Most Popular
-
1
S. Korea, Singapore seal supply chain agreement
-
2
North Korean troops killed, wounded in Ukraine war: Seoul defense minister
-
3
Korean language teaching expert says demand has outstripped supply
-
4
Conscripting women to lead to 'more babies,' claims military think tank
-
5
[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
-
6
Who is pollster roiling politics with claims of government string-pulling?
-
7
Taking away phones during school hours not a human rights violation: watchdog
-
8
Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
-
9
Korea launches antidumping probe into Chinese steel
-
10
Korea added to key bond index
-
Lee says it’s time to raise class, value of Samsung’s business
Lee Kun-hee, chairman of Samsung Electronics, on Friday issued words of thanks to Samsung employees to mark the 20th anniversary of his “New Management Initiative,” and also reminded them it was time to take Samsung to the next level. “We have steadfastly walked this path with the vision of becoming the world’s best company, and now, your passion and dedication has put us at the global pinnacle,” Lee said in his message. “But if the past 20 years were spent achieving the great formation from qu
June 7, 2013
-
Up to 21 firms seek listing on new bourse
From news reports Up to 21 companies wishing to be listed on the new Korea New Exchange (KONEX) market for the smaller industry players submitted their applications, the nation's bourse operator said on Friday. The Korea Exchange (KRX) said that 10 brokerage houses, which were selected as authorized supervisors in March to evaluate and supervise firms to be listed on the envisioned market, handed in the list of candidates.The KONEX was another effort to help foster SMEs and also expand the KRX's
June 7, 2013
-
Prosecution issues warrant for CJ exec
From news reports The prosecution on Friday said it has issued an arrest warrant for a CJ Group executive for tax evasion amid the ongoing investigation in the food and entertainment conglomerate.The executive is the vice president of the Hong Kong-based animal feed subsidiary of CJ Group, CJ Global Holdings, surnamed Shin. He is seen to have played a critical role in managing and laundering a massive slush fund for the embattled CJ Group Chairman Lee Jay-hyun.The prosecution has indicated it wo
June 7, 2013
-
Foreign car brands set 2nd sales record since April
The import automobile industry has broken its all-time sales record for the second consecutive month this year.After attaining record figures in April, foreign carmakers saw their combined sales come to a fresh high of 13,411 units in May, the Korea Automobile Importers and Distributors Association said Thursday.Data from the foreign automakers’ lobby KAIDA showed that the import brands’ May sales surpassed the April tally of 13,320 units. Their sales have continued to climb since January ― to 1
June 6, 2013
-
Samsung seeks supremacy in new businesses
One of the hottest topics in the global auto industry this year is BMW’s first electric car, the i3 hatchback that goes on sale in the second half of the year. For the ambitious i project, the German premium carmaker has picked Samsung SDI as the sole provider of lithium-ion batteries ― the crucial part of electric vehicles.In 2010, Samsung pinpointed the electric car battery sector, together with the medical, biologics, solar energy and OLED display panel businesses, as areas to push for future
June 6, 2013
-
Samsung celebrates anniversary with shared growth and resolution
Samsung on Friday celebrated the 20th anniversary of the New Management Initiative issued by Samsung Electronics chairman Lee Kun-hee to spur the company into a world-class corporation.But the way it chose to do so was in a quiet manner, choosing to hold a forum, the “Samsung Innovation Forum,” to take a look back in history, to the time of the initiative, and to give Samsung employees a chance to gather together and bond.This is why in addition to the forum, Samsung employees held a three-day w
June 6, 2013
-
Samsung looks to another successful 20 years
For those who are not familiar with Lee Kun-hee’s powerful leadership, they may think Samsung Group’s transformation into a global powerhouse in most of the world’s key industries has been completed.Flagship Samsung Electronics has surpassed its strongest rival Apple to grab the title as the world’s largest smartphone maker, it boasts the world’s largest market share for memory chips, and operates IT systems throughout Asia and the U.S., while Samsung-made batteries power up hybrid cars all over
June 6, 2013
-
Starbucks launches first online academy
Starbucks Korea launched Wednesday the world’s first online Starbucks Academy to educate some 5,000 employees here and support better communication between them, anytime and anywhere. It is the first time that the Seattle-based coffee house has introduced an online academy. The company currently has cafes in some 60 countries. The key feature of the membership website, coming together with a mobile app, is the interactive experience. That is best represented by a Wiki-style dictionary for the St
June 5, 2013
-
Samsung unveils W1.2tr support plan for partners
Samsung Group, the country’s top conglomerate, said Wednesday that it will spend 1.2 trillion won ($1.07 billion) over the next five years to help its business partners and subcontractors.This year alone, Samsung, which has Samsung Electronics and Samsung Display Co. under its wing, will spend 327 billion won for the co-prosperity scheme, it said.Under the group’s plan, technology and financing support will be provided to its business partners. Also, its 11 affiliates such as Samsung Electronics
June 5, 2013
-
Lotte, Shilla vie for top spot in global duty-free market
Duty-free shops have been the biggest cash cows of Lotte Hotel and Hotel Shilla for years, thanks to the sharp increase in tourists from China and Southeast Asia.But with political movements to make duty-free shops donate 1 percent of their revenue as public funds and restrict conglomerates’ further expansion in the business, Lotte and Shilla are turning their eyes abroad. Lotte Hotel and Hotel Shilla netted over 80 percent of their revenue last year, which topped 3 trillion won and 2 trillion w
June 5, 2013
-
BMW Korea driving center breaks ground in Incheon
Yeongjongdo, Incheon ― BMW Group Korea on Tuesday broke ground for the country’s first major driving center, the company said on Tuesday. The facility will be the first of its kind in Asia and comes after similar centers in Germany and the U.S., said Kim Hyo-joon, chief executive of BMW Korea. The driving center ― measuring 240 square kilometers to equal the size of 33 soccer fields put together ― will house six arenas, each allotted for different roles such as for driving safety education, inte
June 4, 2013
-
Bosch to invest W170b in Korea this year
DAEJEON ― Bosch Group will invest 170 billion won ($150 million) into the production of gasoline direct injection systems in Korea this year and create some 400 new high-skill jobs, the Korean unit said Tuesday. “Due to some profitability issues at the corporate level, we had to cut down the investment amount (from the original 200 billion won announced in September) this year,” said Hermann Kaess, president and CEO of Robert Bosch Korea. The German auto parts manufacturer last year invested 60
June 4, 2013
-
Hyundai E&C targets $11b overseas orders in 2013
Hyundai Engineering & Construction, the nation’s top builder, has set the goal of winning overseas order contracts worth more than $11 billion in 2013, the company said in a press release. If the goal is achieved as planned, the proportion of the builder’s total sales made overseas will rise to 75 percent from 65 percent last year. In 2012, the company’s overseas orders reached a record high of $10.5 billion. The continued growth in the overseas construction market resulted from the company’s co
June 4, 2013
-
Finance minister stresses need to boost job creation
South Korea's finance minister on Tuesday stressed the need to boost job creation and encourage more women to join economic activities. "Globally, how to boost employment rates has posed a challenge (to policymakers), warranting attention," Finance Minister Hyun Oh-seok told reporters before holding a meeting with Bank of Korea (BOK) Gov. Kim Choong-soo. "It is critical to encourage more women to participate in economic activities." His remarks on job creation are in line with the government's p
June 4, 2013
-
CJ under spotlight for tax evasion, false-name accounts
The Financial Supervisory Service on Monday began its investigation of CJ Group for stock price manipulation, and violation of the foreign exchange law and real-name transaction law.CJ Group chairman Lee Jay-hyun offered an apology to its executives and employees for damaging their pride in connection with the prosecution’s probe into the conglomerate. The top financial regulator is looking into the hundreds of CJ accounts under borrowed names at Woori Bank as well as the conglomerate’s alleged
June 3, 2013
-
Inter-affiliate trading of chaebol dips for first time since 2008
The inter-affiliate trading of South Korea’s top 30 conglomerates dipped last year for the first time since 2008, data showed Monday, amid growing calls for reining in the economic dominance of family-controlled conglomerates.The move appears to represent the commitment by conglomerates, known as chaebol in Korea, to share its growth with small businesses, which account for 99 percent of all enterprises in South Korea.Chaebol have long been criticized for awarding lucrative business deals to the
June 3, 2013
-
Hyundai-Kia domestic sales continue to slide
Hyundai Motor and its affiliate Kia Motors show little sign of recovering on their home turf from their slowing car sales in recent months. Hyundai Motor said Monday that its global car sales increased 10.4 percent to 402,406 vehicles in May from a year ago. But its domestic sales continued its downward trend in recent months, posting a 0.2 percent decline to 57,942 units in the month. Despite a slight increase in SUV sales, reduced working days at its Korean factories negatively affected its do
June 3, 2013
-
Samsung grabs over 10% share of global chip market
Samsung Electronics Co., the world’s top memory chip maker, maintained its share of the global chip market at more than 10 percent in the first quarter on the back of a growth in system semiconductors, industry data showed Monday.According to the data compiled by market information provider iSupply, Samsung accounted for 10.5 percent or $7.77 billion of the global semiconductor market in the January-March period to rank second among the world’s major chip makers. Intel Corp. of the U.S. took the
June 3, 2013
-
LG taps Korea Employers Federation chief as adviser
LG International, the commercial trade arm of LG Group, on Monday said it tapped Lee Hee-beom, the head of the Korea Employers Federation, as an adviser to the company. LG International said Lee was chosen for his expertise, professionalism and global network. Lee also headed STX Heavy Industries and STX Engineering and Construction ― both affiliates of the financially distressed STX Group ― until last month when he stepped down citing personal reasons.Previously, Lee had been in key positions a
June 3, 2013
-
Mercedes-Benz to launch new E-Class this month
Mercedes-Benz Korea said Monday that it would launch the new face-lifted version of its best-selling midsize sedan E-Class later this month. The 2014 E-Class, the ninth generation coming four years after the 2009 model, gets a revamped styling, and is newly equipped with improved engines and high-tech features. The new car, which was first unveiled at the Detroit motor show in January, is to do away with the signature quad-headlight setup, opting for a dual-headlight design. A total of eight mod
June 3, 2013