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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KAI signs 34.8b won deal to supply chopper equipment
The state-run Korea Aerospace Industries said Thursday that it has signed a 34.8 billion won ($32.8 million) deal to provide support equipment to the Army for the operation of the Surion, South Korea’s self-developed helicopter, until June 2017. The latest deal with the Defense Acquisition Program Administration follows the Dec. 19 contract worth 1.7 trillion won to deliver 60 Surion aircraft, also known as Korean Utility Helicopters.KAI has spent 1.3 trillion won since 2006 on developing the tw
Dec. 26, 2013
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Sales at discount outlets, department stores grow in Nov.
Sales at South Korea’s major discount outlet chains and department stores grew last month from a year earlier, making a sharp turnaround from significant drops in the previous month, the government said Thursday.Combined sales of the country’s three major discount outlet chains gained 1 percent from the same month last year in November, according to the Ministry of Trade, Industry and Energy.The figure also marks a 6.2 percent rise from October when they posted an on-year drop of 6.4 percent. Th
Dec. 26, 2013
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Three-way competition takes root over No. 1 seed firm
Nongwoo Bio, the nation’s No.1 vegetable seed breeder, will be put on sale early next year as three local bidders submitted letters of intent for a takeover deal, according to industry sources. The three local bidders are STIC Investments, IMM Private Equity and the state-run National Agricultural Cooperative Federation Economics Group. Foreign seed giants like Monsanto, once aggressive bidders on local seed companies, did not jump into the race, sources said.Nongwoo Bio, which is listed on the
Dec. 25, 2013
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[Photo News] New Galaxy Note
Dec. 25, 2013
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SK logs $60 billion in exports this year
SK Group, the nation’s third-largest conglomerate, posted $60 billion in exports this year, accounting for over 10 percent of the nation’s total exports for the second consecutive year. The business group said Wednesday that its exporting subsidiaries, including SK Innovation, SKC, SK Chemicals and SK Hynix, are expected to post $61.4 billion in exports, a fivefold increase from $12 billion in 2005. The company shifted to an export-led strategy in 2004 when chairman Chey Tae-won presented growth
Dec. 25, 2013
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Hanwha Group sees upturn in solar panel business
Hanwha Group is pinning high hopes on its solar panel business as its subsidiaries’ sales are becoming brisker, group officials said Wednesday.Its affiliate companies Hanwha Q-CELLS and Hanwha SolarOne have posted 1,800 megawatts (1.8 gigawatts) in module sales this year, and the group’s solar power plant stood at 113 megawatts, the officials said. Hanwha Q-CELLS turned a profit in September, just a year after the group acquired it. Hanwha SolarOne is also expected to see a reduction in producti
Dec. 25, 2013
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[Photo News] Korean signs
Dec. 25, 2013
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On Korea, Europeans think ‘Samsung’ first
Samsung, Korea’s largest conglomerate, is the first thing that comes to mind for many Europeans when they think of South Korea, according to the state-run Korea Investment Promotion Agency on Wednesday.In a KOTRA survey of some 480 Europeans in seven countries, including Germany, Spain and the United Kingdom, Samsung topped the list as the most recognized item associated with Asia’s fourth largest economy.KOTRA surveyed 249 ordinary European citizens and 232 professionals, including journalists,
Dec. 25, 2013
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2 of 5 listed firms to suffer earnings decline in 2013: data
Nearly two out of five South Korean companies listed on the main bourse are expected to see their earnings fall on-year in 2013, data showed Wednesday, due to losses in shipbuilders and steelmakers.According to the data by market researcher FnGuide, 92 out of 231 listed firms for which three or more brokerage houses have offered earnings forecasts for 2013 are anticipated to suffer a decline in their operating profits.Market watchers said the stagnant earnings outlook came as the prolonged globa
Dec. 25, 2013
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Hyundai passes 1 million car sales in China this year
Hyundai Motor, which together with its affiliate Kia Motors ranks fifth in global vehicle sales, has set a new milestone in the all-important Chinese market, with its car sales surpassing the 1 million mark for the first time this year. Its Chinese joint venture Beijing Hyundai said Wednesday that they are on track to sell more than 1 million vehicles in China this year, possibly up to 1.03 million by the end of this month. Hyundai, which entered the market back in 2002, has become the second gl
Dec. 25, 2013
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Hanjin heir apparent named head of holding firm
Korean Air executive vice president Cho Won-tae was named to concurrently head Hanjin Kal, the holding company of Hanjin Group, company officials said Tuesday.The appointment is seen as the conglomerate’s move to speed up Cho’s succession of the group control from his father Cho Yang-ho, who is currently chairman of the group. Hanjin Group, Korea’s 13th-largest conglomerate in terms of assets, has several transportation-related companies, including the nation’s largest flag carrier Korean Air. T
Dec. 24, 2013
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Hyundai, Kia settles class action lawsuit over mileage
Hyundai Motor Co. and its sister brand Kia Motors Corp. said Tuesday that they agreed to pay $395 million to settle a class action lawsuit brought on by allegations that the carmakers inflated the fuel economy of some vehicles sold in the United States.The two flagship companies belonging to Hyundai Motor Group, South Korea’s second-largest family-run conglomerate, said a payment will be made to around 600,000 Hyundai owners and 300,000 Kia owners who bought 2011-2013 model cars.The lawsuit was
Dec. 24, 2013
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KT to run ‘super Wi-Fi’ service from next year
KT, the nation’s telecom operator, said Tuesday that it would run a “Super Wi-Fi” pilot project as a member of a consortium initiated by the Ministry of Science, ICT and Future Planning. TV White Space, also called Super Wi-Fi, is a technology that aims to bridge the digital divide in remote areas and to deal with underfrequency stemming from data overloads. “The consortium will use vacant frequencies made available at locations where the spectrum is not being used following the shift from analo
Dec. 24, 2013
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[Photo News] Paralyzed transportation
Dec. 24, 2013
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[Photo News] New headquarters
Dec. 24, 2013
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Female executives scarce in car industry
It’s not news that Hyundai Motor and its affiliate Kia Motors are behind on including women among their board members or highest-paid executives like other manufacturing companies here.But a fresh alarm bell is ringing with the Korean duo these days as their Detroit rival General Motors has recently named a woman as its new CEO. On Dec. 10, GM made a surprise announcement appointing Mary Barra, senior vice president for global product development, the company’s first female CEO. She is also the
Dec. 24, 2013
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Asiana Airlines replaces CEO
Kumho Asiana Group on Wednesday named Kim Soo-cheon, president of budget carrier Air Busan, to replace Asiana Airlines’ CEO Yoon Young-doo from next month. The appointment comes after the crash landing of an Asiana Airlines flight in July at San Francisco Airport that killed three passengers and injured some 180 others.The group, however, denied the decision was made because of the accident. Kim, who started his career at Asiana Airlines, took the helm of Air Busan from the beginning of 2008 and
Dec. 24, 2013
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KORAIL to hire 500 temps to cope with prolonged strike
KORAIL, the nation’s state-run rail operator, said Monday that it would hire contract-based employees and seek to outsource railway maintenance in a countermeasure against the labor union’s prolonged strike.Speaking at a news conference, KORAIL President and CEO Choi Yeon-hye said, “With the strike entering day 15, the railroad operation rate fell to 70 percent and concern over safe operation of railroads is growing. If the strike continues, the operation rate is expected to drop to the 60 perce
Dec. 23, 2013
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Telecom operators out to gain more foreign customers
The nation’s telecom operators have begun to provide more services aimed at foreign customers as the number of foreign nationals in Korea exceeded 1.5 million as of December. KT has been most active in attracting foreign consumers. “We run 18 Olleh shops where users can buy phones in the English, Japanese and Chinese languages in areas of Seoul, Gyeonggi Province, Daegu and Daejeon,” KT official Park Mi-seon said. Users can also dial 1583 to use services in the three languages.“When I bought a U
Dec. 23, 2013
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Hyundai-Kia braces for difficult year
Hyundai Motor Group expects to surpass its annual sales goal this year on the back of brisk overseas growth, but domestic sales were far from stellar, the company said at a meeting of overseas office heads presided over by group chairman Chung Mong-koo. During the January to November period this year, 6.9 million Hyundai and Kia cars were sold, suggesting that the sister auto firms would likely surpass this year’s sales goal of 7.41 million to reach up to 7.5 million units. This was mainly thank
Dec. 23, 2013