against the mobile carrier for the leak of sensitive personal information, demanding compensation of 500,000 won per person.Police earlier discovered that the personal information of 8.7 million users, including soc
Aug. 22, 2014
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Household income grows 2.8% in Q2
Monthly household income in South Korea grew 2.8 percent on-year during the second quarter, thanks in part to improving labor market conditions that resulted in more employment, a government report said Friday.The income of households consisting of two members or more averaged 4.15 million won ($4,060) per month during the April-June period, up from 4.04 million won a year earlier, according to the report by Statistics Korea. When adjusted for inflation, income grew 1.1 percent.The growth rate,
Aug. 22, 2014
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Hyundai, Kia's strike to cost 65 bln won: sources
Workers at South Korea's two top carmakers went on a partial strike Friday for the first time this year, with industry watchers saying it may cause up to 65 billion won (US$63.8 million) in combined losses.Unionists at Hyundai Motor Co. and its sister company Kia Motors Corp. were to participate in the walkout across the country, a day after their leaders failed to work out differences with management on whether to include regular bonuses as part of ordinary wages. The workers also plan to boyco
Aug. 22, 2014
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GS E&C delays Singapore hospital project
GS Engineering & Construction has pushed back the completion date of a hospital project worth 600 billion won ($586 million) in Singapore by several months, the company said on Thursday. The Ng Teng Fong Hospital project, commissioned by the Singaporean Ministry of Health, involves the construction of three hospital wards in the outskirts of Jurong. Completion was originally slated for September. Regarding the delay, Singapore’s Health Minister Gan Kim Yong said in a written statement that while
Aug. 21, 2014
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S-Oil donates learning aids to disabled youth
S-Oil, a leading refinery in Korea, said Thursday it held an event to donate customized learning aids to 90 disabled students from low-income families worth 100 million won ($97,000).The Saudi Aramco-invested oil refinery launched the campaign to help disabled children from less-privileged homes in 2010. “The program was designed to prevent these underprivileged youth from being deprived of learning opportunities due to their physical disabilities,” the company said in a press release.The event
Aug. 21, 2014