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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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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[Grace Kao] Why K-pop lip-syncing doesn’t bother me
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Antitrust regulator fines social commerce sites
Korea’s Fair Trade Commission said on Tuesday that it imposed punitive measures on the four biggest daily deal-site operators for their “deceptive” marketing.The antitrust regulator levied a combined penalty fine of close to 100 million won ($93,000) against the four major social commerce companies: Coupang, We Make Price, Ticket Monster and Groupon.The four were punished by the authority for posting false information including prices of products that were not included as part of their daily dea
Oct. 15, 2013
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Korea lags in global energy sustainability
DAEGU ― Korea’s sustainability in the energy sector worsened this year from the previous one, affected by rising energy imports and falling energy affordability, according to the 2013 energy sustainability index, issued by the World Energy Council on Tuesday in its triennial World Energy Congress in Daegu. The 2013 Energy Sustainability Index, made by the council in partnership with Oliver Wyman, a global management consultancy, evaluated 129 countries in three areas of energy sustainability las
Oct. 15, 2013
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[Newsmaker] South Korea may freeze nuke energy at 22-29%
Wolsung Nuclear Power PlantsThe nation will most likely freeze the portion of nuclear power in its total energy generation at between 22 to 29 percent by 2035, based on recent recommendations from a joint working group on the second phase of the national energy framework on Monday. Although not a binding directive, the group is considered to have sway in energy policy. Monday’s recommendations mark a sharp turn around from the previous Lee Myung-bak government in 2008 when another working group
Oct. 14, 2013
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Mercedes-Benz Financial Korea issues more bonds
Mercedes-Benz Financial Services Korea, a subsidiary of the German automotive group Daimler AG, on Monday issued its third non-guaranteed publicly offered Korean won denominated bond. The size of the bond is 130 billion won with two year tenor and fixed coupon of 3.38 percent per year. The proceeds of the bond will be fully used for financing and leasing vehicles of Mercedes-Benz customers in Korea, the company said. Standard Chartered Securities Korea was assigned as lead manager and Woori Inve
Oct. 14, 2013
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Number of urban households turning to farming hits record
The number of urban households in South Korea that moved to regional provinces to take up farming rose to a record high last year, a parliamentary document showed Monday. The number of such households reached 11,220 at the end of 2012, up from 10,503 families tallied the previous year, according to the document by Statistics Korea submitted to parliament. It also marks the second consecutive year that the number of such households has surpassed 10,000, the document said. It has become a common s
Oct. 14, 2013
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Korea logs trade surplus for 20th month in September
South Korea logged a trade surplus for the 20th straight month in September despite shrinking exports, customs data showed Monday.South Korea’s exports came to $44.71 billion last month, down 1.5 percent from the same month a year earlier. They are also down 3.4 percent from August, according to the data provided by the Korea Customs Services. The country’s imports shrank 3.6 percent on-year to $41.03 in September and fell 1.1 percent from the previous month, the data showed.As a result, Korea l
Oct. 14, 2013
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Whiskey going out of style
Brian Lee, general manager of Bacardi Korea, admits he is not a heavy drinker. But he enjoys cocktails while dining out or during a party with friends. Among other things, he has a taste for quality alcohol beverages.The young, ambitious businessman in his 30s is one of the very target consumers who Bacardi, the world’s third largest spirits company, hopes to lure. Korea is still one of the largest whiskey consuming countries. But more recently a growing number of people, especially the younger
Oct. 14, 2013
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Fossil fuels will remain biggest energy source in 2050: WEC
DAEGU ― Despite continued growth of renewable energy sources, including solar and wind power, fossil fuels like oil and gas are expected to remain the dominant global energy sources even in the future, according to a report by the World Energy Council.The WEC released the report Monday, the first day of the five-day World Energy Congress that kicked off in this Korea’s third-largest city on Sunday.There has been some speculation in the world’s energy industry that the demand for fossil fuels wil
Oct. 14, 2013
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Korea’s smartphone market likely to shrink for first time
Korea’s smartphone market will likely post negative growth this year, and not recover last year’s sales level for at least the next six years, according to research institute Strategic Analytics Monday. Experts expect that the sluggish demand for the handsets could further encourage Korean mobile makers to deploy more aggressive global marketing tactics.The sales of smartphones this year will be 26.3 million units, down 14 percent from 30.7 million sold last year, according to the SA report.This
Oct. 14, 2013
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Conglomerates' maturing bonds to almost hit 30 tln won through 2014
South Korea's major business groups have to repay maturing bonds worth nearly 30 trillion won ($27.9 billion) through 2014, data showed Monday, raising woes over their financial health.The country's top 30 conglomerates' listed firms must pay back debts worth 9.7 trillion won by the end of this year, and another 19.2 trillion won by next year, according to the data by market researcher Chaebul.com.Cash-strapped Tong Yang Group, the country's 38th-largest conglomerate, saw its bonds set to mature
Oct. 14, 2013
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World Energy Congress kicks off in Daegu
The 22nd World Energy Congress kicked off on Sunday for a five-day run at the EXCO in Daegu to discuss the future of energy and related challenges. About 200 government ministers, CEOs and experts plan to address about 5,000 delegates across the world about pressing issues facing the global energy industry, according to organizers.“Under the theme of ‘Securing Tomorrow’s Energy Today,’ I expect that the congress will look at global energy trends and diagnose challenges and so help global energy
Oct. 13, 2013
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[Photo News] Energy in mind
Oct. 13, 2013
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Korean consumers pay more for smartphones: lawmaker
Korean handset makers are selling phones to domestic consumers for much higher prices compared to customers in other countries including the U.S., an independent lawmaker revealed Sunday. Rep. Kang Dong-won said the Galaxy Note 3 by Samsung Electronics was recently released in the domestic market for 1.06 million won ($988) while its price for overseas consumers ranged between 700,000 won and 900,000 won. The parts cost around $237.50, according to semiconductor consulting firm Techinsite, which
Oct. 13, 2013
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Samsung Electronics holds ‘shared growth’ talks
Samsung Electronics held a workshop together with their partner companies to discuss current issues and cooperation plans from Oct. 11 to 12 in Wonju, Gangwon Province.Some 300 persons attended the event including Samsung Electronics’ vice-chairman Kwon Oh-hyun, co-chief executive officers, Yoon Boo-keun and Shin Jong-kyun, and around 200 partner companies’ CEOs. Under the slogan of “Growing Together,” they discussed plans on improving the global competitiveness of partner companies and supporti
Oct. 13, 2013
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Yeoju Premium Outlet aims to be Asia’s largest
Shinsegae Simon’s Yeoju Premium Outlet, the nation’s first suburban outlet, will undergo another round of expansion with the aim of becoming Asia’s largest outlet by 2014, the company said Sunday. The Yeoju outlet, which opened in 2007, currently sells 145 brands at a 264,000 square meter site. After the expansion, some 250 brands will be located at the 463,000 square meter site ― the largest in Asia. The 50:50 joint venture between Korean retail giant Shinsegae and U.S. commercial real estate c
Oct. 13, 2013
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Global energy ministers, experts and CEOs pack Daegu congress
A total of 267 energy ministers, experts and CEOs from about 70 countries will speak during the 2013 World Energy Congress that opened in Daegu on Sunday for a five-day run, according to the Korean 2013 WEC organizing committee.The figure breaks down to 54 energy ministers, 12 heads of international organizations, 103 global company CEOs and 97 experts from NGOs, social organizations and the World Bank.The speakers are scheduled to address various energy-related problems facing the world.“The ca
Oct. 13, 2013
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Congress to run 63 sessions on wide range of topics
The 2013 WEC in Daegu will run 63 sessions covering energy issues under a daily theme for the next four days from today. This year marks an appropriate time to assess thoroughly the global energy situation. The congress will be the first major multi-energy gathering since the launch of the Sustainable Energy For All initiative by U.N. Secretary-General Ban Ki-moon last year. A keynote speech from Khalid A. Al-Falih, CEO of Saudi Aramco, the world’s largest crude oil exporter, will open the first
Oct. 13, 2013
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Time to adopt consumer-driven energy policy, expert says
Natural resource-deficient Korea has long been dependent on the government-led, supply-driven, cheap electricity policy as stability in power supply has been seen as a crucial pre-condition of economic development. “The energy policy worked well when the Korean economy was in a developing stage, but it started facing a limit from the 1990s when the economy became much bigger,” Korea Energy Economics Institute president Sonn Yang-hoon said. The supply-driven energy policy pushed Korea to the top
Oct. 13, 2013
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Korea likely to increase imports of shale gas
The state-run Korea Gas Corp., the largest LNG importer in the world, is looking to increase the share of shale gas in its supply of imported natural gas, the company’s head said in a recent press conference.“KOGAS is to import 3.5 million tons of shale gas annually from the United States beginning 2017, but it seems not a bad idea to raise it to 4 million tons or more,” KOGAS CEO Jang Seok-hyo said.With this year’s total gas imports estimated at 40 million tons, the original agreement on 3.5 mi
Oct. 13, 2013
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KOGAS revs up expanding overseas projects
The state-run Korea Gas Corp., better known as KOGAS, has contributed to the nation’s economic growth and the quality of life of Koreans by importing liquefied natural gas and supplying it to power generation plants, gas-utility companies and city gas companies nationwide since its foundation in 1983. The company has now grown to become the world’s biggest liquefied natural gas buyer, running a nationwide pipeline network spanning over 3,562km reaching end users and power stations around the cou
Oct. 13, 2013