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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S. Korean venture firm to sue Apple for patent infringement
A South Korean venture firm said Monday it has filed a complaint with the prosecution against Apple Inc.'s Seoul-based branch for patent infringement on messenger service technology.Infozone, a mobile message solution provider, claimed that Apple's iMessage service, installed on iPhones since June 2011, infringed its patent for the technology of switches between different data-transmission networks depending on the condition of receivers' handsets."If an iPhone user sends messages through iMessa
Sept. 29, 2014
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S-Oil cheers for Saudi Arabia in Asian Games
S-Oil, a leading refinery in Korea, joined the cheering squad rooting for the Saudi Arabian soccer team during the 2014 Asian Games. On Friday, the firm’s executives and employees waved Saudi Arabia’s national flag and shouted the names of each player during a soccer match between Saudi Arabia and Uzbekistan in the final 16 at the Incheon Asian Games, held at the Goyang Sports Complex.Saudi Arabia defeated Uzbekistan 3-2 to advance to the final 8. S-Oil executives and employees, together with Sa
Sept. 28, 2014
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Hotel Shilla spices up hansik menu
Hotel Shilla said Friday it has launched a Korean traditional spirit-inspired dinner course menu with its luxury Korean diner La Yeon. Aimed at introducing quintessential Korean fine-dining, seasonal delicacies made with local ingredients are served with pairing Moonbaeju spirits made by a liquor master. It is the first theme-oriented course menu by the Korean restaurant opened in August last year. “Dinner on an autumn nig
Sept. 28, 2014
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Builders fined for colluding to fix prices
South Korea’s antitrust watchdog said Sunday that it has fined three major local builders a combined 25 billion won ($23.9 million) for colluding to fix bidding prices in a public project to build tidal outlets. Samsung C&T, GS Engineering and Construction and Hyundai Engineering and Construction fixed their bidding prices for the project initiated in July 2009 by the state-run Korea Water Resources Corp., according to the Fair Trade Commission. The 221.7 billion won project is for building tida
Sept. 28, 2014
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Complaints of high pay of banking CEOs rising
Despite lower profits than their overseas peers, South Korea’s leading banking groups are paying their CEOs a much better salary, data showed Sunday. The average annual pay last year for the country’s top three banking groups reached an estimated 2.7 billion won ($2.6 million), according to data compiled from multiple financial institutions at home and abroad. By comparison, three top Japanese banking groups paid their CEOs an average 1.25 billion won, based on a won-yen exchange rate at the end
Sept. 28, 2014
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KOMIPO sponsors Indonesian taekwondo team at Asian Games
Korea Midland Power Co. is rooting for the Indonesian taekwondo squad by offering scholarships and transportation services during the Incheon Asian Games.As part of a support program, KOMIPO, one of six power generation affiliates of the state-run Korea Electric Power Corp., said it held a gala with the Indonesian taekwondo team in Seoul on Tuesday to wish for its success at the Incheon Asian Games. Other Korean companies doing business in Indonesia, including Korindo Group, helped sponsor the d
Sept. 28, 2014
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SK Telecom to take over U.S. shopping app
SK Telecom, the nation’s No. 1 mobile carrier, will take over U.S.-based shopping app Shopkick for $200 million, the company said Sunday.Industry watchers said the acquisition deal is likely to help SK Telecom to make inroads into the U.S. market. In an effort to expand its business overseas, SK Telecom announced last year that it would spend between $500 million and $1 billion through its Internet Services arm SK Planet on investing in or buying U.S. companies over three to five years. Shopkick
Sept. 28, 2014
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Investments in tax havens reach $23 billion over 7 years
South Korean companies and individuals invested nearly $23 billion in 50 tax havens over the past seven years, data showed Sunday.According to the data by the National Tax Service and the Export-Import Bank of Korea, South Korean individuals and companies invested $22.77 billion in the tax havens from 2007 through 2013. The amount represents about 12 percent of overall overseas investments ― worth 197.88 trillion won ($189.4 billion) ― made by South Korea during the period. Of the tax haven inve
Sept. 28, 2014
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Builders fined for colluding to fix prices
South Korea's antitrust watchdog said Sunday that it has fined three major local builders a combined 25 billion won ($23.9 million) for colluding to fix bidding prices in a public project to build tidal outlets. Samsung C&T, GS Engineering and Construction and Hyundai Engineering and Construction fixed their bidding prices for the project initiated in July 2009 by the state-run Korea Water Resources Corp., according to the Fair Trade Commission. The 221.7 billion won project is for building t
Sept. 28, 2014
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[Weekender] Island home to tech firms
Daum Communications’ headquarters on Jejudo IslandA number of tech companies have moved to Jejudo Island on for its pleasant working environment and various tax incentives in recent years. The influx of high-tech companies to the island is transforming it from an agricultural and services-based economy into a center for information technology and manufacturing. Over 100 information and bio technology companies, including Daum Communications, Nexon, ESTsoft and Moneual have already relocated to J
Sept. 26, 2014
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[Weekender] Jeju aims for high-tech future
Jejudo Island, a repository of natural heritage loved by both South Koreans and foreign tourists, has been transforming its economic structure into more high-tech economy in recent years. Gov. Won Hee-ryong said early this month that he aims to double the island’s gross regional domestic product to 25 trillion won ($24 billion) within five years from the current 12 trillion won. The provincial government is now pushing ahead with fostering high-tech industries including electric vehicles, bio an
Sept. 26, 2014
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Hyundai Motor affiliates’ boards approve land purchase
The boards of Hyundai Motor Group affiliates that formed a consortium to purchase prime real estate in Seoul for 10.55 trillion won ($10.09 billion) on Friday approved the deal, validating the conglomerate’s decision.Hyundai Motor, Kia Motors and Hyundai Mobis make up the consortium, with Hyundai Motor, the country’s largest carmaker, footing 55 percent of the total purchase cost, followed by auto parts producer Hyundai Mobis with 25 percent and Kia with 20 percent.The business group, the world’
Sept. 26, 2014
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Hankook Shell Oil unveils natural-gas-based engine oil
Hankook Shell Oil on Friday launched a new synthetic motor oil, featuring a base oil originating from natural gas.The new Shell Helix Ultra, the company’s most advanced motor oil technology, uses a cutting-edge gas-to-liquid process to design pure synthetic base oil, according to Hankook Shell Oil Co.“We expect Shell Helix Ultra to become a market leading product as the base oil is crystal clear, as it has fewer of the impurities that are found in crude oil,” said Hankook Shell CEO Kang Gin-won
Sept. 26, 2014
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International bio industry expo kicks off in Osong
A large-scale international bio industry exposition opened in a central South Korean city on Friday to display state-of-the-art biotechnologies and to promote the city as a global mecca in the field.Hosted by the government of North Chungcheong Province, the Ministry of Trade, Industry and Energy and the local municipal government, the Osong International Bio Industry Exposition began its 17-day run after a brief opening ceremony in Osong, some 120 kilometers south of Seoul.Under the theme of “T
Sept. 26, 2014
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N. Korea years away from APG membership
It will take North Korea more than five years to become a member of the Asia-Pacific Group on Money Laundering, as the nation may find it difficult to comply with the group’s terms of reference, according to a former head of the Financial Action Task Force. The Asia Pacific Group on Money Laundering is the Asia-Pacific unit of the Financial Action Task Force ― an intergovernmental organization that develops policies for combating money laundering and terrorism financing. “In order for North Kore
Sept. 26, 2014
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Samsung takes shot at new iPhone
Samsung Electronics Co., the South Korean tech firm going to the mat with U.S. archrival Apple Inc., took a jab Friday at its main competitor's newest smartphone that is receiving complaints for bending under force.Samsung's official Twitter account, @SamsungMobile, posted a photo its own Galaxy Note Edge with the innuendoed comment "Curved. Not bent." The Note Edge caused a buzz when it was showcased in Berlin earlier this month for its curved side screen that can, for instance, display incomin
Sept. 26, 2014
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Hanjin chairman honored for sports contributions
Hanjin Group chairman Cho Yang-ho (right) receives a plaque from the International Sports Press Association for his contribution to promoting sports. (Hanjin Group)Hanjin Group chairman Cho Yang-ho was recognized this week for his contributions toward promoting global athletic events, the company said Thursday. Cho was given an appreciative plaque from Gianni Merlo, president of the International Sports Press Association, who lauded the Hanjin head for his efforts to help global sports events ta
Sept. 25, 2014
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Hyundai Oilbank, Shell jointly
The lubricant plant that Hyundai Oilbank completed on Thursday in a joint project with Shell. (Hyundai Oilbank)Hyundai Shell Base Oil, a joint venture between South Korean refiner Hyundai Oilbank and U.S. oil company Shell, said Thursday that it has completed construction of a new lube base oil plant to tap into the growing Asian lubricant market. The lube base oil plant, with an annual capacity of 650,000 tons, was built in Daesan, some 140 kilometers south of Seoul, following 1 1/2 years of co
Sept. 25, 2014
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Subsidies expected to boost midsize hybrid car sales
Planned government subsidies for midsize hybrid electric vehicles are predicted to push up sales by giving them a price edge over gasoline-powered vehicles, industry watchers said Thursday.The prediction comes after the government announced its plan to give 1 million won ($960) subsidies to those buying one of eight types of midsize HEVs sold on the market starting next year.“In the case of the Sonata YF and K5 hybrids that already get 2.5 million won cuts from the carmaker, the cost difference
Sept. 25, 2014
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KITA gives leg up to vendors eyeing Canada
Korean manufacturers present products to Canadian retailers at an export consultation session hosted by the Korea International Trade Association, in Toronto on Thursday. (KITA)Local small and mid-sized enterprises are busy trying to enter Canada, the nation’s eight-largest export market, which just became more attractive following the latest signing of a free trade pact with South Korea. Once the deal goes into effect, tariffs on almost all products traded between the two countries will be elim
Sept. 25, 2014