Most Popular
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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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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Korean refiners’ performance worsens on leftover diesel
South Korean oil refiners have slumped on a worsening cracking margin this year, led by excessive diesel in stock due to sluggish demand at home and abroad amid a surplus of global supplies, data showed Monday. According to the Korea National Oil Corporation, Korean oil refiners produced 152 million barrels in the first half of this year, up 3.7 percent from a year ago. During the period, domestic diesel consumption edged up 1.2 percent to 70.4 billion barrels, less than half of the total diesel
Aug. 11, 2014
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[SUPER RICH] Education: A long-term business project
There’s an old Korean saying that education is a century-long investment. It means that education is just that important and requires a long-term perspective. Business moguls have heeded this saying by making long-term investments in the educational sector. Whether it was a means for securing better talent on-campus, a part of ongoing corporate social responsibility programs or just an attempt to get tax cuts, local conglomerates have always made sure schools were a part of their business.Tailor
Aug. 11, 2014
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Hallyu boom aids Korean companies in Indonesia
JAKARTA ― Hallyu, the Korean Wave triggered by the popularity of South Korean soap operas, has driven a rise in pop culture-related exports across Asia.But it is also helping Korean manufacturers expand in the Southeast Asian market with their consumer products.It is allowing them to promote their goods as “fashionable and friendly” to local consumers.“I tell people that this cream is the teardrop of Kim Soo-hyun, the actor who played the protagonist in the Asia-wide hit TV drama, ‘Moon Embracin
Aug. 10, 2014
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KEPCO posts brisk earnings on overseas plant deals
Korea Electric Power Corp. said Sunday that it posted a net profit of 15.2 billion won in the first half of this year, up 58 percent from a year ago. The company saw its sales increase more than 20 percent to 630 billion won in the same period.Its brisk earnings were mainly driven by thermal power projects the company secured in seven countries in the Middle East and Asia, KEPCO said.The company is also expected to receive dividends of 266 billion won ― 210 billion won in the first half and the
Aug. 10, 2014
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Over 70% of European firms utilizing FTA with Korea: poll
More than seven out of 10 European companies are taking advantage of the free trade deal between South Korea and the European Union to promote their business opportunities, a poll showed Sunday.According to the survey on 360 major companies in 18 EU member countries, 73.7 percent of the respondents said they are aware the free trade agreement went into effect in July 2011, and are taking advantage of it in their business.In particular, 28.1 percent said they are directly utilizing the deal in th
Aug. 10, 2014
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Finance minister urges Assembly to pass economic stimulus bills
Choi Kyung-hwan, the deputy prime minister for economic affairs and finance minister, urged economic ministers Friday to step up their efforts to help pass economic stimulus bills pending in the National Assembly. “Legislative support is needed from the National Assembly in order to revive the economy. However, many of the economic stimulus bills are still pending, dragging down the government’s push to jumpstart the slowing economy,” Choi said in an emergency meeting with economy-related minist
Aug. 8, 2014
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Hyundai Rotem wins first overseas tram deal in Turkey
Train manufacturer Hyundai Rotem said Friday that it won an 83.7 billion won ($80 million) contract to supply 38 trams to the Turkish city of Izmir.It is the first time the company has secured a tram deal in a foreign market, officials said. “With the landmark deal, Rotem made a foothold in fast-growing electric-powered global tram market,” the company, part of Hyundai Motor Group, said in a press release. Hyundai Rotem’s new low-floor tramAccording to Hyundai Rotem, the Turkish builder Gulermak
Aug. 8, 2014
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T’way to launch early-bird promotion for flight routes
T’way Air, a Korean budget carrier, launched an early-bird promotion for domestic and international flight tickets for October, the company said Friday.The campaign offers discounts of up to 82 percent on cheap flight tickets. Tickets for domestic flights to Jejudo Island, Daegu and Gwangju from Gimpo International Airport go on sale for two weeks starting Monday at 10 a.m. One-way fares will start at 24,900 won ($23.90), T’way officials said.As for international flights, the carrier is offering
Aug. 8, 2014
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Asiana operating profit turns black in Q2
Asiana Airlines, South Korea’s second-largest full-service carrier, said Friday its operating profit turned to the black in the second quarter, posting 2.98 billion won ($2.87 million). In the same period a year ago, the company posted an operating loss of 29.93 billion won. Despite a surplus in operating profit, however, the carrier posted a net loss of 11.75 billion won ($11.3 million) in the second quarter, mainly due to a rise in one-off non-business spending and a stronger won.“Because of A
Aug. 8, 2014
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POSCO to streamline affiliates
POSCO, the nation’s top steelmaker, said Friday it would reorganize its affiliates to create larger entities in order to reduce business overlap and speed up corporate decision making, considered vital to coping with the rapidly changing business climate.In a board meeting at POSCO’s Seoul office, the steelmaker said all steel distribution and processing affiliates that handle materials such as carbon steel, stainless steel and certain steel plate products will come under the control of POSCO Pr
Aug. 8, 2014
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Asiana posts W11.6b in net loss in Q2
Asiana Airlines Inc., South Korea's second-largest full-service carrier, said Friday it has posted a net loss of 11.75 billion won ($11.3 million) in the second quarter, mainly due to a rise in one-off non-business spending and a stronger won. The company, however, posted 2.98 billion won in operating profit in the period from an operating loss of 29.93 billion won a year earlier, the company said in a regulatory filing. Sales edged up 2.7 percent to 1.41 trillion won"Because of Asiana's relativ
Aug. 8, 2014
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Korea to hold international irrigation, drainage congress
Global agricultural leaders and professionals are to gather next month at the International Commission on Irrigation and Drainage Congress hosted by South Korea’s Ministry of Agriculture, Food and Rural Affairs, and the Korea Rural Community Corporation. The ICID Congress ― the largest international conference on irrigation and drainage ― will bring together up to 1,200 government officials and specialists from 60 countries who will share their knowledge and research in Gwangju from Sept. 14-20.
Aug. 7, 2014
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European group to buy STX Finland
STX Group confirmed on Thursday that it has signed a deal to sell STX Finland to a consortium formed by the Finnish government and German shipbuilder Meyer Werft.“The group expects the deal to spur its restructuring efforts to normalize its management,” a company official said, declining to comment on the price. Under the deal, Meyer Werft will secure 70 percent of the yard, while the Finnish state goes home with the remaining 30 percent.The Finnish government reportedly joined the deal to quell
Aug. 7, 2014
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Korea’s vehicle output, exports grow in July
South Korea’s automobile output rose from a year earlier in July mostly on a large increase in exports, the trade ministry said Thursday.Overall production by the country’s five automakers jumped 22.4 percent on-year to 409,283 cars last month, according to the Ministry of Trade, Industry and Energy.There was a slight increase in the number of working days in the month as the summer holiday season peaked in early August this year instead of late July like last year, the ministry said in attribut
Aug. 7, 2014
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Sales rebound at department stores, fall in discount chains
Sales at local department stores rebounded in July, but discount chain sales continued to drop, preliminary government data showed Thursday.According to the data by the Finance Ministry, department store sales rose 4.2 percent on-year in July, bouncing back from a 4.6 percent fall a month earlier. Sales at discount chains, however, fell 4.5 percent in July, the second straight month of declines following a 5.9 percent drop in June.The report also showed that sales of domestically produced passen
Aug. 7, 2014
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KB Financial bets big on diversification
KB Financial Group, the nation’s largest financial group, expects its persistent efforts toward business diversification to help it overcome a recent crisis involving extensive data leaks. The diversification scheme is mainly focused on weaning the group off its traditional banking businesses to branch out into non-banking sectors, such as insurance and loan brokering.One example is its launch of KB Capital in March, following its acquisition of Woori Financial.Only five months in, KB Capital ha
Aug. 7, 2014
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Large-cap firms’ dividend payout to rise 28%
South Korea’s large-cap firms are likely to raise their dividend payouts to investors by up to 28 percent under a new tax scheme that aims to make local companies increase their returns to shareholders, capital spending and salaries for their workers, data showed Thursday.Under the new tax plan to be effective for three years starting next year, local firms will be levied a 10 percent tax on their net profit after payments for investments, salaries and dividends if they do not meet government-se
Aug. 7, 2014
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Korean Air to get tough on violent passengers
Korean Air, the nation’s largest airline, on Wednesday pledged that it would take strong measures against passengers who assault flight attendants. “We will take stern action to root out violations of public order occurring on aircraft, as such acts disrupt inflight safety,” Korean Air said in a statement. The Korean airline industry has been expressing growing concerns over the surging number of in-flight incidents, but few offenders have faced charges.During the first seven months of this year
Aug. 6, 2014
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Korea EXIM Bank issues bonds worth $1 billion
The Export-Import Bank of Korea said it has issued foreign currency bonds worth $1 billion to investors in the global market on Wednesday. The bank issued 5-year and 12-year bonds to raise $500 million with each, and their interest rates were 72.5 bps and 85 bps higher than U.S. government bonds, respectively. In particular, the 5-year bond’s interest rate is the lowest since the global financial crisis in 2008, the bank’s official said. Their interest rates are around 17.5 to 45 bps lower than
Aug. 6, 2014
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Hyundai E&C wins $248m Saudi substation order
Hyundai Engineering and Construction, South Korea’s second-largest builder, said Wednesday that it has secured a $248 million substation building and refurbishment contract in Saudi Arabia.The order placed by Saudi Electricity Co. calls for building a new 380-kilovolt combined substation at the Jubail industrial complex in the oil-rich Middle East country. In addition, the builder will be tasked with refurbishing nearby substations.“The overall project is expected to take 27 months, with the com
Aug. 6, 2014