Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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Slew of top K-pop stars ready to return from military
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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Controversial cult leader’s sentence reduced to 17 years
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Concerns raised over chronic labor shortage at state-run center for digital sex crime victims
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Samsung, Hyundai chiefs to accompany Yoon on Singapore trip
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1,430 minors investigated for drug offenses from 2018 to 2023: police
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BTS-themed moon jar to be unveiled on Hangeul Day
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[Robert Fouser] Why the US election looks so close
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Kwon named to chair Samsung’s key research body
Samsung Electronics promoted Kwon Oh-hyun, a resigning vice chairman, to chairman of the firm‘s research entity in a follow-up reshuffle of its executives on Thursday aimed to further stabilize the organization.Two other former CEOs Yoon Boo-keun and Shin Jong-kyun were also promoted to vice chairman of the firm’s external corporate relations and vice chairman responsible for fostering the firm’s future leaders respectively, a measure considered as a symbolic gesture recognizing the contribution
Nov. 2, 2017
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FTC to look into chaebol charities
The head of the nation’s antitrust watchdog told the leaders of the five top conglomerates on Thursday that the nature of their nonprofit foundations would be tested as part of the new government’s chaebol reform. “We will check whether the foundations for public welfare under large businesses are operating the way they are supposed to, and seek ways to limit their voting rights,” said Kim Sang-jo, chairman of the Fair Trade Commission, while meeting CEOs from Samsung Electronics, Hyundai Motor
Nov. 2, 2017
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Coupang renews daily order record during Chuseok
Coupang has renewed its own record for the amount of orders during the Chuseok holiday, the company said Thursday. Over one million items were ordered in a day through the company’s direct purchase and delivery service Rocket Delivery, it said. During the 10-day Chuseok holiday Coupang received over 1,000 Rocket delivery orders at its peak in a span of one minute. Per hour searches made by customers exceeded 430,000. (Coupang)The last record set by Coupang in gross merchandise value both weekly
Nov. 2, 2017
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Doosan Infracore Q3 net more than doubles on hefty sales
Doosan Infracore Co., South Korea's top construction equipment maker, said Thursday that its third-quarter earnings more than doubled from a year earlier on the back of increased sales in emerging markets such as China.Net profit reached 77.2 billion won ($69.3 million) in the July-September period, compared to a loss of 35.7 billion won a year earlier, the company said in a regulatory filing. (Yonhap)Operating income was tallied at 144 billion won, up 36.1 percent from a year earlier, while sal
Nov. 2, 2017
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GS Group chairman seeks opportunities in India
GS Group Chairman Huh Chang-soo and affiliate CEOs visited India to discuss the group‘s business strategies overseas, the group said Thursday. Starting in 2011, GS Group has been holding overseas meetings as a means to find future growth engines outside of Korea. This year, GS Group decided to hold meetings in India where the group aims to increase its footing down the road. GS Group Chairman Huh Chang-soo (center) visits HomeShop18, an Indian on-air shopping channel that GS Group has a 15 perc
Nov. 2, 2017
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Hanwha to build 100MW floating solar power farm in Dangjin
A consortium led by Hanwha General Chemical has been selected as a preferred bidder by the Korea Rural Community Corporation to build a 100-megawatt floating solar power plant in Dangjin, South Chungcheong Province, Hanwha Group said Thursday. The construction of the floating solar power farm is expected to start in 2019 after a series of licensing procedures and begin operations in 2020, Hanwha Group said. The consortium of Hanwha General Chemical and Korea Midland Power will be responsible for
Nov. 2, 2017
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Samsung promotes executives as follow-up to leadership reshuffle
Samsung Electronics Co. announced the promotion of key executives Thursday as a follow-up to the appointment of its major business division heads.The latest move came after Samsung named next generation leaders for its chip, mobile and consumer electronics divisions earlier this week.Samsung said that while the three former business division heads will not be involved in business management, they will still “leverage their knowledge and insight” to advise the current managerial team.It promoted
Nov. 2, 2017
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Korea to inject W30tr to foster innovative startups
The South Korean government said Thursday that it will inject a combined 30 trillion won ($26.9 billion) in the next three years to foster innovative startups and venture firms in a way to create a virtuous business cycle and secure a new growth engine. Under the comprehensive plan endorsed by a ministerial level meeting chaired by Finance Minister Kim Dong-yeon, the government will focus on expanding money supply for fledgling enterprises and creating a generally venture-friendly environment.“T
Nov. 2, 2017
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Global chip industry records highest-ever quarterly sales in Q3
The world‘s semiconductor industry is continuing its record-breaking boom as it has recorded quarterly sales of more than $100 billion for the first time in the third quarter of this year, according to industry reports. In its latest summary on worldwide semiconductor sales, the Semiconductor Industry Association reported third quarter chip sales totaled $107.9 billion, marking the industry’s highest-ever quarterly sales. The sales number also represent an increase of 10.2 percent compared to t
Nov. 2, 2017
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SK Innovation Q3 net up 87% on higher oil prices
SK Innovation Co., South Korea's top oil refiner, said Thursday its third-quarter earnings shot up 87 percent from a year earlier due to higher oil prices and improved cracking margins.Net profit stood at 696 billion won ($625 million) on a consolidated basis in the July-September months, compared with profit of 372 billion won a year earlier, the company said in a regulatory filing.Operating income more than doubled from a year earlier to reach 964 billion won in the third quarter, with sales r
Nov. 2, 2017
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More than half of foreigners visit Korea after watching hallyu content: poll
More than half of foreigners coming to South Korea on private trips chose their destination after experiencing "hallyu," which refers to the Korean Wave of popular culture, a local poll showed Thursday.The Korea Tourism Organization polled 3,199 people who visited the country with reservations for flights only or for flights and lodgings. The survey was narrowed to travelers from eight countries -- China, Japan, the United States, Hong Kong, Taiwan, Thailand, Malaysia and Singapore -- and was ca
Nov. 2, 2017
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KEPCO CEO says Northeast Asia supergrid project 'feasible'
GWANGJU -- The state-run Korea Electric Power Corp. has looked into the potential for a power grid project in Northeast Asia encompassing South Korea, Japan, China and Russia, and concluded that it is feasible if the countries work together, the utility company's chief executive said Thursday."We have carried out a preliminary feasibility study on the project and concluded that it is feasible economically and technically," CEO Cho Hwan-eik told reporters on the sidelines of the Bitgaram Internat
Nov. 2, 2017
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Samsung Q4 earnings expected to jump on back of strong chip exports
Following a strong third-quarter performance, operating profits for Samsung Electronics are expected to continue to rise in the fourth quarter on the back of strong semiconductor exports, according to local investment and securities researchers on Wednesday. (Yonhap)Samsung Electronics’ fourth-quarter sales are expected to increase by 6 percent to 65.69 trillion won ($59.1 billion), while its operating profit is estimated to increase by 12 percent to 16.29 trillion won, according to a Mirae Ass
Nov. 1, 2017
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Budget airlines turn to IPOs as competition rises
Low-cost carriers in Korea are preparing to go public, hoping to raise funds that will allow them to expand their route offerings as the short-haul market reaches a saturation point here.Jin Air, the budget airline affiliated with Korea‘s flagship carrier Korean Air, said Tuesday it had filed a registration statement with the Financial Services Commission and was on track to debut on Korea’s main bourse in early December. (Jin Air)The airline said the initial public offering would raise up to 38
Nov. 1, 2017
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iPhone X price for Korean market exceeds predictions
Tech giant Apple announced prices for the iPhone X in Korea on Wednesday, raising eyebrows with the higher-than-expected sticker price.The iPhone X, the most expensive phone yet in the iPhone series, will cost 1.42 million won ($1,270) for the 64-gigabyte model and 1.63 million won for the 256 GB model. The phone is priced about 300,000 won higher than the iPhone 8, which was released in Korea last month. iPhone X (Apple Korea website)The announced prices are significantly higher than iPhone X p
Nov. 1, 2017
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KCCI chief urges businesses to embrace change in policy first
Park Yong-maan, chairman of the Korea Chamber of Industry and Commerce urged businesses on Wednesday to seek growth strategies for the future first, rather than raising voices against the government to lift regulatory hurdles. KCCI Chairman Park Yong-maan speaks at a conference in Seoul on Wednesday. (Yonhap)At a meeting with heads of KCCI’s regional branches in Daejeon, Park also stressed that they should embrace the recent change in the job market driven by the Moon Jae-in government, calling
Nov. 1, 2017
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[Exclusive] Lamborghini family‘s new EVs seeks to run on LG batteries
Town Life, a utility vehicle business unit owned by the Lamborghini family, is looking to use LG Chemical’s batteries for its new electric vehicles, the Italian carmaker‘s local partner company in Korea said Wednesday.“The company is thinking of using LG batteries for an electric version of Town Life vehicle model,” said Harrison Lee, Green Power Circuit Corporation Korea CFO. Town Life Chairman Ferruccio Lamborghini introduced Town Life's new electric motorcycle Tuesday at a press conference h
Nov. 1, 2017
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Three more Paris Baguette branches to open at Singapore Changi Airport
South Korean food manufacturer and distributor SPC Group will add three more Paris Baguette branches at Singapore Changi Airport, the company said Wednesday.The three bakery-cafe branches will be located at newly built Terminal No.4, which has been designed to cover 16 million passenger movements a year. The terminal was opened to the public Tuesday. (SPC Group)Singapore Changi Airport annually handles some 52 million passengers as of last year, listed as the world’s sixth-busiest airport in te
Nov. 1, 2017
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Superrich children earn more in dividends than adults: data
Underage heirs of affluent families have been earning more dividend income than the average adult shareholder in recent years, data showed Tuesday.According to data submitted by the National Tax Service to the parliamentary strategy and finance committee, 303,197 adult shareholders were reported to have received stock dividends of 20 million won ($17,800) or more from 2013 to 2015.The aggregated amount stood at 28.6 trillion won, with the average amount per person lingering around 94 million won
Nov. 1, 2017
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Lotte Group hoping for biz comeback on Korea-China thaw
Lotte Group, a conglomerate whose affiliates sprawl from supermarkets to duty-free stores and construction, is hoping for a big comeback in its China business after suffering major losses resulting from a Seoul-Beijing diplomatic spat, corporate insiders said Wednesday.Seoul and Beijing announced a day earlier that they will make efforts to put their relations back on track, toning down a yearlong conflict over South Korea's decision to deploy a US missile defense system on its soil.Lotte became
Nov. 1, 2017