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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Job creation slows in December
Korea saw 277,000 jobs created in December, a drop in employment growth from 353,000 jobs a month earlier.According to Statistics Korea, the December figure marked the slowest job gains on a monthly basis since September 2011 when job creation stood at 264,000.In addition, the total number of employed continued to drop over the past few months ― it marked 25.06 million in October, 24.94 million in November and 24.40 million in December.“The overall job growth pace slowed down last month as jobs
Jan. 9, 2013
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Ssangyong union member in coma after suicide attempt
Ssangyong Motor said Wednesday that a 50-year-old union member fell into a coma after attempting suicide at the company’s assembly line in Pyeongtaek, Gyeonggi province, on Tuesday. In a message that was made public with the consent of his family, the worker, surnamed Ryu, called for the government to take prompt action to resolve the deepening labor-management conflict at the company. Despite being offered first aid by a colleague and moved to a nearby hospital immediately, the company said, he
Jan. 9, 2013
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Korea retains global shipbuilding leadership
A late surge helped cement the Korean shipbuilding industry’s global lead in order volume last year, according to a report released by U.K.-based Clarkson’s Research on Wednesday.Korea was tied with China in terms of the number of shipbuilding orders in December, with 30 vessels each, but Korean shipbuilders stayed ahead of Chinese in terms of order value. Korean shipbuilders inked $2.83 billion worth of orders in December, while the value of the Chinese deals stood at $880 million, the report s
Jan. 9, 2013
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Kia unveils new K9 with lower price tag
Kia Motors announced price cuts for popular models including the K9 luxury sedan on Wednesday, following its sister carmaker Hyundai Motor’s recent price cuts. The price cuts are largely aimed at maintaining their competitive edge in the domestic market amid an intensifying offensive by import brand cars. It is the first time ever for them to lower car prices. On Wednesday, Kia unveiled the new 2013 version of the K9 with a lowered price tag. Despite its highly publicized launch last year, the f
Jan. 9, 2013
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CJ Freshway opens Busan outlet despite protest
CJ Freshway has opened an outlet in the Busan area despite the government advising against it, according to the Small and Medium Business Administration earlier this week. On Jan. 2, CJ Freshway, a CJ affiliate specializing in distributing food materials and food services, opened a store in Busan although the SMBA had requested that the company suspend the opening.The administration had issued the request after receiving demands from the Busan area’s association of retailers and wholesalers, ask
Jan. 9, 2013
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Orion’s Chinese sales surpass W1tr
Orion Group, best known for its signature chocolate-covered pies, has become the first Korean confectionery to achieve annual sales topping 1 trillion won in the Chinese market, the company said Wednesday. Orion said its sales for the year 2012 stood at 1.1 trillion won ($1 billion) to record a considerable increase from slightly over 700 billion won the year before. Orion has shown an average annual growth rate of almost 50 percent over the past five years, and in 2012, the company expects its
Jan. 9, 2013
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Samsung expects to post W200tr in sales
Samsung Electronics is expected to post up to 200 trillion won in annual sales based on a record-breaking year in 2012, the company said in a statement Tuesday.Last year, the company estimates that it recorded 201 trillion won of sales, while operating profit reached 29 trillion won. This was because in the fourth quarter, Samsung Electronics is seen to have posted sales of 56 trillion won and an operating profit of 8.8 trillion won. This indicates that sales rose by more than 7 percent compared
Jan. 8, 2013
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Foreigners planning start-ups invited to workshop next week
Nonprofit organization the TIDE Institute is hosting a three-day workshop in English for foreigners planning start-up ventures at Kyungil University next week.Developers, designers and entrepreneurs are invited to come together to share ideas, form teams, build prototypes and find out if their start-up ideas are viable at the “Start-up Springboard” to be held from Jan. 16 through 18 at the university in Gyeongsan, North Gyeongsang Province.The event begins with an open pitch session on Jan. 16 i
Jan. 8, 2013
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Samsung puts Q4 operating profit at 8.8 trillion won
Samsung Electronics Co., the world's biggest technology firm by revenue, estimated Tuesday it had posted a record operating profit of 8.8 trillion won ($8.3 billion) in the fourth quarter of 2012, and is poised to log record annual earnings on the back of its smartphone dominance.The preliminary estimate represents an 88.8 percent jump from a revised operating profit of 4.66 trillion won a year earlier, Samsung said in a regulatory filing. It is also a 9.2 percent increase from the previous thre
Jan. 8, 2013
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[Power Korea] Samsung’s new strategy: smart devices
Also in 2011, Samsung hit a new milestone: It surpassed Apple to become the world’s largest mobile phone maker in terms of sales.“It was another classic case of Samsung becoming better than the original,” said Chung of Chaebul.com. “This is possible thanks to Samsung’s strong leadership, and also its technological prowess, without which a feat like this could never have been.” The 2011 figures also takes Samsung on a trip down memory lane ― no pun intended ― to 1988 when it launched its first mo
Jan. 7, 2013
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[Power Korea] Samsung Electronics, the rise of a Korean star
The year 1969 was when Neil Armstrong made a great leap for humankind by setting foot on the moon. Kim Sou-hwan was anointed Korea’s first cardinal, while in Vietnam, revolutionary leader Ho Chi Minh died. In the history of corporate Korea, 1969 marks the birth of one very conspicuous company: Samsung Electronics. As the flagship of Samsung Group, unarguably the most powerful industrial group in Korea, the company was founded more than three decades after Samsung Sanghoe ― literally translated a
Jan. 7, 2013
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[Power Korea] From Samsung Electric Industries to Samsung Electronics
The early products of Samsung Electric Industries were mostly simple electronic appliances, such as televisions, refrigerators, air conditioners and washing machines. The first real expansion into high technology was marked by the 1974 acquisition of Korea Semiconductor, which was one of the first chipmakers in Korea. In 1980, Samsung acquired Korea Telecommunications.Technology took yet more turns for the better at breakneck pace following the decision made by the late Samsung founder in 1983 t
Jan. 7, 2013
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Samsung-LG rivalry heats up on EV batteries
The traditional rivalry between the two Korean conglomerates, Samsung and LG, has been rekindled on one of their crucial next growth engines ― batteries for electric cars. Electric component maker Samsung SDI, headed by Park Sang-jin, said Monday it has set up a new business division exclusively in charge of the development and sales of electric car batteries. The company’s No. 2 man ― executive vice president Park Je-seung ― was named the division chief. The new establishment comes as part of t
Jan. 7, 2013
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Hotels take top spot in customer satisfaction survey
Yeungjin College scored the highest points once again in the annual consumer satisfaction survey by the Korea Productivity Center on 288 companies and institutions last year.By industry, hotels made notable advances this time, pushing apartment builders to second place.The two-year technical college in Daegu received 89 points in the National Customer Satisfaction Index survey jointly conducted by the KPC and the University of Michigan, and sponsored by the Ministry of Knowledge Economy each yea
Jan. 7, 2013
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Auto, mobile tech star at CES 2013
LAS VEGAS ― The 2013 International Consumer Electronics Show kicked off for a four-day run Tuesday, with global tech firms eager to show off their most updated technologies and devices to U.S. consumers.Ranging from “smart” televisions and home appliances, which have been the mainstream items of the annual show for numerous years, this year’s show will also be covering automobiles and mobile technology. With Microsoft officially out of the show in 2013, Qualcomm has come to fill the space as wel
Jan. 7, 2013
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Telecoms’ sales halted due to illegal subsidies
Excessive and illegal smartphone subsidies have led the country’s three mobile carriers to sequentially stop signing up new customers starting Monday.LG Uplus, the country’s smallest mobile carrier, will be the first to be prohibited by the government from recruiting new customers for 24 days beginning on Monday. SK Telecom will then follow suit from Jan. 31-Feb. 21 as well as KT from Feb. 22-March 13. The firms were also fined a total of about 11.9 billion won ($11 million).This is the first ti
Jan. 6, 2013
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Firms’ entertainment spending continues to rise
Companies have increased their spending on entertainment despite the prolonged economic slump. A total sum of 460,614 companies’ annual entertainment spending in 2011 surpassed 8 trillion won ($7.5 billion), according to data from the National Tax Service. The figure is about 9 percent up from in 2010. By sector, finance and insurance spent the most, about 16 times more than that of the farm and fisheries sectors.The NTS added that firms with weak sales generally spent more money on entertainmen
Jan. 6, 2013
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LG vows W20tr investment this year
LG Group said Sunday it would make its largest-ever investment of 20 trillion won in facilities and R&D this year in a bid to lead the markets and to help spur the slowing national economy.The nation’s fourth largest conglomerate said it has finalized a plan to invest 14 trillion won in facilities and 6 trillion won in research and development, up 18.6 percent and 20 percent from last year, respectively. LG affiliates have not yet decided how many people they will recruit this year, but the grou
Jan. 6, 2013
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Shops halt interest-free card installment plans
Big retailers stopped offering sales based on interest-free monthly installments, as a protest against the revised laws which would burden both credit card firms and card settlement membership stores for additional costs. Despite customers’ complaints due to the unexpected halt of the zero-interest installment sales, retail chains including E-mart, online shopping mall G-market, Shinsegae Department Store and other retailers decided to ban the zero-interest installment promotions.The long-standi
Jan. 6, 2013
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Yu-Tsui from China to lead IBM Korea
IBM said on Sunday it has appointed Shirley Yu-Tsui, general manager of IBM’s global business services for China, Taiwan and Hong Kong, as the new chief executive of IBM Korea.Yu-Tsui has been named one of China’s top 10 women professional management leaders in 2004, and person of the year in China’s IT service the following year.She will be replacing Lee Hui-sung, who has headed IBM Korea for the past eight years. Lee was promoted to vice president of strategy for the growth market unit at IBM
Jan. 6, 2013