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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K-pop CEOs sidestep key issues at National Assembly audit
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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LG Hausys starts construction of autoskin plant in U.S.
LG Hausys Ltd., South Korea's largest decorative industrial materials manufacturer, said Monday that it has started building an autoskin plant in the United States, to better make inroads into the world's second-largest new car market.The company said it has earmarked US$40 million to build the plant in Adairsville, in the northwestern part of Georgia, and once work is completed in late 2015, it will be in a better position to provide interior materials to carmakers such as Hyundai Motor Co., Ki
July 15, 2014
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Second Lotte World to face review over environmental issues
Lotte Group said on Monday that it asked two organizations to investigate safety problems at the second Lotte World and the areas in its vicinity where it is being constructed in Jamsil, southern Seoul. The probe request comes on the back of mounting concerns about nagging environmental problems.Lotte Engineering and Construction said it has commissioned the Korean Geotechnical Society and U.K. engineering firm Ove Arup to look into safety matters in connection to recent allegations that the con
July 14, 2014
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[SUPER RICH] Fraternal war lurks in Lotte Group
The ruthless world of business has torn several wealthy families apart, and Lotte, South Korea’s fifth-largest conglomerate by assets, may become the latest victim of such feuds. The second generation of the Shin Kyuk-ho clan is apparently vying to win control over the 87.5 trillion won ($87 billion) Lotte Group empire that is involved in everything from confectionary and retail, to construction and high-technology industries across Asia and the United States. But due to Lotte’s complicated corp
July 14, 2014
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[SUPER RICH] Korean chaebol leaders get hooked on baseball fever
Now that the World Cup craze has subsided, it is officially time for baseball. The Korea Baseball Organization league has just stepped into the second half of its season, and some of the country’s top conglomerates are biting their nails over the rankings. This is mainly because business tycoons dominate baseball teams here. Among the nine KBO league teams, all except for the Nexen Heroes are owned by corporate figures. The wealthiest owner of the bunch is KIA Tigers owner and Hyundai Automotive
July 14, 2014
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Samsung, Hyundai Motor grab increased portion of Korean economy
South Korea’s two largest conglomerates ― Samsung Group and Hyundai Motor Group ― have snatched up an increased portion of the South Korean economy in the past three years from 2009, industry data showed Monday. The two groups’ combined operating profit reached to 39 trillion won ($38 billion), or 24.9 percent, of the total operating profit reported by 482,574 listed companies in 2012, up 8 percent from 2009, according to Chaebul.com, which tracks South Korea’s conglomerates. Their combined annu
July 14, 2014
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Korean minivan market dominated by local carmakers
South Korea’s robust minivan market is dominated by local carmakers, with foreign brands effectively shut out by local consumers, industry data showed Monday.Sales figures released by carmakers showed sales of minivans or multipurpose vehicles hitting 5,255 units in June, up 23 percent from a year earlier, thanks in part to growing interest in camping and outdoor activities.Of the total, vehicles made by Kia Motors Corp. and Ssangyong Motor Co. enjoyed 97.7 percent market share, while cars made
July 14, 2014
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Korea’s auto parts exports hit all-time high in H1: data
South Korea’s exports of auto parts jumped to an all-time high in the first half of this year, driven by robust sales of vehicles in overseas markets, government data showed Monday.According to the data by the Ministry of Trade, Industry and Energy, South Korea exported $13.58 billion worth of auto parts during the January-June period, up 5.4 percent from a year earlier. This represented the largest amount of first-half exports, breaking the previous record of $12.84 billion tallied during the f
July 14, 2014
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Truckers stage one-day strike to push parliamentary passage of bill
Thousands of unionized truck drivers across the country staged a one-day strike on Monday, demanding the parliament pass a bill that would improve their working conditions.The members of a truckers' union affiliated with the Korea Confederation of Trade Unions, the more militant of the nation's two umbrella unions, also held rallies in the union's 15 regional offices. "Since the National Assembly has yet to approve a cargo-related bill proposed in 2012, some 380,000 cargo transportation workers'
July 14, 2014
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Korean carmakers face prospect of strikes by workers
South Korean carmakers are facing the prospect of renewed labor strife as they deal with unfavorable market conditions, industry sources said Monday.Renault Samsung Motors Co. and GM Korea Co. said their union workers are planning walkouts and work disruptions after initial union-management talks failed to find middle ground on regular wages, bonuses and fringe benefits.Renault Samsung, the local unit of French automaker Renault S.A., said its workers at the company's Busan plant will halt work
July 14, 2014
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S. Korea's auto parts exports hit all-time high in H1: data
South Korea's exports of auto parts jumped to an all-time high in the first half of this year, driven by robust sales of vehicles in overseas markets, government data showed Monday.According to the data by the Ministry of Trade, Industry and Energy, South Korea exported $13.58 billion worth of auto parts during the January-June period, up 5.4 percent from a year earlier. This represented the largest amount of first-half exports, breaking the previous record of $12.84 billion tallied during the f
July 14, 2014
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Korea completes first nuclear waste repository in Gyeongju
South Korea’s first facility dedicated exclusively to storing radioactive waste will soon start operations, the facility’s state-run operators said Sunday, adding that the facility would help improve the country’s nuclear waste management. The 1.56 trillion won ($1.53 billion) facility in Gyeongju, North Gyeongsang Province, was completed at the end of June after seven years of construction, the Korea Radioactive Waste Agency said. It also marks almost two decades since the government initiated
July 13, 2014
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Hyundai Heavy wins $2b order in UAE
Hyundai Heavy Industries, the world’s largest shipbuilder, has won a $1.94 billion order to build four offshore oil production platforms and to lay undersea cables in the United Arab Emirates. Under the deal signed with Abu Dhabi Marine Operating Company, or ADMA-OPCO, the shipbuilder will be constructing a gas treatment platform, a separation platform, an accommodation platform and an all-purpose structure to be set up in Nasr oil field, some 131 kilometers northwest of Abu Dhabi.For Hyundai He
July 13, 2014
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Korea’s exports of used cars decline on strong won
South Korea saw its exports of used cars fall sharply through May of 2014 from a year earlier, data showed Sunday, as the strong won against the U.S. dollar weighed down on their price competitiveness.Shipments of local used cars totaled 103,928 units over the January-May period of 2014, down 18.4 percent from the 127,355 units posted last year, the Korea International Trade Association data showed. Market watchers said the downward trend came as the won recently gained ground against the greenb
July 13, 2014
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Seoul to take wait-and-see stance to messenger app suspension in China
South Korea's ICT ministry said Sunday it will take a wait-and-see approach over recent interruptions to South Korean mobile messenger services in China and will continue efforts to find the cause.The move comes as the top two mobile messenger applications, LINE and KakaoTalk serviced by Naver Corp. and Kakao Corp, have been having issues in providing services in China since July 1, with some speculating that the Chinese authority has intentionally banned the services, just as it blocked Faceboo
July 13, 2014
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Korea to announce rice market opening next week
The Seoul government is set to announce its final plans for opening the rice market as early next week despite strong objections from farmers as well as ongoing debates about high import duties, a pre-condition for the market opening. “We could no longer delay our decision. We have no other alternative, but to accept the market opening by imposing tariffs (on rice imports),” Yeo In-hong, vice minister of agriculture, food, and rural affairs said during the last public hearing, held at the Nation
July 11, 2014
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Samsung, Kakao may enter mobile payment market
South Korean tech giants Samsung Electronics and Kakao are expected to muscle into the domestic mobile payment market, which has long been dominated by financial companies, industry sources said. A recent media report said that Samsung Electronics was exploring the business potential in cooperation with local retail companies. Shares of related companies including Korea Cyber Payment, Korea Information & Communications, and Danal all rose on Friday, following the media report. Samsung Electronic
July 11, 2014
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Seoul shares lose 0.7% on Portugal bank woes
South Korean stocks retreated 0.7 percent on Friday as concerns of a fresh wave of bank failures in Europe dampened investors’ appetite for riskier assets, analysts said. The local currency fell sharply against the U.S. greenback. The benchmark Korea Composite Stock Price Index tumbled 14.1 points to 1,988.74, failing to retain the psychologically important 2,000-point level, after reports of accounting irregularities at one of Portugal’s largest banks. Trading volume was moderate at 271.9 milli
July 11, 2014
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Samsung Electronics launches ‘Galaxy Apps’ store
South Korea’s leading tech giant Samsung Electronics said Friday it has renovated its application store as “Galaxy Apps” to provide users with a wider choice for customization of mobile devices.The version is an update from the company’s previous “Samsung Apps” store and offers hundreds of apps exclusively available to users of Samsung Galaxy smart devices. Samsung said the new app store will be available to 130 million users in 161 countries. “At Samsung, we continuously strive to create value
July 11, 2014
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Preparation for ITU conference going smoothly
The Science Ministry said Friday that it is well gearing up to hold the meeting of a United Nations agency specialized in information and communication technologies slated for October in the country. With the event 100 days away, the Ministry of Science, ICT and Future Planning said the meeting will be an opportunity for South Korea to become a “fast mover” in the information and communications sector, developing from the current “fast follower” status. South Korea will host the 19th Internation
July 11, 2014
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Energy firms, builders express interest in buying Dongbu Power
A number of South Korean construction and energy companies have expressed interest in buying Dongbu Power Dangjin Corp. after talks to sell it to steelmaker POSCO fell through, industry sources said Friday.According to market watchers, Daewoo Engineering and Construction, one of the country’s largest builders, Daelim Industrial, GS Electric Power & Services and SK Gas have all submitted letters of intent to buy Dongbu Power or acquire stakes in the company.The power plant located in Dangjin, som
July 11, 2014