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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POSCO, KDB moving to take over Dongbu Steel's Incheon operation: sources
POSCO, South Korea's largest steel producer, and Korea Development Bank (KDB) are moving to take over Dongbu Steel's operations in Incheon, west of Seoul, industry sources said Thursday. According to financial insiders and industry observers, the two partners will sign a memorandum of understanding and confidential agreement (CA) with the steel mill and start necessary proceedings for the eventual purchase. "Once the CA is signed, Dongbu will provide all necessary data needed to start due
March 27, 2014
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[Graphic News] Conglomerates investments shrink
Despite the sluggish economic conditions of 2013, Samsung and SK Group successfully responded to the governmen’s request to increase their investments in hopes of revitalizing the economy.But overall investment by Korea’s 30 largest business groups has tapered by 1.9 percent amid a year of weak performances, according to CEO Score Wednesday. Research and development investments were excluded from the analysis.Samsung Group’s investments dwindled 15 percent up to the third quarter, but the group
March 26, 2014
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OB to launch British-style ale brand in April
Korea’s largest beer manufacturer, Oriental Brewery, is to launch an original ale brand in April.OB held a press conference on Wednesday to reveal Aleston, a British-style premium ale brand which will be launched on April 1.Though the company has the manufacturing license for Hoegaarden, a popular Belgian white ale, Aleston is to be its first original ale, officials said.The label “Aleston” is derived from a combination of “ale” and “stone.” “Stone” is a suffix in the word “milestone,” and thus
March 26, 2014
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Hyundai Motor chairman Chung to sign deal for new China plant
Hyundai Motor Group chairman Chung Mong-koo on Wednesday left for China to sign a tentative deal to build a new production plant.According to Hyundai officials, the chairman and city officials of Chongqing will meet on Thursday and sign a preliminary agreement on a new plant there. The group, which owns the Hyundai and Kia brands, has recently sought to create a new production base in western China as its existing plants are located mostly in the north of the nation. Chongqing, which is also hom
March 26, 2014
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Hanwha E&C wins $24 million order from Jordan
Hanwha Engineering and Construction Corp., one of South Korea’s largest construction firms, said Wednesday that it has won a $24 million solar power plant order from Jordan.The deal was signed last week in the capital city of Amman between the builder and Jordan’s National Electric Power Company, the company said in a press release.The plant will to generate 12 megawatts of electricity to be used by 5,000 households in the Middle East country. The site for the plant is in the Ma’an area located
March 26, 2014
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Korea widens global customs network with key nations
The Korea Customs Service has stepped up efforts to seek partnerships with other countries in order to improve the efficiency of customs administration and increase trade volume.The customs office has designated “Authorized Economic Operators” among qualified importers, exporters and others involved in the process of international trade. The AEOs can receive benefits such as quicker customs clearance made possible through mutual agreements between Korea and other countries. As of March, Korea ha
March 26, 2014
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Korea Customs Service to lead Government 3.0
The government will unveil information on the original prices of imported goods and how they pass through retailers so that customers can better understand the pricing policies, according to the Korea Customs Service.The authorities are also considering various deregulatory measures so that customs services can begin to contribute to the economy. These and other plans are a part of a government blueprint called “Government 3.0,” aimed at widening government access to administrative data that can
March 26, 2014
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OB to launch original ale brand next month
Korea’s largest beer manufacturer, Oriental Brewery, is to launch an original ale brand in April, throwing down the gauntlet to rival HiteJinro and Europe’s premium beer brands.OB held a press conference on Wednesday to reveal Alestone, a British-style premium ale brand which will be launched on April 1.Though the company has the manufacturing license for Hoegaarden, a popular Belgian white ale, Alestone is to be its first original ale, officials said.The label “Alestone” is a combination of “al
March 26, 2014
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Hyundai Motor to build plant in Chongqing of China
Hyundai Motor said Thursday that it will move to build a new production plant in Chongqing of China to make yet another leap into the world's largest new vehicle market.The company said its chairman, Chung Mong-koo, will meet with top Chongqing officials on Thursday and sign a strategic cooperation pact.Hyundai said the pact will outline the carmaker's intent to give top priority to the city located in southwest China when it picks the site for its fourth passenger car assembly plant, while Chin
March 26, 2014
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Top 30 conglomerates' investment dips 1.9 pct last year: report
Combined investment made by South Korea's top 30 conglomerates contracted 1.9 percent in 2013 as weaker profits affected corporate outlays, a report by an online business productivity evaluation firm showed Wednesday.According to CEO Score, tangible and intangible asset investments made by big businesses reached 95.8 trillion won ($89 billion), from 97.7 trillion won a year earlier. The numbers do not include research and development spending.The researcher said while their investments hovered a
March 26, 2014
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Korea's SMEs need to brace for currency risk: observers
South Korean small and medium enterprises (SMEs) should brace for possible volatility in the currency market as economic uncertainties are growing, local observers said Tuesday.At a meeting of the Federation of Korean Industries (FKI), analysts said that currency risks have been rising due to the U.S. Federal Reserve's tapering of its bond-buying program, slowing growth in China and the weakening of the Japanese yen, posing a threat to SMEs here.Bae Min-keun, an economist at LG Economic Research
March 25, 2014
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CJ explores ‘shared’ growth
Family-controlled South Korean conglomerates are seeking out new growth models to replace their conventional competition-driven growth formulas, amid public calls for economic reform. The shared value creation model that CJ Group is exploring is one such effort. CJ is Korea’s 14th-biggest conglomerate in terms of assets, and its core businesses include food, retail, media and entertainment. “The group adopted ‘creating shared value,’ or CSV, as a core management strategy in November 2013, on the
March 25, 2014
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Mahindra chairman among Fortune’s ‘greatest leaders’
Anand Mahindra, chairman of Mahindra Group and managing director of Mahindra & Mahindra, was ranked 40th on Fortune Magazine’s list of the World’s 50 Greatest Leaders. “As a third-generation corporate aristocrat, Mahindra has aggressively expanded the big conglomerate through acquisitions in autos, computer services, aeronautics, and more, while maintaining the company’s standing as one of India’s most sought-after employers,” the magazine wrote.“The company remains well-regarded in Indian socie
March 25, 2014
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LG unveils rapid-cooling air conditioner, dehumidifier
LG Electronics on Tuesday unveiled its latest Whisen air conditioner and a dehumidifier to showcase the most up-to-date technology in home appliances.At a press event, LG said the air-conditioning speed of its new Whisen Victory is 20 percent faster than the previous products. The product also has an Ice-cool Power function, which quickly lowers room temperature with winds that are colder than existing models.Ice-cool Power also puts the new Whisen’s air-conditioning speed at 65 percent faster t
March 25, 2014
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Korean Air to build sleds for national bobsleigh team
Korean Air said Tuesday that it will be joining the carmakers BMW and Ferrari to build sleds for the Korean national bobsleigh team that will compete in the 2018 PyeongChang Winter Olympics.As an airline company that also produces parts for Boeing and Airbus, Korean Air said it will create a consortium consisting of top experts in Korea and abroad to make two- and four-man sleds and their runners. The project team will be launched in April and plans to test the first prototype as early as Novemb
March 25, 2014
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Korean firms must invest more in R&D against Japanese rivals: KITA
Korean exporters should increase their investment in research and development to tide over stiff competition with Japanese firms using the weaker yen in the global market, a report said Tuesday.Japanese companies are using the weaker yen to generate more profits and strengthen research and development to improve their long-term competitiveness, a report by the Korea International Trade Association said.A weaker yen can make Japanese products cheaper in foreign markets. The Japanese yen depreciat
March 25, 2014
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S. Korean cinema chain CGV to open first '4DX' theater in U.S.
South Korea's largest cinema chain, CJ CGV, will open a "4DX" movie theater in Los Angeles, the first of its kind in the United States, the company said Tuesday.The film exhibitor said that during the recent CinemaCon convention in Las Vegas, it signed a deal with the Anschutz Entertainment Group, a U.S.-based global sporting and music entertainment presenter, to operate the 4DX space.It will open within a theater called the Regal Cinemas L.A. Live Stadium 14 in downtown Los Angeles, possibly to
March 25, 2014
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More jobseekers rush to buy Samsung entrance exam books
Sales of books related to the entrance exam of South Korea's biggest conglomerate Samsung Group soared in March, one of the nation's largest booksellers said Tuesday, ahead of a change in its recruitment system later this year.Yes 24 said its shipments of textbooks for the Samsung Aptitude Test jumped more than three-fold from a month earlier.While sales of such books usually soar in March ahead of the exam at the end of the month, this year's growth hovered above the 158.2 percent and 60.6 perc
March 25, 2014
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Korean cosmetics giants lock horns in second round of patent battle
This summer may turn out to be tougher than usual for AmorePacific, the country’s No. 1 cosmetics maker, which has locked horns with rival LG Household & Care over the patent of its signature foundation compact. AmorePacific lost an initial patent suit against LG in 2013 when the Supreme Court revoked the company’s patent on the composition of the foundation fluid.Currently, AmorePacific is engaged in two other court battles with LG over the patent for its smooth puff applicator as well as the c
March 24, 2014
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YSL gets free ride on drama sensation
Yves Saint Laurent, the French cosmetics brand owned by L’Oreal, is getting a free ride from the drama sensation “My Love from the Star.”Due to erroneous information that the lipstick used by Korean actress Jun Ji-hyun (pictured), the star of the drama, was from YSL, its products are flying off the shelves. Currently, two of the coral lipsticks ― Rouge Pur Couture Vernis A Levres Glossy Stain 105 and Rouge Pur Couture 52 ― have sold out at most cosmetics shops, including at overseas duty-free sh
March 24, 2014