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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S. Korea, Singapore seal supply chain agreement
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20 minors registered as CEOs making over 100 million won
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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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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GS conducts executive reshuffle
GS Group promoted Huh Tae-soo, chief executive officer of GS Homeshopping, to vice chairman of the country’s largest home shopping company, officials said Tuesday. Earlier in the day, the country’s eighth-biggest conglomerate by assets carried out its annual executive-level reshuffle of 29 personnel. The company said Huh, 57, who has been serving as the CEO of the home shopping firm since 2007, showed outstanding leadership by retaining the industry’s No. 1 spot despite a less-than-positive busi
Dec. 2, 2014
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Hankook Tire to supply tires for new Audi TT and TTS
Hankook Tire Co., the seventh-largest tire company in the world, said Tuesday that it has been selected as the tire supplier for Audi's new TT and TTS two-door coupes.It said the high-performance Ventus S1 evo2 has been picked as the standard tire for the completely redesigned sports cars. The tire is produced in Europe and has demonstrated optimum performance under demanding conditions, according to the company. Hankook said three different radial Ventus S1 evo2 variations will be supplied to t
Dec. 2, 2014
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Big firms urge gov't to streamline corporate restructuring rules
The economic think tank for the lobbying group of South Korea's big businesses on Tuesday called on the government to streamline corporate restructuring rules to reflect global trends.According to a report by the Korea Economic Research Institute (KERI) under the Federation of Korean Industries, the government needs to provide more options for companies who have to implement corporate restructuring efforts, especially since more and more companies are facing difficult times.It said policymakers
Dec. 2, 2014
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Kia Soul EV named 2015 Car of the Year in Norway
Kia Motors Corp. said Tuesday that its Soul electric vehicle (EV) has been named the 2015 Car of the Year in Norway, beating out rivals such as the Audi A3 hybrid and Volkswagen Passat.The title awarded by Dinside, the Scandinavian country's largest consumer information service provider, gave high marks to the Soul EV for its excellent range, polished design and good internal space management, South Korea's second-largest carmaker said.The car has been tested under the European test cycle to tra
Dec. 2, 2014
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More women, old people to join labor force by 2023
More women and people aged 55 or more will likely be economically active in 2023 due to the country's low birth rate, the labor ministry said Tuesday.The Ministry of Employment and Labor said that the country's economically active population and the number of people aged 15 or more will increase by 3.58 million and 2.04 million, respectively, between 2013 and 2023. The number of employed will rise by 3.22 million while the employment rate of people aged 16-64 will jump to 71.8 percent in 2023,
Dec. 2, 2014
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[SUPER RICH] 30-something sons of chaebol owners step up influence
Tension is riding high in the nation’s corporate world as the majority of South Korean conglomerates are set to announce their annual personnel reshuffles this month. “Unlike previous times, Korea will see more executives in their 30s from chaebol owner families at the year-end as conglomerates seek to stabilize their corporate governance amid rising uncertainties in the local and global business environments,’’ industry sources said. The prediction was made based on the recent personnel reshuff
Dec. 1, 2014
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Korea to crack down on bulk sales of tobacco
The Korean government said Monday it would crack down on stores selling tobacco in bulk this month in the lead up to the Jan. 1 price hike. Proprietors caught selling large volumes of cigarettes will face up to two years in prison or a 50 million won ($45,000) fine. The announcement came after the ruling and opposition parties agreed last Friday to raise tobacco prices by 2,000 won. This was the first hike since the government raised the price by 500 won in 2004. A memo on a store window in Cheo
Dec. 1, 2014
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Jin Air gets first long-range B777-200ER passenger jet
Jin Air Co., the budget unit of Korean Air, said Monday that it has taken delivery of its first B777-200ER passenger jet that will open new horizons for the company and help improve customer service.The move marks the first time that a local low-cost carrier has incorporated a wide-body, long-range jet into its fleet. The B777-200ER can seat up to 355 people, compared to the 160-190 people that can be hauled by smaller aircraft in service with local LCCs. South Korea’s five budget carriers emplo
Dec. 1, 2014
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Genesis, Sonata may benefit from U.S. rivals’ airbag woes
Hyundai Motor Co.’s all-new Genesis premium and Sonata midsize sedans may indirectly benefit from airbag safety issues plaguing rivals in the U.S. market, industry sources here said Monday.The speculation comes as automotive journalists in the United States and Canada get ready to vote on the three vehicles that will be considered for the coveted 2015 North American Car of the Year title to be announced in January.Of the 10 models on the current shortlist, only four manufacturers have not been c
Dec. 1, 2014
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Exports shrink 1.9% on-year in November
South Korea’s exports dropped slightly from a year earlier last month, but its trade surplus widened as imports shrank at a faster rate, the government said Monday.Outbound shipments came to $46.99 billion in November, down 1.9 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.Imports dropped 4 percent on-year to some $41.38 billion. The country posted a trade surplus of about $5.61, compared with a surplus of 4.8 billion in November 2013. It was Kore
Dec. 1, 2014
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Jeju Air poised for IPO next year
Jeju Air, the country’s No.1 budget carrier, is planning an initial public offering of its shares in the first half of 2015, industry sources said Monday. If successful, Jeju Air ― controlled by Aekyung Group ― would become the first local low-cost carrier to be listed on the stock market. Aekyung Group, a conglomerate whose businesses range from daily necessities and chemicals to department stores, is hoping to raise up to 200 billion won ($178.9 million) from the IPO, according to sources. “We
Dec. 1, 2014
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AmorePacific overhauls namesake flagship brand
South Korean cosmetics giant AmorePacific is overhauling its namesake flagship brand after failing to impress foreign customers, especially big spenders in China.The company on Monday confirmed that it had pulled the brand from its lucrative duty-free stores in Korea last month, following its recent withdrawal from Japan. Only the four stores at Incheon International Airport will be retained, it said. “It is true that the higher-priced AmorePacific brand is not as profitable as other popular bra
Dec. 1, 2014
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Carmakers’ sales up 2.2%
Car sales by five South Korean automakers moved up 2.2 percent in November from a year earlier, due to a rise in demand for new vehicles at home and abroad, and more aggressive marketing efforts by carmakers, industry data showed Monday.The combined sales of local car manufacturers reached 782,055 vehicles last month, a gain from 765,345 vehicles sold a year ago.The total excludes complete knockdown kits shipped abroad for assembly. Carmakers said new models released by carmakers such as Hyundai
Dec. 1, 2014
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LG Uplus to sell Huawei handsets in S. Korea
LG Uplus Inc., South Korea's third-largest mobile carrier, said Monday it will start selling smartphones made by China's Huawei Technologies Co. from Tuesday, the first telecom company to sell Chinese handsets in the local market. The 5-inch X3, a localized version of what's known as Huawei's Honor 6 in overseas markets, has so far been exclusively sold by Medialog Corp., a LG Uplus affiliate that rents network services from LG Uplus to provide customers with wireless access at an independent ra
Dec. 1, 2014
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Renault Samsung launches updated 2015 QM3 model in S. Korea
Renault Samsung Motors Co., the local unit of French automaker Renault S.A., said Monday that it has launched an updated version of its hugely popular QM3 mini-crossover in the South Korean market.The vehicle, whose sales have hit 16,014 units since its debut late last year, has become the best-selling foreign manufactured car sold in the country, the carmaker said.When it was launched in 2013, the 1,000 cars allocated to South Korea sold out in just seven minutes.Renault Samsung said the 2015 m
Dec. 1, 2014
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Jin Air takes delivery of first long-range B777-200ER passenger jet
Jin Air Co., the budget unit of Korean Air, said Monday that it has taken delivery of its first B777-200ER passenger jet that will open new horizons for the company and help improve customer service.The move marks the first time that a local low cost carrier (LCC) has incorporated a wide-body, long-range jet into its fleet. The B777-200ER can seat up to 355 people, compared to the 160-190 people that can be hauled by smaller aircraft in service with local LCCs. South Korea's five budget carriers
Dec. 1, 2014
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Jeju Air slated to go public next year
Jeju Air Co., South Korea's No. 1 budget airliner, is preparing for its debut on the Seoul bourse early next year to further expand its business on the back of rising demand for low-cost carriers, company officials and industry sources said Monday. Jeju Air, based on the country's southern resort island of Jeju, was established in 2006 by Aekyung Group, a South Korean conglomerate whose businesses range from daily necessities and chemicals to department stores. The carrier expanded its destinati
Dec. 1, 2014
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KAI gets top CMMI 'Level 5' rating for avionics SW, quality management
Korea Aerospace Industries Ltd.(KAI), South Korea's sole aircraft manufacturer and total systems integrator, said Monday that it has received the top "Level 5" rating in avionics software development and quality management from the preeminent U.S. systems program evaluator.The Capability Maturity Model Integration (CMMI) rating carried out by Carnegie Mellon University is an appraisal program required by companies seeking U.S. Department of Defense (DoD) and other government contracts. CMMI was
Dec. 1, 2014
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S. Korea's exports shrink 1.9 pct on-year in Nov.
South Korea's exports dropped slightly from a year earlier last month, but its trade surplus widened as imports shrank at a faster rate, the government said Monday.Outbound shipments came to US$46.99 billion in November, down 1.9 percent from the same month last year, according to the Ministry of Trade, Industry and Energy.Imports dropped 4 percent on-year to some $41.38 billion. The country posted a trade surplus of about $5.61 billion, compared with a surplus of $4.8 billion in November 2013.N
Dec. 1, 2014
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Hyundai Genesis, Sonata may benefit from U.S. rivals' airbag
Hyundai Motor Co.'s all-new Genesis premium and Sonata midsize sedans may indirectly benefit from airbag safety issues plaguing rivals in the U.S. market, industry sources here said Monday.The speculation comes as automotive journalists in the United States and Canada get ready to vote on the three vehicles that will be considered for the coveted 2015 North American Car of the Year title to be announced in January.Of the 10 models on the current shortlist, only four manufacturers have not been c
Dec. 1, 2014