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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[Photo News] Responsible drinkers
Feb. 7, 2014
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GM Korea to cut payroll
GM Korea, the Korean unit of the Detroit-based General Motors, said Friday that it was offering workers a new voluntary redundancy package worth a three-year salary as part of its recent efforts to normalize its financial statements, hit by sagging sales performance. According to industry sources, office workers and some manager-level employees at its Bupyeong factory in Incheon will be eligible for the new round of the early retirement program, the fourth of its kind since 2009. Except those wh
Feb. 7, 2014
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Sony’s turnaround efforts unlikely to affect Korean players
Sony Corp., the once unchallenged electronics industry leader, announced dramatic measures to turn itself around and return to the forefront, making South Korean tech players listen in but not with much alarm.Market watchers on Friday pointed to the robust presence of South Korean firms in the global market across the board in businesses that Sony concentrates on.“Sony’s efforts will have only a limited impact on South Korean players’ market share in TVs, as the move (of splitting its TV busines
Feb. 7, 2014
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Local consumer demand for recreational vehicles on rise
Demand for recreational vehicles and vans is on the rise in South Korea as consumers increasingly seek diversity, industry associations said Friday.According to the Korea Automobile Manufacturers Association and Korea Automobile Importers and Distributors Association, of the 1,547,588 cars sold in the country last year, 25.5 percent, or 394,255, were in the RV class, such as sport utility vehicles and car-derived vans.Numbers showed that local original equipment manufacturers such as Hyundai Mot
Feb. 7, 2014
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Kia unveils Soul EV at Chicago Auto Show
Kia Motors Corp., South Korea’s second-largest carmaker, said Friday it unveiled its Soul electric vehicle for the first time at the Chicago Auto Show, highlighting its merger of superb driving characteristics and functionality while meeting rigorous environmental protection requirements.The EV is based on the platform of its second-generation Soul boxy compact and uses an 81.4 kilowatt electric motor that churns out a maximum of 109 horsepower and 29 kilogram force meters. It can accelerate fro
Feb. 7, 2014
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Samsung’s 95-inch LFD wins award in Europe
South Korea’s tech giant Samsung Electronics Co. said Friday it has won an award from a European magazine for its 95-inch Large Format Display.The company said it has received the “Most InAVative Display Product” award from business-to-business magazine InAVation for its ME95C model, which began mass production in December last year.LFD refers to panels used for digital signage for advertisements and any product requiring visual effects. Samsung said its 95-inch LFD is optimal for department sto
Feb. 7, 2014
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S. Korean student drawing on personal experience to help Asian athletes in U.S.
When Lee Han-gil, a student at Temple University's Beasley School of Law, moved from South Korea to the United States as a teenager, he was faced with, in his words, "language and cultural challenges."Lee, now 27 and in his last semester at law school, said he "found refuge" on his high school baseball and football teams. He is now trying to draw on his personal experience and help Asian athletes adjust to American culture.Lee is the CEO of Global Sporting Integration, a sports consulting firm h
Feb. 7, 2014
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[Photo News] Galaxy olymipic park studio
Feb. 6, 2014
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Stock-rich kids’ shareholdings total 390 billion won: data
Younger and financially inactive family members of corporate owners hold shares worth some 390 billion won ($363 million) in listed firms, with a 9-month-old baby holding shares worth 800 million won, data showed on Thursday.According to the data compiled by research firm CEOscore, some 230 family members of owners of 1,769 listed firms, ages 19 or below, held a combined 391 billion won in shares as of Tuesday.The data also showed a total of 7,990 corporate owners and their family members each h
Feb. 6, 2014
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CJ CheilJedang to spin off pharmaceutical division
CJ CheilJedang Corp., the food and beverage unit of South Korea’s CJ Group, said Thursday that it will turn its pharmaceutical division into a wholly owned subsidiary to boost the business’ global competitiveness.The new entity, named CJ Lifesciences Co., will be launched on April 1, the company said in a regulatory filing.The pharmaceutical division posted 448.8 billion won ($415.8 million) in sales in 2013, with the food and beverage division recording 4.22 trillion won in sales.CJ CheilJedang
Feb. 6, 2014
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Mobile business boosts Naver
Naver Corporation, the nation’s largest search portal company, saw a sharp jump in its stock price after posting strong earnings on Thursday. Analysts predicted Naver’s shares would soon outstrip American Internet company Google thanks to its Line messenger service’s continued growth and the possibility of its subsidiary Line Corporation going public this year. “Naver’s prices are expected to soar this year, and in tandem, its advertising revenues will triple to 200 billion won ($185 million) wi
Feb. 6, 2014
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Import beauty brands pressured to cut prices
Import beauty brands, whose high prices were long equated with high quality and a premium image here, are under growing pressure recently to change their pricing policy.Adding to their concerns about the stunning growth of no-frills brands in the market, the government plans to ease regulations on “parallel imports” to spur price competition among players. Unlike the official importers, parallel importers do not need to pay a royalty fee, which leads to lower product prices. Consumers instead ar
Feb. 6, 2014
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Yeongjongdo to be turned into ‘Dream Island’
Yeongjongdo, widely considered the gateway to Asia given its location in Incheon, is expected to become a leading tourist attraction once the government completes a 2 trillion won ($1.8 billion) project aimed at building a tourism hub in the area.Called “Dream Island,” the facility will be financed mainly by overseas Koreans. The Ministry of Oceans and Fisheries said during a meeting of economic ministers on Wednesday that by 2020, Dream Island will house various entertainment and tourist facili
Feb. 5, 2014
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Hyundai to double high strength steel in new Sonata
Hyundai Motor plans to more than double the proportion of high strength steel used in its vehicles starting with the upcoming new Sonata sedan, which will make its Korean debut in March, industry sources said Tuesday. The revamped Sonata, in particular, will become the first Hyundai brand car to be almost 50 percent covered with high tensile steel frames. The carmaker has already applied the strength steel to some 40 percent of its latest Genesis luxury sedan. As part of efforts to seek higher f
Feb. 5, 2014
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Lotte to sell off 18 stores via Singapore Exchange
Lotte Shopping, the country’s largest retailer, made a step towards selling 18 retail properties for a total of 1 trillion won after Singaporean authorities on Wednesday approved the initial public offering for the malls on the Singapore Exchange. The offering for the Real Estate Investment Trust would be the largest overseas IPO by a Korean company to date, sources said. The listed properties include Lotte Department Stores in Pohang, Ilsan, Jeonju, Sangin and Centum city in Busan as well as Lo
Feb. 5, 2014
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[Photo News] Paris Baguette in Singapore
Feb. 5, 2014
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[Photo News] Red Nexus
Feb. 5, 2014
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Naver's 2013 net more than triples
Naver Corp., South Korea's top Internet portal operator, said Wednesday that its 2013 net profit more than tripled on increased sales from its flagship messenger service LINE and its search advertising business.Net income amounted to 1.9 trillion won (US$1.76 billion) last year, up 248 percent from the previous year, the company said in a regulatory filing.Revenue rose 28.5 percent on-year to 2.31 trillion won, and operating profit inched up 0.6 percent to 524.1 billion won, it added."An increas
Feb. 5, 2014
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Hyundai E&C seeks to take part in US$1.6 bln Indonesian railroad project
Hyundai Engineering and Construction Co., one of South Korea's largest builders, said Wednesday it wants to take part in a $1.6 billion railroad project in Indonesia with a Russian partner.The company said a memorandum of understanding was reached earlier in the week in Moscow with Russian builder RZDstroy for the construction project in East Kalimantan. The railroad will be built to carry coal from mines located in the center of the island to its eastern coast some 192 kilometers away.PT Kereta
Feb. 5, 2014
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Jeju Air introduces new operating system to cut cost, improve service
Jeju Air Co., South Korea's largest budget carrier, said Wednesday it has introduced an advanced operating system to more effectively manage its planes and reservations to cut costs and improve customer service.The airline company, which operates a fleet of 13 B737-800 passenger jets, said it has injected 10 billion won ($9.3 million) into the advanced information technology system since July 2013."The system went online as of this month, with Jeju expecting it to improve the company's competiti
Feb. 5, 2014