Most Popular
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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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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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Man killed by fellow hunter who mistook him for wild boar
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Hanwha to run Jeju airport store
Hanwha Galleria, the department store unit of Hanwha Group, will manage the Jeju International Airport duty-free store from April 20, Korea Airports Corporation said Thursday.This marks the first duty-free store to be operated by the country’s 10th-largest family-run conglomerate. The store was previously run by Lotte. Hanwha has reportedly offered to pay an annual rent of 24.1 billion won ($22.7 million) to run the 409-square-meter store, located on the third floor of the airport’s internationa
Feb. 14, 2014
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CJ chairman gets 4-year prison term for corporate crimes
A Seoul court on Friday sentenced the chairman of food and entertainment conglomerate CJ Group to four years in prison for tax evasion and embezzlement.Lee Jay-hyun was found guilty of misappropriating 165.7 billion won ($156 million) in company assets to offshore slush funds and dodging taxes in the process.Seoul Central District Court, however, did not immediately lock up Lee, the country's 10th richest man, saying that he is not a flight risk.In the same ruling, the court also ordered the 54-
Feb. 14, 2014
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China's auto sales growth tumbles in January
China's auto sales growth tumbled to 7 percent in January amid an economic slowdown and curbs imposed to fight smog and traffic.Drivers in the world's biggest auto market bought 1.85 million passenger vehicles, the China Association of Automobile Manufacturers said Thursday. It was the first time monthly sales surpassed 1.8 million.Auto sales growth is forecast to decelerate sharply from last year's 15.7 percent expansion to about 8 to 10 percent. Sales grew 17 percent in December.Chinese leader
Feb. 13, 2014
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BBQ to open 1,000 outlets in Indonesia by 2020
Genesis BBQ Group, operator of the BBQ fried chicken franchise, will open 1,000 stores in Indonesia by 2020, it said Wednesday. The group’s president Yoon Hong-geun on the day signed a master franchise deal with Radius Wibow, head of Goodway Group of Indonesia, to set up more than 1,000 BBQ Premium outlets in the Southeast Asian country in six years. “We will start from Jakarta’s Java No. 1 to promote Korean high-end dining,” Yoon said after signing the deal. “BBQ Premium cafes selling fried ch
Feb. 13, 2014
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S-Oil to build R&D center in Korea
S-Oil Corp., South Korea's third-largest refiner, said Thursday that it plans to build a research and development (R&D) center in a suburb of Seoul within two years. "The center is designed to strengthen our R&D capacity, which is a core competence in the downstream sector of the oil and petrochemical industry," S-Oil said in an e-mailed statement. The downstream sector refers to the refining of crude oil and the distribution of the by-products such as gasoline and a variety of other energy sour
Feb. 13, 2014
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Korea launches second Antarctic research base
South Korea has taken a big step forward in polar research with the opening of a new year-round Antarctic research base. On Wednesday, the country celebrated the official launch of the “Jang Bogo Research Station,” which is the second such facility in the region. The station was completed following a 21-month construction period. It is located in Victoria Land, the southeastern tip of Antarctica. The unveiling of the new research base, which came 26 years after Korea opened its first research ba
Feb. 12, 2014
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Smartphone subsidies ‘out of hand’
Despite government efforts to prevent undercutting, local telecom operators have resumed their cutthroat battle to attract new smartphone subscribers with more subsides, even giving phones away practically for free. The latest subsidy war kicked off on Saturday when the companies announced subsidies of up to 1.2 million won ($1,100) for a Samsung Galaxy S4 smartphone. Since the phones cost 954,000 won each, those who bought the S4 made off with a profit of 246,000 won.The “bargain sale” went on
Feb. 12, 2014
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Seo Choong-il takes office as STX Corp. CEO
Seo Choong-il on Wednesday took office as the new chief executive of STX Corp., the holding company of the ailing shipbuilder STX Group, pledging to normalize the company and revive sales. “We will work together with our creditors to normalize management as soon as possible,” Seo, formerly a corporate advisor, said in a statement, adding that the company aims to achieve 2.2 trillion won ($2 billion) in revenue and 40 billion won in operating profit by 2017.Seo, 59, joined STX Pan Ocean Co., then
Feb. 12, 2014
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S. Korean companies secure multi-billion dollar building
South Korean companies on Wednesday said their consortium won a multi-billion dollar oil refinery and petrochemical plant project in Kuwait.The project, ordered by the Kuwait National Petroleum Co., is for an update of eco-friendly production systems at the existing Mina Al Ahmadhi and Mina Abdullah facilities so that sulfur content of petroleum products will fall under 5 percent whenwork is completed. The $12 billion Clean Fuels Project, moreover, calls for the expansion of combined oil refinin
Feb. 12, 2014
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LG to install solar power at facilities nationwide
LG Group said Wednesday it plans to install roof-mounted solar power technology at facilities of its key affiliates to cut costs and expand its energy solution business.The conglomerate will establish 19 solar facilities with capacity of 19MW by the end of this year, starting with LG Display Co.'s plant located in the northern city of Paju.When the project is completed, LG Group will operate South Korea's largest roof-mounted solar power facilities, with a capacity of 27.4MW when combining four
Feb. 12, 2014
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S. Korea's auto output, exports shrink in Jan.
South Korea's exports of automobiles dropped significantly from a year earlier in January while its domestic sales grew, the government said Wednesday.Outbound shipments of vehicles plunged 9.9 percent on-year to 256,052 units last month while domestic sales gained 4 percent, according to the Ministry of Trade, Industry and Energy.The country's total output dropped 10.3 percent to 368,243 units.The ministry attributed the drop in exports partly to worsening global consumer sentiment due to the U
Feb. 12, 2014
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Jeju Air introduces new plane, strives to expand market presence
Jeju Air Co., South Korea's largest budget carrier, said Wednesday that it introduced a new plane to its fleet as part of its ongoing efforts to expand its market presence.The company, which is owned by Aekyung Industrial Co. and uses Jeju Island as its main hub, said the new B737-800 will augment its fleet of 13 planes already in service.It said another passenger jet will be introduced in March for a total of five planes to be incorporated this year and one to be sold off. The expansion will gi
Feb. 12, 2014
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Builders to face massive maturing debts in March, April: data
Financially troubled South Korean construction firms are expected to refinance a large sum of debts due in March and April, industry data showed on Wednesday, raising concerns that their already shaky footing could further worsen.According to the data, a total of 5.23 trillion won ($4.9 billion) in debts sold by 24 local construction companies are due this year, around 2.04 trillion won, or 39 percent, of which are scheduled to mature in March and April.The data showed that 11 builders have to r
Feb. 12, 2014
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Samsung’s Lee named biggest dividend recipient
Samsung Group chairman Lee Kun-hee is expected to receive 107.9 billion won ($100 million) worth of dividends this year to mark the fourth consecutive year that he received dividends of over 100 billion won from Samsung’s subsidiaries, according to Chaebul.com, an information provider on large businesses.This year’s figures reflect a 4.4 percent increase from the 103.4 billion Lee received in 2013. The group’s electronic flagship will pay 71.5 billion won to Lee this year, the highest among Sams
Feb. 11, 2014
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GS E&C considers selling InterContinental
GS Engineering & Construction may sell InterContinental Hotel and some of its other assets in an attempt to procure investment funds, the company publicly announced Monday in response to speculations and an inquiry from the Korea Exchange.Nothing has been officially decided yet, the company added.GS E&C suffered huge operating losses last year, up to 937.3 billion won ($639.4 million).With cashable assets of 1.8 trillion won and taking into account the 500 billion won worth of corporate bonds th
Feb. 11, 2014
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[Photo News] Chocolate treats
Feb. 11, 2014
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Hanwha chief gets suspended prison term in retrial
A Seoul appellate court on Tuesday convicted Hanwha Group Chairman Kim Seung-youn for embezzlement and gave him a suspended prison term.In a retrial held four months after the nation's top court sent the case back, the Seoul High Court sentenced the 62-year-old disgraced tycoon to three years in prison with a five-year stay of execution.Kim was found guilty of using company money to pay back debts of other firms he was running under borrowed names, causing hundreds of billions of won in losses t
Feb. 11, 2014
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SK E&C inks MOU to build natural gas liquefaction plant in U.S.
SK Engineering and Construction Co. said Tuesday it reached a tentative deal to build anatural gas liquefaction plant in the United States, marking the first time for a South Korean company to enter the business sector.The memorandum of understanding reached with Australia's Magnolia LNG calls for building a 3.4-million-ton capacity liquefaction plant on the banks of Lake Charles in Louisiana. Liquefaction plants handle pretreatment, natural gas liquid recovery, a liquefaction process and storag
Feb. 11, 2014
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Top 2 travel retailers' sales rise 10% in 2013
South Korea's two major travel retailers saw their sales grow around 10 percent last year on the back of remarkable spending by Chinese tourists, their records showed Tuesday.Lotte Duty Free, the country's largest duty-free shop by sales, said its annual sales came to 3.55 trillion won ($3.3 billion) last year, up more than 10 percent from 3.2 trillion won the previous year.Lotte's sales from Chinese shoppers soared 70 percent in 2013 on-year. It also reported strong performance in online sales,
Feb. 11, 2014
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Car imports up more than two-fold in five years: data
The number of imported cars on South Korean roads jumped more than two-fold in the last five years, reflecting the steady rise in demand for foreign brands among local consumers, industry data showed Tuesday.According to the numbers released by the Korea Automobile Manufacturers Association, the country had 19,400,864 registered vehicles as of late 2013, of which 4.7 percent or 904,314 were foreign-made.Last year alone, sales of foreign nameplates reached a record 156,497 units, up 19.6 percent
Feb. 11, 2014