Most Popular
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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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Korean language teaching expert says demand has outstripped supply
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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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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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Taking away phones during school hours not a human rights violation: watchdog
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Korea launches antidumping probe into Chinese steel
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Renault Samsung sales down 15.1 pct in 2013
The 2013 sales of Renault Samsung Motors Co. dropped 15.1 percent from a year earlier, a result of weak overseas demand, the South Korean division of French automaker Renault SA said Thursday.The country's smallest car manufacturer sold a total of 131,010 vehicles last year, compared with 154,309 units tallied in 2012, the company said in a press release.Domestic sales edged up 0.2 percent on-year to 60,027 units, thanks to the rise in demand for the SM3 compact sedan and QM5 small crossover uti
Jan. 2, 2014
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GM Korea's 2013 sales contract 2.5 pct
GM Korea Co., the local unit of General Motors Co. of the United States, said Thursday that its 2013 sales contracted 2.5 percent from a year earlier mainly due to sluggish overseas demand.South Korea's third-largest carmaker sold a total of 780,518 vehicles last year, down from 800,635 sold for the whole of 2012, the company said in a press release.Its domestic sales climbed 3.7 percent on-year to a high of 151,040 units, on the back of demand for steady-selling models such as the Aveo subcompa
Jan. 2, 2014
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Kia Motors 2013 sales move up 3.9 pct
Kia Motors Corp., South Korea's second-largest automaker, said Thursday that its sales rose 3.9 percent in 2013 from a year ago on the back of solid overseas demand.The carmaker sold a total of 2,827,321 units last year, up from 2,720,735 vehicles a year earlier, the company said in a statement.Overseas shipments led the increase, with 2,369,321 units sold, up 5.8 percent on-year, while domestic sales, affected by sluggish economic conditions, contracted 5.0 percent to 458,000 units.Its best-sel
Jan. 2, 2014
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Online shopping volume breaks record 50 tln won mark in 2013
Online shopping volume in South Korea recorded 55 trillion won ($52.1 billion) last year, far surpassing the unprecedented 50 trillion won mark, thanks to the rising popularity of mobile shopping, industry data showed.According to the data, online shopping transactions reached 55 trillion won last year, up 14.6 percent from 48 trillion won the previous year. Such transactions had risen to 34 trillion won in 2010 from 27 trillion won in 2007.Industry watchers say online shopping may well reach 65
Jan. 2, 2014
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Ssangyong Motor sales surge 20.7 pct in 2013
Ssangyong Motor Co., the local unit of Indian sport utility vehicle maker Mahindra & Mahindra Ltd., said Thursday that its sales grew 20.7 percent on-year in 2013 on the strength of consumer demand for new vehicle models.The carmaker said domestic sales grew to 63,970 units with exports, including knockdown kits, reaching 81,679 vehicles for a combined figure of 145,649 cars sold throughout the year."The overall annual figure is the best achieved since 2002 and marks the fourth straight year of
Jan. 2, 2014
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S. Korean arms exports hit record $3.4 bln in 2013
South Korean exports of weapons reached an all-time high of $3.4 billion in 2013 on strong sales of home-grown aircraft and naval ships, the state-run arms procurement agency said Thursday.The amount is $1 billion more than that of 2012, and 14 times that in 2006, the Defense Acquisition Program Administration said.Most of their sales came from leading aircraft makers and shipbuilders, which tapped emerging countries in Latin America and the Middle East."Arms exports are meaningful as it boosts
Jan. 2, 2014
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Hyundai, Kia chief sets 2014 sales goal at 7.86 mln cars
The global chairman of Hyundai Motor Group on Thursday set a goal to produce and sell 7.86 million cars in the new year after the automotive conglomerate exceeded sales targets in 2013.In a ceremony to mark the start of 2014, Chung Mong-koo said combined sales of Hyundai Motor Co. and its sister Kia Motors Corp. topped 7.56 million units last year. The total represents a 2.0 percent gain from the 7.41 million target set for the entire year.The conglomerate is the largest carmaker in South Korea
Jan. 2, 2014
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Number of firms on watchdog's list down in Jan.
The number of business group affiliates subject to restrictions on mutual investments and loan guarantees declined in January from a month earlier, the antitrust watchdog said Thursday.The Fair Trade Commission (FTC) said the number of corporate affiliates on the watch list stood at 1,700 as of Wednesday, down 46 from the previous month.The decline was attributable to the exclusion of 34 affiliates of the crisis-ridden Tong Yang Group from the list as the conglomerate no longer met the business
Jan. 2, 2014
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SK, GS eye foreign-invested projects
SK Group and GS Group, both of which are engaged in the refinery and petrochemical businesses, appeared to have received a leg up to push ahead with a stalled foreign-invested petrochemical facility expansion project worth 1 trillion won ($0.96 billion) each after a revised foreign investment promotion law passed the National Assembly on Wednesday.“We welcome the long-awaited deregulation measure. We will make all-out efforts to make a contribution to the revitalization of the economy by proceed
Jan. 1, 2014
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Wage increases unavoidable in longer term: KCCI chief
Park Yong-maan, chairman of Doosan Group and head of the Korea Chamber of Commerce and Industries, on Wednesday warned that wage hikes will be unavoidable in the longer term following a recent court ruling that bonuses, if paid regularly, should be considered part of ordinary pay.“Companies will be feeling enhanced pressure on labor costs in the mid- to long-term,” said the business tycoon, who is leading the nation’s largest and oldest business lobby group.“I think now is the time to come up wi
Jan. 1, 2014
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Naver, Daum get nod for corrective plans
Korea’s Fair Trade Commission has tentatively approved self-corrective measures drawn up by the country’s two largest Internet portal operators, according to the antitrust agency Wednesday. Naver and Daum, which had been accused of abusing their power and hindering fair market competition, will commit about 104 billion won ($98 million) to supporting small businesses and promoting consumer protection.Naver proposed that it would spend and invest 100 billion won, while Daum planned to spend 4 bil
Jan. 1, 2014
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Trade surplus soars to record high in 2013
South Korea’s trade surplus widened to a new high of $44.19 billion in 2013 as its exports grew at a steady rate while imports dwindled, the government said Wednesday.In 2013, the country’s outbound shipments came to $559.72 billion, up 2.2 percent from the previous year, according to the Ministry of Trade, Industry and Energy. Imports slipped 0.8 percent on-year to $515.53 billion over the cited period.Exports in 2013 also marked the highest in the country’s history. The previous record of $555
Jan. 1, 2014
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Samsung chief remains richest man in Korea
Lee Kun-hee, chairman of Samsung Electronics Co., lost more than 5 percent on the value of his stock holdings last year but remained the country’s richest man, data showed Wednesday.Lee’s shares in Samsung Electronics and its affiliates were valued at 11.3 trillion won ($10.8 billion) as of Tuesday, down 5.6 percent, or 673 billion won, from the beginning of last year, according to Chaebol.com, which tracks the country’s family-run conglomerates, known as chaebol.But he maintained his status as
Jan. 1, 2014
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Science minister pushes for transparency on handset costs
Science Minister Choi Mun-kee expects the National Assembly to soon okay a revision to the telecommunication law to force handset makers and telecom companies to regulate subsidies that are currently given recklessly as bait for drawing more customers. “I hope to see it get passed next month, since nobody seems to oppose the bill at the National Assembly,” Choi said during a press event last week. “The delay of revision was one of the things I regretted the most last year.”Handset makers are sti
Jan. 1, 2014
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LEDs brighten LG Innotek outlook
LG Innotek, a local light emitting diode maker affiliated with LG Group, is expected to benefit from the growing LED lighting industry this year thanks to the global movement to phase out incandescent light bulbs, industry sources said. Further, global sporting events such as the Olympic Winter Games and the World Cup are expected to create more room for growth, as the stagnant television market may receive a leg up as people flock to the sets to watch their favorite sports games. LED, or light
Jan. 1, 2014
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Hyundai Steel to invest 844.2 bln won in new plant
Hyundai Steel Co., South Korea's No.2 steelmaker, said Tuesday it will invest 844.2 billion won (US$804.8 million) in building a new plant in the western coastal area of the country. The plant, to produce next-generation special steel, will be completed by October 2015, the company said. Hyundai Steel, a unit of Hyundai Motor Group, will build the new plant in Dangjin, about 123 kilometers southwest of Seoul. (Yonhap News)
Dec. 31, 2013
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First flight from Key West to Cuba takes off
KEY WEST, Florida (AP) _ The first commercial passenger flight from Key West to Cuba in more than 50 years landed Monday in Havana, capping several years of efforts to reunite the two islands, though regular air service still appeared a distant prospect. U.S. Customs and Border Protection gave the final approval for the flight Monday morning, and the nine-passenger aircraft departed 90 minutes later at 10 a.m., Key West International Airport director Peter Horton said. ``This is just a te
Dec. 31, 2013
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Ssangyong E&C files for court receivership
Ssangyong Engineering & Construction Co., which has been under a debt workout program, said Monday it has filed for court receivership after its creditors decided not to extend their financial support.The builder said it has asked the Seoul District Court to help reschedule its debts following a decision by the company board in the afternoon.The Korea Exchange is expected to suspend trading of Ssangyong Engineering shares on the tech-heavy junior bourse KOSDAQ."We are faced with a severe financi
Dec. 30, 2013
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Daimler Trucks Korea names new CEO
Daimler Trucks Korea on Monday named Rainer Gaertner, vice president of commercial vehicle sales and marketing, as its new CEO as part of the Daimler group’s personnel reshuffle. Gaertner, 48, joined Mercedes-Benz in 1990 and served in a range of sales, dealership network and marketing positions with the German luxury carmaker. For part of his career, he was based in Turkey and Mexico. He began working at the Daimler headquarters in 2004 and served as senior manager for Benz-brand bulletproof ve
Dec. 30, 2013
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KEPCO to sell core assets to cut debt
The state-run Korea Electric Power Corp., the nation’s monopoly power grid company, is making all-out efforts to reduce its 55 trillion won ($52 billion) in debt. “The efforts include sales of not only non-core but also core assets at home and abroad,’’ a KEPCO official said Monday. The move came after the Ministry of Strategy and Finance in early December called on companies including KEPCO to take bold measures to reduce their debt. The ministry is responsible for the structural reform of stat
Dec. 30, 2013