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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Taking away phones during school hours not a human rights violation: watchdog
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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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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Oil refiners’ profit likely to fall: analyst
The upcoming earnings season for the nation’s leading oil refiners is expected to be poor due mainly to lower refinery margins in the third quarter, a stock analyst said in a report on Monday. “Slower oil demand in the Southeast Asian markets amid rising economic uncertainties and eased tension in the Middle East in the July-September period kept international oil prices from soaring, which led to lower refinery margins, a key income source of oil refiners,” Baek Young-chan of Hyundai Securities
Sept. 23, 2013
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[Photo News] Winter warmer
Sept. 23, 2013
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GS E&C-led consortium wins $3.7b order from Kazakhstan
GS Engineering & Construction Corp., South Korea’s fourth-largest builder, said Monday it will build a $3.7 billion petrochemical plant in Kazakhstan with British and German partners.GS E&C said the proposed plant in the Tengiz and Karabatan regions, about 1,500 kilometers southwest of the capital Astana, will have an annual production capacity of 400,000 tons of polyethylene, a raw material used in making plastics.The South Korean builder said its share of the project came to $1.4 billion, with
Sept. 23, 2013
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Air France-KLM tops sustainability index
Air France-KLM, the French-Dutch airline group, secured the top position in the airlines category of the Dow Jones Sustainability Index for the ninth consecutive year, the company said. The international index created by RobecoSAM evaluates performance in sustainable development.Air France-KLM also topped the list in the “Transport” category, which covers air, rail, sea and road transport for its fifth year in a row ― making Air France-KLM ranked as one of the 24 most sustainable companies acros
Sept. 23, 2013
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New Hyundai furnace hot potato for local industry
As an aggressive solution to a prolonged market slump, Hyundai Steel chose to further expand its manufacturing facilities and to specialize in steel for high-value-added automobile parts.The decision of the nation’s second-largest steelmaker boosted the expectations that the long-stagnant steel industry may once again gain momentum, but also raised concerns about excess supply and competition.On Sept. 13, the steelmaker affiliated with Hyundai Motor Group held the opening ceremony for its third
Sept. 22, 2013
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KT chief calls for cooperation to help emerging countries
Korean mobile carrier KT chairman Lee Suk-chae stressed the importance of collaboration between governments and private firms to help developing nations improve their economies at the eighth meeting of the Broadband Commission for Digital Development in New York on Saturday. “KT’s joint establishment of an LTE firm with the government of Rwanda will be an exemplary model available for developing nations that seek cooperation of private firms for social and economic development,” Lee said in a sp
Sept. 22, 2013
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POSCO to export self-developed technology to China
The nation’s top steelmaker POSCO is to export a self-developed steel technology to China by building an overseas special steel manufacturing site there, jointly with a local partner.The company on Sunday signed a memorandum of understanding with China’s Chongqing Iron & Steel to build an integrated steel mill based on Finex technology, a steelmaking process developed by POSCO back in 2007. “Finex technology helped POSCO become one of the most remarkable steel frontrunners,” said an official. “N
Sept. 22, 2013
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Will iPhone fever sweep Korea again?
Apple’s new iPhones released last Friday are already making waves around the world, with many wondering if a new Apple frenzy will sweep the Korean market once again. One thing that has urprised market experts and others is that the new 64-bit A7 processor for the high-end iPhone 5S is reportedly manufactured by Samsung Electronics.“Apple and Samsung have maintained a business relationship for a long time since the release of the first iPhone, and the relations will be solid for a while if the m
Sept. 22, 2013
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Kia's China venture recalling 18,135 cars over faulty wheels
A Chinese joint venture with South Korea's Kia Motors Corp. was ordered to recall a total of 18,135 K5 mid-sized sedans because of faulty wheels, China's consumer quality regulator said Tuesday.Starting Tuesday, Dongfeng Yueda Kia Motor started recalling the vehicles in China that were produced between Sept. 7, 2012 and Dec. 31, 2012, the General Administration of Quality Supervision, Inspection and Quarantine said in a statement posted on its website.In case of an insufficient tire pressure, th
Sept. 17, 2013
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Antitrust watchdog OKs creditors' move to overhaul Kumho Industrial
South Korea's antitrust watchdog on Tuesday approved the creditor banks' plan to overhaul troubled builder Kumho Industrial Co. via a debt-to-equity swap, paving the way for them to accelerate the restructuring.Main creditor Korea Development Bank (KDB) and others are seeking to normalize the ailing builder by converting the value of 79 billion won (US$72.8 million) in commercial paper held by its affiliate Asiana Airlines Inc. into equity.The Fair Trade Commission (FTC) concluded that the credi
Sept. 17, 2013
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Electric cars create spark at Frankfurt
The Frankfurt Motor Show, which kicked off on Sept. 10 and runs through Sept. 22, is one of the world’s most prominent opportunities for carmakers to unveil their newest inventions. This year, the buzz is mostly about battery-powered vehicles.The auto industry’s largest event in Europe comes at a time when car sales in the region are at their lowest level in two decades. The German Association of the Automotive Industry predicted that car sales in Western Europe would see a further 5 percent dro
Sept. 17, 2013
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Ex-vice energy minister named new head of KHNP
Cho Seok, 56, a former vice knowledge economy minister who was in charge of the nation’s energy policy, was named the new CEO for Korea Hydro & Nuclear Power Co., the state-run nuclear power plant operator, in an interim shareholders’ meeting on Tuesday. The corruption-scandal-hit KHNP has been in a three-month leadership vacuum since early June when its then-head Kim Kyun-seop resigned to take responsibility for the serial shutdowns of nuclear power plants over usage of substandard parts.Indust
Sept. 17, 2013
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Corporate Korea shares spirit of Chuseok
Chuseok is a time when tens of millions of Koreans visit their hometowns to reunite with their family and friends. It is also a chance to be reminded that the spirit of sharing lives on. Subcontractors were among the recipients of the spirit of Chuseok, as the Federation of Korean Industries, the largest business lobby group comprised of Korea’s biggest conglomerates, announced last week that its members would make pre-payments of up to 4.8 trillion won ($4.4 billion) to their vendors. Among the
Sept. 17, 2013
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Solar cell sales expected to pick up in Q4
Solar cell providers’ sales are set to rise starting from the fourth quarter this year as the industry is expected to pick up, analysts said on Tuesday. “The last quarter is usually peak season for the solar cell industry, and China’s recent support measures for solar cell development will also be favorable to the solar companies,” said Lee Ung-joo, an analyst at Seoul-based Shinhan Investment Corp. The securities firm said fourth-quarter profit of the local polysilicon provider OCI will markedl
Sept. 17, 2013
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BMW recalls 1,330 vehicles over fuel filter heater, air bag
BMW Korea, the local importer and distributor of the German luxury carmaker, is voluntarily recalling more than 1,300 vehicles sold here due to defective fuel filter heaters and air bags, the government said Tuesday.According to the Ministry of Land, Infrastructure and Transport, the fuel filter heater in 790 units of the 120d, 520d, X3 20d, X5 30d and X6 30d vehicles, produced in 2009, may experience an electrical overload, which can cause it to become permanently activated even when the igniti
Sept. 17, 2013
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Hankook Tire opens plant in Indonesia
Hankook Tire on Tuesday held the opening ceremony of its seventh global production plant in Indonesia, attended by the company’s CEO Suh Seung-hwa and Indonesian President Susilo Bambang Yudhoyono.Located within an industrial complex in Bekasi, West Java, the new facility can produce 6 million tires a year for passenger cars, high-performance vehicles and light trucks, the tire maker said. Hankook said it invested $353 million in the project, with the expansion work planned to continue until 201
Sept. 17, 2013
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S. Korea to provide 5.3 tln won financial support for corporate investment
South Korea will provide 5.3 trillion won (US$4.9 billion) in additional financial support aimed at stimulating corporate investment on facilities, the country's top economic policymaker said Tuesday.Finance Minister Hyun Oh-seok said that the support will be provided through state-run policy financing agencies."We will strengthen our supporting efforts for corporate investment in a way that the recent improving trend in our economic conditions could spill over even into the private sector," Hyu
Sept. 17, 2013
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BMW recalls 1,330 vehicles in S. Korea over fuel filter heater and airbag
BMW Group Korea, the local importer and distributor of German automaker BMW AG, is voluntarily recalling over 1,300 vehicles sold in South Korea due to defective fuel filter heaters and airbags, the government said Tuesday.According to the Ministry of Land, Infrastructure and Transport, the fuel filter heater in 790 units of the 120d, 520d,X3 20d, X5 30d and X6 30d vehicles, produced between May and November of 2009, may experience an electrical overload, which in turn can cause it to become per
Sept. 17, 2013
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Naver chief gets highest increase in stock value
Lee Hae-jin, head of Internet portal operator Naver, saw the value of his stock holdings rise more than any other Korean this year, according to a business data provider.A financial report released by FnGuide showed Monday that Lee’s stock assets in two companies including Naver were worth 885 billion won ($818 million) as of last Thursday, securing him 16th place on Korea’s stock-rich list, up from 30th at the beginning of the year.The value of Lee’s stocks have risen 74.1 percent, or 377 billi
Sept. 16, 2013
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[Newsmaker] Korea OKs ‘invisible’ skyscraper plan
From cloaked alien tanks and jets in the computer game “Starcraft” to a transparent flying fortress in the movie “Avengers,” invisible structures have always been considered a product of imaginary science, whose rightful place is within the boundaries of fiction.That is until South Korea recently authorized the construction of “Tower Infinity,” a 450-meter-high skyscraper which is to use high-tech projectors to make it appear as if the building is not really there. The glass tower, backed by the
Sept. 16, 2013