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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Earnings shock sweeps listed companies
A fourth-quarter earnings shock struck a majority of listed companies, with display, steel and chemical sectors seeing downhill outlooks in the first three months of this year as well.Fifty-one percent of 37 major listed companies that announced their October-December 2012 operating profits so far showed earnings falling far short of market expectations. They include Samsung SDI, Korean Air, Green Cross, Samsung Fine Chemicals, S-Oil, KT, LSIS, LG Electronics, Kia Motors and SK Hynix.Major IT st
Feb. 3, 2013
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Watchdog rejects bids for 4th mobile carrier
South Korea’s communications watchdog on Friday turned down bids by two local firms to set up the country’s fourth mobile operator, citing their insufficient financing. Following evaluations of proposals submitted by Korea Mobile Internet and Internet Space Time, the Korea CommunicationsCommission (KCC) concluded the two firms were inadequate candidates for its plan to approve a new market player. Both firms were excessively optimistic in their market outlook, and their financing and technology
Feb. 1, 2013
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Hankook Tire posts record global sales
Hankook Tire, Korea’s biggest tire maker, posted record global sales in 2012, thanks to brisk sales of its premium tires to luxury automobile manufacturers worldwide.Revenue of Hankook Tire reached over 7 trillion won in 2012, up 8.3 percent from 6.4 trillion won a year earlier, according to consolidated financial statements.Its operating profit reached some 913 billion won, up 57.9 percent from 578 billion won in the same period.The company attributes its record-breaking revenue to increased su
Feb. 1, 2013
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Korea Hydro bids for Finnish nuclear power project
Korea Hydro & Nuclear Power, a state-run nuclear power plant operator, said on Friday that it submitted its bid for a nuclear power project launched by TeollisuudenVoima, a Finland-based utility company.This marks the first time for a Korean power company to seek a nuclear power deal in Europe that has been traditionally dominated by advanced European players. Korea Hydro will be competing to build TVO’s Olkiluoto-4 plant with KEPCO Engineering & Construction, Doosan Heavy Industries & Construct
Feb. 1, 2013
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Newly merged SK Planet launches
The newly merged corporate body of SK Planet and SK Marketing & Company launched on Friday, its officials announced.The new platform company named SK Planet will be responsible for SK Planet’s existing projects like T-Store, T-map and online shopping mall 11st, along with SK M&C’s OK Cashbag, advertisements and location-based services.The firm will also be in charge of digital content, new commerce and marketing communication activities as well as discovering new growth projects targeting the ov
Feb. 1, 2013
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Samsung’s Lee wins inheritance court battle
The Seoul District Central Court on Friday sided with Samsung Electronics chairman Lee Kun-hee by dismissing the claims by his elder brother Lee Maeng-hee for around 4.8 trillion won ($4.4 billion) of the Samsung fortune.Lee was joined by a few other members of the Samsung family who felt they were shortchanged in their rightful inheritance from the late Lee Byung-chull, their father and founder of Samsung. In the ruling for the first trial on the case, the judge said that “the time has expired
Feb. 1, 2013
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SK Innovation Q4 net up 50.8 pct on strong won
SK Innovation Co., the holding company of South Korea's biggest refiner, said Friday that its net income rose 50.8 percent in the fourth quarter from a year earlier thanks to a strong won. Net profit came to 228 billion won (US$209.5 million) in the October-December period, compared with 151 billion won a year ago, SK Innovation said in a regulatory filing. Sales rose 1.4 percent on-year to 17.15 trillion won, but operating profit fell 44.1 percent to 202 billion won, the company said."The South
Feb. 1, 2013
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Apple loses on Samsung’s Galaxy Nexus
Apple Inc. failed to persuade a U.S. appeals court to review its decision that allows Samsung Electronics Co. to continue selling the Galaxy Nexus smartphone while a patent-infringement case is pending. An October decision, which said Apple needed to show that the patented search feature was a key reason consumers bought the Samsung phone, will stand, the U.S. Court of Appeals for the Federal Circuit said in an order posted yesterday on its electronic docket. Apple sought to have the earlier dec
Feb. 1, 2013
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Conglomerates barred from entering restaurant biz
The nation’s conglomerates are set to be prohibited from starting new restaurant businesses or merging with existing ones under a state-funded panel’s plan to add eateries to the list of trades suitable for only small- and medium-sized firms.Franchises such as Nolbu and Saemaeul Restaurant, which have up to 700 stores nationwide, will be banned from opening too close to each other as they are believed to be threatening mom-and-pop eateries.About 30 chaebol subsidiaries including Lotteria, CJ Foo
Jan. 31, 2013
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Still too few women execs
Corporate Korea is still fostering few women executives, according to figures from CEO Score, a website devoted to governance issues at the nation’s top conglomerates. Women accounted for only 1.5 percent of the of executives at the top 10 industrial groups, reaching 5,201. This means there were fewer than two female executives for every 100. The survey was conducted on 93 of the listed affiliates of the groups, and also 94 of their non-listed sister companies. Samsung led the pack with 39 femal
Jan. 31, 2013
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Court to rule on Samsung family feud
The ongoing legal battle among Samsung family members will see a new development Friday as the Seoul Central District Court is scheduled to rule on the first trial concerning the claims over the late Samsung founder’s inheritance that has grown into a multi-billion-dollar conglomerate.The main bone of contention is the claim by Lee Maeng-hee, elder brother to Samsung Electronics chairman Lee Kun-hee, to more than 4 trillion won of Lee and Samsung’s assets. The elder Lee claims that he is worth t
Jan. 31, 2013
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Hyundai gears to take bigger slice of Euro car market
Hyundai Motor Group said Thursday it would step up efforts to take a bigger slice of the sales pie in Europe. The market is widely expected see a silver lining of recovery in car sales as early as 2014 after sluggish sales for more than a decade. “Carmakers have long waited to secure an earlier edge in Europe after the prolonged recession there. This year would be the year for them to specify their full-fledged efforts for next year,” said Park Hong-jae, executive vice president and chief of Hyu
Jan. 31, 2013
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GS Homeshopping posts record-high profit
GS Homeshopping, the nation’s No. 2 homeshopping outlet, on Thursday said it achieved a record-high profit in the fourth quarter on the back of improved sales margins. The Seoul-based company’s quarterly operating profit in the October-December 2012 period rose by over 80 percent from the same period the previous year to reach 50.8 billion won ($46.6 million), while sales rose by more than 10 percent to 818.2 billion won. Most of the sales appeared to be coming from fashion items, according to E
Jan. 31, 2013
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SKT banned from receiving new customers
The 20-day business suspension for SK Telecom, the country’s top mobile carrier, began on Thursday. The company is banned from receiving new customers from Jan. 31 to Feb. 21. SKT is also prohibited from accepting subscribers of its competitors ― KT and LG Uplus ― during the period.The business suspension, as well as fines, was given to the nation’s three telecoms by the Korea Communications Commission in response to massive illegal subsidies in the latter half of last year.Without the option of
Jan. 31, 2013
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SK chairman’s sentence jars corporate sector
The four-year sentence handed down to the SK chairman on Thursday sent jitters through the local corporate sector, particularly among the conglomerates, as it signaled that Korea was ready to clamp down on irregularities at all costs. With the sentence, Chey Tae-won was immediately put behind bars, which added to the shock that SK along with the rest of the corporate sector was feeling, industry watchers said. The Seoul Central District Court jailed Chey for embezzlement of nearly 50 billion won
Jan. 31, 2013
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Hyundai Mobis net profit jumps 17%
Hyundai Mobis Co., South Korea’s leading auto parts maker, said Thursday that its net profit jumped 17 percent last year from a year earlier on increased sales.Net profit reached 3.54 trillion won ($3.25 billion) last year, compared with a profit of 3.03 trillion won a year earlier, the company said in a regulatory filing.Sales also spiked 17 percent on-year to 30.79 trillion won over the cited period, and operating income also surged 10.2 percent to 2.91 trillion won, it said.The auto parts mak
Jan. 31, 2013
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Hyundai Steel’s sales and profits fall
Hyundai Steel, the nation’s second-largest steel manufacturer, saw a decrease in its sales and operating profits last year, while its net profit grew.In its annual regulatory filing on Thursday, the company said that it recorded 14.1 trillion won ($13 billion) in sales last year, 870.8 billion won in operating profit and 791.4 billion won in net profit.The sales and operating profits fell by 7.4 percent and 31.9 percent respectively on-year, but the net profit saw a 7.6 percent rise, officials s
Jan. 31, 2013
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Samsung Electro-Mechanics profit up 26% in 2012
Samsung Electro-Mechanics Co., a South Korean industrial parts maker, said Thursday its net profit jumped 26.1 percent last year on the back of growing demand for mobile components.The company’s annual net profit reached 441 billion won ($404.4 million) in 2012, compared with 349.5 billion won in the previous year, the company said in a regulatory filing.Revenue climbed 31.2 percent on-year to 7.9 trillion won last year, while operating profit more than doubled to 580.5 billion won in the cited
Jan. 31, 2013
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Samsung Heavy 2012 net slips 6.4%
Samsung Heavy Industries Co., a South Korean shipbuilder, said Wednesday that its earnings sank 6.4 percent in 2012 from a year earlier as it set aside reserves against compensation for damage caused by the country’s largest oil spill.Net profit reached 796 billion won ($734 million) last year, compared with 851 billion won reported a year earlier, the company said in a regulatory filing.Sales gained 8.2 percent on-year to reach 14.49 trillion won in 2012, and operating income surged 11.4 percen
Jan. 31, 2013
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HHI to run solar energy units
Hyundai Heavy Industries introduced an electricity generation system using solar energy in an effort to curtail expenses and promote green growth.Last month, HHI installed a solar power facility at the front gate of its Ulsan head office, officials said Thursday.This became the company’s fourth solar energy unit, following those built last year on the rooftops of the Gunsan wind power plant, Eumseong solar plant and Ulsan main plant.The four units, consisting of modules and inverters manufacture
Jan. 31, 2013