Most Popular
-
1
S. Korea, Singapore seal supply chain agreement
-
2
North Korean troops killed, wounded in Ukraine war: Seoul defense minister
-
3
Korean language teaching expert says demand has outstripped supply
-
4
[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
-
5
Conscripting women to lead to 'more babies,' claims military think tank
-
6
Who is pollster roiling politics with claims of government string-pulling?
-
7
Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
-
8
Taking away phones during school hours not a human rights violation: watchdog
-
9
Korea launches antidumping probe into Chinese steel
-
10
[Grace Kao] Why K-pop lip-syncing doesn’t bother me
-
Carry-on rules eased to allow nail clippers, syringes on flights
The Korean government will ease rules about what flight passengers can bring in their carry-on luggage from next year to allow new items such as nail clippers, syringes and umbrellas, officials said Thursday. The Ministry of Land, Infrastructure and Transportation said it would adopt a new list of items prohibited in aircraft cabins that has been loosened for travelers’ convenience. New items allowed include nail clippers, eyebrow razors, sewing needles, syringes, corkscrews, climbing spikes, ba
Oct. 31, 2013
-
Focus on projects you enjoy, Google chief tells students
Google chairman Eric Schmidt told Seoul National University students what to focus on when starting up a company: teamwork, a long-term vision and doing what you love.“Focus on projects you enjoy instead of what markets want. You should make products you are expert at and know why they are better than others,” he said in a lecture on start-ups at SNU on Thursday.“Still, you need a long-term view and invest in something that will last 20 to 30 years,” he added. He cited Apple’s iPad that people d
Oct. 31, 2013
-
Water expert named as new K-water CEO
Choi Gye-woon, 59, a professor at Incheon National University, was named the new CEO of state-run Korea Water Resources Corp., better known as K-water, the company said. Choi, a well known water environment expert in Korea, has carried out a number of water resource-related studies and projects, including the state-funded “smart water grid project.” Industry watchers said imminent tasks ahead of the new K-water CEO are to improve the financial health of the organization by cutting the debt level
Oct. 31, 2013
-
Hyundai Heavy Industries sees operating profit fall
The operating profit of Hyundai Heavy Industries, the nation’s top shipbuilder, plunged 63 percent to 222.4 billion won ($210 million) from the same period a year ago due to worsening profitability in its shipbuilding and refinery business units, the company said on Thursday. It is the third consecutive quarter for the company to see a fall in its operating profit. Sales of the company inched down 0.5 percent to 13.1 trillion won in the third quarter from a year earlier. The shipbuilder’s net pr
Oct. 31, 2013
-
Hanwha E&C wins $448m order from Algeria
Hanwha Engineering & Construction Corp., one of South Korea’s major builders, said Thursday it has signed a $448 million deal to build a power plant in Algeria.Hanwha E&C said it plans to complete a simple cycle power plant in Biskra by 2015 under a deal with a unit of Sonelgaz, Algeria’s national gas and electricity company.The power plant in Biskra, 330 kilometers southeast of the Algerian capital of Algiers, will be capable of generating 450 megawatts of electricity per year, the builder said
Oct. 31, 2013
-
Steelmakers strive to shave low-profit sectors
In a continued effort to come out of a prolonged market slump, major steel companies in Korea are aggressively pushing for restructuring, focusing on eliminating low-profit business sectors.The nation’s third-largest steelmaker Dongkuk Steel recently said through a public announcement that it is considering cutting out its thick steel plate manufacturing division, one of its representative business categories.Thick steel plates, which are mostly used in large vessels and bridges, are heavily dep
Oct. 31, 2013
-
‘Doosan Heavy likely to meet target order’
Despite a third-quarter net loss, some stock market analysts still think Doosan Heavy Industries & Construction, one of Korea’s leading power plant builders, will be able to achieve its annual order target of 10 trillion won ($9.4 billion) by the end of the year. The company, the flagship of Doosan Group, posted a net loss of 15.8 billion won in the third quarter, a plunge from a net profit of 58.8 billion won in the same period a year ago. Losses from equity ties with its money-losing affiliate
Oct. 31, 2013
-
Hanwha chairman ordered to compensate shareholders
A Seoul court ordered disgraced Hanwha Group Chairman Kim Seung-youn Thursday to compensate the group's shareholders nearly 9 billion won ($8.49 million) for their massive losses.The 61-year-old tycoon was indicted on charges of ordering the group's executives to arrange the illicit sale of Hanwha S&C bonds to his eldest son in 2005 at a huge discount to help him take the largest stake in the group's IT arm. Chairman Kim and eight executives of the country's 10th largest family-controlled conglo
Oct. 31, 2013
-
Half of listed firms' operating profit falls in Q3
Nearly half of South Korea's listed companies saw their operating profit fall on-year in the third quarter, data showed Thursday, as the economic slump weighed down on builders and chemical firms.Of the 51 companies listed on the country's main stock market that announced their earnings for the July-September period, 23 firms suffered a decline in their net profit from a year earlier, according to the data by FnGuide.The financial information provider said the weak performances among local liste
Oct. 31, 2013
-
FTC may mull levying tax on intra-group deals involving offshore affiliates
South Korea's antitrust watchdog might consider expanding its law aimed at punishing intra-group transactions of large local conglomerates to include deals taking place with their overseas affiliates, a source said Thursday.Intra-group deals are criticized for sidelining smaller companies in bidding processes and also cited as a secret measure employed by owners of conglomerates to transfer their wealth to their family without paying due taxes by awarding them business contracts with favorable t
Oct. 31, 2013
-
LG CNS eyes world’s big data
LG CNS, a local leading IT service firm, said Wednesday that it would beef up collaboration with top IT solutions firms to increase its presence in the global big-data industry. As part of its efforts, the Seoul-based firm signed a memorandum of understanding with MapR Technologies, a leading U.S. Hadoop-based solution and platform developer, on Monday in New York, company officials said. Under the deal, the two solutions firms promised to cooperate on developing big-data solutions and related p
Oct. 30, 2013
-
Daimler Trucks to invest W72b in Korea next year
Daimler Trucks Korea said Wednesday that the company would invest at least 72 billion won ($68 million) into building new parts delivery and employee training facilities in Korea next year. According to the company’s sales and marketing vice president Rainer Gaertner, the Korean unit of the world’s largest truck maker plans to build a 52 billion won parts delivery center in Anseong, Gyeonggi Province, in June next year. He added that a separate training center for employee education on car sales
Oct. 30, 2013
-
Korean Air to offer W150b aid to Hanjin Shipping
Korean Air, the flagship unit of Hanjin Group, said Wednesday that its board members have agreed to inject 150 billion won ($140 million) into its cash-strapped sister company Hanjin Shipping. According to the Seoul-based airline, the shipping affiliate’s shares owned by Hanjin Shipping Holdings would be used as collateral to secure the loan. Hanjin Shipping has struggled with its cash flow since the shipping industry was hit hard by the 2008 financial crisis. Korean Air said it could consider a
Oct. 30, 2013
-
FSS urges banks to beef up monitoring on debtor firms
The financial regulator has called on banks to keep a closer watch on debtor companies’ finances to avoid a sudden default, warning that otherwise they may face regulatory sanctions, watchdog officials said Wednesday. The Financial Supervisory Service asked bank executives at a recent meeting to step up monitoring on financial soundness of their debtor companies when they extend loans, FSS officials familiar with the matter said. The FSS had so far concentrated on banks’ management transparency
Oct. 30, 2013
-
Rural villages transform into alternative tour destinations
With the acceleration of urbanization in Korea, a visit to a rural village has become a unique and memorable opportunity not only for Korean city dwellers but also foreign visitors.Responding to the rising demand for rural tourism, the state-run Korea Rural Community Corp. under the Ministry for Food, Agriculture, Forestry and Fisheries developed the “Rural 20” tour program in 2010 to offer foreign residents and visitors a chance to experience the beauty and authenticity of the country’s rural a
Oct. 30, 2013
-
Sony Korea receives environmental award
Sony Korea received an award on Tuesday from the Ministry of Environment in the area of green management, consumption and production at the Eco-Expo Korea held in Seoul. The award ceremony aims to foster eco-friendly industry by giving a prize to organizations that have contributed to the advancement of green technology and management. Sony Korea said it has run a sustainable management system since acquiring an environment management system certificate in 2000. The company has also introduced L
Oct. 30, 2013
-
Ssangyong Motor swings to black in Q3
Ssangyong Motor Co., the local unit of Indian sport utility vehicle maker Mahindra & Mahindra Ltd., said Wednesday that it swung to the black in the third quarter from a year earlier due to strong sales.Net profit reached 1.5 billion won ($1.4 million) in the July-September period, compared with a loss of 13.7 billion won a year earlier, the Seoul-based company said in a regulatory filing.Sales jumped 19.8 percent on-year to 837.4 billion won in the third quarter, and operating income reached 74
Oct. 30, 2013
-
Twitter to launch ad products in S. Korea this week
Twitter Inc. said it plans to launch "promoted tweets," its advertising products, in South Korea later this week to help local companies better approach potential customers.The U.S. microblogging site on Tuesday posted on its website that its so-called Promoted Tweets, Promoted Accounts and Promoted Trends will debut in South Korea on Friday.Twitter said Promoted Tweets are purchased by advertisers who want to reach a wider group of users and spark engagement from their existing followers.In som
Oct. 30, 2013
-
Hyundai Motor to recall over 100,000 Genesis cars for faulty brakes
Hyundai Motor Co., South Korea's largest automaker, has been ordered to recall over 100,000 units of its luxury passenger sedan Genesis for a faulty brake system that could lead to accidents, the transportation ministry said Wednesday.The recall affects 103,214 units of the Genesis that were produced between Dec. 24, 2007 and March 16, 2012, according to the Ministry of Land, Infrastructure and Transport.The recall comes as the ministry has confirmed the vehicle's anti-lock brake system may rust
Oct. 30, 2013
-
S. Korea's industrial output shrinks 2.1 pct on-month in Sept.
South Korea's industrial output shrank in September from a month earlier, raising worries that the economy might be losing its recovery momentum, a government report showed Wednesday.According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries fell 2.1 percent last month from a month earlier, a turnaround from a revised 1.6 percent gain in August. From a year earlier, the output also contracted 3.6 percent.The service sector production inch
Oct. 30, 2013