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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[Photo News] OCI completes 10MW plant in Huai'an
OCI COMPLETES HUAI’AN SOLAR PLANT — OCI president Huh Man (center) and company officials hold a ribbon-cutting ceremony Wednesday to mark the completion of OCI’s 10-megawatt solar power plant located in a 270,000-square-meter-wide crab farm in Hongze County of Huai’an, China. The plant, able to produce electricity for some 3,600 households, will become a supplier to the State Grid Corporation of China for the next 20 years, according to green energy and chemical company OCI. (OCI) OCI’s 10-megaw
Jan. 27, 2016
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SK Group sets ‘new energy’ as future growth engine
SK Group has selected alternative energy as a new business area to lead its future growth, eyeing forthcoming changes to sweep the global business landscape in an era of global warming. Officially announcing “new energy” as its next growth engine Wednesday, SK said it has drawn up a special committee, led by the chief executive of SK E&S, to lead its foray into the emerging segment. New energy refers to alternative forms and sources of energy other than conventional fossil fuels. Alternative ene
Jan. 27, 2016
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Hyundai E&C earnings edge down in 2015
Hyundai Engineering & Construction Co., a major South Korean construction firm, said Wednesday that its earnings fell slightly last year from a year earlier due to a drop in overseas construction projects.Net profit reached 584 billion won ($486 million) last year, down 0.5 percent from the previous year, the company said in a regulatory filing.Operating income advanced 2.9 percent on-year to reach 987 billion won, and sales jumped 10 percent on-year to amount to 19.12 trillion won.The builder s
Jan. 27, 2016
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Hyundai Steel to offer 15% dividend payout
Hyundai Steel plans to put aside 15 percent of its net profit to offer shareholder dividends this year, the company said on Wednesday.The payout ratio was the same as last year. Industry watchers said the move was significant considering that the country’s No.2 steelmaker saw its earnings fall 5.5 percent in 2015, compared to a year earlier. Net profit stood at 739 billion won ($615 million) on a consolidated basis last year, the company said in a statement. Sales also fell 3.8 percent on-year t
Jan. 27, 2016
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Hyundai Mobis earnings rose in Q4
Hyundai Mobis, South Korea’s top auto parts maker, said Wednesday that its fourth-quarter net profit rose 1.5 percent from a year earlier. Net profit reached 862.3 billion won ($552 million) in the October-December period, compared with 849.7 billion won a year earlier, the company said in its regulatory filing.Operating profit, however, fell 3.5 percent year-on-year to 867.2 billion won, while sales grew 5 percent to 9.9 trillion won. For all of 2015, net income fell 11.4 percent to 3.1 trillio
Jan. 27, 2016
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Daewoo E&C earnings plunged in Q4
Daewoo Engineering & Construction said Wednesday that its fourth-quarter net profit plunged 83.3 percent from a year earlier.Net profit came to 6.2 billion won ($5.2 million) in the October-December period last year, compared to 36.9 billion won a year earlier, the company said in a regulatory filing. Operating income fell 40 percent to 57.4 billion won over the cited period, and sales were down 4.5 percent to 2.6 trillion won. For the entire year, net income grew 8.4 percent to 146.2 billion wo
Jan. 27, 2016
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Hyundai Motor No.1 in Mexican import car market
South Korea’s top carmaker Hyundai Motor was the No.1 import auto brand in Mexico in 2015, data showed Wednesday. Hyundai Motor sold 26,251 automobiles in Mexico last year, becoming the leading foreign brand without localized production facilities for the first time. The South Korean carmaker first tapped the Mexican market in May 2014. French auto firm Renault and Japan’s Suzuki Motor, which ranked first and second in terms of sales among import brands in 2014, trailed Hyundai. They sold 24,320
Jan. 27, 2016
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S. Korea‘s land prices rose 2.4% in 2015
The average price of land in South Korea rose 2.4 percent on-year in 2015, fueled by low interest rates and easing regulations on property development, the government said Wednesday. Apartment buildings are seen in Seoul. (Yonhap)The increase is the highest since 2008, when land prices slipped 0.32 percent amid a global financial crisis, said the Ministry of Land, Infrastructure and Transport.The ministry said prices rose across the board last year, with numbers moving up the most on Jejudo Isla
Jan. 27, 2016
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POSCO in talks with Iran to export steel tech
POSCO is in talks with Iranian steelmaker PKP to export its FINEX technology, a next-generation and eco-friendly steelmaking technology, according to a government source. “POSCO is one of the Korean firms, which are poised to sign an agreement with their Iranian counterparts for a business deal, during the upcoming minister-level Korea-Iran Business Committee meeting next month,” said a high-level official from the Ministry of Trade, Industry and Energy on Tuesday.A Korean business delegation
Jan. 27, 2016
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Top 30 biz groups‘ hiring rose 17%
The number of employees at South Korea’s top 30 major business groups rose 17.2 percent last year over 2010, according to industry data Wednesday. Job hunters line up to submit their resumes at a job fair in Seoul. (Yonhap)This exceeded the average rise of 13 percent for the corporate sector. CEO Score, a local corporate researcher, said the number of people employed by the country’s 30 largest business groups -- including Samsung, Hyundai and LG -- stood at 986,231 as of end-September last yea
Jan. 27, 2016
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Lotte chairman’s Japanese son under limelight
Several media outlets suggested Monday that Lotte Group chairman Shin Dong-bin’s son had emerged as the retail giant’s heir apparent. Lotte Group branded the reports as groundless but industry insiders say it is only a matter of time before 30-year-old Satoshi Shigemitsu takes the helm of the $8 billion business empire that spans from Korea and Japan to Southeast Asia, China and the U.S.“Satoshi Shigemitsu is already a fixture in the Japanese business circuit, when his wedding ceremony on Nov. 2
Jan. 26, 2016
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Yamaha Music Korea appoints new CEO
Yamaha Music Korea announced Tuesday that it has appointed Hideo Kaneda, former head of Yamaha's Taiwanese operations, as its new chief executive. The company expects its new CEO “to work not only for the expansion of Yamaha’s instrument business, which is its main focus, but also to nurture its burgeoning audio device segment” in Korea. Hideo Kaneda (Yamaha Music Korea) Hideo Kaneda first joined Yamaha in 1986. He later served as the sales director of the company’s Chinese operations from 200
Jan. 26, 2016
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Samsung Bioepis likely to delay Nasdaq debut
Samsung Group’s biosimilars unit is likely to delay its public listing on the Nasdaq, originally scheduled for the first half of this year, industry sources said Tuesday. Samsung Bioepis, which develops biosimilars -- cheaper near-replicas of brand-name biologic drugs -- had sought to raise up to 2 trillion won ($1.7 billion) through the initial public offering to pour more resources into research and development activities. According to news reports and sources, however, the company is unlikel
Jan. 26, 2016
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Nonghyup promotes sales for lunar New Year
Nonghyup Hanaro Mart is offering discounts on various gift sets including fruits, meats, processed food, and toiletries for the Lunar New Year holidays until Feb. 7. Offering up to 30 percent discount, Nonghyup’s representative brands Achimmaru and Ddrane have fruit sets with prices ranging between 30,000 won ($25) and 100,000 won. Other gift sets that include toiletries are being sold at reasonable prices starting from 10,000 won, officials said. Red ginseng, which continues to be a hot gift it
Jan. 26, 2016
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[SUPER RICH] Big Bang net worth 40b won
Popular K-pop boy band Big Bang is set to join the elite superrich club with an estimated total net worth of 40 billion won ($33.2 million). Moreover, it’s leader G-Dragon, also known as Kwon Ji-yong, has a personal net worth of 15 billion won.Big Bang (YG Entertainment)Confirming Big Bang’s road to success, the quintet’s LA concert at the Staples Center during their world tour last year was selected by Billboard as one of the top 10 grossing concerts in the world, earning a total of 2.1 billion
Jan. 26, 2016
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Green Cross’ immunodeficiency drug accepted for review by U.S. FDA
An immunodeficiency drug developed by Green Cross, a South Korean biopharmaceutical company, has been accepted for review by the U.S. Food and Drug Administration.Green Cross said Tuesday that that FDA accepted the drugmaker’s biologics license application for IVIG-SN -- human normal immunoglobulin G for intravenous administration -- on Jan. 22.IVIG-SN (Green Cross)The news prompted the company’s stock price on the main Korean bourse KOSPI to surge by 2.01 percent on Tuesday to close at 228,000
Jan. 26, 2016
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Ssangyong E&C-led joint venture wins $252m subway deal in Singapore
Ssangyong Engineering & Construction said Tuesday the builder-led joint venture has won a 305 billion won ($252 million) contract to build a subway line from Singapore’s Land Transport Authority. An aerial view of the Marine Terrace MRT to be build by Ssangyong E&C-led joint venture (Ssangyong E&C)Together with Hyundai E&C, Ssangyong E&C will construct the Marine Terrace MRT station by 2023, part of the east coast stretch of the upcoming Thomson-East Coast Line.“The contactor chose the Ssangyong
Jan. 26, 2016
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S. Korea’s auto exports fell 8.3 percent in Q4
The nation’s automobile exports dropped 8.3 percent in the fourth quarter of 2015, hit by slowing demand from China and Russia, government data showed on Tuesday. Passenger cars await shipment at a South Korean port. (Yonhap)According to the Korea Customs Service, passenger vehicles worth $10.7 billion were exported between October and December, down from the $11.7 billion in the same period in 2014.The value of cars exported late last year is equivalent to 774,000 units, the custom service said
Jan. 26, 2016
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SK Telecom, Samsung to offer free mobile rentals to tourists
South Korea’s top mobile carrier SK Telecom said Tuesday it will begin a free smartphone rental service entitled “Enjoy Mobile Korea” for foreign tourists visiting the country. Samsung Electronics Co. and the state-run Korea Tourism Organization will also join the campaign, SK Telecom said. Incheon International Airport (Yonhap)Under the program, smartphones will be rented out for free to around 250 visitors per week arriving at Incheon International Airport, the country’s main gateway. The phon
Jan. 26, 2016
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Shipbuilders to reduce losses in Q4
South Korea’s top three shipbuilders are expected to post reduced operating losses for the fourth quarter of 2015, but prospects remain grim for this year, industry sources and analysts said Tuesday. World’s largest container ship, built by Hyundai Heavy Industries (Yonhap)After posting a 1.5 trillion won ($1.25 billion) operating deficit during the January to September period, Samsung Heavy Industries is estimated to have swung to a profit in the fourth quarter, according to local brokerages.
Jan. 26, 2016