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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S. Korea to fine automakers for below-average fuel efficiency
Local automakers and importers of foreign vehicles in South Korea will be fined for cars that fail to meet minimum requirements on fuel efficiency, the government said Wednesday.Under the revised law on energy use, car manufacturers and importers will be fined 82,352 won ($76.49) for every vehicle and for every 1 kilometer/liter that falls below the minimum fuel efficiency, according to the Ministry of Trade, Industry and Energy.This means a car manufacturer that sells 100,000 cars that each fal
Feb. 5, 2014
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Microsoft says not planning to build data center in Korea
Despite the calls that the data of Korean Microsoft users should be stored locally, the global tech giant has no plans to build a data center here, Microsoft Korea said Tuesday.“We have no plans to build a data center in Korea for the time being,” a company spokesperson said. And because there is no data center, it means that the data on all business and personal users of Microsoft is sent to data centers in Singapore and Hong Kong. The lack of a data storing and processing facility has become a
Feb. 4, 2014
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Joe Fresh to challenge SPA brands in Seoul
Canadian fast fashion brand Joe Fresh will open its first Korean store in Lotte World Jamsil in May, industry sources said on Tuesday. According to Iljin Group, a midweight conglomerate and importer of the new brand, Joe Fresh will be introduced around May with the partial opening of the new Lotte World Jamsil shopping complex. The brand, launched in 2006 by Club Monaco designer Joseph Mimran, sells a variety of garments, cosmetic goods and fashion accessories. Joe Fresh, a brand introduced to t
Feb. 4, 2014
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KEPCO helps blind Filipino children
Korea Electric Power Corp., a company whose core business is powering up society by generating and distributing electricity, has long been pursuing corporate social responsibility programs that reflect its role as a power supplier. “Some companies consider CSR as a passing fad or another source of pressure, but it’s a critical factor for becoming a socially responsible firm for business to build key infrastructure for the development of a society,” said Korea Electric Power Corp. CEO Cho Hwan-ik
Feb. 4, 2014
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SK Innovation’s net plunges 36% in 2013
SK Innovation Co., which owns the country’s top refiner SK Energy Co., said Tuesday its net profit tumbled 36 percent last year from a year ago due to decreased margin in the refining business.Net profit came to 757.03 billion won ($698 million) in 2013, compared with 1.18 trillion won a year earlier, the company said in a regulatory filing.Sales fell 9.1 percent to 66.67 trillion won in the period, and operating profit dropped 18.7 percent to 1.38 trillion won.The figures reflected earnings fro
Feb. 4, 2014
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Credit card spending growth hits lowest level in 2013
South Korea’s credit card spending climbed 4.7 percent in 2013 from a year earlier, the slowest pace on record, a trade association said Tuesday.Purchases made with credit cards totaled 545.2 trillion won ($502.8 billion) last year, up 24.27 trillion won from the previous year, according to the Credit Finance Association.The data includes credit, debit and prepaid card use. Cash advances, overseas spending and card loans were not included.The 2013 tally marks the slowest growth since 2005, when
Feb. 4, 2014
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Samsung depends heavily on tech arm in operating profit
Samsung Group, South Korea's No. 1 conglomerate, is growing more dependent on its electronics arm for its operating profit, latest market data showed Tuesday.Samsung Electronics Co., the flagship unit of the business group, provided 92.3 percent of the combined operating profit by the conglomerates' 17 listed affiliates in 2013, according to market researcher FnGuide.Samsung Electronics accounted for around 60 percent of the group's yearly operating profit in 2007-10. The number spiked to 79 per
Feb. 4, 2014
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SK Innovation's net plunges 36 pct in 2013
SK Innovation Co., which owns the country's top refiner SK Energy Co., said Tuesday its net profit tumbled 36 percent last year from a year ago due to decreased margin in the refining business.Net profit came to 757.03 billion won ($695.7 million) in 2013, compared with 1.18 trillion won a year earlier, the company said in a regulatory filing.Sales fell 9.1 percent to 66.67 trillion won in the period, and operating profit dropped 18.7 percent to 1.38 trillion won.The figures reflected earnings f
Feb. 4, 2014
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State firms put buildings on sale
This year may become a great year for office building buyers, as public organizations located in Seoul and its adjacent areas rush to sell their office buildings, pressed by the government’s demands to lower their debt levels. “Plans for selling off office buildings is one of the key measures that the 41 public organizations vowed to take to cut their debt and normalize their businesses,” said an official from the Ministry of Strategy and Finance, declining to be identified. At the request of th
Feb. 3, 2014
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Schindler to boycott Hyundai Elevator’s paid-in capital increase
Schindler Holding AG, a leading global moving solutions provider, said Monday it would boycott Hyundai Elevator Co.’s decision to seek a paid-in capital increase that it says does nothing to improve the situation of the elevator company.The announcement follows Schindler’s compensation lawsuit last month against the South Korean company, claiming financial damages from Hyundai Elevator’s derivatives contract. Schindler claims that the contract was a calculated strategy to allow Hyundai Group’s c
Feb. 3, 2014
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Ssangyong Motor sales jump 9.5% in January
Ssangyong Motor Co., the local unit of Indian sport utility vehicle maker Mahindra & Mahindra, said Monday that its sales grew 9.5 percent on-year in January on the strength of consumer demand for its popular Korando family of cars.The carmaker’s total sales hit 11,634 units last month compared with 10,620 vehicles sold a year earlier. Domestic sales reached 5,445 units, a 34.9 percent surge from the same one-month period in 2013. Exports, including knockdown kits, were tallied at 6,189 vehicles
Feb. 3, 2014
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Renault Samsung sales jump 17.3% in January
January sales by Renault Samsung Motors Co. jumped 17.3 percent from a year earlier, helped by demand for popular models such as the SM3 compact sedans and QM5 crossover utility vehicle (CUV), the South Korean division of French automaker Renault SA said Monday.The country’s smallest car manufacturer by sales said it sold a total of 6,698 vehicles last month, compared with 5,709 units tallied in first month of 2013.The press release said domestic sales soared 16.9 percent on-year to 4,500 units,
Feb. 3, 2014
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Hyundai Motor’s sales dip 0.3% in January
Hyundai Motor Co., South Korea’s No.1 automaker, said Monday that its January sales dipped 0.3 percent from a year earlier, citing fewer working days ahead of this year’s Lunar New Year holidays as the main reason.The company said it sold 411,508 vehicles in January, down slightly from 412,894 units tallied for the year before.Its domestic sales, which had generally hurt overall numbers in the past, actually gained 2.6 percent to 51,525 vehicles, while overseas shipments contracted 0.7 percent t
Feb. 3, 2014
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GM Korea’s January sales plunge 20.2%
GM Korea Co., the local unit of General Motors Co. of the United States, said Monday that its sales for January plunged 20.2 percent from a year earlier as overseas demand turned sluggish.South Korea’s third-largest carmaker sold a total of 53,606 vehicles last month, down from 67,210 sold for the first month of 2013, the company said in a press release.Its domestic sales climbed 8.4 percent on-year to 10,873 units, on the back of demand for steady-selling models such as the Aveo subcompact, Cru
Feb. 3, 2014
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[Photo News] LG in Europe
Feb. 3, 2014
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KT&G extends limited edition ‘This Africa’
KT&G Corp. said on Monday that it would extend sales of its limited edition This Africa cigarettes.The country’s largest tobacco producer in December launched a special edition called “Winter Camo” with the package designed in camouflage patterns. Due to popular demand, it will extend the sales of the packs in the country’s largest cities until the end of this month, the company said. Launched in September 2013, This Africa is the latest in KT&G’s popular This lineup. It uses smoke-dried leaves
Feb. 3, 2014
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Korean companies backing Sochi contenders
South Korean companies are providing support to all 13 winter sporting events that the country’s athletes will compete in at the upcoming Sochi Olympic Games, a business federation said Monday.According to the Federation of Korean Industries, the lobbying group for conglomerates, local companies have been providing direct and indirect assistance to athletes and sports federations to help the country become a power in winter sports.“Companies for the past few years have been giving support to fed
Feb. 3, 2014
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Korean won falls by most in over 7 months per dollar
The South Korean currency fell by the most in more than seven months against the U.S. dollar on Monday as the Federal Reserve's quantitative easing (QE) tapering sparked concerns about capital outflows from emerging markets, dealers said. The local currency ended at 1,084.50 won per the greenback, down 14.10 won from the previous session. It was the biggest fall since June 20, 2013, when the local currency fell by 14.90 won per the dollar. The won fell to as low as 1,085.30 per the dollar
Feb. 3, 2014
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Korea's auto sales dip 2.1% in January
Sales of South Korean automakers dipped 2.1 percent last month from a year earlier, due mainly to fewer working days from the Lunar New Year holiday, industry data showed Monday. Combined sales of five car manufacturers, including market leader Hyundai Motor Co., reached 740,705 vehicles in January, down from 756,635 units sold in the first month of 2013. Domestic sales stood at 106,343 units, up 1.9 percent from 104,377 vehicles for January 2013, while overseas sales, which count both expor
Feb. 3, 2014
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Renault Samsung sales jump 17.3 pct in January
January sales by Renault Samsung Motors Co. jumped 17.3 percent from a year earlier, helped by demand for popular models such as the SM3 compact sedans and QM5 crossover utility vehicle, the South Korean division of French automaker Renault SA said Monday.The country's smallest car manufacturer by sales said it sold a total of 6,698 vehicles last month, compared with 5,709 units tallied in first month of 2013.The press release said domestic sales soared 16.9 percent on-year to 4,500 units, with
Feb. 3, 2014