Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Yoon set for talks with Marcos in Philippines
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Can Jennie break the K-pop solo artist slump?
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Baseball star Hwang Jae-gyun, T-ara's Jiyeon file for divorce mediation
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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2 US B-1B bombers conducted joint drill with S. Korean Air Force on Oct. 1 Armed Force Day
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Firefighters’ 3,000 won meals spark nutrition concerns
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LS Cable to supply EV parts to Chinese automaker
Korean cable maker LS Cable & System said Wednesday that it has signed a deal to supply parts for electric vehicles to be manufactured by Chinese automaker Beijing Automotive Group.LS Cable will supply the Chinese carmaker with high-voltage harness cables for its eco-friendly vehicle, the EV 200, which will make its market debut in August.Harness cables connect a car’s electronic control system to its communication module and supply power to sensors.LS Cable was previously selected as a major pa
Feb. 3, 2016
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[SUPER RICH] NHN Entertainment bets on virtual reality
Korea’s largest Internet portal Naver’s cofounder and chairman of NHN Entertainment Lee Joon-ho has shifted focus to virtual reality due to the obscure future of the game market. After Lee parted from Naver in 2013 to create an independent online game company NHN Entertainment, he has diversified the operations into other technological areas. Lee Joon-ho, chairman of NHN EntertainmentFollowing the investments in fintech and Internet of Things, Lee is currently expanding his presence in the virtu
Feb. 2, 2016
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[SUPER RICH] Kim Jung-ju’s business investments
Nexon founder and chairman Kim Jung-ju is not only the front-runner in Korea’s gaming industry, but is also considered a genius for spreading his influence through strategic acquisitions and investments.As noted by the Wall Street Journal in an article last year, “Mr. Kim said he wanted to join Collaborative Fund in New York City not so much to help the firm source deals in the gaming industry, but to help start-ups get from ‘idea stage to minimum viable product’ and beyond, without raising more
Feb. 2, 2016
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Korean Air logs higher profits in 2015
Korean Air, South Korea‘s largest flag carrier said Thursday its operating profits surged 58.6 percent last year from the previous year, due to cheap oil prices and the strong U.S. dollar. The air carrier said it has reaped operating profits of 626.5 billion won (518.1 million), with annual sales of 11.54 trillion won, a 3.1 percent drop from the year 2014. Its net losses, however, increased to 703 billion won from 456.8 billion won reported the previous year. The nation’s flag carrier turned to
Feb. 2, 2016
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Embattled POSCO tightening belt
The nation’s largest steelmaker POSCO is tightening its belt in a desperate effort to restore profitability across its affiliates amid a supply glut and faltering global demand for steel. In an annual executive reshuffle on Monday, the group said it had cut the number of executives by a whopping 30 percent to 259, compared to 359 last year. The group also reduced the number of offices by 22 percent to combine their overlapped tasks and improve efficiency overall. The decision came a week after
Feb. 2, 2016
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Thyssenkrupp eyes Korea as hub of urban mobility innovation
CHEONAN, South Chungcheong Province - Thyssenkrupp, a leading German diversified industrial group, is looking to combine its engineering expertise with South Korean innovation to better address expanding urban infrastructural and mobility needs. As a global industrial group adapting to digitalization and fast-paced urbanization, Thyssenkrupp views Korea as an important player with which it can build new technologies and foresee future developments, according to Heinrich Hiesinger, chief executiv
Feb. 2, 2016
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AmorePacific Q4 net soars on strong overseas sales
Korea's top cosmetics maker AmorePacific Co. said Tuesday its fourth-quarter earnings jumped 77.6 percent on-year thanks to a strong performance in overseas markets.Net profit came to 92 billion won ($76.2 million) in the October-December period on a consolidated basis, compared with 51.8 billion won a year earlier, the company said in a regulatory filing.The Amorepacific headquarters in Seoul (Yonhap)Operating income rose 62.6 percent on-year to 161 billion won, while sales gained 22.9 percent
Feb. 2, 2016
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GS Caltex begins plastic compounding business in Mexico
GS Caltex, South Korea’s second-largest oil refiner, said Tuesday it has established a new office in Monterrey, Mexico, to oversee its forthcoming plastic compounding business in the country.As the first Korean company to do so, GS Caltex Mexico S.R.L. plans to build a plastic compounding plant near Monterrey this year. The plant is set to begin operations in 2017 with an annual production capacity of 30,000 tons, which will be expanded to 50,000 tons by 2020. “The opening of a Mexican office ma
Feb. 2, 2016
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POSCO cuts number of executives by 30 percent
POSCO has cut its number of executives by 30 percent as part of restructuring efforts to tackle the prolonged slump in its core steel business, the group said in a statement Monday.The steelmaker has reduced the number of senior staff from 369 last year to 259 and cut down the number of offices within the group by 22 percent to improve efficiency.The decision was released less than a week after the steelmaker logged its first-ever net loss of 96 billion won in 2015, due to weak global demand for
Feb. 1, 2016
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Hyundai Rotem turns to railway maintenance to revive profits
Hyundai Rotem, the train-making affiliate of Hyundai Motor Group, rolled out plans Monday to expand its railway system maintenance business, among other efforts, in a bid to revive struggling profits this year. This development comes after Hyundai Rotem recorded its worst annual performance to date in 2015 -- a net loss of 303.5 billion won ($252.5 million) and operating deficit of 192.9 billion won -- since its acquisition by Hyundai in 2001. Performing below market expectations, the company l
Feb. 1, 2016
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Hallyu marketing makes waves in western China
CHENGDU, China -- On Chunxi Road, the largest shoppers’ street in downtown Chengdu, the capital city of China’s Sichuan province, large signboards and images of Korean entertainers promote fashion, cosmetics and other consumer goods. From “Running Man” star Lee Kwang-soo to actress Jun Ji-hyun and K-pop group Big Bang, Korean pop culture icons attract people seeking things they have seen on TV. Twenty-two-year-old college student Fei Lui went shopping Saturday morning at the Innisfree store, a
Feb. 1, 2016
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Chaebol under fire for humiliating waitress’ looks on Instagram
Shinsegae Group vice chairman Chung Yong-jin has come under fire for an Instagram post that appeared to poke fun at a waitress. Chung is the eldest son of Lee Myung-hee, chairman of South Korea’s second-largest retailer Shinsegae Group. He is also the grandson of Samsung Group Founder Lee Byung-chul and a cousin of Samsung Electronics Vice Chairman Lee Jae-yong. He had uploaded a photo of him and a waitress with the accompanying caption in Korean, “I look tiny and my neck looks longer. Getting t
Feb. 1, 2016
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Hanwha Q Cells to supply 50MW solar modules to India’s Adani Group
Hanwha Q Cells, the solar business unit of Korea’s Hanwha Group, said Monday that it has signed a 50 megawatt solar photovolataic module supply deal with India’s Adani Group. The development comes about half a year since Hanwha sealed a similar contract to supply 70 MW of PV modules to Adani in July 2015. Solar panels (123RF)The solar plant, scheduled for completion by March 2016, will be installed in the Tamil Nadu province, according to Hanwha.“We are pleased to partner with Adani Group again,
Feb. 1, 2016
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Hyundai to release limousine version of Solati minivan
Korea’s largest carmaker Hyundai Motor plans to release a limousine version of the Solati minivan this year to offer a high-end option to customers, industry sources said Monday.Hyundai Motor launched the Solati in October 2015 with three trim options, including a 15-passenger model. Hyundai Motor’s Solati (Yonhap)The initial market response has been favorable, with the company selling 229 units of the Solati up to December last year. It compared with the annual 20 to 30 unit sales of the Merce
Feb. 1, 2016
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Samsung’s Enbrel biosimilar wins first overseas contract
Samsung Bioepis has won its first overseas bid to supply its copy of the blockbuster arthritis treatment Enbrel in Norway, paving the way for its push to challenge global phamaceutical giants in the nascent but lucrative market for biosimilar drugs. The development comes just two weeks after the European Commission’s approval of Benepali, Samsung’s biosimilar replication of Amgen’s top-selling drug Enbrel, known scientifically as etanercept, on Jan. 17. The Samsung Bioepis headquarters in Songdo
Jan. 31, 2016
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[Photo News] Booyoung Group's charity in the Philippines
Booyoung Group chairman Lee Joong-keun (center) gestures with students after donating digital pianos and blackboards to an elementary school in the Philippines on Friday. (Booyoung Group)
Jan. 31, 2016
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[Photo News] Separate attendance
SK Group chairman Chey Tae-won (right) and his wife Roh So-young attended separately the funeral session for the late Roh Soon-ai, the wife of late SK Group founder Choi Jong-kun, at Samsung Medical Center in southern Seoul on Sunday morning. Last month, the chairman admitted to extramarital affairs and a child with another woman, announcing his intention to divorce his wife. (Yonhap)
Jan. 31, 2016
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Korean department stores to offer instant tax refunds starting Feb.
South Korean department stores will start offering instant tax refund services to foreign customers starting in February as part of an effort to boost sales, market watchers said Sunday.Under the new program, foreigners can buy products without paying the mandatory 10 percent value-added tax if the item costs 30,000-200,000 won ($25-166), observers said. Each person can be exempt from VAT for up to the first 1 million won in purchases. Products that cost more than 200,000 won require the buyer t
Jan. 31, 2016
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LG beats Samsung in profitability of home appliances
LG Electronics Inc. was more profitable than Samsung Electronics Co. in the home appliance business in 2015 despite a huge gap in their overall revenue, industry data showed Sunday.According to the data, LG's home entertainment and home appliance & air solution divisions chalked up an operating profit of 1.04 trillion won ($830 million) on sales of 33.9 trillion won. (Yonhap)The company's operating margin, or the ratio of operating profit to sales, thus came to be 3.1 percent last year.Samsung's
Jan. 31, 2016
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Cumulative U.S. sales of Kia's K5 sedan top 1m in 2015
Cumulative sales of Kia Motors Corp.'s K5 midsize sedan in the United States surpassed the 1 million mark last year, 15 years after its debut in the world's largest auto market, industry data showed Sunday.Kia Motors, South Korea's No. 2 carmaker, shipped 1.08 million units of the K5, sold as the Optima in the U.S., between 2000 and last year, according the data.Last year alone, Kia Motors sold 159,414 K5s in the U.S., with the sedan becoming Kia's top-selling model in the market for four years
Jan. 31, 2016