Most Popular
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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Netflix, streaming platforms come under fire for loose ratings
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20 minors registered as CEOs making over 100 million won
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Yoon honors veterans of Korean War in trip to Philippines
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K-pop CEOs sidestep key issues at National Assembly audit
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Man killed by fellow hunter who mistook him for wild boar
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LG Energy Solution pledges to double sales by 2028
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AREX extends group discount
The group discount scheme on the Incheon Airport Railroad Express ― a nonstop train from Seoul Station to Incheon International Airport ― will be extended to Dec. 31, company officials said Tuesday.The scheme reduces the individual ticket price from 8,000 won to 6,000 won if more than four people book seats together.“Foreign tourists frequently ride the express train because it offers comfortable individual seats, ample room to store their luggage and has a restroom,” an AREX official said.He ad
Feb. 10, 2015
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Chinese hallyu portal aims for daily traffic boost
Korea DMC, the operator of a Chinese-language Korean Wave portal, said Tuesday that it aimed to reach 1 million hits in daily traffic by the end of the year.The company launched Korea Top 10 (www.koreatop10.com), a platform offering information related to South Korea and shopping for beauty products and tourist, wedding and medical services.“We provide customized services to Chinese people who are seeking information and products they cannot find elsewhere,” Korea DMC CEO Sim Song-hak said at a
Feb. 10, 2015
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Hotel Shilla to do business in Xian
Hotel Shilla plans to build a hotel in Xian ― a cultural, industrial and educational center in northwest China ― in its latest move to expand its business in the country, the company said.It is planning to sign a consignment management agreement with a local company to run a hotel business, it said on Monday. The Samsung Group affiliate is currently operating a hotel under its brand in Suzhou, eastern China. Hotel Shilla CEO Lee Boo-jin. (Yonhap)“We do not know whether it’s going to be a busines
Feb. 9, 2015
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Is Green Cross eyeing hostile takeover of Ildong?
Green Cross, a leading South Korean pharmaceutical company, sparked rumors of a hostile takeover of rival Ildong Pharmaceutical when it vowed to interfere in the selection of the latter’s board members on Monday.As the second-largest shareholder of Ildong, the company said it has the right to choose two of the 10 board members in the next shareholders meeting. Three of the 10, including Ildong chairman Lee Jung-chi, end their terms next month.Early in January last year, the takeover rumor erupte
Feb. 9, 2015
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Bidding for fighter project fails
The bidding for Korea’s 8.5 trillion won ($8.3 billion) homegrown fighter jet development program fell through after Korean Air failed to submit its proposal on Monday, leaving state-run Korea Aerospace Industries as the sole bidder for the so-called KF-X project.But analysts said Korean Air apparently aimed to earn time to participate in the final competition with KAI.The Defense Acquisition Program Administration, the state-run arms procurement agency, said according to the government’s procur
Feb. 9, 2015
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POSCO TJ Park Foundation to honor scholar
The POSCO TJ Park Foundation said Sunday that it has selected professor Park Bae-ho of Konkuk University’s Department of Physics for a coveted award. Park will receive the 2015 POSCO TJ Park Award next month. In addition, the Educational Award will be given to Handong Global University, and the Service Award to Cythina Maung and Indonesian NGO Bina Swadaya.The professor is renowned for his research in condensed matter physics and nano-materials. He was previously awarded the C. N. Yang Award by
Feb. 8, 2015
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Korea denies talks with Uber over registration system
The South Korean government denied that it has been in talks with Uber Technologies to adopt a driver registration system, reiterating its opposition to the online ride-hailing tech firm’s “illegal” operations in the country. The Transport Ministry said last week that allowing local Uber drivers to become licensed could be a threat to existing taxi drivers and can excessively intensify competition in the oversaturated market. “Uber’s proposal contradicts the government’s policy that aims to redu
Feb. 8, 2015
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Car exports down in Jan. on weak
South Korea's exports of automobiles lost ground in January from a year earlier, data showed Sunday, mainly because a weak yen eroded their price competitiveness.Overseas shipments came to 249,675 units last month, down 2.8 percent from a year earlier, the data compiled by the Ministry of Trade, Industry and Energy showed. It marked an 18.1 percent drop from a month earlier, when exports hovered above 300,000 units.Industry watchers said the weak Japanese yen made South Korean goods relatively e
Feb. 8, 2015
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Hyundai, Kia see domestic market share plummet
Hyundai Motor Group is expected to see its dominance slip further in the domestic car market this year as the combined market share of its two automakers, Hyundai Motor and Kia Motors, dipped to around 60 percent in January, the lowest monthly record ever.According to the Korea Automobile Manufacturers Association, the market share of the two automakers here fell 5 percent to 60.7 percent last month from the same period a year ago. “Behind the sharp fall in domestic sales last month was a steep
Feb. 6, 2015
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Doosan Infracore carrying out staff cuts
Doosan Infracore, the second-largest affiliate of Doosan Group, has begun a restructuring program to improve its financial health, the group confirmed on Friday. Doosan Infracore construction vehicles. (Doosan Infracore)The country’s 12th-largest conglomerate by assets said Doosan Infracore would cut about 100 jobs through an early-retirement program. The early-retirement offer was given to all 3,200 Doosan Infracore employees, including research and development staff.The downsizing at the const
Feb. 6, 2015
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KORES-invested copper mine in Mexico starts production
The Boleo copper processing plant in Baja California Sur, Mexico. KORESBy Seo Jee-yeon The state-run Korean Resources Corp. has commenced copper production at its mining process plant in Mexico, company officials said Wednesday.“Minera y Metallurgica del Boleo, or MMB, in which KORES holds 90 percent stake, obtained the first production from its copper mining process plant in Santa Rosalia, Mexico, on Jan. 17,’’ the company said in its statement. “We expect MMB to produce 24,000 tons of copper t
Feb. 6, 2015
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Gov't approves sales of Samsung's two defense affiliates to Hanwha
The industry ministry on Friday approved Samsung Group's sales of its defense affiliates to another conglomerate Hanwha, pushing forward a takeover deal scheduled to be completed by the first half of this year. "The government has approved Hanwha's request to purchase the two defense companies -- Samsung Techwin Co. and Samsung Thales Co. -- as of Feb. 6," the Ministry of Trade, Industry and Energy said. In November, Hanwha, a conglomerate initially built on defense business, said it will tak
Feb. 6, 2015
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Hyundai Glovis inks $100 mln Qatari shipping deal
Hyundai Glovis Co., the logistics unit under auto conglomerate Hyundai Motor Group, said Friday it has clinched a $100 million shipping service contract with a building materials firm in Qatar. The agreement signed with state-run Qatar Primary Materials Co. calls for the South Korean shipping firm to transport 12 million tons of aggregates to the Arab nation from neighboring United Arab Emirates for the next two years, according to Hyundai Glovis. The aggregates imported by the Qatari govern
Feb. 6, 2015
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Hyundai Motor chairman, son gain 1 tln won from stake sale in logistics arm
Hyundai Motor Group Chairman Chung Mong-koo and his son offloaded part of their shares in the group's logistics unit, Hyundai Glovis Co., at an estimated 1.1 trillion won ($1 billion), industry sources said Friday. According to the sources, the two sold 5.02 million shares in the affiliate, which account for a 13.39 percent stake, through a block deal. The price per share was 230,500 won, a 2.7 percent discount from the previous day's closing. The sale price was about 50,000 won lower than wh
Feb. 6, 2015
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Hongdae, Korea’s hottest location
Hongdae led the pack of most-searched locations in Seoul through search engines and Internet forums, according to data by Cheil Data and Analysis Center, a big data analysis group of Cheil Worldwide.The center examined around 258,000 search terms by 3,200 participants for “hot places” ― locations associated with trendiness, leisure activities and restaurants ― in Seoul in the latter half of 2014.Hongdae took the first place with 29.8 percent of total hot place search terms, followed by Gangnam s
Feb. 5, 2015
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Chairman Chung reopens Hyundai Glovis block sale
Hyundai Motor Group chairman Chung Mong-koo and his son Eui-sun have once again put on sale their combined 13 percent stake in the automaker’s logistics affiliate Hyundai Glovis, the company said in a press release on Thursday. Their first attempt to sell the stake in a block deal last month failed due to unspecified reasons, although industry sources attributed it to the size of the deal at 1.5 trillion won ($1.39 billion) and sales conditions.“The company has an urgent need to push for the dea
Feb. 5, 2015
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POSCO restructuring to be continued: chairman
POSCO, the world’s third-largest steelmaker, said on Thursday it aimed to achieve consolidated sales of 67.4 trillion won ($61. 8 billion) this year by further strengthening its core business.It will divest its noncore assets, partly by selling its stakes in its affiliates.The steelmaker said in a meeting with its investors that it would continue its restructuring efforts and concentrate on fortifying its steel business to gain sales of about 30 trillion won. The company will invest only about 4
Feb. 5, 2015
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Hyundai Motor Group chairman, his son resume move to sell stakes in logistics unit
Hyundai Motor Group Chairman Chung Mong-koo and his son will seek to sell a part of their stakes in a logistics unit following a failed attempt last month, the automotive group said Thursday. In January, Chung and his only son, Eui-sun, vice chairman of Hyundai Motor Co., sought to sell a 13.4 percent stake in Hyundai Glovis Co., but the attempt fell apart due to unspecified reasons. Hyundai Motor Group, the country's second-largest conglomerate, said in a press release that it has started to
Feb. 5, 2015
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POSCO to cut investment, sell assets to improve financial structure
POSCO, South Korea's top steelmaker, said Thursday that it will focus on improving its financial structure this year by reducing investment and selling assets and equity holdings, following lackluster earnings results for last year. POSCO plans to invest 4.2 trillion won ($3.9 billion) group-wide this year, down 1.2 trillion won from a year earlier, the company said at an investor relations event held in Seoul. The gathering was attended by POSCO CEO Kwon Oh-joon. The steelmaker also said it
Feb. 5, 2015
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KB Financial's 2014 net rises 10.2 pct
KB Financial Group Inc., South Korea's No. 2 banking group by assets, saw its 2014 net profit rise 10.2 percent on a drop in bad loan reserves, the company said Thursday. Net income totaled 1.4 trillion won ($1.29 billion) last year, compared with 1.1 trillion won the previous year, the group said in a regulatory filing. For the fourth quarter alone, the group's net income tallied 203 billion won, down 21 percent from 258.4 billion a year earlier. KB Financial said the on-year strong bottom l
Feb. 5, 2015