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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Major import shoe brands fined for exaggerating health benefits
South Korea’s antitrust watchdog said Thursday that it has fined seven shoe importers and local brands a combined 1.07 billion won ($1.02 million) for exaggerating the health benefits of their products in their ads.The Fair Trade Commission also issued correction orders to the makers of three foreign brands ― Reebok, Fitflop and New Balance.Importers of these three brands, along with Skechers and local brands Fila, Lecaf and Ellesse, were ordered to pay fines. Two others ― Asics and Prospecs ― w
Sept. 25, 2014
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Incheon IFEZ rises as global business hub
There was nothing but mud in Songdo, Incheon, some 60 kilometers south of Seoul, when South Korea ambitiously set out to reclaim the land and transform it into a free economic zone in 2003.Now with high-rise buildings, inflows of foreign capital and infrastructure linking it with major roads, ports and an international airport, the Incheon Free Economic Zone, which also includes Yeongjongdo Island and Cheongna International City, seeks to make another leap by becoming a global hub for businesses
Sept. 25, 2014
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IFEZ looks to build Asia’s educational center
The Incheon Free Economic Zone, already established as an international business hub, is seeking to become the center of education in East Asia.Reflecting this initiative, noted educational institutions including U.S.-based George Mason University, the University of Utah, the State University of New York and Belgium’s Ghent University have opened Asian branches at the Songdo Global Campus of Incheon, embracing the open and liberal yet academic atmosphere of the campus.These schools have brought
Sept. 25, 2014
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South Korea vows stern punishment for in-flight violence, misconduct
South Korean air carriers were told Thursday to video record any unlawful activities or misconduct during flights and turn it over to the police as the government vowed strict punishment of such incidents. To help curb the growing number of safety violations aboard flights, the Ministry of Land, Infrastructure and Transport said it has instructed the local airline companies to closely follow existing guidelines. These include recording incidents after notifying the passengers, it said. By law,
Sept. 25, 2014
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Real wage growth falls to near zero
South Korea’s annual growth in wages growth has dropped to near zero percent when adjusted for inflation, according to recent data, meaning domestic consumption will likely remain in the doldrums. The data, for the second quarter of the year, found that wages of temporary workers had dropped in real terms over hte same period. The findings were based on data compiled by the Bank of Korea and the Ministry of Employment and Labor and released on Wednesday.The average monthly pay of the nation’s em
Sept. 24, 2014
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Montblanc honors Kumho Asiana chairman
Kumho Asiana Group chairman Park Sam-koo on Wednesday was awarded the Montblanc de la Culture Arts Patronage Award, which is given to active patrons of the arts, the group said in a press release. “History may not remember a company, but the culture and arts the firm sponsored stay in the public’s memory for a long time,” said Lutz Bethge, Montblanc International CEO, at a press conference to honor Park at the Hotel Shilla in Seoul. “In the cruel world of business, it is art and creativity that
Sept. 24, 2014
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Nongshim gears up for water business
A image of Baeksansu bottled water against the backdrop of Cheonji Lake, located in the crater at the top of Mount Baekdusan. (Nongshim)Nongshim, the nation’s top instant noodle and snack maker, is expanding its bottled mineral water business under the vision to advance into a global food and beverage manufacturer. The foodmaker debuted mineral water brand Baeksansu in 2012 after its decade-long research and development effort. “We nurtured the brand in the pursuit of a driving force for future
Sept. 24, 2014
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Smartphone-maker Pantech to be put up for sale
South Korea’s No. 3 smartphone-maker Pantech, which is in court receivership, is to be put up for sale in the near future, industry sources said Wednesday. The latest development came as the Seoul Central District Court gave the nod to Pantech’s plan to put itself up for sale, a month after it commenced the troubled firm’s court receivership program.Pantech’s creditors, led by the Korea Development Bank, will accept bids from potential buyers soon, the sources said. The plan came as the creditor
Sept. 24, 2014
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Coupang recruiting software developers
Coupang, a leading e-commerce firm in Korea, said on Wednesday it is recruiting software developers who will be nurtured to become next-generation global information technology experts. Those hired will take part in four weeks of basic training and an eight-week educational program, in which more than 30 senior developers will give the latest information on technology on top of their on-field experience, the company said. The candidates will also be offered a mentorship to help them get used to
Sept. 24, 2014
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Gas industry gathering ends in success
Korea Gas Corp. CEO Jang Seok-hyoThe Korea Gas Union, a gas industry association, said it successfully hosted its 18th Gas Industry Conference at Coex in southern Seoul on Monday.More than 350 people, including the government agencies, Korea Gas Corp. and global energy-related companies such as Shell, Mitsubishi and Total, attended to share the latest information on gas technology and to discuss the pending issues of the industry.This year, Australian Ambassador to South Korea William Paterson,
Sept. 24, 2014
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CJ food guru quits
CJ Group adviser Noh Hee-young, an influential tastemaker, has offered to step down from her post, the company said Wednesday. The 51-year-old businesswoman has been considered a key confidante of CJ vice chairwoman Lee Mie-kyung. Lee is the de facto chief of the nation’s top food-maker as group chairman Lee Jae-hyun has been handed a prison sentence for tax evasion and embezzlement.“Noh has contributed much to beefing up CJ’s competitiveness in marketing and design. We hope to continue our coll
Sept. 24, 2014
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Philip Morris donates cars to veterans
Philip Morris Korea’s corporate affairs director Kim Byung-chul (right) poses with Yi Gyu-seon, a representative from the Asan branch of the Korea Disabled Veterans Organization. (Philip Morris Korea)Philip Morris Korea said on Monday that it donated vehicles to the Asan branch of the Korea Disabled Veterans Organization, as part of its social responsibility activities. The ceremony for the donation was held at the Veterans Hall in Asan, South Chungcheong Province.The company said the donated ve
Sept. 24, 2014
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Market values of Samsung, Hyundai Motor hit 3-year low
The combined market value of the top two players Samsung Electronics Co. and Hyundai Motor Co. has decreased to its lowest level in three years, data showed Wednesday, raising concerns that it could pull down the market. The combined market capitalization of Samsung Electronics, the world's largest handset and chip maker, and Hyundai Motor, the world's fifth-largest automaker, accounted for 17.6 percent of the total KOSPI market value as of Tuesday, the lowest since October 2011 when it poste
Sept. 24, 2014
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Hyundai's target prices cut by foreign investors on currency, land deal
A slew of foreign investors are trimming their target prices on Hyundai Motor Co., South Korea's top automaker, as the weakening yen and the firm's jaw-dropping real estate deal are feared to undermine its competitiveness and profitability, data showed on Wednesday. The median target price by 11 foreign brokerages such as Nomura Holdings Inc. was put at 248,000 won ($238) as of Tuesday, sharply down from 305,000 won forecast early this year, according to the data compiled by Bloomberg. More
Sept. 24, 2014
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Kakao Pay gathers 500,000 users
Kakao Corp., South Korea’s leading mobile messenger service provider, said Tuesday its new mobile payment system “Kakao Pay” gained more than 500,000 users less than three weeks after its launch on Sept. 5. “The number of subscribers for Kakao Pay is increasing by 20,000 users per hour, which is equivalent to six users per second, a surprising growth speed,” the company said in its news release, disclosing that 170,000 users joined the service on Monday alone.“The speed is set to accelerate even
Sept. 23, 2014
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OCI opens solar cell module plant in U.S.
OCI, a leading solar power builder in Korea, said Tuesday that the company has completed a solar cell and module production line in San Antonio, Texas, as part of its efforts to enter the fast-growing U.S. solar power market. It marks the first time for a South Korean company to build such a plant in the U.S. “The plant, with an annual production capacity of 100 megawatts, is aimed at supplying highly efficient ‘N-type’ solar cells and modules to OCI’s ongoing mega solar power project in San Ant
Sept. 23, 2014
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New OTC market’s turnover soars on Samsung SDS trades
South Korea’s new over-the-counter market soared in turnover and market value during its first month in operation but with heavy dependence on a key Samsung affiliate scheduled for listing on the main bourse within this year, data showed Tuesday.A daily average of 403,000 shares worth 1.53 billion won ($1.46 million) changed hands from Aug. 25 to Sept. 22 in the off-exchange operated by the Korea Financial Investment Association, a revamped version of Freeboard that added blue chip shares and ea
Sept. 23, 2014
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LG, Tata talk about possible collaboration
LG Group chairman Koo Bon-moo was reportedly in talks with Tata Motors chairman Cyrus Pallonji Mistry on supplying vehicle components, industry sources said Tuesday. According to LG, Koo and Mistry met in late August, when the latter visited South Korea with top executives in the vehicle business. LG vice chairman Koo Bon-joon and Lee Woo-jong, head of the vehicle components department, accompanied chairman Koo at the meeting after giving the Tata delegation a tour around the LG campus in Incheo
Sept. 23, 2014
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Cars, textiles, machinery to benefit from FTA with Canada
South Korean autos, textiles and machinery stand to benefit the most from the free trade agreement with Canada, a trade report said Tuesday.According to the Korea International Trade Association (KITA), South Korea and Canada have mutually complementary economies that both stand to gain from the deal. It said for Seoul, Canada can be a stable supplier of various raw materials and energy resources, while the FTA gives Canada a beachhead in Asia to fuel sales. Canada was South Korea‘s 25th-largest
Sept. 23, 2014
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Corporate leaders probed for suspect FX transactions
Financial authorities on Monday said they have been investigating some 20 business leaders, including Lotte Group chairman Shin Kyuk-ho, on allegations of breaching the foreign exchange transaction act. “We launched the investigation two months ago, and the estimated amount of transacted money is around 52.2 billion won ($50 million),” said a spokesman from the Financial Supervisory Service. Other wealthy people on the list of the investigation include Lee Soo-young, chairman of OCI, a leading l
Sept. 22, 2014