Most Popular
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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S. Korea, Singapore seal supply chain agreement
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Korean language teaching expert says demand has outstripped supply
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Korea added to key bond index
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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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North Korea notifies UN Command of plans to fortify border with South
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Taking away phones during school hours not a human rights violation: watchdog
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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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Samsung Electronics apologizes for hydrofluoric acid leakage
A senior official at Samsung Electronics Co. apologized on Sunday for problems caused by the hydrofluoric acid leakage at the company's chip plant in late January, vowing to prevent the recurrence of similar accidents. Hydrofluoric acid, a colorless acute poison that can damage the lungs and bones and even affect the nervous system, leaked from Samsung Electronics' semiconductor plant in Hwaseong, 60 kilometers south of Seoul, on Jan. 28, killing one worker and injuring four others. Samsung
March 3, 2013
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U.S. judge cuts Apple award in suit against Samsung
SAN FRANCISCO (Yonhap News) -- Overturning her previous ruling, a U.S. federal judge in charge of a Samsung-Apple patent suit on Friday almost halved Samsung's penalty.U.S. District Judge Lucy Koh ordered Samsung to pay Apple $598.9 million, about $450 million less than before.In a ruling in August, Koh set Apple's award at $1.05 billion, accepting the jury's conclusion that the South Korean tech giant infringed on some of Apple's patents.The jury said Samsung copied some designs and technologie
March 2, 2013
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Faltering Yongsan project finds breakthrough
The controversial Yongsan development project, which had been on the verge of bankruptcy, found a breakthrough on Thursday as two major shareholders reached an agreement ending confrontation on the project normalization plan. On Thursday, Lotte Tour Development, the second-largest shareholder of Dream Hub, announced that it accepted the normalization plan, offered by the state-run KORAIL, the largest shareholder in the project, in the hope of saving the nation’s largest property development proj
Feb. 28, 2013
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KT&G removes ‘light,’ ‘mild’ from tobacco brand names
KT&G said Thursday that it began changing names for four of its tobacco products, removing words that can create a false impression that cigarettes are harmless to the body.Starting from the beginning of February, the company began changing name of “Timeless TIME Lights” to “Timeless TIME MID” and three kinds of the “Esse Soon” lineup to “Esse Soo.” “Soon” in Korean stands for “pure” or “mild” and soo means “excellent.” Last September, the government planned to revise the National Health Promoti
Feb. 28, 2013
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[Photo News] Nostalgia discount
Feb. 28, 2013
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Cosmetic prices drop on industry woes
The price of cosmetics is experiencing a downward trend on the back of a slowing industry and free trade agreements designed to ease the tariffs on such products.On Thursday, Shiseido of Japan said it would be lowering the prices of three top-selling sunscreen products from its Anessa line by 5,000 won ($4.60), starting next month. Stila, a U.S.-based cosmetics brand, has slashed prices on 120 products since last week, with discounts of up to 10 percent. Stila’s One Step Correct, which cost 62,0
Feb. 28, 2013
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Park promises to give more support to SMEs
Following is the first in a series of stories featuring economic issues facing the Park Geun-hye government which was inaugurated on Feb. 25. ― Ed.When President Park Geun-hye visited the Korea Federation of Small and Medium Business last month, the fact that she went there before paying a call on the group representing the nation’s largest conglomerates seemed to highlight her commitment to supporting small firms.“Shared growth” between large and small companies has been a key policy goal of th
Feb. 27, 2013
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Paul Hastings ‘bullish’ on M&As this year
This year is expected to see a jump in outbound mergers and acquisitions as more Korean companies look overseas, a prominent U.S.-based law firm said on Wednesday.“We’re bullish on the prospects of M&As for this year, and we don’t expect the trend to be temporary,” said Kim Sae-chin, a partner at Paul Hastings.Europe, the U.S. and China are expected to be the top destinations, along with Southeast Asia, he said. Local firms have been increasingly seeking overseas M&As to enhance their global rea
Feb. 27, 2013
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Hotel Lotte under tax probe
Hotel Lotte Co., the holding company of retail giant Lotte Group, is undergoing a tax investigation, industry sources said Wednesday. Company officials confirmed that inspectors from the National Tax Service are proceeding to examine the company’s financial documents at the hotel in downtown Seoul. They claimed the probe is part of a regular audit by the NTS. Industry sources, however, said the tax inspection of the affiliate of a chaebol, or family-controlled Korean conglomerates, could be link
Feb. 27, 2013
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Missha keeps sector lead with record sales
Able C&C, which owns low-priced cosmetic brand Missha, said Wednesday its sales last year hit a record 452.3 billion won ($416.3 million), keeping its No. 1 spot among cosmetic brand shops.The company said its sales and net profit jumped 61 percent and 51 percent, respectively, from 2011, on booming sales of its high-end skin care products.Missha’s “The First Treatment Essence” sold over 1.5 million bottles within just 15 months of its launch, and “New Science Activator Ample” sold 1 million bot
Feb. 27, 2013
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K-sure to finance Russian LNG project
The state-run Korea Trade Insurance Corporation, known as K-sure, said Wednesday it would join the Yamal liquefied natural gas project in Russia as a financial investor. The decision was made after Russia’s second-largest gas producer Novatek, which owns an 80 percent stake in the $25 billion project, visited the export credit agency to ask for financing for the project. K-sure said the amount of financing would be decided later after the project operator announced global engineering, production
Feb. 27, 2013
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Hyundai says no agreement on U.S. fuel economy suit
Hyundai Motor Co., South Korea's top automaker, on Wednesday dismissed a media report that it has agreed to settle a class-action lawsuit by U.S. consumers who say they were misled by the carmaker's inflated fuel economy ratings.Hyundai said it has produced no specific progress in resolving the legal trouble stemming from its incorrect fuel economy rating for about 900,000 cars sold in the United States between 2010 and 2012."No agreement has been made," a Hyundai official said. He said it remai
Feb. 27, 2013
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French rights groups file suit on Samsung labour practices
A trio of French rights and consumer protection organizations said Tuesday they had filed a legal complaint against South Korea's Samsung Electronics over working conditions at its plants in China.The groups, Peuples Solidaires, Sherpa and Indecosa-CGT, accused Samsung of deceiving consumers by violating its own promises on ethical working conditions and using child labor.“While Samsung claims to respect the rights of the workers making its products by imposing codes of conduct including strict
Feb. 27, 2013
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Hyundai agrees to settle U.S. lawsuits over fuel efficiency
Hyundai Motor Co. agreed to settle a group of lawsuits by U.S. customers who said they were misled into buying the South Korean carmakers’ vehicles because it overstated their fuel economy. Lawyers for the plaintiffs said in a filing today in federal court in Los Angeles that Hyundai agreed in principle on terms of a settlement. The actual amount Hyundai would pay wasn’t disclosed. Kia Motors Corp. (000270), which was also sued for misstating its cars’ miles-per-gallon, is evaluating whether to
Feb. 27, 2013
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Hyundai to mass-produce hydrogen car
Hyundai Motor will mass produce hydrogen fuel cell cars from the end of this month up to 2015, the company said on Tuesday.The indigenously developed Tucson ix is the car of the hour, and up to 1,000 of these fuel cell-powered vehicles will soon become available to mark the world’s first mass production for this category of car, according to the Seoul-based company. “We hope to more quickly usher in a truly environmentally friendly era with our unprecedented mass production of fuel cell cars,”
Feb. 26, 2013
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Exceptions mulled for restaurant restrictions
Companies with a restaurant business accounting for more than 80 percent of sales such as Outback Steakhouse Korea, Nolbu NBG and Theborn Korea are likely to be exempted from recently announced restrictions to keep sizeable firms from hurting small diners.Firms belonging to conglomerates with total assets of more than 5 trillion won ($4.6 billion) such as CJ Foodville, Lotteria and E-Land Park, however, will not be excused even if restaurants are their main business.The National Commission for C
Feb. 26, 2013
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KT stresses need for virtual goods marketplace
BARCELONA, Spain ― KT chairman Lee Suk-chae on Tuesday stressed the need for his company to transform from a telecommunications firm into an information communications technology company to deal with the trading of broadband-based virtual goods.“There is no future if we only cling to network traffic fees. We must create a global common market for distribution of virtual goods,” he said in a keynote session at the Mobile World Congress.“KT is directly entering the virtual goods market and transfo
Feb. 26, 2013
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Ssangyong E&C files for debt workout
Ssangyong Engineering & Construction, the nation’s 13th-largest builder, filed for a debt workout program on Tuesday in an effort to overcome its liquidity crunch.Under the program, a company requests its creditor banks for a payment deferment or partial debt relief, in exchange for amending its financial and employment structure.The company’s credit rating was thus downgraded from B- to CCC, according to the Korea Investors Service Inc., Korea Ratings Corp. and NICE Information Service.Hit by t
Feb. 26, 2013
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SKT to expand into B2B solution, IPTV, health care
BARCELONA, Spain ― SK Telecom plans to triple the size of the firm’s business-to-business solution projects up to 1.5 trillion won ($1.4 billion) in sales by 2015 as part of its efforts to move beyond the telecom business.Ha Sung-min, chief executive of the country’s top mobile carrier, also said it would secure 7 million customers in its media business, which includes Internet protocol televisions, and have its health care project grow into one that produces 1 trillion won in sales by 2020.“In
Feb. 26, 2013
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Foreign-invested companies’ exports, employment increase
Foreign-invested firms in Korea saw a rise both in exports and employment in 2011, according to the Ministry of Knowledge Economy on Tuesday.The ministry report showed that the total outbound sales of the 14,809 foreign-invested firms reached $100.7 billion in that year, accounting for 18.1 percent of the nation’s exports and marking an $8.4 billion rise from the previous year.Their combined sales soared by 20 percent or by 482 trillion won ($4.4 billion) during the same period. Their research a
Feb. 26, 2013