Most Popular
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Ex-presidential official’s leaked phone call rattles conservative bloc
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Man escapes DUI charges by downing bottle of soju while pulled over
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Pay debate plagues foreign nanny pilot
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K-pop star lip-syncing controversy flares up again
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35% of S. Koreans view unification 'unnecessary'
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Slew of top K-pop stars ready to return from military
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Pianist Lim Yunchan double winner at Gramophone Awards
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S. Korea, US clinch 2026-30 defense cost-sharing deal in pre-election push
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[Reporter’s Notebook] Was Netflix film opening BIFF really a bad thing?
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N. Korean leader's sister derides Seoul's Hyunmoo-5 missile as 'useless'
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Audi, Daimler Trucks, SsangYong Motor ordered to recall 18,000 cars
Audi, Daimler Trucks and SsangYong Motor Co. will recall over 18,000 vehicles in South Korea for faulty parts, the transport ministry said Thursday. (Yonhap)This is the latest in a series of recall orders issued by the Ministry of Land, Infrastructure and Transport to both domestic and foreign carmakers. The carmakers plan to recall nine different models totaling 18,193 units. The models include the Audi Q5 35 TDI Quattro SUV, Daimler Trucks' Actros and SsangYong Motor's Korando Turismo multi-p
Aug. 3, 2017
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Korea's current account surplus narrows to $7.01 bln in June
South Korea's current account surplus narrowed in June from a year earlier due to a hike in imports and an increased deficit in the travel balance, central bank data showed Thursday.The country's current account surplus reached $7.01 billion in June, compared with a surplus of $12.09 billion a year earlier, according to the preliminary data from the Bank of Korea. (Yonhap)The figure represents a surplus for 64 months in a row. The current account is the biggest measure of cross-border trade.The
Aug. 3, 2017
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Hyundai, Kia show overall downturn in US sales
LOS ANGELES -- Hyundai's Tucson SUV and Kia's Forte compact car were the bright spots in terms of US sales for the two South Korean automakers last month, in an otherwise disappointing period, industry data showed Wednesday. (Yonhap)The US headquarters of Hyundai Motor reported July sales of 54,063 cars, 27.9 percent less than the same month last year. The firm's sister company Kia Motors sold 56,403 vehicles in the same period, down 5.9 percent.Hyundai's compact crossover SUV Tucson, however, m
Aug. 3, 2017
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Lotte units suffer earnings setbacks on THAAD fallout
Subsidiaries of South Korean retail giant Lotte Group saw their earnings tumble in the second quarter, data showed Thursday, stung by China's retaliation over Seoul's decision to deploy an advanced US missile defense system.In early March, Lotte agreed with the Seoul government to swap its golf course in the southeastern county of Seongju for a land lot near Seoul in order to allow the deployment of a Terminal High Altitude Area Defense battery, which China suspects could be used to spy on its m
Aug. 3, 2017
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[News Focus] How will Dongbu Group protect its electronics unit?
Including about 50 billion won ($44.5 million) worth of additional investment, Dongbu Group, which was previously one of 20 largest conglomerates in South Korea, is mulling measures to secure new capital to replace financial investors and maintain ownership of its electronics business. Financial investors of Dongbu Daewoo Electronics, on the other hand, are pressing the group to sell the company’s majority stake. According to sources in the financial and electronics industries, the group is stru
Aug. 2, 2017
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Daewoo Shipbuilding hands over submarine to Indonesian navy
Daewoo Shipbiulding & Marine Engineering Co., a major shipyard here, handed over a 1,400-ton diesel-electric submarine to the Indonesian Navy on Wednesday, becoming the first South Korean company to export a submarine. The company said it held a ceremony at its Okpo shipyard on Geoje Island off the southern coast to mark the event.The boat is the first of three submarines commissioned by the Southeast Asian country under a 2011 deal worth $1.1 billion, which is equivalent to selling some 730,000
Aug. 2, 2017
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Korea to renew energy law to push ahead with energy policies
The South Korean government is setting out to amend its energy law and elevate the status of the national energy committee to push ahead with its energy policies, which are already facing resistance from the relevant industries and residents.The Ministry of Trade, Industry and Energy said Wednesday that it had submitted a revision proposal to the National Assembly for review in the hope that it will be put to a vote at the plenary session before the end of the year. (Yonhap)The proposed amendmen
Aug. 2, 2017
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FTC investigating Daiso for alleged distribution violations
The Fair Trade Commission has launched an investigation into alleged unfair trade practices by Daiso, a popular Japanese household goods store, industry insiders said Wednesday. According to local industry officials, the FTC is currently investigating Daiso A-Sung, which operates Daiso, for allegedly violating large-scale retail distribution laws. The commission reportedly sent a team of investigators to Daiso’s local headquarters to obtain the company’s distribution reports in order to check i
Aug. 2, 2017
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Doosan Heavy swings to Q2 net loss on lower demand
Doosan Heavy Industries & Construction Co., South Korea's leading desalination plant builder, shifted to a net loss in the second quarter from a year earlier amid slowing global demand, the company said Wednesday.Doosan Heavy swung to a loss of 26.13 billion won ($23 million) in the April-June quarter from 130.74 billion won in the black a year earlier, the plant company said in a regulatory filing. (Yonhap)Operating profit rose 17 percent to 305.94 billion won in the second quarter from 262.37
Aug. 2, 2017
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Prosecution widens probe into KAI over suspected accounting fraud
Prosecutors said Wednesday they have launched an investigation into suspicions of accounting fraud at South Korea's sole aircraft manufacturer, Korea Aerospace Industries Co., with its top executives already under probe for cost manipulation and slush funds.The Seoul Central District Prosecutors' Office began its probe into KAI last month over allegations that some of its top officials manipulated expenses for development projects, including the making of a utility helicopter known as the Surion
Aug. 2, 2017
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Korea’s battery makers seek breakthrough after China setback
Samsung SDI, LG Chem and SK Innovation are seeking a breakthrough by diversifying their products and markets as their plants in China for electric vehicle batteries face a setback in the world’s largest EV market. The Korean battery makers failed to get battery certifications from China in June of last year and have since been repeatedly left out from government subsidies. The move that has been seen by industry watchers as retaliation against Korea’s deployment of a US anti-missile system pushe
Aug. 2, 2017
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Korea approves LG Chem’s combination drug for diabetes, dyslipidemia
LG Chem said Wednesday that South Korea’s Ministry of Food and Drug Safety had approved Zemiro, a combination drug that simultaneously treats diabetes and dyslipidemia, a condition in which an abnormal amount of lipids exist in the blood. Developed by LG Chem’s biopharmaceuticals unit, Zemiro is a new combination tablet that merges LG’s diabetes drug Zemiglo -- a Diepeptidyl peptidase-4 inhibitor -- with the lipid reduction drug ingredient rosuvastatin. LG Chem`s production plant in Osong, Nort
Aug. 2, 2017
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Industrial power consumption grows for 6 straight quarters in Q2
South Korea's industrial electricity consumption rose 0.6 percent in the second quarter from a year ago helped by an upturn in the chipmaking and chemical sectors, the government said Wednesday.The amount of electricity consumed by the country's industrial sector reached 69.97 billion kilowatt-hours in the April-June period, compared with 69.55 billion kWh in the same period last year, according to the Ministry of Trade, Industry and Energy.The quarterly figure has been on a steady rise since th
Aug. 2, 2017
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Sales of small-sized food products soar amid rising single-person households
The sales of small-sized food products jumped in the first half of this year on rising demands from one-person households, industry data showed Wednesday.According to E-Mart Inc., South Korea's largest discount chain operator, sales of small fruit containers rose 71.9 percent on-year in the January-July period. South Korea`s largest discount chain operator, on Aug. 2, 2017, shows a watermelon slice packaged in small containers for single- or two-person households. (Yonhap)Auction, a leading onl
Aug. 2, 2017
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Small merchants thinking of layoffs to offset minimum wage hike, survey says
More than 90 percent of small merchants plan to lay off workers because of the expected minimum wage increase next year that is disapproved by nearly all of them, a survey showed Wednesday.In the survey carried out by the Korea Federation of Micro Enterprise from July 21-28, 92.4 percent of 532 merchants polled said they would need to cut back on the number of their employees, with 68.1 percent saying they definitely would have to resort to layoffs.The government and union representatives agreed
Aug. 2, 2017
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Samsung, SK hynix to make record-high investments in 2017
Samsung Electronics Co. and SK hynix Inc. are anticipated to make record investments to expand and upgrade their facilities this year, industry sources said Wednesday, amid the global boom in mobile and computer chips.The two South Korean tech giants plan to allocated a whopping 30 trillion won ($26.7 billion) to secure sustainable growth following their robust performances, sources said.Samsung Electronics has injected some 12.5 trillion won in facility investment over the first half of the yea
Aug. 2, 2017
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SK hynix most profitable among listed firms in Q2
Chip giant SK hynix Inc. posted the highest operating margin among large-gap companies in the second quarter of the year on its strong semiconductor business, data showed Wednesday.The consolidated operating margin of SK hynix, the crown jewel of South Korea's No. 3 conglomerate SK Group, came to 45.6 percent during the April-June period, the largest among the top 30 listed companies by market capitalization, according to the data by the Financial Supervisory Service. (Yonhap)KT&G Corp., South K
Aug. 2, 2017
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Irregular workers account for one out of 10 employees at conglomerates
One out of every 10 workers at South Korea's top 30 business groups were irregular workers as of end-March this year, with the rate highest at construction firms, research data showed Wednesday.According to an analysis by corporate tracker CEO Score of 360 companies who have over 300 full-time workers, the business groups checked had 119,577 non-regular workers, or 9.6 percent of the total 1.24 million. The latest figure marks a 4.2-percent drop from last year.The top three conglomerates with th
Aug. 2, 2017
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SK Innovation reorganizes offices to boost battery, chem biz
SK Innovation, the owner of South Korea’s biggest oil refiner, has reorganized its offices to push forward the company’s new portfolio of battery and chemical businesses, it said Tuesday.The company has put the battery unit and its R&D lab under the direct supervision of its CEO Kim Jun, as well as material and component development for rechargeable batteries.The newly launched battery unit will lead the company’s overall marketing strategies and expand its R&D capacities on battery development.
Aug. 1, 2017
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LS Cable wins W219b deal in Qatar
LS Cable & System, a Korean cable manufacturer, has signed a 219 billion won ($195.6 million) contract with the Qatari government to supply high voltage cables to the Middle Eastern country.The deal is the largest won by a South Korean cable company in the Middle East, making LS the No. 1 cable supplier to the region, said the firm. (LS Cable)The company will handle 70 percent of the country’s demand for cables ranging from 132 kilovolts to 400 kilovolts.The deal came as the Qatari government i
Aug. 1, 2017