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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Samsung C&T 2014 net rises 7.2 %
Samsung C&T Corp., a construction and trading unit of Samsung Group, said Thursday its net profit grew 7.2 percent on-year in 2014 thanks to large overseas construction projects.Net profit came to 285.52 billion won ($261.01 million) last year, compared with the previous year’s 266.37 billion won, the company said in a regulatory filing. Operating profit jumped 50.6 percent on-year to 652.36 billion won last year, and sales inched up 0.04 percent to 28.45 trillion won over the cited period. The
Jan. 29, 2015
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Naver reports weak Q4 earnings, stock tumbles
Naver Corp., South Korea’s top Internet portal operator, on Thursday released weaker than expected fourth-quarter earnings, sending its stock price to a one-week low.Net income came to 134.5 billion won ($124.2 million) in the October-December period, more than doubling from 54.1 billion won a year earlier, the company said in a regulatory filing. But the fourth-quarter reading was well below the median estimate of 163.2 billion won suggested by South Korea’s nine brokerage houses, according to
Jan. 29, 2015
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Hotel Shilla’s profit soars, buoyed by duty-free shop sales
A Shilla Duty Free Shop in SeoulHotel Shilla on Thursday posted a record-breaking 2.9 trillion won ($2.7 billion) in sales in 2014, with an operating profit of 138.9 billion won.The figures were up 26.6 percent in sales in 2013 and 60.5 percent in operating profit.The record sales figure was mainly attributed to the influx of Chinese tourists to Korea and their visits to the company’s duty-free shops, analysts say. Shilla owns a large duty-free shop in Incheon International Airport and the first
Jan. 29, 2015
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Hyundai Steel 2014 earnings up 10.1%
Hyundai Steel Co., South Korea’s No. 2 steelmaker, said Thursday its net profit went up 10.1 percent from a year earlier, aided by increased production capacity and efforts to cut costs. Net profit came to 751.1 billion won ($687.32 million) last year, compared with the 682 billion won registered in 2013, the company said in a regulatory filing. Operating profit more than doubled to 1.44 trillion won last year, and sales also jumped 25.1 percent on-year to 16.03 trillion won over the cited perio
Jan. 29, 2015
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POSCO aims to increase sale of premium goods to 40 percent
POSCO, South Korea’s largest steelmaker, has vowed to increase the sales of its premium products to 40 percent by next year from the current 30 percent, the company said Thursday.POSCO has aggressively promoted “World Premium” steel ― self-developed products with cutting-edge technologies having high consumer preferences.Last year, the company announced 220 world premium products as part of its marketing efforts to increase profits and competitive edge in the market. A combo picture of POSCO’s
Jan. 29, 2015
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Samsung, Apple seen tying in Q4 smartphone sales
Samsung Electronics Co. and U.S.-based Apple Inc. sold the same number of smartphones in the fourth quarter of 2014, data from a market tracker showed Thursday, suggesting that the world's biggest maker of handsets may have been outperformed by its archrival for the first time in more than three years.Apple reported in its earnings report earlier this week that it sold 74.5 million handsets in the October-December period. Samsung, in an earnings call Thursday, did not give an exact number but sa
Jan. 29, 2015
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S. Korea's online shopping sales surge 20.1 pct on-year in Q4
South Korea's online shopping sales surged 20.1 percent on-year during the fourth quarter of 2014 with stellar growth in purchases through mobile gadgets, a government report showed Thursday.Total transactions during the three month period reached 12.74 trillion won (US$11.73 billion), up from 10.6 trillion won a year earlier and a gain from 11.45 trillion won in the previous quarter, according to the report by Statistics Korea.Of the total, those made through mobile devices soared 107 percent t
Jan. 29, 2015
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Hyundai Motor, Kia Motors see marketing spending ratio drop over
South Korea's two largest automakers - Hyundai Motor Co. and Kia Motors Corp. -- saw the ratio of their marketing spending to sales decline in recent years as they depended less on big price cuts to lure customers, industry data showed Thursday.According to the data, the two firms' ratio of marketing spending to the combined sales stood at 3.7 percent in 2014, down from the previous year's 3.8 percent. The ratio is also lower than the 4.9 percent tallied in 2010. Hyundai Motor's marketing spendi
Jan. 29, 2015
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LG buoyed by affiliates’ strong performance
LG Group, the nation’s fourth-largest business conglomerate by assets, is cutting a fine figure in business circles as its major affiliates reaped huge profits despite the protracted global economic slowdown.Market analysts said the strong performance of some LG affiliates was the result of group chairman Koo Bon-moo’s repeated calls for “action” by executives and employees.LG Electronics Inc., the flagship of the group and the nation’s leading home appliance- and smartphone-maker, said its net
Jan. 28, 2015
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JTI Korea names new chief
Steve R. DyerJapan Tobacco International named Steve R. Dyer as the new general manager of its Korean operation, JTI Korea said Wednesday. The South African-born executive will take over the helm on Feb. 1, succeeding his Greek predecessor Anastasios Sitsas, who resigned a month ago, citing personal matters. For the past 18 years, Dyer has accumulated experience in many regions including Tanzania and East Africa, Switzerland, Russia and Hong Kong, being promoted to the Asia-Pacific regional head
Jan. 28, 2015
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Starbucks faces legal action over menu omission
(Bloomberg)A consumer group has taken action against Starbucks Korea for failing to include the price of short size drinks on its menu, claiming the move is aimed at selling more expensive drinks.The Citizen’s Mediation Center at Seoul YMCA on Monday filed a complaint with the Ministry of Food and Drug Safety against Starbucks for violating the Food Sanitation Law, which requires all businesses to post the prices of their products.Currently, menu boards in Starbucks stores here show only the pri
Jan. 28, 2015
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GM Korea’s Trax receives highest safety rating in U.S.
GM Korea Co.’s crossover sport utility vehicle Trax has received the highest rating on safety by a U.S. agency, the company said Wednesday.The National Highway Traffic Safety Administration recently conducted a “new car assessment program” in which the Trax received the highest five-star rating, according to the Korean unit of U.S. automaker General Motors Co. The NHTSA’s assessment program consists of a strict evaluation of safety for passengers, including frontal and side crash tests along wit
Jan. 28, 2015
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SK hynix earnings hit all-time high
The main gate of SK hynix in Icheon, Gyeonggi Province. (Yonhap)South Korea’s No. 2 chipmaker, SK hynix Inc., on Wednesday reported all-time high earnings in 2014, marking the second consecutive year of a record-breaking performance.Net profit came to 4.1 trillion won ($3.87 billion) in 2014, up 46 percent from the 2.87 trillion won posted a year earlier, the company said in its regulatory filing. Revenue advanced 21 percent over the cited period to 17.1 trillion won, and its operating profit al
Jan. 28, 2015
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SK hynix performance all-time high in 2014
South Korea's No. 2 chipmaker, SK hynix Inc., on Wednesday reported all-time high earnings in 2014, marking the second consecutive year of a record-breaking performance.Net profit came to 4.1 trillion won (US$3.87 billion) in 2014, up 46 percent from the 2.87 trillion won posted a year earlier, the company said in its regulatory filing. Revenue advanced 21 percent over the cited period to 17.1 trillion won, and its operating profit also jumped 51 percent to 5.1 trillion won over the cited period
Jan. 28, 2015
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Apple, Xiaomi outsell Samsung in Chinese smartphone market
Samsung Electronics Co., once China's No. 1 smartphone vendor, sold fewer smartphones in China for the fourth quarter of last year than Apple Inc. and local brand Xiaomi Inc., continuing to lose ground in the battle for the world's largest smartphone market, a market tracker said Wednesday. "The incredible popularity of the iPhone 6 and iPhone 6 Plus in China in Q4 2014 has led Apple to take first place in the Chinese smartphone market for the first time by units shipped," Canalys said in a stat
Jan. 28, 2015
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Jeju Air to launch 4 new int'l flights in H1
Jeju Air Co., South Korea's largest low-cost carrier, said Wednesday that it will launch four new flights bound for nearby Asian cities in the first half of the year as part of efforts to meet growing demand. Jeju Air, owned by Aekyung Industrial Co., will launch flights between the southeastern city of Daegu and Beijing on Feb. 13, while providing flights between the second-largest city of Busan and Osaka, Fukuoka and Taipei in April. Jeju Air is the first low-cost carrier that provides flights
Jan. 28, 2015
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S. Korean securities firms suffer freefall in commission income
South Korean securities firms'income from stock brokerage has almost halved in 7 years after cutting fees to woo retail investors disinterested by a stagnant run on the local stock market, data showed on Wednesday.The combined brokerage commission income of local securities firms was estimated at 3.3 trillion won (US$3.06 billion) last year, a sharp drop from 6.6 trillion won in 2007, according to the data compiled by the Korea Capital Market Institute.The comparable figures for 2012 and 2013 we
Jan. 28, 2015
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Japanese, German car parts manufacturers under probe for price
South Korea's antitrust watchdog is investigating Japanese and German car parts manufacturers for price-fixing on products they sold to local automakers, a source said Wednesday.The names of the companies under investigation and the parts supplied have not been made public, but the Fair Trade Commission (FTC) insider said Hyundai Motor Co. and its corporate cousin, Kia Motors Corp., bought the parts for the past several years. The two carmakers are flagships of Hyundai Motor Group, the world's f
Jan. 28, 2015
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[SUPER RICH] Superrich set dining trends with restaurant franchises
Restaurant franchise management is the rage among second- to fourth-generation chaebol scions. These superrich ― who have either studied abroad or go on frequent business trips ― are bringing over famous foreign restaurant brands that they patronize overseas, or taking inspiration to build and bring in restaurants that suit their culinary taste. With these business endeavors, they have set off new trends in the Korean restaurant scene.Conglomerates’ recent foray into the restaurant business is a
Jan. 27, 2015
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Buburi gets recognition as different brand to Burberry
Burberry has been very protective of its brand image in Korea lately, but the authorities on Monday opened doors for local manufacturers to be less intimidated by the British fashion juggernaut. According to Buburi, an Andong-based snack maker, the company has won the Intellectual Property Trial and Appeal Board’s approval to register its brand, “Buburi” on breads, beverage and other foods with the Korean Intellectual Property Office.The ruling came as KIPO in 2013 turned down its application be
Jan. 27, 2015