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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‘KEPCO land deal may save Hyundai extra W65b in tax’
Hyundai Motor Group could save 65.9 billion won ($60 million) in tax if it succeeds to get state recognition for its 10 trillion won acquisition of the Korean Electric Power Corporation site as a corporate investment, industry watchers said Friday. The possibility arose after the government on Thursday announced a slew of tax reforms encouraging business companies to spend cash in the market. According to the rule, a company that does not spend 80 percent of its income in investment, wage or div
Dec. 26, 2014
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Kia Motors launches new K3 sedan in South Korea
Kia Motors Corp., South Korea's second-largest carmaker, said on Friday it has begun sales of its2015 K3 compact sedan, the latest version of the car otherwise known as the Forte in the United States, in the home market. The new mid-sized sedan, built for five passengers, is equipped with a tire pressure monitoring system, unlike the previous version for which the monitoring device was only an option. The automaker, part of the world's No. 5 automotive conglomerate Hyundai Motor Group, sai
Dec. 26, 2014
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Ssangyong to hold off compensation for mileage controversy
Ssangyong Motor Co., the local unit of Indian carmaker Mahindra & Mahindra Ltd., said Friday it will hold off any plans of compensation for the overstated fuel efficiency claims on its Korando Sports CX7 SUV until after the verdict for an ongoing lawsuit comes out. Earlier in June, carmaker was fined by the government for exaggerating the gas mileage of its Korando Sports 2-liter diesel by as much as 10.7 percent, according to exhaustive tests carried out by automotive institutes. Some 720 ow
Dec. 26, 2014
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Stock value of Korea’s leading chaebol families surges
The value of stocks held by South Korea’s leading families who control large business groups or chaebol surged this year, a report by a corporate research firm showed Thursday.According to Chaebul.com, the value of shares owned by Lee Kun-hee and his immediate family, who control Samsung Group, the country’s largest conglomerate, stood at 26.06 trillion won ($23.64 billion), up 94.5 percent from 13.44 trillion won tallied as of Jan. 2 of this year.The increase came mainly as affiliates of the gr
Dec. 25, 2014
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Global auto sales expected to grow 3.9% in 2015: report
Global auto sales are expected to grow at a faster pace in 2015 than this year, with relatively strong demand in the U.S., China and India likely to lead the overall growth, a report said Thursday.The Korea Automotive Research Institute, a research unit of Hyundai Motor Co., forecast that global car sales will reach 87.1 million units next year, up 3.9 percent from this year. The projection is higher than this year’s 3.5 percent gain. The U.S. will see a 2 percent growth in vehicle sales, with a
Dec. 25, 2014
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Foreign tourist per capita spending tops record $901.2 this year
Foreign tourists on average spent a record $901.2 on shopping when visiting South Korea this year, a poll conducted by the Korea Culture and Tourism Institute showed Thursday.The institute said its findings are based on surveys carried out on 9,062 visitors in the January-September period.The per capita spending easily exceeds the $774.5 spent for the whole of last year.The public think tanks said spending by Chinese tourists contributed to the spike in sales. Thanks to more tourism-related infr
Dec. 25, 2014
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Offical arrested in ‘nut rage’ probe
Prosecutors on Wednesday arrested a ministry official for leaking details of an ongoing investigation into the so-called “nut rage” involving Korean Air heiress Heather Cho, adding to suspicions that the government has been surreptitiously aiding the carrier.The Seoul Seobu Prosecutors’ office said it arrested an official of The Ministry of Land, Infrastructure and Transport identified by his surname Kim for passing information about the probe to a Korean Air executive. The arrest came a day aft
Dec. 25, 2014
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Suspect of nuclear reactors hacking uses Chinese IP addresses
A suspect in the hacking attacks on South Korean nuclear reactors to illegally obtain information used multiple IP addresses based in China, according to investigators here Wednesday. The suspected hacker accessed the information from a Chinese city, a joint investigation of government and prosecution officials said, without disclosing the name of the city. The suspect, the self-proclaimed president of an anti-nuclear activist group, has published a wide range of information since last week, inc
Dec. 24, 2014
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Service sector company numbers rose 1.8 pct to 2.62 mln in 2013
SEJONG (Yonhap) -- The number of companies in South Korea's service sector rose 1.8 percent on-year in 2013 to over 2.62 million, the government's statistical office said Wednesday.Statistics Korea said these companies employed a combined 10.23 million people, up 4.7 percent from the year before. The increase comes as Seoul has pinpointed the service sector as an industry that can create more jobs and fuel economic growth. In the past, the government as a whole favored manufacturing and did not
Dec. 24, 2014
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Sluggish economy discourages start of new companies, causes more firms to fail: data
SEJONG (Yonhap) -- Sluggish economic condition in the 2012-2013 period hindered the creation of new companies and caused more existing firms to shut down, government data showed Wednesday.Analysis by Statistics Korea revealed 749,000 new companies were formed in 2013, down 21,000 from the year before. The business birth and death report said 741,000 businesses closed in 2012, 58,000 more than the previous year.The report showed 1.2 million people were working for newly created companies in 2013,
Dec. 24, 2014
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SK Gas sells 0.98 pct stake in China Gas Holdings.
SK Gas Co., a unit of South Korea's third-largest conglomerate SK Group, said Tuesday that it will sell half of its 1.96 percent stake in Hong Kong-listed China Gas Holdings to its affiliate SK E&S Co., a local city gas provider, for 79 billion won ($71.7 million). The stake sale aims to secure funds to acquire Dongbu Power Dangjin Corp., the operator of a coal-fired thermal power plant in South Chungcheong Province, and push for a project to build a propane dehydrogenation plant which produc
Dec. 23, 2014
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Asiana Airlines to sponsor pro-golfer Baek Kyu-jung
Asiana Airlines, the nation’s second-largest air carrier, said it would become an official sponsor for Baek Kyu-jung, a rookie female golfer who plays on the Korea Ladies Professional Golf Association Tour.Baek, 19, garnered media attention for achieving excellent results on the international stage this year. Under the sponsorship contract, she was also appointed as the airline’s public relations ambassador at the Asiana Town building in western Seoul on Tuesday, the firm said. Asiana said it wo
Dec. 23, 2014
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The first brand is the best brand
Prof. Park Heung-sooThe 2014 Interbrand brand assessment results show Coca Cola’s brand assets being valued at $81.5 billion. This is not a measurement of the company’s sales or tangible assets, but purely its brand value. This is because Coca Cola literally created a new market when it launched cola. Despite its fervent efforts to catch up with Coca Cola, Pepsi’s brand assets are worth $19.1. The gap shows how important it is to create a new category in the market, and to be remembered as bein
Dec. 23, 2014
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Charmzone’s Charm In Cell top antiaging product
Charmzone’s Charm In Cell lineup. (Charmzone)CosmeticsCharmzoneCharmzone’s Charm In Cell lineup, recognized as one of the world’s most effective antiaging products, is the result of three decades of hard work and expertise.The product was developed based on eight patented elements including Tocovita-C, which is known as being able to address the fundamental problems of skin aging. Thanks to such effects, Charm In Cell received the IR52 Jang Young-shil Award ― granted by the Korea Industrial Tec
Dec. 23, 2014
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Renault Samsung praised for design, fuel efficiency
Renault Samsung Motors’ QM3RV Renault Samsung Motors’ QM3Renault Samsung Motors’ crossover QM3 has grabbed the local auto industry’s attention from the start, receiving 1,000 preorders in just seven minutes ― a record for any carmaker in Korea.It sold more than 16,000 units as of November since its launch in December 2013. The QM3 is the only foreign-brand model in Korea with sales of more than 10,000 units. Design, fuel efficiency and price were all factors that bolstered the success of the QM
Dec. 23, 2014
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Kumho Tire graduates from debt workout
Kumho Tire Co., South Korea's second-largest tire maker, has graduated from a debt workout program it was placed under five years ago due to liquidity problems, its creditors said Tuesday.Kumho Tire had been under oversight since December 2009 after its parent conglomerate Kumho Asiana Group suffered a severe liquidity crunch from the purchase of Daewoo Engineering and Construction Co. Nine creditors hold 42 percent of Kumho Tire, with Woori Bank and Korea Development Bank owning 14 percent and
Dec. 23, 2014
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KDB to inject 5 tln won in facility investment
Korea Development Bank (KDB) will create a fund that will spend 5 trillion won (US$4.55 billion) per year over the next three years to spur local businesses to increase facility investment and share their risks through joint investment, the financial regulator said Tuesday."As part of the government-led economic revitalization plan, we will run a 5 trillion won program from next year to 2017 to promote corporate investment and ease their burden," said the Financial Services Commission (FSC).The
Dec. 23, 2014
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Construction permits for new homes jump 22 pct in Nov.
The number of construction permits for new homes here surged over 22 percent on-year last month, the government said Tuesday, on an apparent recovery of the property market in the capital region.The number of new home permits issued in November came to 49,181 in November, up 22.2 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport.Such an increase follows a series of government measures to revamp the local property market, which had long been mi
Dec. 23, 2014
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S. Korea's labor productivity improves in Q3
South Korea's labor productivity improved from a year earlier in the third quarter on gains in the service and manufacturing sectors, the government said Tuesday.The labor productivity index rose 1.4 percent on-year to 101 in the three months ended Sept. 30, according to the Ministry of Trade, Industry and Energy.This marked the eighth straight quarter that the index has increased on a year-on-year basis.Labor productivity is measured by dividing total industrial output by total labor input, wit
Dec. 23, 2014
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Samsung's heir apparent climbs stock-rich ladder following IPOs
Lee Jae-yong, vice chairman of South Korean tech firm Samsung Electronics Co., made the list of the world's top 200 richest people for the first time as Samsung Group's heir apparent raked in big fortunes from successful initial public offerings of its two affiliates, the Bloomberg Billionaire Index showed Tuesday. The 46-year-old Lee's listed stock value was estimated at US$7.2 billion to rank 183rd worldwide in the latest Bloomberg index, making him the second-wealthiest person in South Korea
Dec. 23, 2014