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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Kia Motors January sales move down 1.3 pct
Kia Motors Corp., South Korea's second-largest automaker, said Monday its sales dipped 1.3 percent in January from a year ago mainly due to fewer working days brought on by the Lunar New Year holiday.The carmaker sold a total of 257,331 units overall last month, down from 260,778 vehicles tallied a year earlier, Kia said in a statement.Of all cars sold, sales in the home market contracted 6.2 percent on-year to 34,000 cars, while overseas sales stood at 223,331 units, a 0.5 percent dip from Janu
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 will boycott Hyundai Elevator Co.'s decision to seek 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 HyundaiGroup's chai
Feb. 3, 2014
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Ssangyong Motor sales jump 9.5 pct 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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Lotte Beverage enters Myanmar
Lotte has entered Myanmar’s beverage market as a bottler for PepsiCo, the company said last week. Lotte Chilsung Beverage, the beverage division of the country’s fifth largest business conglomerate, launched LOTTE-MGS Beverage at the Traders Hotel in Yangon on Jan. 29. A total of 150 high-ranking officials from Lotte and MGS as well as Myanmar political figures were present, the company said. “Myanmar has great potential and will be a strategic location in Southeast Asia. I hope Lotte will lead
Feb. 2, 2014
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Less than half of foreign-owned firms pay corporate taxes
Less than half of the foreign-owned firms operating in Korea but based overseas paid corporate taxes in Korea last year, mostly on account of lackluster business performances, data showed Sunday.The National Tax Service said that as of the end of 2012, there were 1,646 foreign companies operating in Korea, among which 1,513 registered to pay corporate taxes. Out of this number, 734 ― or 44.6 percent ― were actually subject to taxes totaling 769.4 billion won ($707.3 million). This is because out
Feb. 2, 2014
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Air Busan aims to double sales to W700b by 2018
Air Busan, the nation’s second-largest low-cost carrier, announced Sunday it would seek to double its sales to 700 billion won ($652 million) by 2018 to become the top short-haul flight in Asia. When the company achieves this mid-term sales goal, its operating profit is forecast to grow to 40 billion won by 2018, the company added. “For this future growth goal, the company will increase the number of carriers to 19 from the current 9 over the next four years,” the company said in a press release
Feb. 2, 2014
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[Photo News] BMW gives back
Feb. 2, 2014
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SM Entertainment chief tops list of high value real estate
Lee Soo-man, the head of SM Entertainment, owns the most valuable real estate among big names in the entertainment industry, market research suggested Sunday. A building owned by Lee in southern Seoul is estimated to be worth 19.08 billion won ($17.8 million), according to Chaebul.com, an online information provider on large businesses and the wealthy. Combined with another building he owns, Lee’s real estate holdings are estimated at more than 50 billion won ($46.6 million) in market value. Cha
Feb. 2, 2014
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S. Korea's diesel consumption up 4.5 pct in 2013
South Koreans' average consumption of diesel edged up in 2013 from a year earlier, data showed Sunday, from the rising number of diesel-powered automobiles in the country.According to the data by the Korea Petroleum Association, South Koreans consumed 438 liters of diesel on average last year, up 4.5 percent from the previous year.The average consumption of gasoline, in contrast, increased at a slower pace of 2.1 percent over the cited period to reach 240 liters per capita.Market watchers attrib
Feb. 2, 2014
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S. Korea's trade deficit in kimchi widens in 2013
South Korea's exports of kimchi decreased in 2013 from a year earlier due to the falling demand from Japan amid the weak yen, data showed Sunday, enlarging the trade deficit of the country's staple side dish.According to the data by the World Institute of Kimchi, the country's exports of kimchi decreased 16.3 percent to $89.2 million won on-year in 2013, while its imports climbed 5.9 percent to $117.4 million won.The gap has left South Korea with a trading deficit of $28.1 million in 2013, soari
Feb. 2, 2014
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S. Korea's oil consumption falls for first time in 5 years: data
South Korea's oil consumption fell for the first time in five years in 2013 as the country used more electricity and city gas to meet its heating and miscellaneous energy needs, data showed Thursday.According to numbers provided by the Korea National Oil Corp. (KNOC), petroleum product consumption reached around 826.84 million barrels last year, a 0.1 percent dip from the tally taken for 2012.The KNOC said the last time oil product consumption contracted was in 2008 as the global financial crisi
Jan. 30, 2014
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LG beats its rivals in Q4 smartphone sales
South Korea's handset maker LG Electronics Inc. surpassed its global rivals such as Samsung Electronics Co. in terms of smartphone sales in the fourth quarter of last year, data showed Wednesday.LG Electronics saw its smartphone sales advance 53 percent in the October-December period from a year earlier by shipping 13.2 million units, according to the data compiled by market researcher Strategy Analytics.Samsung Electronics Co., the world's No. 1 smartphone maker, saw its sales advance 37 percen
Jan. 29, 2014
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Lotte conducts major reshuffle
Lotte Group, the country’s fifth-largest business conglomerate, on Tuesday announced a personnel reshuffle of 214 executives in a bid to strengthen its overseas business and develop next-generation growth engines. The move was of the largest scale since group chairman Shin Dong-bin took office in 2012 to succeed his father and Lotte founder Shin Kyuk-ho. Eighty-two of the 214 executives were given promotions. It also came about a month earlier than Lotte’s annual reshuffle, which usually takes p
Jan. 28, 2014
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POSCO finishes 2nd steel plant in Mexico
POSCO said Tuesday that it has completed its second automotive steel plant in Mexico, adding that it hopes to take advantage of the country’s burgeoning car industry with the new facility.POSCO also said the new plant would serve as a so-called “export base” for supplying the neighboring North American markets.The opening ceremony was held in the city of Altamira, Tamaulipas state, with its CEO Chung Joon-yang, Mexico’s Secretary of Economy Ildefonso Guajardo and other representatives from its k
Jan. 28, 2014
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KT suffers first quarterly deficit in four years
KT, the nation’s second-largest telecom operator, on Tuesday reported a deficit in its quarterly operating profit for the first time in four years, mostly on account of its sluggish performance in its communications business, combined with its big spending on handset subsidies.The company’s fourth quarter operating loss stood at 149.4 billion won ($138 million), with a net loss of 300 billion won during the October-December period. For all of 2013, the mobile carrier reported 23.8 trillion won i
Jan. 28, 2014
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BMW recalls over 14,000 cars in S. Korea for faulty wiring, parts
BMW Group Korea, the local importer of German automaker BMW AG, is recalling over 14,000 vehicles sold here because of faulty wiring and a defective oil pump that could impair braking, the transportation ministry said Tuesday.The faulty wiring found in over 10,000 vehicles of 12 different types could cause a failure of various lights, including turn signals, according to the Ministry of Land, Infrastructure and Transport.The recall affects a total of 11,695 vehicles, including 9,822 units of the
Jan. 28, 2014
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Sales of industrial electricity rise 4.4 pct in Dec.
Electricity used by South Korea's industrial sector rose from a year earlier last month, partly reflecting a growth in exports, the government said Tuesday.Electricity consumed by the industrial sector amounted to 23.25 billion kilowatt-hours in December, up 4.4 percent from the same month last year, according to the Ministry of Trade, Industry and Energy."Use of industrial electricity rose 4.4 percent on-year on an increase in the number of working days in December and growing exports from an e
Jan. 28, 2014
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Daewoo Engineering net losses plunge to 781.7 billion won in Q4
Daewoo Engineering & Construction Co., one of South Korea's leading builders, said Tuesday its net profit was in the red by 781.6 billion won ($724.7 million) in the fourth quarter.The quarterly net profit loss is much greater than the 2.86 billion won loss for the same three-month period in 2012.Daewoo E&C made sure the October-December report reflected possible losses on all of its outstanding building projects so it can start on a clean slate in the new year, the Seoul-based company said in a
Jan. 28, 2014
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POSCO completes 2nd galvanized steel sheet plant in Mexico
POSCO, the world's fifth-largest steelmaker, said Tuesday it has completed the construction of its second plant in eastern Mexico for producing galvanized steel sheets used in auto bodies.The plant was built in Altamira, a city in the state of Tamaulipas, and will produce 500,000 tons of galvanized steel sheets a year, the company said.The completion of the second plant will raise POSCO's annual production in Mexico to 900,000 tons, it said.POSCO constructed its first plant in the North American
Jan. 28, 2014
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[Newsmaker] Samsung, Hyundai vie for Gangnam site
A bidding war is heating up between the nation’s two top conglomerates Samsung and Hyundai as the two are seeking to secure an 80,000-square-meter site in the affluent district of Gangnam in southern Seoul. According to industry sources on Monday, Hyundai Motor Group has recently expressed its intention to acquire the lucrative property, which is currently owned by Korea Electric Power Corp. The Korean auto giant is said to be hoping to relocate its existing Yangjae headquarters to the site. Thi
Jan. 27, 2014