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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S. Korea, Singapore seal supply chain agreement
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Netflix, streaming platforms come under fire for loose ratings
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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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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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K-pop CEOs sidestep key issues at National Assembly audit
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Samsung Electronics' Q1 net profit tops W7.57t
Samsung Electronics Co., the world's top maker of smartphones, said Tuesday its first-quarter net profit advanced 5.8 percent from a year earlier, led mainly by its handset division.Net income came to 7.57 trillion won ($7.31 billion) in the January-March period, compared with 7.15 trillion won a year earlier, the company said in a regulatory filing.Sales edged up 1.53 percent on-year to 53.68 trillion won in the first quarter, the company said. Its operating profit came to 8.49 trillion won, do
April 29, 2014
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Hyundai’s fuel cell car seeks Prius moment
Hyundai Motor is looking forward to a Prius heyday with its hydrogen-powered Tucson, which will go on sale in the U.S. in May. “About 20,000 customers have already shown their intention to buy the car. We plan to reduce the number to 1,000 considering the situation of charging stations in their neighborhoods,” said Lee Ki-sang, senior vice president and head of Hyundai’s R&D center for eco-friendly vehicles.In February 2013, Hyundai became the first global carmaker to mass-produce a fuel cell ve
April 28, 2014
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Korean Air offers nonstop flights to Houston
Korean Air will offer the nation’s first nonstop flights to Houston from May 2 ― a boon not just for travelers doing business in the city but also for those connecting to other cities in South and Central America. According to the nation’s largest air carrier, daily nonstop flights will depart from Incheon at 9:10 a.m. to arrive in Houston at 8:30 a.m. The return flights leave Houston at 10:40 a.m. and arrive in Incheon at 3:30 p.m. on the next day. The route will utilize a B777-200 aircraft wit
April 28, 2014
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Daewoo E&C earnings surge 120 percent in Q1
Daewoo Engineering and Construction on Monday said its net earnings for the first quarter of this year surged 120.3 percent on-year to 63.9 billion won ($61.5 million) on the back of a profit increase. Operating profit was up 9.3 percent to 119.5 billion won in the same period, with sales rising 2 percent from the same period in 2013 to 2.07 trillion won, the company said in a regulatory filing.Net profit was at 29 billion won, with operating profits and sales hitting 109.3 billion won and 2.03
April 28, 2014
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[SUPER RICH] Chung family makes mark in corporate Korea
There’s a memorial hall in Ulsan where a tattered pair of white cotton gloves and three pairs of worn-out shoes are on display. They belonged to none other than the late founder and honorary chairman of Hyundai, Chung Ju-yung.Chung built Hyundai with his bare hands, and these memorabilia are a reflection of his life and his family. There are now 183 fully operational Hyundai companies that together raked in 252 trillion won ($242 billion) in sales in 2013.The amount is seven times the government
April 28, 2014
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[SUPER RICH] Chung Mong-joon is Korea’s richest politician
Ruling Saenuri Party Rep. Chung Mong-joon, 63, the sixth son of the late Hyundai Group founder Chung Ju-yung, has successfully retained the title of richest lawmaker in Korea. A survey on the assets of 295 South Korean lawmakers in 2013 that was released by the government’s Civil Service Ethics Committee in March found the seventh-term lawmaker topping the list with a fortune of 2.04 trillion won ($1.97 billion). Most of his wealth came from his 10.15 percent stake in Hyundai Heavy Industries, a
April 28, 2014
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Asia’s largest aerospace museum opens in Jeju
Jeju Aerospace Museum, Asia’s largest aerospace museum, opened Thursday in Seogwipo, Jejudo Island, said Jeju Free International Development Center in a press release. JDC has developed the theme-park type museum in cooperation with the Korean Air Force over the past six years on a 329,838-square-meter plot, at a cost of 115 billion won ($106.7 million).The museum is composed of two indoor exhibition zones showcasing aviation history and space and astronomy. It also has a theme-based experience
April 27, 2014
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U.S. president shrugs off selfie-sharing controversy
U.S. President Barack Obama on Saturday clarified his stance that he would not tackle Samsung Group’s retweets of Obama’s selfie, Samsung Electronics vice chairman Lee Jay-yong said Saturday. “(Obama) said the selfie would not pose any problem,” Lee told reporters after a meeting between Obama and local business leaders in Seoul. The U.S. president was making a two-day visit to Korea on Friday and Saturday.The controversy began when Boston Red Sox player David Ortiz posted a picture with Obama o
April 27, 2014
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Obama points out Korea’s trade barriers in autos, IT, organic food
Despite praise for strengthened economic ties between Korea and the United States with a free trade agreement, U.S. President Barack Obama pointed out that there are still some sectors where American companies face a trade barrier. “Under the U.S.-Korea FTA, our trade has increased. These business leaders know concretely what this means. American companies are exporting more to Korea; Korean companies are exporting more to the U.S. So it’s a win-win for both countries,’’ Obama said during a roun
April 27, 2014
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SMEs downbeat on their business conditions for May
Most South Korean small and mid-sized companies predict their business conditions will remain weak in May due to faltering consumer sentiment, a poll showed Sunday.The poll of 1,373 such firms taken by the Korea Federation of Small and Medium Business found that the small business health index for May reached 96.3, down 0.3 point from the previous month.A reading below 100 indicates that more respondents had negative outlooks than positive expectations about their business conditions.The surveye
April 27, 2014
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Legoland to break ground in Korea
Legoland, a Lego-themed amusement park, will be established in Chuncheon, Gangwon Province, in 2016 to become the first of its kind in Northeast Asia, according to government officials on Friday. The seventh Legoland worldwide is expected to attract more than 1 million visitors and create more than 1,600 jobs, generating a positive economic effect for the Gangwon region, they said. The plans will go forward as the Foreign Investment Committee under the Ministry of Trade, Industry and Energy has
April 25, 2014
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SK Innovation Q1 net down 64% on weak cracking margin
SK Innovation, the owner of South Korea’s top refiner SK Energy Co., said Friday its first-quarter net income fell 64.1 percent from a year earlier due to foreign exchange losses and a weak refining margin. Net profit reached 97.58 billion won ($94 million) in the January-March period compared with 272.17 billion won a year ago, the company said in a regulatory filing. Sales dropped 6.7 percent to 16.89 trillion won in the period, and operating profit was down 67.5 percent to 226.2 billion won.
April 25, 2014
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Gov‘t to sanction Asiana for violating flight safety rules
Asiana Airlines, the country‘s No. 2 flag carrier, will be reprimanded for violating flight safety regulations by flying for hours after discovering an engine problem, the government said Friday.According to the Ministry of Land, Infrastructure and Transport, the pilots of Asiana flight OZ603 flying from Incheon International Airport (IIA) to Saipan last Saturday did not follow the established precautions after a problem was found in one of its engines.The twin-engined B767 passenger jet was car
April 25, 2014
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Huawei to build brand to beat smartphone rivals
SHENZHEN ― China’s Huawei Technologies, the world’s second-biggest telecommunications equipment maker, plans to groom its brand to boost its global smartphone sales.“What we need is to build our brand and credibility because Huawei’s smartphone business is still in a very early stage,” Shao Yang, vice president of Huawei’s Consumer Business Group, said Wednesday at the Huawei Global Analyst Summit 2014 in Shenzhen.The company plans to spend $300 million on global marketing in 2014, Shao told Reu
April 24, 2014
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BMW’s first full-electric car arrives in Seoul
By Lee Ji-yoonBMW’s first full-electric model, the i3, made its debut at a low-profile launching event in Seoul on Thursday. As the whole nation was still engulfed in a deep sense of grief over the deadly sinking of the ferry Sewol, the carmaker decided to hold a modest event for one of its most important launches this year. “If it were a luxury vehicle like the 7 Series, we would not have hesitated to cancel the event,” said BMW Korea’s chief executive Kim Hyo-joon, with a yellow ribbon pinned
April 24, 2014
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Hyosung Group seeks ‘socially responsible’ ecosystem
Hyosung Group, one of the biggest conglomerates in the country, has been working to ensure that children share some of the benefits of its business.“We are trying to build an environment where disabled children can dream about their future and make those dreams come true,” said Cho Hyun-sang, head of Hyosung Industrial Materials PG. He added that the company wanted to go beyond fulfilling corporate social responsibilities to create a new social ecosystem supporting the idea of “sharing and carin
April 24, 2014
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‘Smallest cafe’ campaign creates new premium instant coffee market
The “smallest cafe in the world,” created by Dong Suh Foods, has taken the global coffee market by surprise, proving that there is a place for instant coffee in the world. Dong Suh Foods, the nation’s largest instant coffee maker, launched a marketing campaign in 2011 to promote its new premium instant coffee brand Kanu, which it called “the smallest cafe in the world.”The name “Kanu” is a combination of “coffee” and “new,” and Dong Suh introduced it as the first type of instant coffee that offe
April 24, 2014
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SK hynix net soars more than four-fold in Q1
SK hynix Inc., the world's No. 2 memory chip maker, said Thursday its net profit surged 348.9 percent in the first quarter from a year earlier on the back of improved sales in dynamic random access memory chips.Net profit came to 802.2 billion won ($771.7 million) in the January-March period, soaring from 178.7 billion won in the previous year, the company said in a regulatory filing.Revenue gained 34.6 percent on-year to 3.74 trillion won in the first quarter, and operating profit also jumped t
April 24, 2014
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[Newsmaker] Scandalous owner family of Sewol
The Sewol sinking has opened up a long, shady scandal surrounding the ferry operator’s de facto owner, a 73-year-old mysterious businessman Yoo Byung-eon.In the 1980s, Yoo established Semo Marine Co. after securing the business rights to operate ferries on the Hangang River, thanks to his reportedly close ties with then-President Chun Doo-hwan. But the business went bankrupt in 1997 in the wake of a series of highly publicized scandals, including the mass suicide of 32 followers of a Christian c
April 23, 2014
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Korean builders ink $6b Iraq oil refinery contract
Four South Korean construction companies said Wednesday that they formally signed a $6.04 billion contract to build a large-scale oil refinery in Iraq.The contract secured by a consortium of Hyundai Engineering and Construction, GS E&C, SK Engineering and Construction and Hyundai Engineering represents the largest overseas industrial plant project won by local firms. The South Korean joint venture said the Karbala plant is to be built some 120 kilometers southwest of Baghdad. The construction is
April 23, 2014