Most Popular
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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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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KB’s LIG takeover bid faces hurdles
Speculation is rife that KB Financial Group’s attempt to buy LIG Insurance may fail as the banking group’s top executive may face severe sanctions from financial authorities.KB Financial Group is scheduled to submit the application to financial authorities this week to take over the country’s fourth-largest nonlife insurer, according to market watchers. The banking group promised to apply within 45 days of signing a deal with LIG Insurance on June 27. The deadline is Aug. 11. KB Financial Group
Aug. 3, 2014
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SK Innovation digs into U.S. shale gas exploration
SK Innovation, a holding company that includes SK Group’s energy businesses, said Sunday it would step up its entry into unconventional oil exploration in line with a paradigm shift in the global energy industry. “The shale gas boom in the U.S. has had a ripple effect in the global energy scene. The company is considering transforming SK E&P America into a global hub for the group’s unconventional energy business beyond oil and gas,” SK Innovation vice chairman Koo Ja-young said. He unveiled the
Aug. 3, 2014
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Microsoft sues Samsung over patent licensing agreement
Microsoft Corp. has sued Samsung Electronics, claiming the South Korean smartphone maker breached a 2011 agreement to share patents.Under the agreement, the two companies cross-licensed patents for each other’s products. Microsoft, the world’s biggest software maker, got royalties from Samsung for phones and tablets that use some of the U.S. company’s patented technology. The two companies said they would work together to develop and market Windows Phone, Microsoft’s mobile software. The softwar
Aug. 3, 2014
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POSCO E&C pushes ahead with power plant project in Poland
This artistic rendering shows the waste-to-power plant to be built by POSCO E&C in Poland by 2015.POSCO Engineering, a leading builder in Korea, said Friday it has finished installing a boiler drum for its waste-to-power project in Krakow, Poland.“The event shows the company’s first project in Eastern Europe will be on time,” a company official said. The facility is planned to be completed by December 2015.The construction arm of POSCO won a $250 million contract to build the waste-to-power plan
Aug. 3, 2014
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Seoul shares may rebound this week
The South Korean stock market is anticipated to bounce back this week, snapping its two-session losing streak, on the government’s latest stimulus package that has whetted foreign investors’ appetite for local shares, analysts said Saturday.The benchmark Korea Composite Stock Price Index climbed 1.92 percent from the previous week to close at 2,073.10 on Friday, extending its losing streak to a second session. Earlier this week, Seoul shares traded bullish on the strength of better-than-expected
Aug. 3, 2014
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Hyundai Motor to sell revamped Genesis in China this month
Hyundai Motor, South Korea’s top automaker, will begin selling a revamped Genesis luxury sedan in China this month, a company official said Saturday, as it seeks to better compete with German brands in the high-end segment of the world’s largest car market. The revamped Genesis, which was introduced in South Korea in November and in the United States in April, will hit showrooms in China on Aug. 18, the official said on the condition of anonymity because he was not authorized to speak to the med
Aug. 3, 2014
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Insurers net jumps 36.2 % in first half
South Korean insurance companies saw their net income soar 36.2 percent in the first six months of 2014 from a year earlier, buoyed by a rise in investment-related earnings, the financial watchdog said Sunday. The combined net income of local life and nonlife insurers reached 3.38 trillion won ($3.26 billion) in the January-June period, compared with 2.48 trillion won the previous year, according to the Financial Supervisory Service.Life insurance firms logged a 23.3 percent on-year jump in prof
Aug. 3, 2014
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Samsung, LG to go after bigger sales of UHD TVs
South Korea’s top two tech firms are aiming for a bigger world market share this year with their ultrahigh-definition TVs for combined sales of close to 5 million units, industry officials said Sunday. Samsung Electronics and LG Electronics predict a fast expansion of UHD TV demand, up to 12 million units this year from just 1.6 million last year.Japan’s Sony and China’s major players have been successfully penetrating the relatively new market that took shape in 2012, eroding sales by the two S
Aug. 3, 2014
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Will E-Land buy Missha?
E-Land Group, one of the country’s largest fashion-retail business groups, is rumored to be eyeing Korean budget cosmetics company Able C&C ― operator of the brands Missha and A’Pieu ― in a bid to gain a foothold in the cosmetics market. Earlier this month, E-Land reportedly had Samil PricewaterCoopers conduct a due diligence on Able C&C’s finances and business status, according to industry sources. “Able C&C has the kind of brand power, resources and distribution channels that E-Land is looking
Aug. 1, 2014
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Hyundai CEO appeals to union over wage talks
The CEO of Hyundai Motor Co. on Friday appealed to union workers to think about the potential fallout from a strike, reiterating that they should wait for the courts to determine what constitutes standard wages, an issue that is plaguing major conglomerates in labor talks this year.In a statement released a day after union leaders declared a breakdown in negotiations, Yoon Gap-han stressed that management is committed to resolving this year’s wage and collective bargaining agreement talks in a p
Aug. 1, 2014
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Myanmar chooses CJ as logistics joint venture partner
CJ Korea Express said Friday it was named a preferred partner to form a joint venture with the Myanmar government. CJ Group’s logistics affiliate said that the JV with Myanmar’s state-run Road Transport Administration Department will develop a 13,000-square-meter distribution center in Yangon and operate it for 20 years. They plan to form the JV by the end of the year, and aim to establish seven distribution bases operating about 240 trucks to deliver national supplies including cement, sugarcan
Aug. 1, 2014
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Hyundai Motor's sales move up 4.4 pct in July
Hyundai Motor Co., South Korea's No.1 automaker, said Friday its July sales moved up a solid 4.4 percent from a year earlier, helped by strong overseas demand and the popularity of its new models.Company data showed 379,820 cars being sold overall last month, with domestic sales edging up 0.6 percent to 59,640. Overseas numbers moved up 5.2 percent to 320,180 cars.On the domestic front, sales of the brand new Sonata LF totaled 10,035 units, making it the best seller in the carmaker's lineup.It s
Aug. 1, 2014
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Hyundai Motor CEO appeals to union on wage negotiations
The CEO of Hyundai Motor Co. on Friday appealed to union workers to think about the fallout from a strike, reiterating that they should wait for the courts to determine what constitutes standard wages, an issue that is plaguing major conglomerates in labor talks this year.In a statement released a day after union leaders declared a breakdown in negotiations, Yoon Gap-han stressed that management is committed to resolving this year's wage and collective bargaining agreement (CBA) talks in a peace
Aug. 1, 2014
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[Graphic News] Samsung Electronics’ net profit falls 19.5%
Samsung Electronics Co., the world’s top maker of smartphones, said Thursday its second-quarter net profit fell 19.5 percent from a year earlier after its mainstay handset business suffered a decline amid rising global competition. Net income came to 6.25 trillion won ($6.1 billion) in the April-June period, compared with 7.77 trillion won a year earlier, the company said in a regulatory filing. Sales fell 8.89 percent on-year to 52.35 trillion won in the second quarter. Its operating profit cam
July 31, 2014
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Design Korea fair to attract international designers, buyers
Design Korea, the nation’s largest industrial design fair to date, is expected to attract a flood of international industrial designers and buyers this year as it offers a glimpse into the development and latest trends in design. “As Asia’s most representative and comprehensive design business event, we are confident that Design Korean 2014 will contribute to the creation and vitalization of real business opportunities,” said a spokesman for the Korea Institute of Design Promotion, the organizer
July 31, 2014
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Volkswagen’s Golf receives highest mark in safety test
Volkswagen’s Golf compact passenger car has received the highest score in the latest safety test, which involved four other cars, the transportation ministry said Thursday.In the test, which checked the safety of vehicles in four categories, including the danger to pedestrians in the event of an accident, the Volkswagen Golf scored 90.3 out of a possible 100 points, according to the Ministry of Land, Infrastructure and Transport.The Hyundai Sonata mid-sized sedan, built by the local industry lea
July 31, 2014
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Samsung C&T leads in construction capability
Samsung C&T, the construction and trading arm of Samsung Group, came out on top in a construction capacity evaluation, the Ministry of Land, Infrastructure and Transport said Wednesday. “The result is largely attributed to the company’s performance overseas such as its mining project in Australia and semiconductor plant in China,” a Samsung C&T official said. The firm’s construction capability is valued at 12.03 trillion won, according to the ministry.It is first time for Samsung C&T to take the
July 31, 2014
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Hanwha supplies Chinese schools with solar power
Hanwha Group, the nation’s ninth-largest business conglomerate by assets, is stepping up its corporate social responsibility in China. Its latest plan to install a 30-kilowatt solar power generation facility on the rooftop of Hope School in Qinghai province reflects its CSR philosophy, which revolves around a campaign it calls the Hanwha Happy Sunshine Project.“Our actions are based on our chairman’s beliefs that it’s better to go farther together than faster alone,” said Nam Seong-woo, head of
July 31, 2014
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Naver profit rises 38% on robust overseas sales
Naver, South Korea’s largest search engine, on Thursday said its operating profits rose 38 percent in the second quarter, driven by its strong overseas performance. The company posted 191.1 billion won ($186 million) in business profits to record a 38 percent rise from the 189.1 billion won a year ago. Sales were at 697.8 billion won, representing a 22 percent increase compared to the same period in 2013. “The growth in sales was driven by a solid performance from overseas businesses including L
July 31, 2014
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Investors to get partial compensation for Tongyang losses
The financial watchdog said Thursday that investors can get up to 50 percent compensation for their losses incurred by misleading information given by a brokerage arm of a cash-strapped conglomerate.The compensation rates were set at 15-50 percent, with an estimated 62.5 billion won ($60.9 million) for 12,441 investors, according to the FSS. Investors and Tongyang Securities must decide whether to accept the mediation within 20 days, although the FSS’s decision carries no legal binding force.Ton
July 31, 2014