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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RSM starts up solar power plant in Busan
Renault Samsung Motors said on Wednesday a new solar power station would start generating 25 million kilowatt-hours annually within the premises of its auto plant in Busan.The 20-megawatt solar power plant is the world’s biggest of its kind built at a factory site and can supply enough electricity for the 8,300 households in Myeongji, a new town near the Busan factory, the carmaker said.A special purpose company established by Korea East-West Power Co., KB Cottrell and KC Asset Management broke
June 12, 2013
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Creditors likely to OK debt workout program for Ssangyong E&C
South Korea's top lender Kookmin Bank approved a debt workout program for Ssangyong Engineering & Construction Co., a bank official said Wednesday, a move that could prompt other banks to join efforts to salvage the troubled builder."We reached a conclusion to consent to the program through a vote" after two days of intense debate," a Kookmin Bank official said, citing policy.The decision by Kookmin Bank, which has a 7.95 percent voting right among creditor banks, could push Shinhan Bank, South
June 12, 2013
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SK hynix to pay Rambus $240 mln for new license deal
SK hynix Inc., the world's No. 2 memory chip maker, said Wednesday that it has reached an agreement with Rambus Inc. on a new license deal that would cost the South Korean company a total of US$240 million over the next five years, ending a decade-long legal battle over memory chip technology. Under the new agreement, SK hynix will pay $12 million in royalties each quarter over the next five years to the U.S.-based technology licensing company for using its semiconductor technology, the South Ko
June 12, 2013
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Retail giants run new types of stores to get around regulations
Retail giants such as Shinsegae E-mart and Homeplus are opening new types of stores to get around regulations.Owners of small grocery shops are up in arms to drive out the variant forms of business run by the big firms. Supermarkets and their affiliated chains of smaller stores, E-mart Everyday, Homeplus Express and Lotte Super (known locally as super-supermarkets, or SSMs), are required to close at least two days a month and between midnight and 10 a.m. under a revised retail industry law that
June 11, 2013
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Russian executive explores partnership with Korean firms
Russian executives in charge of a massive transport project in Moscow explored possible investment and technology partnerships last week with South Korean counterparts, heralding a foray of Korean firms into the Russian market.“Russia is accelerating its renovation of its industries at breakneck speed, a pattern that might be new to Korean investors,” said Sergei Pak, CEO of RZD-RV, a subsidiary of the Russian transport giant Russian Railway, in an interview. Pak, whose father is Korean, made h
June 11, 2013
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[Photo News] New Nonghyup financial chief
June 11, 2013
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Foreign firms call for predictable policies
American companies doing business in Korea on Monday voiced their concerns over toughened government regulations under President Park Geun-hye, calling for more predictable and transparent policies. The American Chamber of Commerce in Korea held a luncheon meeting with Trade, Industry and Minister Yoon Sang-jick at a Seoul hotel, with some 100 company representatives and government authorities in attendance.AMCHAM members, citing recent business guidelines made by the National Commission for Cor
June 10, 2013
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Ford Korea sets record sales in May
Ford Sales and Service Korea said Monday that it sold 657 Ford and Lincoln brand vehicles here in May, setting a new monthly sales record. The sales figure, breaking the previous record of 614 set in April 2010, is the highest since the Korean unit of the U.S.-based carmaker was established back in 1995. Ford has been seeing strong sales momentum in recent months. Its cumulative sales in the first five months this year jumped 49.8 percent to 2,712 vehicles from the same period last year. “The st
June 10, 2013
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FTC slaps antitrust fines against KCC, Hankuk Glass
Korea’s Fair Trade Commission said Monday that it has imposed penalties against KCC and Hankuk Glass Industries after detecting that the two flat-glass manufacturing giants colluded to rig prices of their building materials.The antitrust agency will slap combined fines of 38.4 billion won ($34.1 million) on the two companies, and name one executive from each company involved in price collusion to be prosecuted.Its penalty measures also include forbidding the two manufacturers to share any inside
June 10, 2013
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Kakao Talk set to exceed 100m users
The number of Kakao Talk users is expected to break the 100 million mark this month, three years and three months after its launch in 2010.There were some 95 million Kakao Talk users as of June 4. The number of Kakao Talk users exceeded 1 million just six months after the service was introduced and hit 10 million in April 2011. The number increased by 10 million every two to four months ever since.The growth appeared to slow down for a while, but recently regained momentum after the service was
June 10, 2013
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KT&G launches world’s first ultra-slim capsule cigarette
KT&G has launched the world’s first ultra-slim, capsule-type cigarette, the country’s largest tobacco maker said Monday. Dubbed “Esse Change,” the product is the follow-up to the company’s best-selling ultra-slim cigarette “Esse,” which has been popular among young smokers in particular, KT&G said. One Esse Change comes with two different flavors, the company said. Its initial mild taste turns apple mint-fresh as the smoker pops the “capsule” inserted within the cigarette. “Esse Change is distin
June 10, 2013
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KDB cuts down on liquidity support for STX shipbuilding unit
Creditors of STX Offshore & Shipbuilding have decided to reduce their emergency liquidity support for the ailing shipbuilder from 300 billion won ($266 million) to 250 billion won, displaying skepticism over the firm’s recovery.The company’s main creditor Korea Development Bank recently sent out a notice to eight other creditors, demanding that they agree to the altered liquidity plan, according to officials on Monday.STX Offshore & Shipbuilding had originally requested a total of 400 billion wo
June 10, 2013
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Namyang Dairy sales plunge after scandal
Namyang Dairy Products’ sales plummeted upon consumer boycotts and strong sales promotions by rivals after the company came under fire for forcing its sales agents to buy more products than needed.An audio clip revealing a Namyang employee’s verbal abuse against a distributor last month ignited nationwide controversy over abusive business practices between companies.In some large discount store chains, Namyang’s sales were halved in May, causing the dairy giant’s market share to tumble.One of th
June 10, 2013
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AmorePacific launches umbrella campaign
AmorePacific on Monday said it kicked off its “Share your Umbrella” campaign through which consumers may exchange their service points for umbrellas in advance of the upcoming rainy season.With 9,900 points or more accumulated by purchasing products from nationwide AmorePacific stores, consumers can take home a trendy umbrella designed by stylist Jung Yoon-ki.The umbrella is decorated with stars, dark browns and bright mint for colorful protection against the summer rain, the company said.Actor
June 10, 2013
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Kakao Talk users to exceed 100m users
The number of Kakao Talk users is expected to break the 100 million mark this month, three years and three months after its launch in 2010.There were some 95 million Kakao Talk users as of June 4. The number of Kakao Talk users exceeded 1 million just six months after the service was introduced and hit 10 million in April 2011. The number increased by 10 million every two to four months ever since.The growth appeared to slow down for a while, but recently regained momentum after the service was
June 10, 2013
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Citroen DS5 cars recalled in S. Korea for problem with brake system
The local importer of Citroen vehicles has been told to recall certain model year DS5 units for problems with the car's brake system, the transportation ministry said Monday.According to the Ministry of Land, Infrastructure and Transport, the car's brakes may get stuck due to a problem in its brake system.The recall affects 54 DS5 vehicles produced between Sept. 12, 2012 and March 8, 2013.Owners of vehicles subject to the recall will be provided with free repair services from Monday at any servi
June 10, 2013
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Bibigo at the vanguard of hansik’s globalization
Korean cuisine, or hansik, is on the front burner in major cities around the globe, with kimchi and bulgogi adorning the menus of top, modern restaurants in New York.But it is still rare for non-Koreans to cook or eat hansik at home as they might with Japanese or Chinese. As part of efforts to add hansik to the carte du jour of cosmopolitans, CJ CheilJedang exports Korean food products such as traditional fermented condiments and frozen dumplings under the brand Bibigo to the U.S. the U.K., Chin
June 9, 2013
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POSCO ranks 5th in global crude steel output in 2012
POSCO, South Korea's biggest steelmaker, became the world's fifth-largest crude steel producer in 2012, dropping by one notch from a year ago, data showed Saturday.According to data by World Steel Association (WSA), India's ArcelorMittal retained its top ranking with 93.6 million tons of crude steel, followed by Japan's Nippon Steel & Sumitomo Metal Corp. with 47.9 million tons.POSOCO's crude steel production came to 39.9 million tons last year, down from 39.1 million tons in 2011, it said.POSCO
June 8, 2013
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No tolerance on nuke corruption: P.M.
In an attempt to appease the public’s anxiety and fury over corruption within the nuclear power business, the government pledged a “zero-tolerance response” to all those who were involved in the scheme.“We will track down all acts of irregularity and make sure that those who are found to be responsible face the due legal punishment,” Prime Minister Chung Hong-won said in a press briefing held at the Central Government Complex on Friday.The government’s three-step countermeasure plans will first
June 7, 2013
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STX Pan Ocean files for court receivership
STX Pan Ocean Co., the shipping unit of cash-strapped STX Group, said Friday that it filed for court receivership, dealing a further blow to the shipbuilding and shipping conglomerate which is currently facing a cash shortage.STX Group, the 13th biggest conglomerate, has seen its major affiliates struggling from liquidity shortages and mounting debt due to the downturn in the shipbuilding and shipping sectors.“We have faced a liquidity crisis due to mounting debts and losses that stem from falli
June 7, 2013