Most Popular
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S. Korea, Singapore seal supply chain agreement
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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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[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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Who is pollster roiling politics with claims of government string-pulling?
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Taking away phones during school hours not a human rights violation: watchdog
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Korea launches antidumping probe into Chinese steel
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[Grace Kao] Why K-pop lip-syncing doesn’t bother me
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Samsung insurers to cut jobs on slump
Insurance subsidiaries under South Korea’s No. 1 conglomerate Samsung Group said Friday that they are offering employees the opportunity to change careers in order to cut jobs as part of efforts to tide over the economic slump.Samsung Life Insurance Co. and Samsung Fire & Marine Insurance, the country’s top life and nonlife insurer, respectively, plan to provide current employees with new job opportunities outside of Samsung under their career conversion program, according to the firms.Samsung L
Nov. 22, 2013
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Doosan Infracore to sell shares to foreign investors
Doosan Infracore Co., South Korea’s leading construction equipment maker, said Thursday that it plans to sell shares to overseas investors in a bid to boost its financial status.In a regulatory filing, the company said it would issue the so-called global depository receipts, or certificates of stock ownership, worth up to $400 million.The GDRs represent 40 million common stocks, and will be listed on the Singapore Exchange later, it said. The proceeds from the share sales will be used to repay f
Nov. 21, 2013
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[Photo News] In-flight luxury
Nov. 21, 2013
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G-STAR posts record $186m in overseas sales
Domestic companies posted a record $186 million in overseas sales during the nation’s largest game show G-STAR 2013 held from Nov. 14 to 17 in Busan, according to Korea Internet & Digital Entertainment Association on Wednesday. K-IDEA said sales rose 25.4 percent from last year’s $148 million, largely due to the expanded space for business to business consulting and the increased number of overseas buyers, 1,397 up from last year’s 840. “The popularity of the Korean game industry among foreign b
Nov. 21, 2013
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Seoul, London agree to expand direct flights
South Korea and Britain have agreed to further expand the number of weekly flights to and from each country, the South Korean government said Thursday.Under the agreement reached in aviation talks held this week in London, the countries agreed to temporarily increase the number of direct flights to and from each country to 21 from the current 17 per week, according to the Ministry of Land, Infrastructure and Transport.Currently, South Korea’s Korean Air and Asiana Airlines are each offering seve
Nov. 21, 2013
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SK, S-Oil in competition for Australian market
The nation’s two leading oil refineries are competiting over a stake in Australian petrol retailer and supplier United Petroleum, according to industry sources. Following the confirmation of Saudi Aramco-invested S-Oil last week, SK Innovation said on Monday that SK Energy, its refinery arm, was considering the acquisition of a stake in United Petroleum. “The move is part of the firm’s continued efforts to tap business opportunities overseas,” SK Innovation, the nation’s top refinery, said in a
Nov. 21, 2013
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DSME monopolizes LNG carrier market
Daewoo Shipbuilding & Marine Engineering, one of Korea’s top three shipbuilders, once again won an order to build a liquefied natural gas carrier, incorporating a patented high-tension gas feeder.DSME signed a deal to deliver an LNG carrier ― 173,400 cubic meters and $200 million ― for a U.S.-based customer by 2017, company officials said Thursday.This deal was an extension of a former similar deal, which stated that the corresponding customer may order four additional LNG carriers of the kind.U
Nov. 21, 2013
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Hyundai Heavy names top executives
Lee Jae-seong, president of the world’s largest shipbuilder Hyundai Heavy Industries, was promoted to chairman of HHI Group, company officials said Thursday.This is the first time since 2011, when former chairman Min Keh-sik retired, that the heavy industry group is to have a CEO-chairman system.Since 2009, Lee has served as the company’s president and CEO jointly with Kim Oi-hyun while the group chairman post was left empty. In the reshuffle, Kim’s role is to take charge of the shipbuilding, an
Nov. 21, 2013
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LG Innotek eyes bigger market share with ‘Metal Mesh’
LG Innotek is entering the mid and large-sized touch screen panel market on a global scale based on its latest development of the Metal Mesh panel, the company said Thursday.Touch screens are an essential component in devices and appliances ranging from smartphones and tablets to laptops and TVs.The recently developed Metal Mesh touch screen panel reflects a significant technological breakthrough, industry watchers said, as it has been optimized for the mid and large-sized segment."LG Innotek sa
Nov. 21, 2013
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Top 10 biz groups suffer drop in profitability: data
South Korea's top 10 business groups saw their profitability drop this year largely due to increased competition and the global economic slowdown, data showed on Thursday.The combined operating income of 83 firms affiliated with the country's top 10 business groups reached 36.35 trillion won ($34.27 billion) in the first nine months of the year, down 4.7 percent from 38.15 trillion won a year earlier, according to the data compiled by Chaebol.com, which tracks the conglomerates.Their sales gaine
Nov. 21, 2013
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GS E&C strives to clear its name
This year has been hard on local builders after a years-long market slump and low-priced orders. And unprecedented operating deficits in the first half of the year only made matters worse.Amid deepening woes, GS Engineering & Construction, the nation’s sixth-largest builder, sent shockwaves throughout the industry by marking 535.4 billion won ($506 million) in losses in the first quarter.Concerns among the industry escalated further as the company became recently involved in a series of domestic
Nov. 20, 2013
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Hyundai aims for bigger slice of Chinese market with Mingtu
Hyundai Motor on Wednesday debuted its first China-only model, the Mingtu sedan, as part of its efforts to increase its presence in the all-important market, especially the soaring midsize sedan segment. Some 800 guests crowded the high-profile launching event held at Canton Tower in Guangzhou. The name Mingtu, or Mistra in English, originated from a Chinese phrase meaning a “strong will and brighter future,” the company said. Positioned between Hyundai’s Sonata and Avante sedans, the Mingtu wil
Nov. 20, 2013
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[Photo News] Beginning of success story
Nov. 20, 2013
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Lotte Tour, Chinese firm to build skyscrapers on Jeju
Lotte Tour Development Co., one of South Korea’s leading travel agencies, said Wednesday that its subsidiary and China’s largest property developer will spend $1 billion on a joint skyscraper project on the country’s southern resort island of Jeju. Dongwha Investment & Development Co., a local property developer, and China’s Greenland Holding Group will begin construction on two buildings ― 61 and 63 stories tall, respectively ― from the beginning of 2014, the local travel agency said. The compa
Nov. 20, 2013
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Asia-Pacific nations to allow ‘fund passport’ in 2016
Some major Asia-Pacific countries, including South Korea, are pushing to introduce a scheme designed to allow cross-border sales of fund products in 2016, the Finance Ministry here said Wednesday.According to the ministry, South Korea held a working-group meeting last week with member countries of the Asia-Pacific Economic Cooperation such as Australia, New Zealand and Singapore to discuss the so-called fund passport system and the timetable for its introduction. A fund passport system is design
Nov. 20, 2013
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Top conglomerates’ reserve assets surge in H1
The combined amount of reserve assets held by South Korea’s top 10 conglomerates surged in the first half of the year from end-2010, data showed Wednesday, apparently as they reduced investment amid the economic slump.The country’s 82 listed firms under the top 10 business groups saw their internal reserves reach 477 trillion won ($452 million) at end-June, up 43.9 percent from 331 trillion won tallied at end-2010, according to the data by market researcher CEO Score.The internal reserves refer
Nov. 20, 2013
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Wearable device market to reach $6b by 2016: report
The wearable device market is expected to grow in value to $6 billion by 2016, according to a Korea Information Society Development Institute report published on Tuesday.The report, which cited data from research firm IMS, noted that not only information technology companies such as Samsung Electronics, Apple and Google, but also sports apparel retailers such as Nike and Adidas had recently entered the market with innovative products and services.KISDI predicted that the wearable device market w
Nov. 20, 2013
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LG to release G Pad tablet in more overseas markets
LG Electronics plans to ship its flagship tablet G Pad to more markets to boost its sagging sales of the device in time for the year-end shopping season. LG’s G Pad 8.3 tablet is expected to hit 50 markets around the world including Japan, Canada and Brazil by the end of this year, according to news reports. Currently, the tablet PC is available at major retailers in 20 countries, including Best Buy in the United States, Euronics in Italy and others in France and Britain.Experts see the latest m
Nov. 20, 2013
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SPC Group chairman rewarded for leadership
SPC Group chairman Huh Young-in was awarded Wednesday with the highest level of recognition by the Korean Academic Society of Business Administration for his innovative management skills and leadership, the company said.The reward is given every year to managers deemed to have demonstrated exemplary corporate leadership, while also contributing to the nation’s economic and social development. As the son of the founder of Sammi Bakery, the precursor to SPC Group, Huh was recognized mainly for his
Nov. 20, 2013
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STABILicers: Innovative traction gear by 32 North
When you walk or run in slippery conditions, one of the best ways to prevent a fall would be to wear studded shoes or strap on a slip resistant traction device to your shoes.STABILicers, made by 32 North (www.32north.com) an innovative shoe gear maker in the United States, are a standout product that stands apart from conventional traction devices.Conventional crampons, also called Eisen by ice climbers, are a chain type of device and can be easily broken due to the continued friction against th
Nov. 20, 2013