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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With all-new Sonata, Hyundai hopes to attract loyal fans
Hyundai Motor on Monday debuted the revamped Sonata sedan in Seoul, the most crucial launch for the carmaker this year as it seeks to regain the market share in Korea and overseas. Hyundai said it plans to sell 63,000 Sonatas in Korea and 165,000 units overseas this year, and 338,000 vehicles in 2015.“The Sonata has played a key role in elevating Hyundai’s presence in overseas markets while leading Korea’s automotive industry,” said Hyundai Motor president Kim Choong-ho in a statement at the lau
March 24, 2014
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LG to commercialize glasses-free 3-D TV
LG Electronics, the world’s No. 2 TV maker, is expected to mass produce glasses-free 3-D TVs by 2017, much later than the government’s initial commercialization plan. “It will take at least three years, given the current level of technology,” said Bang Young-woon, the head of LG Electronics’ TV products and planning division after a UHD conference last Thursday. He added that the glasses-free 3-D TVs on the market cannot be called fully glasses-free as they offer 3-D vision only when viewed stra
March 24, 2014
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KRX launches gold trading platform for market transparency
A gold trading platform was launched in Korea on Monday to aid transparency, the local bourse operator KRX announced. The country’s financial authorities revealed plans in 2013 to set up a gold trading platform in line with government efforts to bring the underground economy into the open and stamp out related tax evasion and illegal transactions.According to the KRX, gold is traded on the exchange in 1 gram units to facilitate liquidity, and delivery is made in 1 kilogram bars.Trading will be p
March 24, 2014
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12 builders fined for collusion in bid for rail project
Korea’s anti-trust watchdog said Monday that it has fined 12 construction firms a combined 40.2 billion won ($37.2 million) for collusion in the bidding process for a large-scale metropolitan railway construction project.Those subject to the fine include big name builders such as Hyundai Engineering & Construction, Daelim Industrial, Samsung C&T., POSCO Engineering & Construction, SK Engineering & Construction and GS Engineering & Construction, according to the Fair Trade Commission.The FTC said
March 24, 2014
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Korea’s export growth slowing so far this year
South Korea’s export growth has trailed off so far this year due to unfavorable external factors such as sluggish growth in emerging economies and a weak Japanese yen, a report by the country’s international traders organization said Monday.Asia’s fourth-largest economy posted average export growth of 4.7 percent in the fourth quarter of 2013, but this has tapered off to just 0.7 percent on-year growth in the first two months of this year, the Korea International Trade Association said.It added
March 24, 2014
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[Newsmaker] Is rule of law finding its feet in Korea?
It had been common in Korea to see those with money and power, such as owners and executives of conglomerates or even their relatives, acting above the law.Whenever they found themselves in trouble, chaebol would use their status, political connections and wealth to find a way out of the mess they caused.For instance, chaebol and their affiliates would immediately announce plans to contribute to society by investing and hiring more people, and also step up charity efforts to offset public outcry
March 24, 2014
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[SUPER RICH] LG, GS, LS owners enjoy dividend bonanza
About half of Asia’s listed companies are family-run businesses, according to an analysis performed by Credit Suisse last year. And these companies were found to have been quite lucrative, as the family-owned corporations from 10 major Asian countries accounted for 32 percent of the total market value of the region.Korea was included on the list, and out of the current market leaders, all but POSCO were founded in the early stages of industrialization and thrived in the hands of their heirs.The
March 24, 2014
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Hyundai releases new Sonata for global mid-size sedan market
Hyundai Motor Co., South Korea's No. 1 carmaker, launched its all-new Sonata on Monday as part of efforts to expand its presence in the global mid-size sedan market.The company said the car features "refined styling" thanks to the Fluidic Sculpture 2.0 design language, has much greater driving characteristics than the outgoing model and incorporates top notch safety.Hyundai said that the sedan, which should reach consumers within the month in its home market, emphasizes a "return to basics.""The
March 24, 2014
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[Graphic News] Conglomerates expand property assets amid sluggish market
The nation’s top 10 business groups saw the value of their real estate assets reach an all-time high in 2013 as they hunted for bargains amid a prolonged property market slump, according to data from market researcher Chaebul.com on Sunday.
March 23, 2014
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Naver emerges as biggest donor compared to earnings
Local Internet giant Naver Corp. made the largest corporate donations in comparison to its earnings in 2013, according to data on Sunday.Naver, which donated 116.2 billion won, posted the highest donation-to-sales ratio at 5.02 percent, far outpacing all other players, which held figures hovering far below 1 percent, according to CEO Score.The operator of South Korea’s most-visited website increased its donations by nearly five-fold, despite its sales shedding 3.4 percent on-year in 2013.In term
March 23, 2014
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Gastech conference showcases Korea’s role in gas industry
Gastech, the world’s premier natural gas conference and exhibition, will kick off today in Korea to showcase the nation’s role in the global gas industry.More than 400 companies representing the natural gas and liquefied natural gas supply chain will attend this year’s 2014 Gastech, which will be held until Thursday at KINTEX, in Ilsan, north of Seoul. The state-run Korea Gas Corp. is the host of the event. Up to 2,000 senior gas industry executives will attend the conference, while the number o
March 23, 2014
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KOGAS hosts world’s largest gas forum
Korea Gas Corp., the nation’s sole liquefied natural gas provider, is expected to help shine the spotlight on Asia’s gas leadership by hosting the 2014 Gastech conference and exhibition.It marks the first time for the world’s largest gathering of energy professionals in the gas industry to meet in East Asia, and will take place at KINTEX, an exhibition facility in Gyeonggi Province, from March 24 to 27.“The arrival of Gastech in Korea means that the global gas industry is paying closer attention
March 23, 2014
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Hyundai Heavy aims to lead world market for LNG carriers
Hyundai Heavy Industries, the world’s largest shipbuilder, is emerging as a key player in the global market for liquefied natural gas carriers and LNG offshore plants.The company completed the world’s first LNG floating storage regasification unit, or LNG FSRU, in February this year.Named Independence, the newly built offshore plant can store up to 70,000 tons of natural gas in its liquid form, which is then regasified before being supplied to various facilities via onshore pipelines. The unit w
March 23, 2014
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Authentication, ActiveX system reforms in the offing
What does it take for both domestic and foreign consumers to log in and buy items on Korean e-commerce sites?The answer is “patience.” There are about a dozen steps to go through to download security programs, set up personal authentication functions and enter personal information, and on some low-end computers this can take ages. Furthermore, they need to agree to a long list of conditions and hand over sensitive data such as resident registration numbers before typing in their credit card numb
March 23, 2014
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SK Innovation to launch energy company in U.S.
SK Innovation, the energy developing unit of local conglomerate SK, said on Friday it would be setting up an oil and gas exploration firm in the U.S.The shareholders of the company on that day approved the establishment of SK E&P America and invested 419.3 billion won. The new firm will be wholly owned by SK Innovation, which has its U.S. headquarters in Houston. For its core line of business, SK E&P America is planning to buy oil reserves in the U.S. and Canada. “The establishment will serve as
March 23, 2014
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KOGAS hosts world’s premier gas gathering
Korea Gas Corp., the nation’s sole liquefied natural gas provider, is expected to help shine the spotlight on Asia’s gas leadership by hosting the 2014 Gastech conference and exhibition.It marks the first time for the world’s largest gathering of energy professionals in the gas industry to meet in East Asia, and will take place at KINTEX, an exhibition facility in Gyeonggi Province from March 24 to 27.“The arrival of Gastech in Korea means that the global gas industry is paying closer attention
March 23, 2014
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Hyundai Heavy aims to lead the world in LNG carriers
Hyundai Heavy Industries, the world’s largest shipbuilder, is emerging as a key player in the global market for liquefied natural gas carriers and LNG offshore plants.The company completed the world’s first LNG floating storage regasification unit, or LNG FSRU, in February this year.Named “Independence,” the newly built offshore plant can store up to 70,000 tons of natural gas in its liquid form, which is then regasified before being supplied to various facilities via onshore pipelines. The unit
March 23, 2014
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Naver was biggest donor compared to earnings
Local Internet giant Naver Corp. turned out to have made the largest corporate donations in comparison to its earnings in 2013, according to data on Sunday.Naver, which contributed 116.2 billion won, posted the highest donation-to-sales ratio at 5.02 percent, far outpacing all other players, which held figures hovering far below 1 percent, according to CEO Score.The operator of South Korea's most-visited website increased its donations by nearly five-fold, despite its sales shedding 3.4 percent
March 23, 2014
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Hyundai Glovis opens new car parts export plant
Hyundai Glovis Co., one of South Korea’s leading automotive logistics support companies, said Friday that it had opened a car parts export plant that would ship products to China.The plant located at the Wanju Techno Valley complex, some 235 kilometers south of Seoul, will assemble and package knock-down vehicle kits that will be shipped to Hyundai Motor Co.’s Sichuan province plant in China. The plant is scheduled to be opened in the first half of this year.Both Hyundai Glovis and Hyundai Motor
March 21, 2014
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Hancom buys embedded software firm
The local office suit developer Hancom purchased the nation’s largest embedded software provider MDS Technology, according to a company statement on Friday.Hancom acquired the software company for 74.5 billion won ($68.9 million) from international venture capital firm STIC Investments, which had bought MDS Technology in August 2010. The company plans to expand its business beyond its conventional office program into embedded software markets. “Considering the expansion of the domestic embedded
March 21, 2014