Most Popular
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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S. Korea, Singapore seal supply chain agreement
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Korean language teaching expert says demand has outstripped supply
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Korea added to key bond index
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Conscripting women to lead to 'more babies,' claims military think tank
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[KH Explains] Samsung chief says he is still ‘hungry’ for foundry growth
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North Korea notifies UN Command of plans to fortify border with South
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Taking away phones during school hours not a human rights violation: watchdog
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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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Carriers to introduce 23 new aircraft this year
South Korean airlines plan to introduce 23 new aircraft this year as they seek to meet growing demand for air travel at home and abroad, data showed Sunday.Korean Air Lines Co., the country's top air carrier, has said it plans to introduce two Airbus A380 passenger jets, five other passenger jets and two cargo planes this year, according to data posted on its Web site.The planned delivery of the Airbus A380 passenger jets would raise Korean Air's superjumbo fleet to eight.Asiana Airlines Inc., S
Feb. 10, 2013
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Yongsan development project still faces uncertain future
The nation’s biggest property development project to build an international business district in Yongsan, central Seoul, by 2016 is fending off bankruptcy amid difficulties in financing the construction of the landmark 150-story Dream Tower, the centerpiece of the project.The board of Dream Hub, which is responsible for the financing and planning of the Yongsan development project, convened a meeting Thursday to discuss ways to extend a lifeline to the project, but failed to draw an agreement. I
Feb. 7, 2013
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[Newsmaker] Shinsegae chief faces stormy seas in court
Shinsegae Group vice chairman Chung Yong-jin is facing rough seas since taking the helm of the nation’s second-largest retail giant.The prosecution grilled him for 12 hours on Tuesday over allegations that he ordered Shinsegae affiliates to charge their sister bakery firm Shinsegae SVN cheaper commissions to help turn it around.On Thursday, the Seoul Regional Labor Administration raided Shinsegae E-Mart headquarters and several E-Mart stores to search for evidence that the company had spied on i
Feb. 7, 2013
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Hanwha Life mulls takeover of ING Life Korea
Hanwha Life Insurance Co., South Korea’s No. 2 life insurer, said Thursday it is considering acquiring the local life insurance unit of ING Group.“Hanwha Life is considering taking over ING Life Korea,” an official from the firm said. “However, nothing has been determined yet.”The move comes after the board of KB Financial Group Inc., South Korea’s No. 2 banking group, turned down a company plan to take over ING Life Korea on Dec. 18 last year, dealing a blow to the group’s push for business exp
Feb. 7, 2013
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Korean consortium to sell electricity to Thailand, Laos
A South Korean consortium led by SK Engineering & Construction Co. said Thursday that it has signed a deal with Thailand’s state-owned Electricity Generating Authority to provide electricity to the Southeast Asian country.The deal, inked in Laos on Wednesday, called for the consortium to sell 1,575 gigawatt-hours of electricity to Thailand, 90 percent of the total electricity that will be produced in a hydroelectric power plant in Laos, for the next 27 years.The consortium, which includes Korea
Feb. 7, 2013
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LG Chem’s Yeosu plant gets top rating for energy efficiency
LG Chem said Thursday that its naphtha cracking center located in Yeosu, South Jeolla Province, was ranked the world’s No. 1 plant in energy efficiency in a U.S. research project.In a survey conducted by consulting firm Solomon Associates on 115 firms, the country’s biggest chemicals maker was noted for using 40 percent less energy in ethylene production at its center in Yeosu than its competitors. This move saves energy worth 300 billion won ($280 million) every year, according to LG Chem offic
Feb. 7, 2013
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BMW Korea targets 10% growth
BMW Korea hinted Thursday that it might take a breather in 2013 from its aggressive expansion of recent years, unveiling its sales target of at least 10 percent growth for 30,000 cars sold“We aim to see at least 10 percent growth this year. The year 2013 will be a year for us to prepare for the next big leap,” said BMW Korea CEO Kim Hyo-joon during a press conference in a Seoul on Thursday.Though the 10 percent figure was described as “moderate,” it still exceeds the estimated 8 percent growth o
Feb. 7, 2013
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Conglomerates invade booming business hotel market
With the number of hotel rooms in Seoul running far short of the explosive demand from Chinese and Japanese tourists flooding into the city, most downtown hotels have enjoyed a boom for the past five years.Seeing the constant growth in tourists, the nation’s largest conglomerates are rushing to build no-frills business hotels in the city center, putting existing hotels run by smaller companies on pins and needles.Lotte Hotel and GS Group’s Parnas Hotel have already entered the fray, while plans
Feb. 6, 2013
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N.K. firms, gov't bodies scurry to dodge possible Chinese sanctions: sources
Some North Korean companies and government-linked business bodies have devised preemptive measures to avoid possible Chinese financial sanctions to be imposed when the North carries out its threatened nuclear test, sources said Thursday. "There have been signs that North Korean trade firms and government agencies are withdrawing money from their Chinese bank accounts or changed their names to open new accounts," said one source in Beijing with knowledge on the matter. The moves started after
Feb. 6, 2013
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SK names top decision-making execs
SK Group completed the new lineup of its top decision-making council called SUPEX on Wednesday in an apparent effort to minimize the management vacuum from the imprisonment of group leader Chey Tae-won.The nation’s third-largest conglomerate said it named heads of six commissions to SUPEX to take responsibility for each sector on strategy, global growth, communications, ethical business, shared growth and human resources. SUPEX had been led by Kim Chang-keun on behalf of Chey, who stepped down
Feb. 6, 2013
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Hyundai foundation offers more benefits
Hyundai Motor’s Chung Mong-koo Foundation on Wednesday said it would expand its scope of social contribution by launching a program to offer creative educational opportunities for underprivileged households.The extracurricular clubs at the junior and high schools designated by the government to receive priority educational fund support are expected to benefit from the new program, according to the foundation organizers. Starting in March, the foundation will receive applications from these clubs
Feb. 6, 2013
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Toyota Korea aims to sell 18,000 vehicles
Toyota Motor Korea, which saw a stunning sales recovery here last year, is eyeing another big leap in 2013. “I will never forget the year 2012,” said Tommy H. Nakabayashi, president and CEO of Toyota Motor Korea, during a press conference held at a Seoul dealership on Wednesday. “We made all-out efforts to revive sluggish car sales after the devastating earthquake in 2011. As a result, we posted a 73 percent growth in sales.” The Korean unit of the Japanese carmaker sold 10,795 Toyota cars and 4
Feb. 6, 2013
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NHN to set up new units to bolster mobile business
NHN Corp., the operator of South Korea's top portal Naver.com, said Wednesday it plans to set up two subsidiaries as part of efforts to strengthen its mobile business.NHN said it has won board approval to inject 40 billion won (US$37 million) each to "Camp Mobile" and "LINE Plus."Under the plan, the company will hold a 100 percent stake in Camp Mobile, which will pioneer NHN's new mobile services. NHN will also own a 40 percent stake in "LINE Plus," which will support the company's flagship mobi
Feb. 6, 2013
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BlackBerry says thanks with a gift phone
Canadian firm BlackBerry said it would give away 12,000 special edition Z10 smartphones to application developers who stuck by the company.Formerly known as Research In Motion, BlackBerry changed its name last week as it launched two new phones, including the all touch-screen Z10. BlackBerry, once a pioneering company in the smartphone market, is now playing catch up to the likes of Apple and other companies that have eclipsed BlackBerry in sales. The new phones will be carried by Verizon Wirele
Feb. 6, 2013
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Dell buyout highlights PC sector woes: analysts
Dell‘s plan to take the computer giant private offers an opportunity to return to its start-up roots, but won’t solve the fundamental problems facing the company and the PC sector, analysts say.The Texas-based tech giant on Tuesday unveiled a $24.4 billion buyout deal giving founder Michael Dell a chance to reshape the former number one PC maker away from the spotlight of Wall Street.Roger Kay, analyst at Endpoint Technologies, said Dell‘s plan underscores the deep problems of an industry roiled
Feb. 6, 2013
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Samsung tops Apple in U.S. customer loyalty
A U.S. study found Wednesday that Samsung Electronics has taken the top spot from Apple in smartphones in customer loyalty and engagement. According to the Brand Keys Customer Loyalty Engagement Index, Samsung was ranked No.1 in the smartphone category recording the highest emotional engagement level with its customers.Apple came in second, followed by LG Electronics in third, Nokia and Sony tied for fourth and Motorola in fifth place, it said. Taiwanese HTC and BlackBerry maker RIM were also ne
Feb. 6, 2013
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French chamber to elect board members
The French-Korean Chamber of Commerce and Industry is holding an extraordinary general meeting with the new French ambassador Wednesday to elect six new members for its board of directors.The election will replace or renew the board members whose appointment terms have recently ended, the FKCCI said.It is the second time for the new French Ambassador to Korea, Jerome Pasquier, to serve at the embassy in Korea. He served as the Cultural Counselor between 1988 and 1992. Pasquier left his latest po
Feb. 5, 2013
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POSCO picked world’s most competitive steelmaker
POSCO, the nation’s top steelmaker, said Tuesday it is listed as the world’s most competitive steelmaker for 2013 in a survey of 34 world-class steelmakers, conducted by the U.S.-based steel industry analysis firm World Steel Dynamics.It is the fourth consecutive year for POSCO to be ranked first in the annual survey. The surveyor rated the companies in 23 categories, including profitability, production capability, technological innovation, financial soundless and access to raw materials. POSCO
Feb. 5, 2013
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LS Cable & System wins Danish sub cable order
LS Cable & System said Tuesday it won an order for submarine cables worth 23 billion won ($21 million) from DONG Energy, a state-run Danish wind power generation company. The company’s submarine cables will be used in an offshore wind power generation complex to be built in Westermost Rough off the southeastern coast of the U.K. by DONG Energy.It is the first time for the local cable maker to enter the European offshore wind power generation market, which is forecast to become a $30 billion indu
Feb. 5, 2013
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Fiat reenters Korea with mini car
Italy’s Fiat on Tuesday announced its reentry into the Korean market after a decade-long hiatus. And the first car to hit, of course, is the iconic mini car Fiat 500. “The wait has been too long,” said Pablo Rosso, the Korean president of Fiat-Chrysler APAC, as he opened the launching event at a Seoul hotel. “We offer a unique combination of Italian style, practical and emotional products.”The 113-year-old carmaker based in Turin, Italy, had to withdraw from the Korean market when its local manu
Feb. 5, 2013