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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Former Korean biz mogul returns home to deal with unpaid fines
HANOI (Yonhap News) ― Kim Woo-choong, the former chief of South Korea’s now-defunct Daewoo Group, returned home on Monday to deal with growing criticism in his country over his unpaid fines totaling 18 trillion won ($16.6 billion), business sources in Vietnam said.Daewoo Group filed for bankruptcy in 1999 in the wake of the Asian financial crisis that hit South Korea in late 1997. After years of hiding overseas, he returned to South Korea in 2005 and was promptly put under arrest. Kim was charge
Sept. 16, 2013
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Military suppliers take fire over donation snub
The nation’s top suppliers to the Korean Navy are under fire for their reluctance to donate to a fund supporting the children of officers who were killed in action, industry sources said. The “Love for the Navy Foundation” fund is intended mainly to offer financial support for kids who have lost one or both parents while they were serving their country. The companies, which raise a significant amount of money each year from their sales to the Navy, have seemingly been far from willing to part wi
Sept. 16, 2013
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Builders step up outbound M&A deals
Despite their continued business slump this year, the nation’s leading construction companies are increasing outbound merger and acquisition activities to further tap into overseas markets. According to a market source, GS E&C, the nation’s fourth-largest builder, is considering the buy out of United Arab Emirates-based Global Process Systems for up to 100 billion won ($92 million). GPS specializes in engineering-procurement-construction projects in the oil and gas industry. GS E&C declined to c
Sept. 15, 2013
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KT launches LTE-Advanced service
KT, a major Korean mobile carrier, has launched its long-term evolution advanced service using wider bandwidth in the 1.8 GHz range and carrier aggregation technology, company officials said on Sunday. South Korea’s second largest telecom operator said it will provide its LTE-Advanced service in four districts of Seoul ― Gangnam, Seocho, Junggu and Jongno ― and in areas in six other metropolitan cities ― Busan, Incheon, Daejeon, Daegu, Gwangju and Ulsan. “As of now, KT is the only service provid
Sept. 15, 2013
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Korea set to expand offshore wind power
JEJUDO ISLAND ― Korea’s wind power projects are moving toward offshore wind turbines, which have better wind speeds and weaker opposition from local residents. The 2MW offshore wind turbine built near Jejudo Island was Korea’s first project developed by the state-run Korea Institute of Energy Research. If power is sold to the public, the 8-billion-won project ($7.4 million) is capable of generating enough energy for more than 700 households annually, the institute said. Currently, the center has
Sept. 15, 2013
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Korea may soon start exporting hanwoo beef
South Korea may soon start exporting its beef to Hong Kong and other Chinese-speaking countries, marking the first outbound shipment of Hanwoo, or Korean beef, in its history, officials from a farmers’ association said Friday.According to officials from the National Agricultural Cooperative Federation, better known as Nonghyup, its Hoengseong branch employees recently visited Hong Kong for a meeting with local importers.“I understand Hoengseong officials recently made a trip to Hong Kong for the
Sept. 13, 2013
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Hansol Paper acquires Danish paper retailer Schades
Hansol Paper Co., a South Korean paper maker, said Friday that its wholly-owned investment unit Hansol Denmark ApS has bought a 97.5 percent stake in a Danish thermal paper retailer for 41.9 billion won (US$38.7 million) to obtain new growth engines.The stake purchase in the Danish company, Schades Holdings A/S, is aimed at securing its sales channel in the world's biggest European thermal paper market, which takes up 32 percent of the whole global demand, Hansol Paper said in a regulatory filin
Sept. 13, 2013
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Airliners pledge to cut greenhouse gases
Seven air carriers in Korea on Friday signed an accord with the government on reducing greenhouse gases in the airline industry, according to the Ministry of Land, Infrastructure and Transport.Korean Air, Asiana Airlines, Jeju Air, Air Busan, Jin Air, Eastar Jet and T’Way Air made the pledge at a ceremony in Sky City Convention Center at Gimpo International Airport. The amount of greenhouse gas emissions from the seven flag carriers is expected to reach 22 million tons in 2020, up from 17 millio
Sept. 13, 2013
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Hyundai Steel aims to raise global status
DANGJIN, South Chungcheong Province ― Hyundai Steel, the nation’s second-largest steelmaker, has begun operation of a new blast furnace specializing in automobile parts steel to address customer demand amid escalating competition. On Friday, the steelmaker affiliated with Hyundai Motor Group held the opening ceremony for its third furnace in Dangjin, South Chungcheong Province.“Despite the worldwide economic slump, Hyundai Steel has invested some 9.9 trillion won ($9.1 billion) over the past sev
Sept. 13, 2013
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Kia Motors union OKs wage deal
The union of South Korea's second-largest automaker Kia Motors Corp. said Friday that its members have voted in favor of a tentative wage deal reached earlier this week.The deal calls for a hike of 97,000 won ($89) in basic salaries and 8.5 million won in incentive payments and performance-related bonuses as well as other benefits.The carmaker said it has agreed to double the amount of social contribution to 2 billion won to support the underprivileged in society.The endorsement came weeks after
Sept. 13, 2013
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S. Korean flag carriers agree to voluntarily cut greenhouse gas emissions
South Korea's flag carriers will work to further reduce their greenhouse gas emissions through improving the fuel efficiency of their aircraft and other measures, the government said Friday.The country's seven airlines will voluntarily cut their greenhouse gas emissions under an agreement signed with the Ministry of Land, Infrastructure and Transport.The airlines will be given additional starting points, depending on their performance of the agreement, when applying for new air routes, the minis
Sept. 13, 2013
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Asiana Airlines to strengthen pilot training
Asiana Airlines, South Korea's second-largest flag carrier, said Thursday it will strengthen the simulated training of pilots and increase the number of pilot evaluations.The move came in response to the deadly crash of an Asiana jet in San Francisco in July that killed three Chinese teenagers and injured more than 180 other people.Still, the carrier declined to give details on tightened training, calling it a company secret.The doomed plane was traveling at 103 knots, or 191 kilometers per hour
Sept. 12, 2013
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Conglomerates to invest 37 tril. won in biotech, batteries
South Korea's top 10 conglomerates will invest 37 trillion won ($34 billion) in biotech industry, electric-vehicle batteries, medical robots and other high-techbusinesses, the country's most powerful business lobby said Thursday.The move came amid the growing interest in these fields that are considered as engines of future growth for many in the local corporate sector. The Federation of Korean Industries, which speaks for the country's large businesses, made the announcement after a regular mee
Sept. 12, 2013
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LG Uplus joins race for faster LTE service
LG Uplus announced Thursday that it would launch a mobile network service that is twice as fast as the current long term evolution service. The mobile carrier expects the “broadband LTE” to bring new momentum for growth. “Along with its existing LTE and LTE-A networks, the new service will help LG Uplus lead the market by providing the most stable and fastest LTE services,” said Lee Chang-woo, executive vice president of the mobile firm. LTE subscribers of LG in Seoul and surrounding areas will
Sept. 12, 2013
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Sebang, a leader in battery evolution
Sebang Global Battery may soon emerge as stiff competition for conglomerates like Samsung and LG in the field of lithium ion batteries, which are among the most popular forms of rechargeable batteries in the market. But before explaining why, some facts about the battery manufacturer: Sebang Global Battery is the world’s fifth-largest maker of lead acid batteries, and is a part of Sebang Group that encompasses Sebang Co. founded in 1965 as a logistics enterprise. More recently, Sebang has begun
Sept. 12, 2013
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Kia Motors reaches tentative wage deal with union
Kia Motors Corp., South Korea’s second-biggest automaker, said Thursday that it has reached a tentative wage deal with its union after days of partial strikes.The agreement reached early Thursday calls for a hike of 97,000 won ($89) in basic salaries and 8.5 million won in incentive payments and performance-related bonuses as well as other benefits.The two sides also agreed to double the amount of social contribution to 2 billion won to support the underprivileged in society, according to the co
Sept. 12, 2013
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Baesangmyun Brewery referred to prosecution
The Fair Trade Commission said Thursday that it would file a complaint with the prosecution against Baesangmyun Brewery for allegedly bullying some of its subcontractors.The liquor producer pressured some of its 74 wholesalers to purchase a certain quota of makgeolli, according to the regulator.The FTC alleged that Baesangmyun Brewery exploited its dominant power as the nation’s second-largest traditional liquor maker with a market share of about 22 percent.The company was found to have scaled b
Sept. 12, 2013
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‘2013 WEC meeting crucial for energy future’
With a month until the 2013 World Energy Congress to be held in Daegu, the Korean organizing committee announced the final list of speakers for the meeting Thursday.The committee revealed the list during its presentation at a luncheon with the foreign business community in Korea to promote the upcoming world’s largest triennial energy event to be held between Oct. 13-17. “About 238 speakers from 61 countries confirmed their attendance and will lead a variety of energy sessions to be run under th
Sept. 12, 2013
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Red Face launches Chuseok promotions
Outdoor clothing franchise The Red Face on Thursday started a 30 percent discount event on all its products ahead of the upcoming Chuseok holiday next week until Sept. 29, the company said. The event will be held throughout all of the brand’s 390 outlets nationwide. With the recent outdoor activity boom here, the company said, more customers are eyeing outdoor goods for holiday gifts for Korean Thanksgiving Day, one of the biggest family gatherings. Some of the biggest-selling items are clothes
Sept. 12, 2013
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Kia Motors reaches tentative wage deal with union
Kia Motors Corp., South Korea's second-biggest automaker, said Thursday that it has reached a tentative wage deal with its union after days of partial strikes.The agreement reached early Thursday calls for a hike of 97,000 won ($89) in basic salaries and 8.5 million won in incentive payments and performance-related bonuses as well as other benefits.The two sides also agreed to double the amount of social contribution to 2 billion won to support the underprivileged in society, according to the co
Sept. 12, 2013