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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S. Korea, Singapore seal supply chain agreement
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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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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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Korean language teaching expert says demand has outstripped supply
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Kolon wins in appeals court over DuPont in U.S. lawsuit
A U.S. appeals court on Thursday overturned a 2012 verdict against Kolon Industries Inc. of South Korea that awarded DuPont Co. $919.9 million in damages.DuPont, the largest U.S. chemical firm by market value, has alleged its South Korean rival stole some trade secrets for Kevlar, a fiber used to make tires, fiber-optic cables and bullet-proof vests.In 2012, jurors in a federal court in Richmond, Va., delivered a verdict in favor of DuPont, ordering Kolon to pay $919.9 million.But the 4th U.S.
April 4, 2014
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[Newsmaker] Lotte Shopping chief faces kickbacks claims
It is a widely known fact that the retail sector is one of the least transparent segments in Korea.Kickbacks are ― or at least were ― rampant, mostly because there are simply too many vendors vying to get their products on the shelves. Lotte appears to have been no exception, as seen in the recent case involving Shin Heon, CEO of Lotte Shopping, who will soon be summoned for questioning over allegations he received cash kickbacks from a local subcontactor. The Seoul Central District Prosecutors
April 3, 2014
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Samsung pushes for major restructuring
Samsung Group has pushed forward with internal restructuring of its key petrochemical units to boost competitiveness and efficiency, with the market expecting more deals involving Korea’s largest conglomerate.The latest Samsung General Chemicals’ acquisition of Samsung Petrochemical was seen as part of chairman Lee Kun-hee’s succession process for his three children.This merger, which was announced on Thursday, is said to be for the sake of Lee’s daughter Lee Boo-jin, in the view of market obser
April 3, 2014
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SMBA promotes Korean SMEs in China
ZHENGZHOU, China ― The South Korean government and a Chinese distribution giant have agreed to promote products of Korean small and medium-sized companies in Henan province in central mainland China, Seoul officials said Monday.The agreement was reached between Han Jung-hwa, head of Korea’s Small and Medium Business Administration, and Wang Rensheng, chairman of Dennis Group. SMBA administrator Han visited China for a series of meetings with Chinese officials and business leaders to discuss the
April 3, 2014
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POSCO sets up unit for clean energy business
POSCO, South Korea’s biggest steelmaker, said Thursday that it has established a subsidiary to operate a clean energy business it picked as one of its future growth engines.The subsidiary, named POSCO Green Gas Technology Co., will produce synthetic natural gas, a fuel gas that can be produced from fossil fuels such as lignite coal or from biofuel, the company said.SNG has the same components as liquefied natural gas, but its production cost is lower than that of LNG, the company said.POSCO Gree
April 3, 2014
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Samsung Group’s dominance in Korean economy increases
Earnings of the country’s No. 1 conglomerate, Samsung Group, made up almost half of the total of the top 10 groups in 2013, the latest reminder of a deepening polarization of corporate performance in South Korea, data showed Wednesday.The combined operating income of 81 listed firms affiliated with the nation’s top 10 conglomerates reached 79.77 trillion won ($75.43 billion) last year, rising 7.5 percent or 5.54 trillion won from 74.23 trillion won a year earlier, according to the data compiled
April 2, 2014
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KEPCO, Sri Lanka expand cooperation in power generation
Korea Electric Power Corp., the nation’s sole power supplier, signed a letter of intent with Sri Lanka’s Ministry of Power and Energy in Colombo, the Sri Lankan capital, on April 1 to strengthen bilateral cooperation, KEPCO said Wednesday.On the same day, the state-run company also signed a memorandum of understanding with the Ceylon Electricity Board under the Energy Ministry, which carries out government power projects, to develop projects in areas such as thermal power plants, renewables and
April 2, 2014
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Korea Midland Power expands Thai presence
Korea Midland Power Co. on March 15 completed a 110-megawatt gas-fueled combined cycle power plant in the Navanakorn Industrial Zone in Pathum Thani province, central Thailand. This is the first time a Korean power plant operator has entered the Southeast Asian country’s soaring electric power market that has been long dominated by Japanese players. The Thai project worth 218.1 billion won ($200 million) comes as KOMIPO, one of the six power generation subsidiaries of state-run Korea Electric Po
April 2, 2014
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(Photo News) Eco-friendly Festival
April 2, 2014
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Samsung C&T takes part in British bridge construction project
Samsung C&T Corp., one of the nation’s leading engineering and construction firms, will be taking part in a joint venture to build a bridge over the Mersey River in the northwestern part of England.The company said on Wednesday that the Mersey Gateway bridge project will construct a 2.13 kilometer, six-lane bridge over the river. Once built, the bridge will improve the transportation infrastructure in the region, located some 230 kilometers northwest of London, the company said.Work began on Mon
April 2, 2014
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[Photo News] African bananas
April 2, 2014
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Samsung General Chemicals absorbs Samsung Petrochemical
Samsung General Chemicals Co., an unlisted unit of South Korea's Samsung Group, said Wednesday that it will merge with Samsung Petrochemical Co., another unlisted subsidiary.The merged company, to be named Samsung General Chemicals, will be launched on June 1, with shareholders to get 2.14 Samsung General Chemicals shares for each Samsung Petrochemical share they have.The announcement came two days after Samsung SDI Co., the world's largest maker of TV displays and smartphone batteries, said it
April 2, 2014
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Hyundai Motor Group sales up in U.S., home market share slips in March
Hyundai Motor Group, the world's fifth-largest automotive conglomerate, said Wednesday that its U.S. sales moved up 3.7 percent in March, while its hold on the domestic market slipped slightly.The conglomerate said combined sales of cars made by Hyundai Motor Co. and affiliate Kia Motors Corp. in the United States stood at 121,782 units last month, up from 117,431 tallied a year earlier. The total is equivalent to 17.3 percent of all 703,534 cars sold worldwide by the two companies during the mo
April 2, 2014
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Korea opens Pandora’s box of exec pay
The public disclosure of executive pay at Korean conglomerates is drawing both criticism and skepticism over whether those listed among high payrolls are truly worth what they earn.Some may feel envy toward executives or board members.But public criticism is mounting, especially against conglomerates whose owners or executives have been found guilty of wrongdoing.SK chairman Chey Tae-won, who was imprisoned for embezzlement, reportedly received an income of some 30 billion won last year, the hig
April 1, 2014
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[Newsmaker] Samsung-Apple battle enters second round
The second round of a raging patent war between the world’s top two technology companies, Samsung Electronics and Apple Inc., resumed in a U.S. court in California on Monday. This time, Google’s Android mobile operation system has come into the spotlight, with a celebrated former Google executive ― Andy Rubin, who oversaw the development of the Android operating system ― expected to step up as a witness for both Samsung and Apple.What a coincidence. Two battling companies calling in the same wit
April 1, 2014
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Busan Motor Show to be largest ever
The 13th Busan International Motor Show will kick off on May 30 at the Busan Exhibition & Convention Center in the southern port city, with 198 vehicles from 15 Korean and foreign carmakers showing off their technical prowess during the 11-day event. The biannual Busan Motor Show, which alternates with the Seoul Motor Show, will be the largest-ever automotive exhibition held in Korea. According to the organizer, the exhibition space has been increased 54 percent to 46,380 square meters from the
April 1, 2014
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Listed firms’ net profits drop 4.4% in 2013
Earnings by local listed companies fell nearly 4.4 percent in 2013 from a year earlier on sluggish economic conditions, data showed Tuesday.The combined net profit of 494 firms listed on the main bourse stood at 1,813 trillion won ($1.71 trillion) on a consolidated basis in 2013, up 1.84 percent from 1,780 trillion won a year earlier.Operating income advanced 3.4 percent on-year to reach 60.4 trillion won, according to data compiled by the Korea Exchange.Consolidated financial statements reflect
April 1, 2014
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Asiana, Boeing argue over cause of crash
Asiana and Boeing appear to be in conflict over the cause of the fatal crash of an Asiana passenger jet at San Francisco International Airport in July 2013.On Tuesday, Asiana said that pilot error and defects in the aircraft’s auto throttle system were the combined cause of the crash. “The probable cause can be found in the very slow air speed that made the B777-200ER stall,” the company said in a statement that came hours after USA Today reported that Asiana acknowledged for the first time that
April 1, 2014
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Korea Elevator Safety Institute names new planning and management director
Baek Joon-ho, a former director of the Ministry of Government Administration and Home Affairs, was named as the planning and management director of the Korea Elevator Safety Institute, the institute said Tuesday. KESI is a partially governmental institution founded in 1992 to systematically manage elevator safety. The agency is responsible for safety regulations for elevators. “Based on his past experiences in the public sector, he will play a key role in planning the organization’s main activit
April 1, 2014
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Jeju Air launches flights to seven Chinese cities starting April
Jeju Air, South Korea’s largest budget carrier, said Tuesday that it will launch flight services to seven Chinese cities starting this month to meet rising passenger demand.The company, owned by Aekyung Industrial Co., said it will begin irregular services from Incheon International Airport to Qiqihar, Wenzhou and Quanzhou, while flights taking off from Jeju, the company’s main hub of operations, will fly to Guangzhou, Xian and Chengdu.It said another flight linking Busan, South Korea’s largest
April 1, 2014