Most Popular
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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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Korean language teaching expert says demand has outstripped supply
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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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Conscripting women to lead to 'more babies,' claims military think tank
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K-pop CEOs sidestep key issues at National Assembly audit
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Who is pollster roiling politics with claims of government string-pulling?
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KHNP tightens safety for nuclear plants
State-run Korea Hydro and Nuclear Power Co., the sole operator of the nation’s 23 nuclear reactors, said Tuesday that it would invest 1.1 trillion won ($1 billion) by 2015 to beef up safety measures. The KHNP has made all-out efforts to ensure the safety of power plants across the nation ever since Japan’s Fukushima nuclear disaster in 2011.In the latest developments, the company said it would hold a workshop Wednesday to raise awareness of nuclear energy safety under the theme “Lessons from Fuk
March 4, 2014
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GM Korea’s PR chief promoted to executive vice president
GM Korea said Tuesday that the company has promoted its head of communications Hwang Ji-na to executive vice president as of March 1.Hwang has overseen the communications office of the Korean unit of Detroit-based General Motors since she joined the company in September 2011.As a PR expert, Hwang has more than 30 years of experience in diverse positions at several multinational companies both in Korea and abroad.She began her career at German pharmaceutical company Bayer in 1984, and served seve
March 4, 2014
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SK Telecom fosters start-ups in Silicon Valley
SK Telecom, the nation’s largest mobile carrier, is to incubate start-ups in Silicon Valley in areas such as the Internet of Things, big data, cloud service and health care.Its North American arm SK Telecom Americas said Tuesday it set up the incubating center Innopartners, which can accommodate more than 11 companies in Sunnyvale. Two companies ― a transmission technology developer eTopus and a NAND storage provider Pavilion Data System ― have already moved into the center. The center aims to a
March 4, 2014
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Paldo revamps instant noodles
Paldo is upgrading its “Namja Ramyeon” instant noodles with enhanced garlic flavor. The noodles contain garlic while sliced garlic is included in the powdered seasoning. Garlic has been named one of 10 healthy foods by many noted media outlets around the world and the Korea Food and Drug Administration has also acknowledged its health effects. On the package are images of garlic, stressing the relation of “namja (men)” and garlic, and the amount of sodium was reduced by 100 milligrams to 1.75 gr
March 4, 2014
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Bokumjari wins international marmalade award
Premium jam maker Bokumjari’s Deep-Rooted Tree Marmalade was named the International Double Gold Winner in the citrus marmalade category at the World’s Original Marmalade Awards held earlier this month. Another Bokumjari product, “3 color marmalade,” won the Gold award in the Artisan category. Bokumjari also won a contract to sell its product in the U.K.’s prestigious grocery store Fortnum & Mason and will be able to present the items at British royal family events in the future. (baejisook@hera
March 4, 2014
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AmorePacific acquires H.K. joint venture
AmorePacific Global Operations, the firm’s overseas holding company, acquired 77 percent of AmorePacific Hong Kong, a joint venture between the Korean cosmetics giant and a Hong Kong investor. With its controling share, AmorePacific is hoping to expand its business realms in Hong Kong with brands such as Innisfree, Laneige, Mamonde, Etude and Sulwhasoo; diversify its retail channels; and seek partnerships with other businesses in Asia. The company is planning to complete a regional roadmap linki
March 4, 2014
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Fourth round of FTA talks with Japan, China begins in Seoul
A fresh round of negotiations for a three-way free trade agreement with Japan and China began in Seoul on Tuesday with the countries expected to focus on setting the overall level of market liberalization.The fourth round of negotiations, to continue until Friday, comes a little over two months after the last session in Tokyo, in which the three countries made what South Korean officials have called minor but significant progress in setting the overall guidelines for negotiations, especially in
March 4, 2014
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New models boost sales of full-size cars in February
Launching of new models has fueled sales of full-size cars in February, industry data showed Tuesday.Figures released by local carmakers showed sales of flagship sedans and full-size vehicles going up sharply last month on-year, with demand for the new Genesis premium sedan and the Grandeur hybrid models playing a role in attracting consumers.Combined sales of local flagship models -- Hyundai Motor Co.'s Equus and Genesis, Kia Motors Corp.'s K9 and Ssangyong Motor Co.'s Chairman W and Chairman H
March 4, 2014
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[Photo News] Flag Carrier
March 3, 2014
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Samsung Everland scales back luxury fashion business
Samsung Everland’s fashion division is shelving hexa by kuho, a high-end womenswear label targeting the global market, according to a company insider. The decision was made three months after the fashion company was relocated from Cheil Industries to Everland in December 2013 in a move aimed at widening Everland’s business scope and spearheading Cheil’s transformation into a parts and materials manufacturer. However, some believe shutting down hexa may be a sign of Everland’s abandonment of its
March 3, 2014
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Telecom subsidy war builds ahead of sanctions
More than 1 million subscribers switched telecom operators to get new smartphones during each of the last two months, according to an industry source. This came as local telecom operators have continued their cutthroat battle to attract new subscribers with more subsidies. During the period, the daily shift reached 41,000, nearly double the 24,000 mark designated by the industry regulator to indicate an overheating market. As the subsidy war continues, the Ministry of Science, ICT and Future Pla
March 3, 2014
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SMEs expect sales to increase in 2014
The majority of South Korean small and medium enterprises expect sales to rise in 2014 compared with the year before as the global economy improves and the government lifts unnecessary red tape, a poll showed Monday.According to the Center for Large and Small Business Cooperation under the Federation of Korean Industries, 54.8 percent, or 190, of the 347 SMEs polled said they are forecasting a rise in sales.Another 30.3 percent of the companies expected sales numbers to be on par with 2013, with
March 3, 2014
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GM Korea receives preorders for Malibu diesel sedan
GM Korea Co., the South Korean unit of U.S. automaker General Motors Co., started receiving preorders for its new Malibu diesel midsize sedan on Monday.The country’s third-largest original equipment manufacturer said the new model will take on European imports that have expanded their market presence in the country in recent years, thanks largely to their competitiveness in diesel engines. The cars are expected to go on sale later this month.The car, to be officially unveiled on Thursday, will h
March 3, 2014
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KITA to provide W80b SME export marketing support in 2014
South Korea’s international traders organization said Monday that it will provide 80 billion won ($74.7 million) in export marketing support to small and medium enterprises this year to help them expand overseas.The money will come from a designated trade support fund and provided to companies that reported exports of less than $10 million last year, with up to 200 million won for each company, the Korea International Trade Association said.It said the annual interest rate for the fund has been
March 3, 2014
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POSCO E&C, Kolon fined for price-rigging
The Fair Trade Commission said Monday that it imposed fines against POSCO E&C and Kolon Global after finding evidence that the country’s two major construction firms colluded to rig bid prices in order to share a lucrative contract.The antitrust regulator will slap combined fines of 12.1 billion won ($11.3 million) on the two companies for the unfair practice, it said. POSCO E&C, the construction subsidiary of the nation’s largest steelmaker, is believed to have colluded with Kolon in 2009 to ma
March 3, 2014
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Seoul to promote smart cars, safety system
The Korean government is slated to foster smart cars, wearable smart devices and smart safety systems by 2020. “We have selected 13 industries for the government to focus on for the next six years based on the growth potential of markets, local companies’ competitiveness, employment and production,” said Cho Shin, head of the Planning Commission on Future Growth Engines and director of the Yonsei Institute of Convergence Technology. Among the projects initiated by the Ministry of Science, ICT an
March 3, 2014
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Lotte Shopping to build Incheon multiplex
Lotte Shopping, Korea’s largest retailer, said Monday that it has entered into an investment agreement with Incheon City, consolidating its plans to develop a multiplex shopping district in the city’s agricultural wholesale area.Around 2 trillion won ($1.87 billion) will be invested in the project, which will mirror Japan’s Roppongi Hills, an integrated urban center that includes cultural, residential, shopping and other business properties, the company said.Lotte Shopping will pay 30.6 billion
March 3, 2014
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Domestic car sales inch up in February
Hyundai Motor, the nation’s largest carmaker, said Monday that its car sales increased 3.4 percent to 378,844 vehicles in February from a year ago, largely driven by the increased number of working days and strong overseas sales. In Korea, the company sold 51,380 vehicles, up 8.2 percent from a year earlier. Sales of the revamped Genesis sedan more than quadrupled on-year, while the steady-seller Grandeur and its new hybrid model elevated sales overall. Its overseas sales also inched up 2.7 perc
March 3, 2014
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Lee Kun-hee still wealthiest stock holder
Samsung Electronics chairman Lee Kun-hee retained his title as the wealthiest stock holder in the country with stocks valued at approximately 11 trillion won as of Feb. 28.The recent rise of Naver stocks made NHN Entertainment chairman Lee Jun-ho a first time-trillionaire in the stock market, reported market researcher Chaebul.com. With Lee’s advancement, Korea has a total of 17 trillionaires in terms of stock holdings ― the figure is the highest in the country’s history. According to the websit
March 2, 2014
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GS E&C faces fine for breaking disclosure rule
GS Engineering & Construction, the construction arm of GS Group, is likely to be fined 2 billion won ($1.9 million) by the nation’s financial regulator for failing to address investment risks, industry sources said Sunday. The fine will be the largest issued under current disclosure rules. “In a regular meeting on March 12, the Securities & Futures Commission will decide whether the builder broke the rules or not when the firm issued corporate bonds last year,” an official from the Financial Ser
March 2, 2014