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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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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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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Debt per household grows 2.3%: report
The average household debt in South Korea rose 2.3 percent over the past year, a report showed Friday, furthering concerns amid views the low-rate trend may worsen the country’s already-sizable household debt.Korean households held an average of 59.94 million won ($54,441) in debt as of end-March, compared with 58.58 million won the previous year, according to the joint report by Statistics Korea, the Financial Supervisory Service and the Bank of Korea.The figure includes financial debt as well
Nov. 14, 2014
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Asiana gets 45-day suspension on San Francisco route
The Korean government on Friday ordered Asiana Airlines to suspend its services to San Francisco for 45 days as a penalty for its passenger jet accident in the U.S. city last year. Under local aviation laws, the crash-landing accident at the San Francisco Airport on July 6 last year, which caused three deaths and 49 severe injuries, is grounds for a 90-day business suspension. But the Ministry of Land, Infrastructure and Transport, the government office in charge of the sanction, said the penalt
Nov. 14, 2014
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Asiana gets 45-day suspension on San Francisco route over crash
Asiana Airlines Inc., South Korea's No. 2 flag carrier, was ordered Friday to suspend its services to San Francisco for 45 days as punishment for a passenger jet crash in the U.S. city last year that left three people dead. Under Friday's decision by a seven-member review committee, Asiana will be barred from operating its Incheon-San Francisco route for the penalty period from a date of its own choosing, the Ministry of Land, Infrastructure and Transport said. Asiana Airlines will have 15 d
Nov. 14, 2014
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Ssangyong E&C seeks new owner again
Singapore’s Marina Bay Sands Hotel built by Ssangyong E&C. (Bloomberg)Ssangyong Engineering & Construction, Korea’s 19th-largest building firm by construction capacity, is seeking a new owner again, with high expectations of sealing a deal this time after restructuring its debt.Ssangyong E&C, which has been under court protection since early this year as it faced a credit crunch, received letters of intent last week from some eight unidentified buyers from home and abroad.In July, the builder re
Nov. 13, 2014
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Asiana endeavors to improve Korea-Japan relationship
Japanese tourists and Asiana Airlines’ crew members make kimchi at an event in Seoul on Wednesday. (Asiana Airlines)Asiana Airlines, the nation’s second largest carrier, said Wednesday that it held a kimchi-making and other Korean traditional culture events at the Korea House located in Jung-gu, central Seoul.The event was organized in a bid to enhance the amicable relations with Japan and to promote cultural exchanges between both countries, the carrier said.More than 100 Japanese visitors part
Nov. 13, 2014
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Hankook to supply tires for Mercedes-Benz truck
Hankook Tire, South Korea’s largest tire-maker, said Thursday it will be supplying two different rubbers for Atego trucks made by Mercedes-Benz.Under the original equipment tire arrangement, Hankook will supply eight types of its AH11 and DH05+ products for the light-to-medium trucks made by the German automotive company.The latest deal comes after Hankook started supplying tires for Freightliner brand trucks in North America in 2012. Freightliner is a marque of Stuttgart-based Daimler AG that c
Nov. 13, 2014
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Top court sides with Ssangyong Motors on 2009 layoffs
The Supreme Court ordered an appeals court Thursday to reconsider its ruling that annulled the massive layoffs of Ssangyong Motor employees in 2009.In the lawsuit filed by 153 dismissed workers of the automaker, the Supreme Court sent the case back to the Seoul High Court with an opinion that the layoffs were legitimate.“There was an urgent management need to carry out the layoffs,” the court said in its ruling, citing that the global financial crisis of 2008 seriously hurt the automaker’s sales
Nov. 13, 2014
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Samsung to supply AMOLED display to Russia's Yota
Samsung Display Co. will supply its active mode organic light-emitting diode (AMOLED) display panels to Russia-based smartphone maker Yota Devices, industry sources said Thursday, in a bid to find new sources of business to make up for the drop in sales to its key buyer, Samsung Electronics.According to the sources, the YotaPhone 2, set to be released next month in Russia, will be equipped with the Samsung AMOLED display panel. The YotaPhone lineup has the industry's first dual-screen design, eq
Nov. 13, 2014
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Hankook tapped as original equipment tire supplier for
Hankook Tire Co., South Korea's largest tiremaker, said Thursday it will be supplying two different rubbers for Atego trucks made by Mercedes-Benz.Under the original equipment tire (OET) arrangement, Hankook will supply eight types of its AH11 and DH05+ products for the light-to-medium trucks made by the German automotive company.The latest deal comes after Hankook started supplying tires for Freightliner brand trucks in North America in 2012. Freightliner is a marque of Stuttgart-based Daimler
Nov. 13, 2014
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KT rolls out LTE service in Rwanda
KT Corp., South Korea's No. 2 mobile carrier, said Thursday it has successfully established a long-term evolution (LTE) network in Kigali, adding it will continue its efforts to expand the coverage across the African country.The remark came seven months after the Olleh Rwanda Network, a joint venture between KT and the Rwandan government, commenced its project to build a LTE infrastructure in the capital of Rwanda in April.The network will be distributed to the main three Rwandan mobile carriers
Nov. 13, 2014
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Korea’s growing reliance on China poses risk
South Korea’s recent free trade deal with China was not all good news, experts said, warning that the nation’s reliance on the Chinese economy would rise to excessive levels.Earlier this year, Korea and China agreed to allow direct trading between the won and yuan starting in December to encourage Korean businesses to trade in the Chinese currency.And now, the two sides have signed a historic free trade agreement that will eliminate tariffs on key bilateral export items.A stronger relationship w
Nov. 12, 2014
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Hyundai Heavy signs W2tr UAE deal
Hyundai Heavy Industries vice president Kim Jong-do (second from right) shakes hands with Ali R. Al-Jarwan (second from left), CEO of ADMA-OPCO, an Abu Dhabi-based marine operating company, after signing a 2.1 trillion won offshore construction project deal in Abu Dhabi, UAE, Tuesday. (Hyundai Heavy)Hyundai Heavy Industries, the world’s largest shipbuilder, has inked a 2 trillion won ($1.94 billion) contract to develop Abu Dhabi’s Nasr oil field, the company said Wednesday.Hyundai signed the dea
Nov. 12, 2014
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Hyundai Motor bets on green cars for growth
The hydrogen tank cover on a Hyundai Tucson fuel cell vehicle is seen at the 2013 LA Auto Show. (Bloomberg)Hyundai Motor Group has pledged to bolster its green car business with a midterm goal of becoming one of the world’s top two carmakers in this segment by 2020. “Under the midterm roadmap for the green car business, the group will achieve a full lineup of eco-friendly vehicles and increase the number of green car models to 22 from the current seven by 2020,” the carmaker said in a press rele
Nov. 12, 2014
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KOMIPO inks coal supply deal with Russian mining company
Korea Midland Power Co. CEO Choi Pyeong-rak (left) poses with Alexey Danilov (right), CEO of Carbo One, after signing the deal.Korea Midland Power Co., a power generation subsidiary of the state-run Korea Electric Power Corp., said Tuesday that it signed an agreement with Carbo One, the second-largest mining company in Russia for a long-term purchase of coal and a preferential coal supply. For a three-year period, KOMIPO will be supplied with 280,000 tons of high-grade coal every year, with the
Nov. 12, 2014
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Samsung heirs to hit jackpot from SDS listing
The three heirs to South Korea’s largest family-run conglomerate Samsung Group stand to make astronomical gains from their shares in group affiliate Samsung SDS Co. to be listed later this week, according to industry sources on Wednesday, giving them the cash resources to inherit the business from their father whose health has recently deteriorated.In early 1999, Samsung SDS, which offers IT services for Samsung Group companies, sold bonds with warrants to chairman Lee Kun-hee’s children at a pr
Nov. 12, 2014
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SK E&C starts thermal power plant project in Chile
SK Engineering & Construction, a leading South Korean builder, said Wednesday it has started work on constructing a $1.2 billion thermal power plant in Chile.The project near the Mejillones region, 1,200 kilometers north of Santiago, includes building two 375 megawatt coal-fired generators. The power plant, once it goes online in December 2018, will be the largest of its kind in the South American country. The plant will provide electricity to nearby mines and to a local electric power company f
Nov. 12, 2014
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Hanwha director wins public relations award
Hanwha Group director Kang Ki-sooHanwha Group’s public relations director Kang Ki-soo was named Public Relations Person of the Year by the Korea Public Relations Association last week, the organization said Wednesday.As the head of Hanwha’s communications team, Kang contributed to improving the company’s status by partaking in various activities such as media and online promotion, social responsibility activities and cultural art support programs, the association said. The director also served a
Nov. 12, 2014
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Hyundai, Kia aims to have 22 green cars in its vehicle lineup by 2020
Hyundai Motor Co. and its corporate cousin Kia Motors Corp. said Wednesday they will triple the number of green cars in their vehicle lineup to 22 by 2020.The two companies, flagships of Hyundai Motor Group, the world's fifth-largest automotive conglomerate, said they will seek to field hybrid, plug-in hybrid, electric and fuel cell vehicles, ranging from small mini passenger cars to SUVs in the coming years.By enhancing performance in all areas, Hyundai and Kia will aim to become the world's se
Nov. 12, 2014
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Samsung owner family hits jackpot from Samsung SDS listing
The three heirs to South Korea's largest family-run conglomerate Samsung Group stand to make astronomical gains from their shares in group affiliate Samsung SDS Co. to be listed later this week, according to industry sources on Wednesday, giving them the cash resources to inherit the business from their father whose health had recently deteriorated.In early 1999, Samsung SDS, which offers IT services for Samsung Group companies, sold bonds with warrants (BW) to Chairman Lee Kun-hee's children at
Nov. 12, 2014
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SK E&C starts thermal power plant project in Chile
SK Engineering & Construction Co.(SK E&C), a leading South Korean builder, said Wednesday it has started work on constructing a US$1.2 billion thermal power plant in Chile.The project near the Mejillones region, 1,200 kilometers north of Santiago, includes building two 375 megawatt coal-fired generators. The power plant, once it goes online in December 2018, will be the largest of its kind in the South American country. The plant will provide electricity to nearby mines and to a local electric p
Nov. 12, 2014