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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Conscripting women to lead to 'more babies,' claims military think tank
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Who is pollster roiling politics with claims of government string-pulling?
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Taking away phones during school hours not a human rights violation: watchdog
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Korea launches antidumping probe into Chinese steel
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Korea added to key bond index
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Shipbuilders struggle with wage dispute
Since the issue of “ordinary wages” was brought up in May during President Park Geun-hye’s visit to the United States, Korean firms have been beset by labor unions’ demands. The unions want bonuses to be included in regular wage figures, which are used to calculate overtime allowances, severance pay and other benefits.The inclusion of bonuses would hit shipbuilders the hardest, along with the automobile and steelmaking sectors, all of which are reliant on overtime work for their manufacturing sc
July 4, 2013
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Festival showcasing Korean rural, fishing villages kicks off
For those who look to countryside summer vacation spots for a break from their busy city life, the eighth festival for vacationing in rural and fishing villages this weekend will offer a chance to preview hundreds from around the nation. During the event, which kicked off on Thursday at KINTEX in Goyang City, Gyeonggi Province, and will last until Sunday, about 300 rural or fishing villages from six provinces set up booths to highlight their village tour programs. Some of them boast of pristine
July 4, 2013
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Air France celebrates 30 years in Korea
Air France on Friday celebrates the 30th anniversary of its operating passenger flights connecting Korea and France. The French air carrier was the first European airline to start a Korean operation, on July 5, 1983. Air France was also the first airline that served Korea’s kimchi as a side dish in its in-flight meals in 1996. In 1998, the company joined the code-share agreement with Korean Air for the Seoul-Paris routes. Since 2003, Air France has operated daily flights from Seoul to Paris. Cur
July 4, 2013
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iPhone users’ loyalty declines: report
Apple’s iPhone users in Korea were found to be less loyal to the smartphone than its rival’s followers, according to a report released Wednesday.According to a consumer report by DIGIECO or KT Economics and Management Research Institute, 53 percent of 416 survey respondents using an iPhone said they would not continue using Apple’s smartphone line. The result is based on the survey conducted on 3,763 smartphone users aged 13 to 69.For Samsung Electronics’ Galaxy S smartphone line, 35 percent of
July 3, 2013
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Free economic zones face restructuring
The nation’s free economic zones, specially designated regions to attract foreign investment, will face restructuring based on their development performance, according to government officials.After a 10-year-long investment, Korea has eight FEZs, and the number of business districts in them has soared to 101. However, only 52.5 percent or 53 business districts are under development. “A revised law in August 2011 gave FEZs three years to find a land developer. Based on the law, the government can
July 3, 2013
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LG Global Challengers set sail
LG Group on Wednesday held the 19th LG Global Challenger launch ceremony in Seoul with selected members of this year’s student expedition teams and company executives participating, the company said.LG Global Challenger is a fully-funded overseas study and exploration program for talented university students from various academic fields.Each year, the selected teams of students are given opportunities to experience and observe world-class research facilities, universities, corporations and both
July 3, 2013
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Ministry launches energy tech forum
The Ministry of Trade, Industry and Energy kicked off a public and private joint organization in an aim to integrate energy technology with various other sectors such as information communications technology and social sciences.The inaugural ceremony for the ministry-affiliated Energy Tech Innovation Forum was held on Wednesday at Chosun Hotel, officials said.Vice Minister Kim Jae-hong and some 200 corporate chief technology officers attended the event chaired by Lee Hee-beom, the head of the Ko
July 3, 2013
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Toyota Korea CEO named honorary chief of Seoul Zoo
Toyota Motor Korea said Wednesday that its CEO Tommy Nakabayashi has recently been named the first honorary chief of Seoul Grand Park Zoo in Gwacheon, Gyeonggi Province. According to company officials, the Korean chief of Toyota will carry out activities regarding the protection of wild animals and improving customer services at the zoo for the next year. In February last year, Toyota Korea officially pledged to support the zoo’s activities aimed at conserving wild animals in danger of extinctio
July 3, 2013
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LG to discuss business cooperation with BMW
MUNICH, Germany ― LG Group executives including LG Electronics' chief Koo Bon-joon are planning to meet BMW officials on the carmaker’s home turf in Munich, sources said. Flanked by the heads of LG’s European offices, this group of top LG officials will reportedly sit down for a face-to-face with executives from BMW headquarters on Thursday in a bid to supply LG’s automobile-related parts to the premium German carmaker. The situation recalls when Samsung Group’s heir apparent Lee Jay-yong previo
July 2, 2013
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Korea softens chaebol regulations
The National Assembly on Tuesday passed revised antitrust bills that scaled back the scope of rules and regulations governing business transactions between family-run conglomerates and their subsidiaries.This move comes after the private sector raised concerns that the government’s toughened stance against chaebol may adversely affect business confidence.Deputy Prime Minister and Finance Minister Hyun Oh-seok previously said that the government would refine some of its policies and regulations t
July 2, 2013
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Hyundai Motor chief to donate W100 billion
Hyundai Motor Group said Tuesday that chairman Chung Mong-koo plans to donate roughly 100 billion won ($90 million) out of his own pocket to offer more benefits to young, talented students from underprivileged families.According to the Korean auto giant, Chung plans to sell off all his 20 percent shares in Hyundai Innocean, the carmaker’s advertising unit, to donate to the Chung Mong-koo Foundation, a charitable foundation that he funds. Industry watchers say that the unlisted stocks Chung owns
July 2, 2013
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Samsung disbands team for future strategy
A troupe of Samsung Group in charge of finding new business sectors, launched three years ago, has been dissolved for allegedly failing to produce tangible results. All executives and high-ranking officials mobilized to the task force team Tuesday were confirmed to have returned to the group’s affiliates where they previously worked.“The team was disbanded as of July 1 as it had fulfilled its duties in laying the groundwork for five new projects,” a Samsung official said. “The projects have been
July 2, 2013
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HHI develops digital super radar for ships
Hyundai Heavy Industries, the world’s top shipbuilder, developed a high-resolution marine digital radar, which may detect small objects from extremely far distances, officials said Tuesday.The new radar, developed jointly by HHI and state-run research institutes, may detect objects as small as 70 centimeters from 10 kilometers or further, even under foul weather conditions, according to officials. Its electric amplifier is to last for up to 50,000 hours, which is about 16 times longer from the c
July 2, 2013
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Management experts to take charge of CJ Group
CJ Group, South Korea’s leading food and entertainment conglomerate, said Tuesday that a group of management experts will lead the conglomerate as its chairman has been detained on charges of creating secret funds and evading taxes.CJ Group said, “The group will play the role of the group’s key decision maker,” in order to maintain the operations of the group. On late Monday, Lee Jay-hyun was taken to a detention center on the southern part of Seoul immediately after a warrant was issued for his
July 2, 2013
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Bosch names Tyroller to head Asia-Pacific operations
Bosch’s supervisory board appointed Peter Tyroller to head its Asia-Pacific operations, the company said on Monday.Headquartered in Shanghai, China, Bosch’s Asia-Pacific division has some 13,800 engineers working in various countries and is expected to grow more. “The Asia-Pacific will continue to be the main driver of growth for Bosch and I am honored to take over the responsibility for this important region,” said Tyroller.Since 2006, Tyroller has served as a board member, overseeing the compa
July 2, 2013
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Detained food mogul further questioned by prosecutors
The chairman of food and entertainment conglomerate CJ Group was further questioned Tuesday while in prosecution custody over alleged tax evasion and embezzlement, officials said.Lee Jay-Hyun was jailed at the Seoul Detention Center on the southern outskirts of Seoul Monday shortly after a district court approved the prosecution's request for an arrest warrant for the country's 10th richest man.The 53-year-old allegedly dodged some 70 billion won ($61.4 million) in taxes through stashing secret
July 2, 2013
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KT launches marketing offensive
KT, the second-largest mobile carrier in Korea, announced Monday that it would provide its customers twice as many services as usual from July through October. “In order to repay our customers for their support, we will provide double the amount of services,” said Pyo Hyun-myung, president of the mobile business unit at the mobile service provider, at the launching event of the promotion. More data, more membership benefits and easier access to customer service are among the five major services
July 1, 2013
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Hyundai Motor bets big on Middle East
Hyundai Motor’s years of pouring substantial resources into the Middle East are showing some results recently, especially in sales of its high-end models there, company officials said Monday. According to the Korean auto giant, sales of the Hyundai Grandeur, Genesis and Equus rose 5.5 percent to 7,930 vehicles in the first five months this year from the same period last year. The Grandeur sedan was the biggest seller at 5,676 vehicles, while sales of the Genesis and Equus were 1,949 and 214, res
July 1, 2013
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Domestic car sales drop in June
Hyundai Motor, Korea’s largest carmaker, said Monday that its sales advanced 8.2 percent in June from a year earlier on the back of solid sales in overseas markets.Hyundai Motor sold a total of 404,368 vehicles last month, compared with 373,675 units the previous year, the company said in a regulatory filing.Its domestic sales, however, declined 7 percent on-year to 55,548 units last month while overseas sales advanced 11.1 percent to 348,820 units, according to the carmaker.Its affiliate Kia Mo
July 1, 2013
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KT&G to launch RAISON ice Presso
The nation’s largest tobacco maker KT&G will launch “RAISON ice Presso,” the newest in its decade-old RAISON series, on July 3. RAISON ice Presso comes with two different flavors, the company said. Its initial coffee taste turns apple mint-fresh as the smoker pops the “ice capsule” within the cigarette.KT&G noted that the new product is reflective of the success of its predecessor, “RAISON Presso,” that it launched in July 2012, after four years of research and development. RAISON ice Presso is
July 1, 2013