Most Popular
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S. Korea, Singapore seal supply chain agreement
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Netflix, streaming platforms come under fire for loose ratings
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Korean language teaching expert says demand has outstripped supply
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20 minors registered as CEOs making over 100 million won
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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Conscripting women to lead to 'more babies,' claims military think tank
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K-pop CEOs sidestep key issues at National Assembly audit
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Who is pollster roiling politics with claims of government string-pulling?
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Man killed by fellow hunter who mistook him for wild boar
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Hyundai's European sales dip, Kia market share edges up in 2013
Car sales by Hyundai Motor Co. backtracked in Europe last year amid weak overall market conditions, while its smaller sibling Kia Motors Corp. managed to increase its presence on the continent, industry data showed Thursday.According to the data by the European Automobile Manufacturers' Association, Hyundai sold around 408,000 units in 2013, down 2.2 percent from the previous year. Kia, on the other hand, posted sales topping 329,000 vehicles, up 0.4 percent on-year.The changes caused Hyundai's
Jan. 17, 2014
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POSCO president Kwon picked as new chairman
Kwon Oh-joon, president and chief technical officer of POSCO, was nominated to become chairman of the company, the steelmaker’s board of directors announced Thursday. Kwon will replace current chairman Chung Joon-yang, who offered to resign in November. Kwon will have to gain approval at the general shareholders’ meeting on March 14.Kwon’s abundant experience in the technological field, along with solid career he has enjoyed within the company that allowed him to understand the organization at a
Jan. 16, 2014
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Louisiana bids for Hyundai plant
The U.S. southern state of Louisiana this week stepped up its push to get Hyundai Motor to build a plant there to help create jobs and boost the local economy.On Tuesday, Louisiana state Gov. Bobby Jindal visited the world’s sixth-largest carmaker’s headquarters to meet with Hyundai Motor president Chung Jin-haeng in southern Seoul to discuss the deal in further detail. Industry watchers said there was a high possibility of Hyundai meeting Louisiana’s demands, since Hyundai is in need of increas
Jan. 16, 2014
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Wearfun CEO: Man who fanned Korea’s luxury fever
It wouldn’t be much of an exaggeration to say that Koreans’ taste for luxury goods came from this man’s hands. From fashion buff to successful businessman, Kwon Gee-chan, CEO of Wearfun International, sees himself as one of the first importers of high-end fashion products in Korea during the 1980s. “I’m always fascinated by the subject of how to make Korean men and women look more gorgeous,” he said. “I want to offer them the special ‘it factor’ that makes our lives more colorful.”Kwon has intro
Jan. 16, 2014
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Mercedes-Benz Financial Services Korea names new CEO
Mercedes-Benz Financial Services said Thursday that it named Adi Ofek, former chief of risk operation of Daimler Financial Services in Africa and Asia-Pacific, as its new Korean CEO. Ofek, 42, who began her career at Daimler in 2000, started working for the financial services division of the German auto giant at the regional office in Israel.Then, in 2007, she joined the Africa and Asia-Pacific team as the first female management member of the company. She served as chief of risk operation at th
Jan. 16, 2014
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CJ to set foot in Vietnam
CJ, Korea’s food and entertainment giant, is on the verge of purchasing an office building in Ho Chi Minh City that will serve as the firm’s Vietnamese headquarters, the company said on Wednesday.The move was interpreted as a step towards securing a bigger presence in the Asian markets, a campaign that started with CJ’s earlier entry into China. CJ will be acquiring a 85-percent stake in the Gemadept Tower for 47.2 billion won ($44.4 million) and is near closing the deal.The Gemadept Tower is a
Jan. 16, 2014
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Number of vehicles grows 2.8% in 2013
The number of vehicles registered in South Korea grew significantly from a year earlier last year with the total expected to top 20 million in early 2015, the government said Thursday.As of the end of 2013, the number of registered vehicles came to 19,400,864, up 2.8 percent from 18,870,533 at the end of 2012, according to the Ministry of Land, Infrastructure and Transport.“Such a rise comes partly from an increase in sales of new cars on the release of new vehicle models and growing popularity
Jan. 16, 2014
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KT&G’s quarterly profit falls 25%
KT&G Corp., South Korea’s largest tobacco manufacturer, said Thursday its fourth-quarter net income fell 25.3 percent from a year earlier due to decreased exports. Net profit came to 78.82 billion won ($74.1 million) in the October-December period, compared with 105.57 billion won a year ago, the company said in a regulatory filing.Sales, however, rose 3.4 percent to 987.10 billion won and operating profit rose 22.9 percent to 222.84 billion won.The figures reflect performances by KT&G and its s
Jan. 16, 2014
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Park’s visit may resolve POSCO troubles in India
NEW DELHI (Yonhap News) ― South Korean steel giant POSCO is expected to see its long-delayed project to build an integrated plant in India move speedily forward in the wake of President Park Geun-hye’s state visit to the country, the presidential office said Thursday.In 2005, POSCO signed a memorandum of understanding with the eastern Indian state of Odisha to construct a $12 billion steel plant with an annual production capacity of up to 12 million tons.But the project has been stalled due to a
Jan. 16, 2014
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[Photo News] Gearing up
Jan. 16, 2014
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Exports of industrial parts surge to new high in 2013
South Korea’s exports of industrial parts surged to a record high last year as did the sector’s trade surplus, the government said Thursday.In 2013, outbound shipments of industrial parts and materials reached $263.1 billion, up 3.8 percent from a year earlier, according to the Ministry of Trade, Industry and Energy. The amount accounts for over 47 percent of the country’s total exports in 2013, which came to $559.6 billion.Imports gained 1.9 percent on-year to $165.5 billion. The trade surplus
Jan. 16, 2014
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Park's visit expected to resolve POSCO troubles in India: Cheong
South Korean steel giant POSCO is expected to see its long-delayed project to build an integrated plant in India move speedily forward in the wake of President Park Geun-hye's state visit to the country, the presidential office said Thursday.In 2005, POSCO signed a memorandum of understanding with the eastern Indian state of Odisha to construct a US$12 billion steel plant with an annual production capacity of up to 12 million tons. But the project has been stalled due to a series of regulatory a
Jan. 16, 2014
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KT&G's Q4 net profit tumbles 25 pct on exports drop
KT&G Corp., South Korea's largest tobacco manufacturer, said Thursday its fourth-quarter net income fell 25.3 percent from a year earlier due to decreased exports.Net profit came to 78.82 billion won ($74.1 million) in the October-December period, compared with 105.57 billion won a year ago, the company said in a regulatory filing.Sales, however, rose 3.4 percent to 987.10 billion won and operating profit rose 22.9 percent to 222.84 billion won.The figures reflect performances by KT&G and its su
Jan. 16, 2014
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Number of vehicles in S. Korea grows 2.8 pct in 2013
The number of vehicles registered in South Korea grew significantly from a year earlier last year with the number expected to top 20 million in early 2015, the government said Thursday.As of the end of 2013, the number of registered vehicles came to 19,400,864, up 2.8 percent from 18,870,533 at the end of 2012, according to the Ministry of Land, Infrastructure and Transport."Such a rise comes partly from an increase in sales of new cars on the release of new vehicle models and growing popularity
Jan. 16, 2014
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S. Korea's energy imports down on less demand for crude oil
South Korea's energy imports inched down last year from a year earlier, mostly due to lower demand for crude oil, customs data showed Thursday.According to the data from the Korea Customs Service, South Korea's energy imports shrank 0.7 percent on-year in 2013. Crude oil imports dropped 4.8 percent, while those of coal and natural gas rose 0.8 percent and 7.7 percent, respectively.The overall decline in energy imports is attributable to lessened demand for crude oil from industry and the transpo
Jan. 16, 2014
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Samsung breaks mold in hiring
Samsung Group, the nation’s largest conglomerate, said Wednesday that it would revamp its recruitment process in a bid to reduce unnecessary social costs related to exams and private education. Young job seekers in Korea have generally spent considerable time and money on developing their qualifications and on entrance exams by attending expensive private academic institutions to get hired at large companies such as Samsung. Samsung said it plans to lower its dependence on the Samsung Aptitude T
Jan. 15, 2014
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POSCO speeds up CEO search
POSCO on Wednesday confirmed five candidates ― four from within the company and one from outside ― to contend for its chairman post at a regular board meeting in March. With four of the candidates being in-house, industry sources call it an “internal game.” However, they are not ruling out the possibility of the formerly state-run steelmaker having its first non-POSCO chairman since its privatization in 2000.According to company officials, its board members on the day accepted all the five candi
Jan. 15, 2014
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U.S. businesses hope for seats on Korea’s creative economy team
The chairman of the American Chamber of Commerce in Korea on Wednesday asked the government to let U.S. firms join the newly launched Creative Economy Task Force.Assuring that U.S. businesses would continue business in Korea as usual despite recent turbulence on the peninsula, AMCHAM’s newly appointed chief raised hope that American business representatives could contribute to the government’s creative economy task force to reach win-win solutions for both parties.“American companies have unique
Jan. 15, 2014
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SK Telecom to share LTE know-how with Chinese carrier
South Korea’s No. 1 mobile carrier SK Telecom said Wednesday it has agreed with a Chinese counterpart to share its know-how on the Long Term Evolution network.SK Telecom said it will support China Telecom Corp. in establishing the network in areas covering Shanghai by sharing its technologies and experiences related to the LTE service.The company will also send its telecommunications experts to China under the deal.China approved the adaptation of the LTE network into the country in December, wi
Jan. 15, 2014
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Samsung Group to invest W50tr in 2014
South Korea’s No. 1 conglomerate Samsung Group said Tuesday it plans to invest around 50 trillion won ($47.2 billion) this year, continuing their investment expansion amid the prolonged economic slump.Lee Sang-hoon, president of Samsung Electronics Co., replied, “Around that much,” when asked by reporters if the annual investment figure would be about 50 trillion won. Lee was coming out of a breakfast meeting that commerce minister hosted for the country’s top 30 conglomerates.“Considering Samsu
Jan. 14, 2014