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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Missha opens first store in Turkey
Missha, a local budget cosmetic brand, opened its first store in Ankara, Turkey, its mother company Able C&C said Tuesday.This is the company’s the starting point to fully engage in investing in the Middle Eastern market, the company said.Turkey is not only Middle Eastern a hot spot that has a cosmetic market with great growth potential but is also an important traffic and cultural hub that connects Asia and Europe.“A number of Turkish women have shown interest in our products during the opening
Nov. 4, 2014
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Hyundai-Kia fined $100m for fuel claims in U.S.
Korean automakers Hyundai and Kia will pay the U.S. government a $100 million civil penalty to end a two-year investigation into overstated gas mileage figures on window stickers of 13 models.The penalty, announced Monday by the Justice Department and Environmental Protection Agency, could serve as a precedent for other automakers who violate the Clean Air Act.Also as part of the settlement, Hyundai-Kia must audit test results on current models, and it must set up an independent group to certify
Nov. 4, 2014
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Daewoo International supports special education in Ukraine
Choi Ha-young (third from right), the Ukrainian branch chief of Daewoo International, poses after signing an agreement to sponsor a school in Ukraine, Tuesday. (Daewoo International)Daewoo International, the trading and project development arm of POSCO, said Tuesday it had started sponsoring a school for physically disabled children in Ladyzhynka, Ukraine, as part of its global corporate social responsibility activities.The village, with a population of about 200 people, has long been isolated f
Nov. 4, 2014
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Korean firms eye Mexican electricity supply market
South Korean energy and construction firms are gearing up to make inroads into Mexico’s electricity market, which has recently been opened up to private firms.Following a series of reforms in the sector, Mexican President Enrique Pena Nieto’s administration opened the sector to private investment for the first time in 76 years.The Mexican government is allowing private entities including foreign companies to take part in the electricity generation and supply market, which was previously monopoli
Nov. 4, 2014
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Hyundai-Kia agrees to pay $100 million for fuel efficiency exaggeration
The Hyundai-Kia Automotive Group has agreed to pay US$100 million for exaggerating fuel efficiency for more than a million cars sold in the United States, officials said Monday. The South Korea automakers have been under investigation by the U.S. Environmental Protection Agency (EPA) over allegations that they overstated fuel economy for about 1.2 million cars spanning 13 models from the 2011 to 2013 model years. The automakers also agreed to give up 4.75 million greenhouse gas emission cred
Nov. 4, 2014
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[SUPER RICH] Samsung’s former No. 2 closes in on billionaire status
Former Samsung Group vice chairman Lee Hak-soo, the former right-hand man of group chairman Lee Kun-hee, is ready to return to center stage. But this time, it won’t be for Samsung Group. Lee has maintained a low-key profile since 2008 when he stepped down from the group’s No. 2 post with chairman Lee, taking responsibility for assisting the chairman in running secret slush funds. Last week, Chaebul.com, an online information provider of Korean ultrahigh net worth individuals, predicted that the
Nov. 3, 2014
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GM Korea lowers fuel economy figure for Cruze
GM Korea, the South Korean unit of U.S. auto giant General Motors Co., on Monday readjusted fuel economy figures for its Cruze compact following its admission that the previously claimed gas mileage did not meet updated government testing rules. The company said it has downgraded the fuel economy for its 1.8-liter Cruze sedan from 12.4 kilometers per liter of fuel to 11.3 kpl. For the hatchback, the mileage numbers were lowered to 11.1 kpl from 12.4 kpl. “The changes do not in any way affect the
Nov. 3, 2014
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KOTRA chief becomes first Korean to be awarded Cuban prize
Oh Young-hoThe head of the Korea Trade-Investment Promotion Agency has become the first South Korean to be awarded Cuba’s Jose Marti prize for his contribution to promoting bilateral economic and cultural cooperation between Seoul and Havana, the state-run agency organization said Monday.It said Oh Young-ho was presented with the prize in the Cuban capital by the Jose Marti foundation. The prize rewards meritorious activities in accordance with the ideals and spirit of Marti, a Cuban independenc
Nov. 3, 2014
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Hyundai launches refreshed Avante compact for home market
South Korea’s Hyundai Motor on Monday launched a refreshed version of its very popular Avante compact for the home market that offers amenities and safety features that best meet the latest consumer demands.The car model, sold as the Elantra in markets like the United States, is the first locally made car to have sold more than 10 million vehicles globally, with the changes to further improve its value proposition.The Avante 2015, which has no changes to its exterior, comes standard with a tire
Nov. 3, 2014
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Renault Samsung sales up 72.7% on-year in October
Renault Samsung Motors, the local unit of French automaker Renault S.A., on Monday said its October sales soared 72.7 percent from a year earlier on the back of strong sales in its popular models. The carmaker sold 21,980 vehicles last month from the previous 16,484 units registered a year earlier, the company said in a statement. The figure marks the first time for its sales to top 20,000 units since October 2011.Exports nearly doubled on-year, going up 98.1 percent to 14,620 units over the cit
Nov. 3, 2014
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2015 World Water Forum to focus on solutions to water, energy crises
Kim Young-hoonIn April 2015, Daegu City and North Gyeongsang Province will cohost the seventh World Water Forum.Daegu has emerged as a venue for energy-related events since it hosted the World Energy Congress in 2013. As water-related issues are interwoven with the energy sector in many aspects, it is not surprising that the World Energy Council, the organizer of WEC, and the World Water Council, the organizer of WWF, have formed a strong relationship and chosen Daegu as the venue for their even
Nov. 3, 2014
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Security experts, civil group urge student data protection
The need to create an environment for better protecting students’ private information in the age of cloud computing was the hot topic at a recent seminar hosted on Friday by the Student Privacy Association, a civil watchdog group committed to protecting students’ personal information. A dozen experts and officials from local security firms, civil groups, and educational institutes gathered in Seoul to discuss how to enhance data security, particularly in the school computer networks where studen
Nov. 2, 2014
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Design innovation drives Pernod Ricard’s success
The renewed version of Imperial, the best-selling whiskey brand in Korea. (Pernod Ricard)In the high-end liquor market, where demand is limited and consumer sentiment conservative, product design innovation is a key factor in success, according to Pernod Ricard Korea, a leading whiskey brand here. “Our design initiative was to create an exclusive design theme that still has universal appeal,” said company spokesman Yoo Ho-sung. This strategy was recognized by not only the consumers, but also by
Nov. 2, 2014
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LIG Nex1 donates $30,000 to Colombia’s Korean War vets
LIG Nex1, a South Korean defense manufacturer, said Sunday that it had donated $30,000 to a veterans’ association in Colombia for their contributions to the Korean War.LIG Nex1 executives and employees took part in an event in Colombia last week to express their gratitude to the veterans on behalf of the company and South Korea, with hopes of continuing the two countries’ long-lasting friendly relationship.LIG Nex1 chief operating officer Lee Joung-sik said the company has sought to thank the ve
Nov. 2, 2014
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Cash reserves of top 10 conglomerates top W125tr
The combined cash reserves of South Korea’s top 10 conglomerates has reached over 125 trillion won ($117 billion), a market observer reported Sunday, representing an apparent improvement in companies’ finances.According to the report from local market researcher Chaebol.com, the combined cash reserves of the 10 largest businesses here came to 125.41 trillion won as of the end of September, up 15.1 percent from 108.99 trillion won at end-2013.Cash reserves include cashable assets and money invest
Nov. 2, 2014
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Foreign stake in Samsung hits 8-year high
Foreign stockholdings in South Korean tech giant Samsung Electronics Co. have reached an eight-year high with overseas investors snapping up its shares despite their overall selling mode on the local stock market, data showed Sunday.As of Friday, foreign investors held 52.33 percent of the top-cap company on the local bourse, the highest proportion since June 13, 2006, according to data from the Korea Exchange and financial sources.Last month, offshore investors bought a net 881.2 billion ($825
Nov. 2, 2014
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Home shopping companies under probe for unfair biz activities: official
Korea’s antitrust watchdog has finalized its investigation into GS, CJ and four other major home shopping companies accused of involvement in “all the gamut of unfair business activities,” a watchdog official said.“We have completed our investigation into six home shopping companies,” Shin Young-son, secretary-general of the Fair Trade Commission, told a news conference on Thursday on the condition that his remarks be embargoed until Sunday. “Given what we have so far confirmed, it seems like th
Nov. 2, 2014
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Sales of Hyundai, Kia vehicles in BRICs set to reach new high in 2014
Annual sales of Hyundai Motor Group, the South Korean maker of Hyundai and Kia cars, are expected to reach a new high in the so-called BRICs market, the automotive group said Sunday.In the first nine months of the year, sales of Hyundai Motor Co. in Brazil, Russia, India and China came to 1,419,843, up 6.7 percent from the same period last year, with sales of Kia Motors Corp. soaring 8 percent on-year to 614,743 units, according to the group.The combined sales of the companies that together make
Nov. 2, 2014
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Cash reserves of top 10 S. Korean conglomerates top 125 tln won
The combined cash reserves of South Korea's top 10 conglomerates has reached over 125 trillion won (US$117 billion), a market observer reported Sunday, representing an apparent improvement in companies' finances.According to the report from local market researcher Chaebol.com, the combined cash reserves of the 10 largest businesses here came to 125.41 trillion won as of the end of September, up 15.1 percent from 108.99 trillion won at end-2013.Cash reserves include cashable assets and money inv
Nov. 2, 2014
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[Weekender] Food, retail giants compete for Korean taste
Korean food and retail giants are competing to open modern hansik restaurants as Korean cuisine gains popularity among health-conscious foodies. Armed with enough cash to make hefty investments, big names in the food and retail sectors, including Shinsegae, E-Land and CJ Group, have thrown their hats into the ring in recent years with restaurants combining style and mass-market appeal.These restaurants are all promoting the use of fresh ingredients.A front-runner in the hansik restaurant competi
Oct. 31, 2014