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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Korea added to key bond index
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LG Display’s earnings grow
LG Display’s second-quarter earnings increased both on-quarter and on-year despite the sluggish market environment, the company announced Thursday.The world’s top flat-panel maker generated 6.6 trillion won ($5.9 billion) in total revenue and 366 billion won in operating profit, according to the company.Though the company’s total revenue diminished from 6.9 trillion won compared to the same period last year, its operating profit surged by about 130 billion won.The quarterly operational profit in
July 18, 2013
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Samsung unveils 1 terabyte SSD
Samsung Electronics, the world’s largest chipmaker, showcased its new solid state drive lineup Thursday, proclaiming the beginning of the terabyte era in the SSD market. “After accelerating the growth of the SSD market with last year’s launch of entry-level, high-performance SSDs, we are introducing much faster SSDs with up to 1TB capacities, offering consumers a wider range of choices,” said Jun Young-hyun, executive vice president at Samsung’s memory sales and marketing department. “Samsung co
July 18, 2013
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Mobile carriers slapped with fines and suspension penalties
The Korea Communications Commission said Thursday it would slap fines and suspension penalties on the nation’s three telecoms for having offered undue subsidies to attract customers.“The KCC decided to penalize the three mobile carriers ― SK Telecom, KT Corp. and LG Uplus ― for granting financial subsidies to the customers exceeding 270,000 won ($240), the maximum allowed by the law,” said the regulator in a press release. The three telecoms gave out illegal subsidies for up to 72 percent of the
July 18, 2013
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Watchdog acquits Google of competition-hurting charges
The communications watchdog on Thursday imposed a business suspension on the country's No. 2 mobile carrier and fined it and two other rivals for providing excessive subsidies to lure customers.KT Corp. will be banned from attracting new customers for seven days, as it is judged to have led an overheated competition in the local telecom market, and was fined 20.2 billion won (US$17.84 million), the Korea Communications Commission (KCC) said.The watchdog also slapped fines of 36.4 billion won and
July 18, 2013
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CJ chairman indicted over slush funds, tax evasion
The chairman of food and entertainment giant CJ Group was indicted Thursday for amassing massive slush funds in Korea and abroad, evading tax and embezzling company funds for personal use.The Seoul Central District Prosecutors’ Office arrested Lee Jay-hyun on July 1 on charges of dodging some 54.6 billion won ($48 million) in taxes by creating secret funds under borrowed names at home and abroad.The 53-year-old business tycoon is also accused of misappropriating 96.3 billion won of the group’s f
July 18, 2013
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Asiana Airlines not to sue U.S. TV station
Asiana Airlines Inc. said Wednesday it has withdrawn its plan to file a defamation suit against a U.S. television station for damaging the carrier's reputation over the deadly crash of its plane in San Francisco. "We decided not to proceed with the suit to concentrate all our efforts on dealing with the aftermath of the accident," the South Korea's second-largest flag carrier said in a statement.The airline also cited an apology by the San Francisco Bay Area station KTVU Channel 2 for its abrupt
July 17, 2013
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Korea to develop ports, allow ship casinos
In response to rising global demand for cruise vacations, the Ministry of Ocean and Fisheries unveiled a road map for the cultivation of the cruise industry on Wednesday. According to the Cruise Lines International Association, the prolonged global economic downturn has had little impact on the double-digit growth of the global cruise industry. The industry has grown on average 10.3 percent annually between 2000 and 2012. Last year alone, 20 million cruise vacationers worldwide spent $36.2 billi
July 17, 2013
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Samsung advised to open communication with critics
A well-known economics professor advised Samsung Group on Wednesday to open communication with those who are critical of the nation’s top conglomerate. Participating at a regular weekly meeting of the top executives of Samsung at its headquarters in Gangnam, Kim Sang-jo, a professor at Hansung University in Seoul, gave a one-hour lecture titled “Economic Democratization and Samsung,” with the subtitle “Samsung and Society.” “Vice chairman and heir apparent of the conglomerate Lee Jay-yong has to
July 17, 2013
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GS chief urges execs to seize opportunities
GS Group chairman Huh Chang-soo urged Wednesday top executives of the group’s affiliates to look to the future and not to miss an opportunity for growth. “As the market changes at a rapid pace, the group should not miss growth momentum through making investments at the right time,” said chairman Huh, presiding over a meeting for the third quarter of the fiscal year. To make a successful investment, he said “a thorough business risk analysis and preparation measures for different outcomes of busi
July 17, 2013
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Jin Air debuts new cabin uniforms
Jin Air, a low-cost carrier of Korean Air, on Wednesday rolled out new uniforms for its flight attendants to celebrate its fifth anniversary. The new uniforms, based on the carrier’s signature look of jeans and sneakers, include an array of styles for pilots, in-flight and guest-service teammates. The whole design process was led by Italian fashion brand Carrera. For women, the new styles include yellowish green or ivory shirts and black jackets, paired with the same color ties. Men will wear b
July 17, 2013
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Hyundai Oilbank inks naphtha MOU with Lotte Chemical
Hyundai Oilbank, the nation’s fourth-largest refinery, signed a memorandum of understanding with Lotte Chemical for a $1 billion joint project on Wednesday. The two companies’ deal is to build a plant to produce mixed xylene, widely used for making plastics and synthetic fibers, as well as light straight-run naphtha, which is used to make petrochemical products. The plant is scheduled to be fully functional by the second half of 2016. Both companies expect to save about 2 trillion won on imports
July 17, 2013
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Asiana withdraws plan to sue U.S. TV station
Asiana Airlines said Wednesday that it has decided to withdraw its earlier plan to sue a U.S. television station for insulting the pilots of its jetliner that crash-landed at San Francisco Airport on July 6.“We made the decision in consideration of what KTVU announced as an official apology and we have to put all our efforts into containing the fallout of the accident,” the air carrier said in a statement.On Monday, Asiana said it would file a defamation lawsuit against KTVU news Channel 2 in Oa
July 17, 2013
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Watchdog likely to fine carmakers for price fixing
Korea’s antitrust watchdog appears likely to fine the country’s largest automaker Hyundai Motor Co. and local units of four foreign carmakers a combined 100 billion won ($89 million) for allegedly colluding to fix prices, an industry official said Wednesday.The move comes as the Fair Trade Commission has confirmed after a two-year probe that Hyundai, Volvo Truck Korea, Scania Korea, MAN Truck & Bus Korea and IVECO Korea conspired to fix prices of their trucks, the official spoke on the condition
July 17, 2013
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Kim named S-Oil scientist of year
S-Oil Science Prodigy and Culture Foundation, a non-profit foundation established by S-Oil, the nation’s third-largest oil refiner, presented professor Kim Vic-narry of the School of Biological Sciences at Seoul National University with the scientist of the year award Wednesday.The award, established in 2012, is given each year to an exemplary Korea-based researcher in the basic sciences and is designed to help encourage the development of Nobel Prize winners from Korea in the near future. Profe
July 17, 2013
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NongHyup Bank caught in unfair lending to largest shareholder: FSS
The financial regulator said Wednesday it has found that NongHyup Bank extended loans to its largest shareholder at excessively lower interest rates as a favor. The Financial Supervisory Service (FSS) discovered through an inspection into the bank that it extended a loan worth 6.35 trillion won (US$5.67 billion) to National Agricultural Cooperative Federation, or NongHyup, in March last year. NongHyup Bank also took the liberty of lowering the interest rate for its controlling stakeholder, the F
July 17, 2013
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German school filling to the brim
Deutsche Schule Seoul International, the only German school in Seoul, will soon have to find a new location as it is filled to the brim, especially the kindergarten which now has up to 30 students per class. There is expected to be a waiting list when children of Siemens staff, set to arrive with the opening of the new headquarters, joins the crowd later this year. “Space is becoming a really a serious issue,” said Thomas Snay, the chief financial officer of Merck who volunteers on the board at
July 16, 2013
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Cafe Oasia, good model for sharing
On the fourth floor of POSCO’s building in Samseong-dong, southern Seoul, there is a Poreka lounge for POSCO employees. Inside the Poreka lounge sits a green, wooden coffee shop called Caf Oasia.But this cafe is different from other coffee shops. Opened on Feb. 18, Caf Oasia employs three immigrant women from Cambodia, Thailand and Vietnam as its baristas.The caf was created through investments from several members of social enterprises. POSCO, the nation’s top steelmaker, leased the space for f
July 16, 2013
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Samsung’s smart card chip selected by German group
Samsung Electronics Co., the world’s top maker of smartphones and memory chips, said Tuesday that it has been selected to provide secure contactless smart card chips to the Association of German Transport Undertakings.It marked the first time that Samsung made inroads into the German transportation card market, in close collaboration with its business partners including the OS solution provider ZeitControl cardsystems GmbH.The association is expected to issue about eight million transportation c
July 16, 2013
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POSCO drops steel mill project in India’s Karnataka
POSCO, the nation’s top steelmaker, said on Tuesday it decided to pull out of a $5.3 billion steel mill construction project in Karnataka, a state in southwestern India, mainly due to opposition from local residents.The decision came as the company failed to make any progress in purchasing land for the construction in the Gadag district of central Karnataka for the past three years. Gadag is located near Bellary district, which has the highest deposits of iron ore in Karnataka. “Instead of dropp
July 16, 2013
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Data storage maker eyes hard disk growth
A senior manager from one of the world’s leading data storage business firms said Tuesday that demand for hard disk drives would continue to rise despite increasing demand for smaller, faster solid-state drives. In the current digital age when every minute, 30 hours of video are posted on YouTube; 100,000 are Twitter; 6 million posted on Facebook; and 20 million photos are uploaded to Flickr, according to leading data storage firm Western Digital Corp, the importance of storage technology cannot
July 16, 2013