Most Popular
-
1
Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
-
2
'Culinary Class Wars' producers deny trying to spice up results
-
3
Ex-president's daughter investigated for drunk driving accident
-
4
Seoulites celebrate coexistence at Wellness Seoul 2024
-
5
Netflix, streaming platforms come under fire for loose ratings
-
6
S. Korea, Singapore seal supply chain agreement
-
7
North Korean troops killed, wounded in Ukraine war: Seoul defense minister
-
8
20 minors registered as CEOs making over 100 million won
-
9
Yoon honors veterans of Korean War in trip to Philippines
-
10
K-pop CEOs sidestep key issues at National Assembly audit
-
Agriculture, forestry output inches up in 2013
Overall output by the country’s agriculture and forestry industries moved up slightly from a year earlier in 2013, with a rise in agriculture production more than offsetting a drop in the production of forestry goods, the government said Thursday.The combined output by the agriculture and forestry industry came to about 46.65 trillion won ($45.79 billion) in 2013, up 0.6 percent from that of 2012, according to the Ministry of Agriculture, Food and Rural Affairs.Such growth marks a significant sl
Sept. 4, 2014
-
Lotte Shopping buys department stores from POSCO
Lotte Shopping, the flagship of retail conglomerate Lotte Group, said Thursday it has signed a deal to buy two department stores in Korea and Vietnam from POSCO affiliates, a move that is expected to strengthen its international expansion.Under the deal, Lotte Shopping is set to acquire “Diamond Plaza,” a multipurpose property in Ho Chi Minh City, Vietnam, from POSCO Engineering and Construction, the company said in a press release. Lotte Shopping, which recently opened a store in Hanoi, said it
Sept. 4, 2014
-
Hyundai, Kia sales in U.S. market hit record highs in August
Hyundai Motor Group, the world's fifth-largest automotive conglomerate, said Thursday that its U.S. sales reached record high levels for August by gaining 5.5 percent on-year to 124,670 units, fueled by demand for popular models.Hyundai Motor America and Kia Motors America, the distribution and marketing arms of the group's flagship companies, said sales were up 5.9 percent and 5 percent, respectively, in the one-month period compared with a year earlier.HMA said it sold 70,003 cars last month,
Sept. 4, 2014
-
Industry, green groups slam emissions policies
Both industry and environmental groups have criticized the government’s latest road map for emissions reduction.The government said Tuesday that it would begin its carbon emissions trading scheme from next year as planned, but would delay the incentive system for low-emission cars by a few years. Under the government’s emissions reduction scheme, the low-carbon vehicle incentive system, which had initially been slated to go into effect in January 2015, will be put on hold until 2020, apparently
Sept. 3, 2014
-
Public inspection to decide partial opening of 2nd Lotte World
Lotte Group’s long-awaited plan to partially open its 2nd Lotte World retail complex faces another huddle-public inspection. The city government of Seoul said Wednesday that it will allow a panel of citizens to inspect the safety of retail giant Lotte Group’s new skyscraper before giving the final nod to the group’s plan to open the lower part of the building.Lotte had originally sought to open to the public the completed lower floors of the second Lotte World complex, including the 123-story hi
Sept. 3, 2014
-
Grand Hyatt Incheon boosts presence in MICE market
Lobby of Grand Hyatt Incheon’s newly opened West Tower. (KAL Hotel Network Company)Grand Hyatt Incheon, run by Hanjin Group in Korea, will further its role as a competitive destination for business meetings and events in Asia, with the opening of its new West Tower, the hotel said Wednesday. The Tower will add 500 new guest rooms to the existing 522 guest rooms in the East Tower, and the two wings will be connected by a bridge. With the new west wing, the hotel, located near Incheon Internationa
Sept. 3, 2014
-
Kia to set up recharging stations in California
Kia Motors America, the distribution and marketing arm of South Korean carmaker Kia Motors, said Tuesday that it will set up 17 new fast-charging stations across California as it prepares to launch its electric Soul multi-purpose vehicle.The company said it will increase the number of fast-charging stations in the state by nearly 9 percent and provide broad coverage to alleviate range anxiety. Fast “Level 2” 240 volt charging stations can recharge the car from empty to 80 percent full in about 3
Sept. 3, 2014
-
Insurers’ overseas earnings swing to red in H1
South Korean insurance firms’ income from their overseas operations swung to a combined net loss in the first half of this year, due mainly to an increase in insurance payouts, the financial watchdog said Wednesday.The net losses of 23 overseas units and offices of six non-life insurers stood at $500,000 in the January-June period, a turnaround from a net profit of $40.2 million a year earlier, according to the Financial Supervisory Service.The FSS said the weaker bottom line came as the compani
Sept. 3, 2014
-
Samsung Electronics mulls merger with Samsung Medison
Samsung Group is reviewing a plan to integrate Samsung Medison, a medical device affiliate of Samsung Group, into Samsung Electronics as part of its group-level efforts to streamline businesses. Lee Jun, the chief communications officer of Samsung Group, confirmed the plan in a meeting with a local media outlet on Wednesday. Samsung Medison, a local medical device maker, became a Samsung affiliate in 2011 as part of the group’s bid to nurture its medical device business as a new growth engine. L
Sept. 3, 2014
-
Kumho brothers’ feud reignited
The feud between the two brothers of the Kumho family has been reignited, after Kumho Petrochemical chairman Park Chan-koo recently accused his elder brother, Kumho Asiana Group chairman Park Sam-koo, of breach of trust. According to the prosecution on Wednesday, the younger Park submitted a complaint last month, accusing his brother of involvement in dumping the commercial paper of Kumho Industrial and Kumho Tire worth about 420 billion won ($410 million) to the group’s other affiliates in Dece
Sept. 3, 2014
-
Samsung takes breather in pushing reorganization plan
South Korea's top conglomerate, Samsung Group, which has been conducting a series of reorganizations, said Wednesday there are no scheduled affiliate shakeups "for the time being," slowing down its apparent efforts to prepare for the transfer of its management rights. "While it is hard to tell exactly until when, there will be no (affiliate reshuffles) for the time being," said Lee Jun, Samsung's chief communications officer, when asked by reporters if there are any plans to reshuffle its affili
Sept. 3, 2014
-
Korea to delay low-carbon car incentive plan
South Korea will delay implementing its low-carbon vehicle incentive system until 2020 to minimize the fallout for customers and the automobile industry, government policymakers said Tuesday.The announcement, reached at a meeting of economic ministers, indicated that while the government would avoid burdening carmakers and consumers, it would encourage people to buy green cars by offering various incentives.The move will help improve the average greenhouse gas emission mileage standard for the c
Sept. 2, 2014
-
[Graphic News] State firms increasingly rely on nonregular workers
South Korea’s state-owned enterprises are increasingly relying on nonregular workers hired through subcontractors, according to Alio, a state-run statistics website on public companies.Some 360 state-run agencies hired a total of 62,962 outsourced nonregular workers last year, up about 18.2 percent from 53,280 people in 2009.The rising trend is damaging to the Park Geun-hye administration’s pledge to reinforce job security and raise the country’s employment rate to 70 percent by the end of her t
Sept. 2, 2014
-
Troubles mount for Hyundai Heavy
Hyundai Heavy Industries faces an uphill battle as its union is set to go on strike for the first time in 19 years amid lackluster earnings.At the same time, its competitor Samsung Heavy Industries is catching up with the world’s biggest shipbuilder in the offshore plant sector.The union said it would down tools and seek mediators to help resolve its pay dispute with the company’s management.The two sides have failed to negotiate on pay and incentives.Management offered to raise wages based on p
Sept. 2, 2014
-
Davidoff renews packaging of Classic, Blue brands
KT&G’s Davidoff Classic and BlueKT&G, the country’s largest tobacco manufacturer, has launched new packaging for Davidoff’s popular Classic and Blue cigarettes, KT&G officials said Monday.The new debossed, leather-like cover is the British multinational company Imperial Tobacco Group’s renewed design of the two brands, which are sold in 160 countries, the officials said. The manufacturer also changed the cover of Blue, formerly known as Rich Blue, to light blue to appeal as a luxurious cigarette
Sept. 2, 2014
-
Korea likely to set rice import tariffs at over 500%
South Korea will likely set its tariffs on rice imports at more than 500 percent, a senior government official said Tuesday.“The government plans to set the import tariff rate at the highest possible level to protect the country’s rice industry,” the official from the Ministry of Agriculture, Food and Rural Affairs told reporters.The move comes as South Korea is scheduled to liberalize its rice market through tarification starting next year. The government is expected to notify the World Trade O
Sept. 2, 2014
-
Korean women turn to ‘costhetics’ for aging well
Despite their increasing desire to age well, most career women don’t have the time to visit dermatologists on a regular basis, let alone afford expensive Botox, collagen or hyaluronan injections. So more recently they have been turning to high-end skin-care products from beauty companies that replicate toning face massages or other cosmetic treatments offered by experts ― a new beauty trend, called “costhetics” in Korea. The results may not be as dramatic as cosmetic surgery, but these products
Sept. 2, 2014
-
NE Asian economies aim to conclude FTA next year
South Korea, China and Japan have planned to conclude their drawn-out negotiations on a trilateral free-trade deal in 2015, but an agreement may not be achievable unless it is a “high-level and comprehensive pact,” China’s top negotiator to the talks said Tuesday. The three nations began their fifth round of talks in Beijing on Monday aimed at slashing tariffs and other barriers among the three leading economies in Asia. Since launching the talks in late 2012, they have reported little progress
Sept. 2, 2014
-
GM Korea launches 2015 Malibu diesel midsize sedan
GM Korea on Tuesday said it would launch its 2015 Malibu diesel sedan in its home market to follow up on the success of the previous model.The updated midsize sedan, which has the same 2-liter “Ecotec” turbo diesel mated to a 6-speed automatic transmission, also features the same external sheet metal and overall dimensions as the outgoing model, which has sold 2,990 units since sales began in March.This powertrain has been rated at 156 horsepower and 35.8 kilogram-meters of torque with an offici
Sept. 2, 2014
-
Las Vegas Sands eyes Singapore-style casino resort in Korea
Las Vegas Sands, an American resort and casino operator company, has strong interest in building a world-class integrated resort with a casino that is accessible by locals with certain restrictions, its global business development official said Tuesday.The Nevada-based company that built Marina Bay Sands in Singapore has been eyeing South Korea for its next project as Asia’s fourth-largest economy has been toying with the idea of easing casino regulations to boost tourism and attract investment.
Sept. 2, 2014