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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SK chief uses Davos Forum to cement ties with global tech firms
SK chairman Chey Tae-won is practicing his supporting role for the country’s third-largest conglomerate by engaging in semiconductor talks at the Davos Forum in Switzerland this week.SK Hynix said Thursday that Chey organized meetings with Qualcomm chairman Paul Jacobs as well as Cisco chief executive John Chambers to discuss cooperation measures in chip projects.The move is sought to be Chey’s first since stepping down from the helm of SK businesses and stating that he will play a supporting ro
Jan. 24, 2013
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Korean firms decry U.S. anti-dumping duties on washing machines
Local electronics makers on Thursday vowed to take action against the recent move from the U.S. International Trade Commission to side with a preliminary decision from the U.S. Commerce Department to issue them with anti-dumping duties.The firms claimed that the decision was biased and reflected Washington’s protectionist policies, and that it also would be restricting the choice of U.S. consumers. Wayne Park, president and CEO of LG Electronics USA, said in a statement, “LG respects the work th
Jan. 24, 2013
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Hyundai Motor unfazed by weakening yen
Hyundai Motor said Thursday it sees no immediate threat from the weakening Japanese yen, but pledged to toughen its readiness against its Japanese and global rivals as they are expected to ramp up their offensive amid an overall slowdown in car sales this year.“Because we have continued expanding overseas production, the risk from volatile foreign exchange rates has been largely reduced,” said Lee Won-hee, executive vice president and chief financial officer, during an earnings conference call a
Jan. 24, 2013
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Down jackets from foreign SPA brands lack quality
Down jackets by popular foreign fast fashion brands such as Zara and Mango contained less volumes of down than they claim and their down fill powers fell below the Korean Industrial Standards.Some were heavier and less warm than domestic brands, but were five times more expensive, the Korea Consumer Agency said.A men’s down jacket by local brand Codes Combine turned out to be the warmest and the least costly in the KCA review of 15 products by 10 specialty store retailers of private label appare
Jan. 24, 2013
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Olive Young breaks into China
In a few months, the first overseas store of Olive Young, Korea’s largest health and beauty store chain, will open near Shanghai’s Jiuguang Department Store, backed by a legion of CJ Group affiliates and riding on hallyu.“With K-beauty, K-food and K-pop zones brandishing products promoted by hallyu stars, the Shanghai outlet will look similar to our two-story flagship store in Seoul’s Myeong-dong, only about half the size,” Kim Jin-gook, head of CJ Olive Young’s merchandise division, said in an
Jan. 24, 2013
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U.S. trade body to review Apple-Samsung patent ruling
The U.S. International Trade Commission (ITC) has decided to review a judge's ruling that could potentially lead to an import ban on several Samsung Electronics Co. products on rival Apple Inc.'s home turf.In a decision made on Wednesday in Washington, the ITC said it would review the preliminary ruling that found Samsung smartphones and tablet PCs infringed upon four patents held by the iPhone maker.In October, ITC Administrative Law Judge Thomas Pender ruled that Samsung mobile devices infring
Jan. 24, 2013
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U.S. panel approves heavy duties on Korean washers
A U.S. trade panel on Wednesday approved heavy anti-dumping duties on South Korean-made washing machines, ending a domestic process initiated by a petition by Whirlpool Corp., a Michigan-based home appliance maker.The United States International Trade Commission (USITC) announced that it "determined that a U.S. industry is materially injured by reason of imports of certain large residential washers from Korea that the U.S. Department of Commerce has determined are subsidized and from Korea and M
Jan. 24, 2013
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Samsung taps former Sony exec to head Japanese arm
Masaaki Tsuruta, a former executive at Sony of Japan, was tapped as the head of Samsung Electronics Japan, Samsung officials confirmed Wednesday.Tsuruta, 56, was appointed to the post as of Jan. 1 to overlook the Japanese corporation, which is mandated to handle mostly equipment and parts, such as semiconductors and LCD panels.Samsung Electronics had reshuffled its Japanese operations in March last year by disassembling its existing entity to form two separate offices: one for handling smartphon
Jan. 23, 2013
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Hanwha donates solar module to Davos
Hanwha Group has donated a solar module to the city of Davos, Switzerland, taking part in a global campaign to reduce carbon dioxide, company officials said.Hanwha Q-Cells held a donation ceremony at the city’s town hall on Tuesday, shortly before the opening of the 43rd annual meeting of the World Economic Forum.The corresponding module is to be installed by the end of the year on the roof of the Davos Congress Center building and will generate 340 kilowatts of solar energy per year, officials
Jan. 23, 2013
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Samsung, LG to abandon LCD TVs
LED screens are expected to become dominant in the global television market starting next year as the world’s two top television makers ― Samsung and LG ― are poised to stop producing LCD panel TVs in North America this year to focus on LED. LG Electronics had already expressed such plans at the Consumer Electronics Show held in Las Vegas earlier this month. Recently, Samsung also said it would be suspending the production of LCD panels in Mexico, Hungary, Slovakia and others. In particular, the
Jan. 23, 2013
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CJ officials to face punishment over alleged kickbacks to doctors
Police said Tuesday that they plan to punish about 10 senior officials of food and medicine manufacturer CJ CheilJedang for allegedly giving illegal kickbacks worth of 4.5 billion won ($4.2 million) to more than 200 doctors.Some officials from CJ CheilJedang are suspected of offering kickbacks to about 210 doctors for about two years since May 2010 in exchange for prescribing its products, according to police. The government last year declared a war against the long-running illegal practice in t
Jan. 23, 2013
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Hahn & Company picked as prime bidder for Korea Line
A Seoul court on Tuesday selected private equity fund Hahn & Company as the preferred bidder for Korea Line, which has been under court receivership due to mounting debt. South Korea's No. 4 shipper Korea Line was hit hard by the global economic downturn and has been under court receivership since early 2011 as the company has suffered from massive debts worth over 1 trillion won ($942 million). Hahn & Company offered a higher bidding price to buy the shipping company, beating Zenith Partne
Jan. 22, 2013
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Limits eyed for big firms’ restaurants
Rainy days lie ahead of diners run by conglomerates such as Nongshim and CJ as a state-funded panel is expected to add restaurants to the list of trades deemed suitable for only small and medium-sized companies.Conglomerates and companies that do not meet the legal conditions for SMEs are restricted from or recommended to refrain from expanding in businesses designated suitable for only SMEs. Controversy is inevitable in this case, however, since the ball and chain will apply to only domestic co
Jan. 22, 2013
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Toyota Camry named Korean Car of the Year
Toyota Motor’s Camry was named the 2013 Korean Car of the Year by the Korea Automobile Journalist Association on Monday, becoming the first import brand to win the industry’s top honor. The Camry sedan earned the highest score of 78.75 points on its value for price, performance, safety and fuel efficiency, followed by BMW’s 3 Series and Hyundai Motor’s Santa Fe sport utility vehicle.A total of 32 journalists from different media companies participated in the annual evaluation, which was introduc
Jan. 22, 2013
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Microsoft Korea to disband R&D unit
Microsoft Korea said Tuesday that its research and development workforce based in Korea will be dissolved by the end of next month.With the Microsoft headquarters deciding late last year that the Asia R&D Center will be based in Beijing, the 21 R&D employees in Seoul were ordered to relocate, according to a Microsoft Korea official.So far, 10 R&D workers based in its southern Seoul office have received calls to work at the U.S. software giant’s headquarters in Redmond, Washington. However, posit
Jan. 22, 2013
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Automotive trade surplus hits record
The trade surplus in the nation’s automotive industry surpassed $60 billion for the first time last year. According to industry data on Tuesday, the combined trade surplus of Korea-made cars and auto parts amounted to $61.7 billion won last year, up 5.8 percent from $58.3 billion in 2011. The figure was more than double the nation’s total trade surplus of $28.5 billion for the year. Despite sluggish car sales in Europe, Korean carmakers continued sales momentum in markets such as the U.S., Easte
Jan. 22, 2013
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LG Display Q4 earnings expected to double
South Korean panel giant LG Display Co. is likely to see its fourth-quarter operating profit nearly double from three months earlier but faces risks stemming from its key customer Apple Inc. in the first quarter, analysts said Tuesday.The display maker is expected to have reaped an operating profit of 438.3 billion won ($411.4 million) in the October-December period, compared with the 253.4 billion won in the previous quarter, according to estimates by local securities firms compiled by Yonhap I
Jan. 22, 2013
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Local builders eye niche markets
The nation’s major builders are turning their eyes to new markets as local demand has been contracting and overseas competition escalating.Their mutual keyword for survival is diversification and specialization.“Though the Middle East is still the largest overseas market, our long-term vision is to see beyond the present and to develop new potential,” said an official of Hyundai Engineering and Construction Co.Last year, the company reclaimed its previous lead in the overseas construction contra
Jan. 22, 2013
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Lotte to volunteer with customers
Lotte Department Store on Tuesday said it is planning a series of events to jointly pursue volunteer projects with its customers, such as by inviting them to join programs for offering medical aid with the help of local doctors’ organizations.The department store has already issued the invitations via its website. The campaign involves both Lotte employees and the company’s customers, who will together with the Korean Open Doctors Society offer their aid to the underprivileged throughout the yea
Jan. 22, 2013
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Bacchus spin-off plan stirs row over Dong-A Pharm governance
Dong-A Pharmaceutical, Korea’s largest drug maker, is grappling with controversy over corporate governance as it plans to set up a holding company and put its cash cow energy drink business, Bacchus, under an unlisted firm.With the National Pension Fund, which controls a 9.5 percent stake in Dong-A, holding the casting vote, industry observers expect the state-run fund’s stance to be an indicator of the incoming Park Geun-hye administration’s policy on corporate governance.The case is drawing mo
Jan. 21, 2013