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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KT&G offers limited The One Maxim Edition
Tobacco manufacturer KT&G has put 1 million packs of The One Impact Maxim Edition on sale for a limited four-week period. The outer cover was designed in collaboration with Maxim, the world’s best-selling men’s monthly magazine, to attract young male smokers in their 20s and 30s ― who comprise about 70 percent of The One series sales ― the tobacco maker said. The One Impact Maxim Edition is the first limited-edition and sixth product from the low-tar, hard-filtered The One lineup since the brand
Feb. 21, 2013
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Beneficiaries of Chung foundation reach 15,000
Hyundai Motor’s Chung Mong-koo Foundation offered a new round of scholarships to some 1,400 talented underprivileged students on Thursday. The recipients included students who showed promise in basic science or cultural arts, those who lost their parents in car accidents and defector college students from North Korea. Since its creation in 2009, the scholarship program has provided 15 billion won to about 15,000 students as of 2012, the foundation said. The foundation was established in 2011 whe
Feb. 21, 2013
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5,000-plus ministers, CEOs, experts likely to attend Daegu energy congress
More than 5,000 energy-related ministers, CEOs and experts from about 100 countries are expected to attend the 22nd World Energy Congress slated for October in Daegu, organizers in Seoul said on Thursday.The organizing committee also unveiled the first speaker lineup, including names and titles of 100 speakers, in a bid to attract more global attention to the event. “South Africa’s Energy Minister Dipuo Peters has recently confirmed his participation in the event as the 100th speaker,” the commi
Feb. 21, 2013
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Hycore offers alternative motor for electric cars
Hycore Co., founded by Hanyang University Holdings, has developed a new dual compound motor system that reduces the energy consumption of existing electric motors. In the envisaged era of electric vehicles, electric motors and batteries would replace traditional engines in automobiles. Existing electric motors that are widely used in electric cars and bikes consume excessive energy when used for long periods. It also takes a lot of financial investment in order to improve their performance. Inst
Feb. 21, 2013
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Green energy industry prospects dimming
The nation’s clean energy businesses are going downhill, squeezed by a slump in domestic demand and exports, according to a report.The report released by the Renewable Energy Center under Korea Export-Import Bank forecast that sales of the local renewable energy industry were expected to post minus growth this year over 2012, mainly due to slow local demand. Sales in the clean energy industry have shown a downward trend for two consecutive years in 2011 and 2012, after peaking in 2010 at 8.1 tri
Feb. 20, 2013
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Hyundai-Kia’s overseas sales to trump 50m units
Hyundai-Kia’s accumulated overseas sales volume is set to break the 50-million mark next month.The two affiliated automakers sold 48.33 million units abroad as of late last year since Kia shipped off 10 Brisa pickup trucks bound for Qatar 38 years ago.Since the two companies’ average monthly sales abroad range between half a million and 600,000 units, their accumulated sales volume is expected to surpass 50 million units in March, Hyundai said.Hyundai Motor started exports in 1976 by shipping of
Feb. 20, 2013
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Shinsegae’s Chung steps down as board director
Shinsegae Group vice chairman Chung Yong-jin will step down as board director of Shinsegae Co. and E-Mart, the retail giant said Wednesday amid ongoing prosecution’s investigations into those companies.The prosecution has for months been looking into whether Chung ordered Shinsegae affiliates to back their sister bakery firm, Shinsegae SVN, and allegations that E-Mart spied on its employees to discourage union activities.The CEOs of each Shinsegae affiliate will lead existing businesses while Ch
Feb. 20, 2013
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Korea-made Chevrolet Trax unveiled
GM Korea unveiled Wednesday the Chevrolet Trax, a new compact sport utility vehicle that GM’s small vehicle development team has been leading the engineering and design of over the past five years. Amid the growing acceptance of small-engine, fuel-efficient vehicles globally, carmakers have recently been betting big on the niche segment ― compact SUVs. And the Korean-flavored Trax is the first of its kind to be introduced here. “Trax is a vehicle of a new concept. It combines functionality of SU
Feb. 20, 2013
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Lee retires as CEO of Homeplus
Lee Seung-han, chief executive of Homeplus, Tesco Korea, has decided to retire from his post in May, Tesco plc said. Lee will be staying on as a non-executive chairman of Homeplus Group.“He will also be appointed to chairman and professor emeritus of the Tesco Leadership Academy; remain chairman of the e-Paran Foundation; and become a personal adviser to me,” Philip Clarke, CEO of the British retailer, said in a statement Tuesday evening.Lee took the helm of what was then Samsung C&T’s retail di
Feb. 20, 2013
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Samsung Everland to build eco-houses for low bracket
Samsung Everland is setting out to help rehabilitate the homes of low-income families, featuring its strength in eco-friendly, energy-saving technology.The company on Tuesday signed a memorandum of understanding with Habitat for Humanity Korea to jointly help reconstruct old houses of poor families, as part of its corporate social responsibility efforts, officials said.In the signing ceremony, held at the company headquarters in central Seoul, CEO Kim Bong-yung delivered a 300 million won ($280,
Feb. 20, 2013
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Japan’s NEC to use same English test as Samsung
Japan’s NEC, an IT services and products provider, is looking to adopt an English testing system for employees used by Korea’s top conglomerate Samsung Group, according to Japanese and local media.NEC, a former semiconductor rival of Samsung Electronics, plans to test some 100,000 of its employees and recruits at its headquarters and subsidiaries over the next three years using the Oral Proficiency Interview-computer, developed by the American Council on the Teaching of Foreign Languages.Samsung
Feb. 19, 2013
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CJ Group to invest W3.2tr on R&D, expansion
CJ Group, the nation’s leading food and entertainment conglomerate, will spend 3.2 trillion ($3 billion) this year on research and development, as well as on manufacturing expansion, officials said Tuesday.This is the first time for its total yearly investment to break the 3 trillion won mark.The investment plans allot 2.34 trillion won for the group’s domestic business, up 170 billion won from last year, and 900 billion won in overseas projects, up 200 billion won.“Considering the difficult eco
Feb. 19, 2013
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Watchdog launches probe into foreign car importers
South Korea’s antitrust watchdog has dispatched its officials to four major foreign car importers as part of its latest investigation into their alleged unfair practices, industry officials said Tuesday.The four importers are BMW Group Korea, the local importer and distributor of German automaker BMW AG, Mercedes-Benz Korea, Audi Korea and Toyota Motor Korea Co., the local unit of Toyota Motor Corp., they said.Officials at the Fair Trade Commission were looking into suspicions that the local dis
Feb. 19, 2013
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Incheon to host $1 billion luxury racing center for Asian superrich
A luxury racing center, mainly targeting the superrich in Asia, will be established on Yeongjong Island, Incheon, in partnership with the Italian sports car manufacturer Lamborghini and Williams F1, one of the world’s leading Formula One racing teams. Weingrow Partners, the London-based private investment company overseeing the project, held a press conference in Seoul on Tuesday to announce the global project whose completion is scheduled by 2016.The company said up to $1 billion could be poure
Feb. 19, 2013
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Samsung aims to bolster clout with premium TVs
Samsung Electronics’ television chief Kim Hyun-suk said Tuesday that the world’s top TV maker aimed to double the market share of its rival in the premium lineup of 60-inch and larger TVs in 2013.“We will work toward more than doubling the gap in the premium TV market and becoming the No.1 player in that sector,” he said on the sidelines of its TV launch event in southern Seoul. The comment comes after the company said it expected the lineup of big-screen TVs of 60 inches and larger to grow more
Feb. 19, 2013
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Food firms slammed for raising prices
Behind the rising food prices in Korea are major processed food companies that have continued to raise prices of their monopolistic or oligopolistic products such as soy sauce and red pepper paste.These companies with overwhelming market shares are facing mounting public backlash for driving up food prices despite increased earnings, with many calling for stronger government efforts to stabilize prices.“The government should come up with tougher penalties against companies caught for price riggi
Feb. 19, 2013
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This year may see pickup in M&A deals
With the new government set to be inaugurated next week, anticipation is growing in the nation’s financial markets for the mergers and acquisition market to pick up soon.The list of expected sales includes not only some of the top players in their industries but also several so-called mega deals, indicating those with market capitalization of 1 trillion won ($925 million) or more.Domestic pundits, too, predicted that the firms that managed to survive the 2008 global financial crisis would now se
Feb. 19, 2013
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Huh re-elected as FKI chief
Huh Chang-soo, the chief of energy and construction giant GS Group, was re-elected as chairman of the Federation of Korean Industries (FKI), South Korea's largest business lobby, officials said Monday.The board of the FKI nominated Huh as the organization's next chief, and he accepted the renomination, according to the officials.Huh, 65, assumed the top post at the FKI in February 2011.The FKI chief earlier hinted at his possible reappointment, saying it depends on other members of the board.The
Feb. 18, 2013
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[Power Korea] Korean Air: Luxury in the sky
Korean Air hopes to offer more premium, exclusive in-flight services. At the forefront of its efforts is the A380 jumbo jet, the world’s largest jet airliner, nicknamed the “hotel in the sky.”Korean Air was the first Northeast Asian airline that adopted the A380 in 2011. It has six of the aircraft in service, plying the routes to New York, Los Angeles, Frankfurt and Hong Kong. The Korean flag carrier has also made the experience onboard the A380 even more luxurious by operating the upper deck ex
Feb. 18, 2013
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[Power Korea] Korean Air flying as world-class airline
In the late 1960s, when the Korean government started privatization talks for then-state-run Korean Air, no bidder was willing to take over the troubled air carrier that was facing combined losses of 2.7 billion won ($2.5 million). At the time, Cho Choong-hoon, founder of Hanjin Group, now the 10th-largest conglomerate in Korea, had earned a pile of cash after supporting cargo delivery for the U.S. troops during the Vietnam War. Cho bought the airline in 1969 and helped its dramatic turnaround.
Feb. 18, 2013