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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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Samsung, BlackBerry deny report of takeover talks
Samsung Electronics Co., South Korea's top electronics firm, and Canadian smartphone maker BlackBerry on Thursday denied an earlier media report about their takeover talks. "It is not true," a spokeswoman at Samsung Electronics said, adding that the company "does not respond to rumors." BlackBerry, in a press release on its website, also denied the report on the potential deal, saying it "has not engaged in discussions with Samsung with respect to any possible offer," declining to comment furthe
Jan. 15, 2015
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[Newsmaker] Has Shin Dong-bin won Lotte succession race?
Lotte Group Korea chairman Shin Dong-bin has virtually become the crown prince of Lotte’s 92 trillion won ($90 billion) empire, which stretches from Asia to the U.S.But even with Lotte founder Shin Kyuk-ho’s temporary favor, his older brother’s presence will likely push the 59-year-old chairman to prove his management aptitude in order to impress his 93-year-old father, who is known to mix business affairs with succession plans.On Tuesday, chairman Shin met with Korean reporters at Gimpo Interna
Jan. 14, 2015
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Korea’s jobless rate stands at 3.4% in December
South Korea’s jobless rate rose in December from a month earlier, but more jobs were created, with the labor market still grim for youths, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 3.4 percent last month, up from 3.1 percent in November.The seasonally adjusted jobless rate also inched up from 3.4 percent to 3.5 percent. Job creation remained strong. The number of employed people reached 25.38 million last month, up 422,000 from a
Jan. 14, 2015
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Hyundai Heavy to pull out of onshore plant business
Hyundai Heavy Industries, the world’s largest shipbuilder, plans to integrate two onshore and offshore plant business units and begin voluntary redundancies to overcome its financial difficulties.But insiders said the merger of the two units is an apparent move to gradually withdraw from the money-losing onshore plant business “Top management ordered the business unit to stop activities to win new plant orders,” an industry source said. The company’s drastic measure came after it posted a record
Jan. 14, 2015
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Samsung Group likely to invest W50tr in 2015
Samsung Group, South Korea’s top family-run conglomerate, is expected to spend 50 trillion won ($46.3 billion) for facility and R&D investment this year, a company official said, a similar amount from last year, following a reshuffle with its chairman, Lee Kun-hee, still bedridden. Samsung is estimated to have invested between 49 trillion and 50 trillion won in 2014, according to market analysts, moderately increasing the expenditure every year from 42 trillion won in 2011. “It seems to be an am
Jan. 14, 2015
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Hyundai Asan opens second duty-free shop in Gaeseong
Hyundai Asan, a Hyundai Group affiliate, has opened its second duty-free shop in a joint industrial complex in the North’s border town of Gaeseong, the company said Wednesday.The South Korean operator of inter-Korean business projects held an opening event for the 130-square-meter duty-free shop in the Gaeseong industrial park, where the company has the exclusive right to run the factory complex.“The commodities at the shop will vary from high-quality goods to practical ones,” a Hyundai Asan off
Jan. 14, 2015
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Yuhan-Kimberly discloses safety policy for baby products
Yuhan-Kimberly, Korea’s leading hygiene product-maker, disclosed its safety policy for baby care products on Wednesday in an effort to build customer trust and penetrate developed markets. The disclosed information includes ingredients used for baby care products. “The first-of-its-kind move within the industry is aimed at keeping the promise to customers at home and abroad about the safety of our baby products,’’ a company spokesperson said. Through gaining the trust of customers, the company a
Jan. 14, 2015
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Daewoo Shipbuilding seeking stake sale in non-core unit
Daewoo Shipbuilding & Marine Engineering Co., the world's second-biggest shipyard, said Wednesday it is pushing to sell its stakes in its wholly-owned unit FLC Ltd., a golf course operator.The stake sale is intended to streamline the shipbuilder's business by disposing of its non-core assets, the firm said in a regulatory filing."We are examining preliminary proposals for the stake sale, which we received from multiple potential buyers at the end of last year," the company said.However, it did
Jan. 14, 2015
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Hyundai Heavy restructures to combat financial crisis
Hyundai Heavy Industries Co., the world's largest shipbuilder, said Wednesday it will integrate its industrial plant business with its offshore engineering division and cut 1,500 jobs through a voluntary retirement program to tide over its financial crisis.The integration will help the company cut its costs through the bulk purchase of components and materials and raise efficiency in production, the shipbuilder said in an e-mailed statement. Under the move, the company will utilize the workforce
Jan. 14, 2015
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[Graphic News] Seoul among most expensive cities
Seoul has some of the highest prices for goods such as Starbucks coffee, Chilean wine, carbonated water, beef and imported fruits, according to data released by Consumers Korea on Monday.The organization examined the prices of 42 agricultural, livestock and processed products in June and October across 13 major cities in the world.Out of 42 products, Seoul turned out to have the highest prices for 35 items, earning the title of one of the top five most expensive cities.
Jan. 13, 2015
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[Newsmaker] Hyundai Motor family share sale plan fails
Hyundai Motor chairman Chung Mong-koo and his son’s bid to sell some of their stakes in their business empire has failed. But this will not hinder the Chung family’s attempt to accelerate a father-to-son management transfer inside the world’s fifth-largest automaker, observers said. On Monday, Chung and his son Eui-sun, who is also the vice chairman of the nation’s top automaker, reportedly sent a notice to institutional investors that they plan to sell a combined 13.4 percent of the logistics f
Jan. 13, 2015
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AmorePacific mulls patent lawsuit against Lancome
Lancome’s “Miracle Cushion” (L’Oreal Paris)AmorePacific, South Korea’s top cosmetics firm, said Tuesday that it was considering legal action against French cosmetics house Lancome over a possible patent infringement of its signature air cushion compact. AmorePacific officials said it would decide whether to file a patent lawsuit against L’Oreal Korea, the Korean unit of L’Oreal Group, which is set to release the Miracle Cushion on Jan. 19.“We will analyze the product after the launch and then co
Jan. 13, 2015
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Thick-noodle ramen from Nongshim
Nongshim’s new spicy thick-noodle ramen, Wooyooktangmyeon. (Nongshim)Nongshim, Korea’s leading ramen maker, unveiled Tuesday a spicy thick-noodle ramen targeting the young generation, company officials said. Nongshim said it aims for Wooyooktangmyeon’s annual sales to reach 50 billion ($46.3 million) won and enter the top 10 best-selling ramen list by the end of the year.The new noodle is 3 millimeters thick, about twice that of average noodles sold in South Korea. “Wooyooktangmyeon is the resul
Jan. 13, 2015
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Korean builders eye $1.2b nuclear plant project in Ulsan
Fierce competition is expected among South Korean construction companies to win a 1.4 trillion won ($1.29 billion) mega project to build two units of a power plant.The order placed by the state-run Korea Hydro & Nuclear Power for Shin-Kori power plant units 5 and 6 in Ulsan is considered to be the single largest public construction project of the year. “It is the most important public construction project of this year, not only because of its huge scale but also because of the construction achie
Jan. 13, 2015
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Caffe Bene seeks success in East Asia
South Korean coffee chain Caffe Bene is betting big on the Southeast Asian market as it aims to operate 140 stores in the region by 2017.Southeast Asia is the fourth region in which the company has opened outlets, starting with the Philippines, Indonesia, Cambodia, Malaysia and Vietnam, according to company officials. With two more shops having opened in Malaysia last month, Caffe Bene now has 17 cafes in Southeast Asia. “We’re striving to become a representative South Korean coffee brand that l
Jan. 13, 2015
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Daum Kakao launches taxi app for drivers
South Korea’s leading free messenger service operator Daum Kakao Corp. on Tuesday showcased a taxi application for drivers in its first step to start a full-fledged taxi service, adding the passengers’ version will also be released by the end of the first quarter.The release came a month after Daum Kakao signed a preliminary deal with the Seoul Taxi Association and Korea Smart Card Co. for the service that would link customers with the closest cab through a mobile app.Daum Kakao said all drivers
Jan. 13, 2015
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Samsung’s patents in U.S. outnumber rivals
South Korea’s tech giant Samsung Electronics Co. had more U.S.-registered patents last year than its big name U.S. competitors, including Microsoft Corp. and Google Inc., according to the latest data Tuesday.Samsung had 4,952 items patented with the U.S. Patent and Trademark Office, ranking it second, the data compiled by U.S.-based IFI Claims Patent Services said. IBM topped the list with 7,534 patent registrations, keeping the No. 1 spot for the 22nd year. Japan’s Canon Inc. ranked third, trai
Jan. 13, 2015
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Taubman sees high growth potential in Korea
U.S. property developer Taubman seeks to expand its footing in South Korea where a growing number of people are starting to embrace shopping malls as a mainstream retail channel, its regional chief said Tuesday."The United States is a good market but with limited opportunities going forward to create new shopping centers because the market is mature. So we had to look where we wanted to be as a company to have some future growth," said Taubman Asia President Rene Tremblay. "We decided that Asia
Jan. 13, 2015
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Planned stake sale in Hyundai Glovis fails
A planned stake sale of the logistics unit of Hyundai Motor Group by Chairman Chung Mong-koo and his son has failed, market sources said Tuesday, apparently due to its massive scale and sales conditions. Chung and Eui-sun, vice chairman of Hyundai Motor Co., had sought to sell a combined 13.4 percent in Hyundai Glovis Co. with about 5 million shares to be offloaded through a block deal.Investment bank sources said that the sale has not gone through as planned because its scale was too big to be
Jan. 13, 2015
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[Newsmaker] Labor abuse scandal rocks WeMakePrice
The past two weeks have been a rollercoaster ride for WeMakePrice, the country’s leading domestic deal-of-the-day online site. The country’s most-visited social commerce website operator was at the peak of its business earlier this year, eyeing the acquisition of a local competitor and labeling global retail juggernauts Alibaba and Amazon market competitors, but soon fell to the very bottom after facing a state crackdown for business malpractice. The Ministry of Employment and Labor on Monday sa
Jan. 12, 2015