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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Shipbuilders vying for W4tr UAE project
The nation’s top two shipbuilders ― Hyundai Heavy Industries and Daewoo Shipbuilding and Maritime Engineering ― are competing to win a $3.8 billion onshore oil facility construction project in the United Arab Emirates.In a recent bid made to Zakum Development Co., a subsidiary of the UAE’s state-run petroleum corporation, DSME emerged as a strong candidate by offering the lowest price, shipbuilding sources said Wednesday.DSME, in a consortium with U.K.-based Petrofac, entered a bid with a price
Jan. 17, 2013
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Hyundai Rotem blasted for sloppy handling of U.S. rail car project
Hyundai Rotem was pounded by a U.S.-based public transportation agency for failing to follow through with a $190 million contract for providing new commuter rail cars.The U.S. company -- the Massachusetts Bay Transportation Authority, or MBTA -- has consequently threatened to terminate the contract in case of further delays. According to a letter sent to Hyundai Rotem on Dec. 21 last year from Jonathan Davis, the MBTA’s chief financial officer, obtained by The Boston Globe, the procurement contr
Jan. 17, 2013
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Dutch court rules in favor of Samsung
A Dutch court on Wednesday ruled that Samsung Electronics did not infringe design-related patents of Apple Inc. for its Galaxy tablets, including the flagship 10.1.“We welcome the court’s decision as making unreasonable claims involving the general design will not be helpful for the consumers as well as for the development of the industry,” the Seoul-based company said in a statement. Samsung and Apple have been enmeshed in a high-profile patent battle for over a year now, with Samsung ordered t
Jan. 16, 2013
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Hyundai, Kia aim for 1.47 mln units sales in China
South Korea's top automaker Hyundai Motor Co. and its affiliate Kia Motors Corp. said Wednesday they are aiming to increase their combined sales in China by 10 percent to 1.47 million units this year. The sales target represents 20 percent of the carmakers' total global sales of 7.41 million units planned for this year, they said. The Chinese car market is expected to grow 9.6 percent to 13.94 million units this year from last year, but its outlook is not all upbeat due to the prolonged global e
Jan. 16, 2013
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HHI wins mega-containership deal worth $600m
Hyundai Heavy Industries, the world’s top shipbuilder, won a $600 million super-sized containership contract.In a contract recently closed in Hong Kong with Canadian marine corporation Seaspan, HHI agreed to construct five 14,000 TEU containerships, company officials said Wednesday.The corresponding top-priced deal was the first mega-sized containership order to be placed this year, as well as the first one since the $1.2 billion deal last July ― which, too, was signed by HHI.The completed ships
Jan. 16, 2013
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Japanese airlines ground all Boeing Dreamliners
Japan's two biggest airlines on Wednesday grounded all their Dreamliners in the most serious blow yet to Boeing's troubled next-generation model after an ANA flight was forced into an emergency landing.The 787 Dreamliner has suffered more than a week of bad news that has prompted safety investigations by three national aviation regulators, although Boeing insists the plane is safe.All Nippon Airways -- the world's first carrier to receive the Dreamliner from Boeing after years of delays -- said
Jan. 16, 2013
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FTC probes top hotels over wedding business
The Fair Trade Commission is looking into five-star hotel wedding halls’ tie-in sales practices, in which they make the bride and groom pay for flowers and other expenses costing millions of won.The probe began late last year amid complaints that hotels charge exorbitant wedding fees and coerce customers into buying expensive meals, stage decor and flowers.The antitrust watchdog secured data from the 21 five-star hotels in Seoul last week for the first investigation into unfair trade practices b
Jan. 15, 2013
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[Newsmaker] Safety worries grow for ‘Dreamliner’
The 787 Dreamliner is Boeing’s newest and most sophisticated passenger jet. It is the world’s first passenger jet built mainly from lightweight carbon-plastic materials, while the use of a lithium-ion battery to start the auxiliary power unit is also unprecedented. The innovative technologies cut fuel costs largely by about a fifth. Airline companies worldwide have ordered more than 800 of the jets, which have a price of $207 million. But the 787 has been hit by technical and electric malfunctio
Jan. 15, 2013
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Samsung reaps W2tr from TV sales in 2012
Samsung Electronics Co., the world’s biggest maker of smartphones and computer memory chips, reaped an estimated 2 trillion won ($1.9 billion) operating profit last year by selling TVs, data showed Tuesday. The South Korean TV giant is forecast to have sold 53 million TVs, including 51.3 million flat-panel TVs, in 2012, according to the industry data. The company does not disclose figures of annual TV shipments.If the amount is on track, it accounts for roughly 7 percent of Samsung’s 2012 operat
Jan. 15, 2013
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Daewoo microwaves hailed ‘best buy’ in U.K.
Daewoo Electronics’ microwave ovens were selected as a “best buy” item in the U.K. to become the first Korean-made appliance to receive such recognition, the Seoul-based company said on Tuesday. “Which,” a top U.K.-based magazine of a charity focused on product testing and consumer campaigning, designated Daewoo Electronics’ ovens as a “best buy” for its high-quality functions, energy efficiency, user-friendly features and brand credibility. Daewoo said the achievement was particularly significa
Jan. 15, 2013
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LG Uplus unveils measures to support small suppliers
By Cho Ji-hyunLG Uplus announced Tuesday that it will pay cash ― up to 1.2 trillion won per year ($1.13 billion) ― to its partners instead of issuing postdated checks for the partners’ improved liquidity.The mobile carrier also said the shared growth fund will be doubled to 50 billion won from the previous 25 billion won so that its partners could lend money at low interest rates.The announcement came as LG Uplus publicized a set of shared growth measures together with about 10 smaller partnerin
Jan. 15, 2013
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Hyundai unveils new Genesis concept car at Detroit show
Hyundai Motor unveiled the new design concept of its flagship luxury sedan Genesis at the North American International Auto Show held in Detroit on Monday, which reflects the Korean auto giant’s ambitious plan for transformation into a premium brand. Designed on a rear-wheel layout, the concept car called “HCD-14” features a sportier, coupe-style design that still follows the Korean auto giant’s “Fluidic Sculpture” design philosophy. “We’ve departed from industry convention in many of our premiu
Jan. 15, 2013
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KEPCO emerges as 4th-largest power provider in Philippines
This is the first in a series of case studies on the nation’s leading state-run companies which have made success stories overseas. ―Ed.The state-run Korea Electric Power Corp., or KEPCO, the nation’s sole electricity transmission and distribution company, is not only lighting up Korean households, offices and plants. It entered the overseas electricity generation market in 1996 when it won an order from the Philippine government for the construction of a 1,200-megawatt combined-cycle power plan
Jan. 15, 2013
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Hotel Shilla's head shows gratitude to staff
Lee Boo-jin, the eldest daughter of Samsung Electronics chairman Lee Kun-hee who is said to most strongly resemble her father in both looks and personality, was moved to tears by her staff, sources close to Hotel Shilla said.The younger Lee, who is the president of the hotel, treated the entire hotel staff to lunch on Jan.10, a day after the birthday celebrations for her father were held on the hotel grounds last week.All 500 of them, including bellboys and housekeepers were treated to a meal co
Jan. 15, 2013
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Telecom giant KT launches global music app
KT Corp., South Korea's top fixed line and No. 2 mobile operator, said Tuesday it has launched its smartphone music app in 45 countries, a move that comes in line with its overseas expansion drive and the growing popularity of K-pop.Android device users can download the "Genie K-pop" app at Google Play stores in 45 countries, KT said in a press release, adding the country plans to expand the service to 10 additional countries.The 45 countries include major markets in Asia, Europe and America suc
Jan. 15, 2013
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Apple cutting orders for iPhone 5 parts
NEW YORK (AP)— Apple shares are falling in premarket trading after The Wall Street Journal reported that the company has cut its orders for iPhone 5 components due to weaker-than-expected demand.The newspaper says two people it did not identify by name told it that Apple's first-quarter orders for iPhone 5 screens have dropped to about half of what the company had planned to order.The report says one of the sources told the newspaper that the U.S.-based company has also cut orders for components
Jan. 14, 2013
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Samsung’s Galaxy S sales pass 100 million mark
Samsung Electronics’ Galaxy S lineup has shipped more than 100 million units in less than three years since being launched in 2010, the company said on Monday. Among the lineup consisting of Galaxy S, Galaxy S2 and Galaxy S3, the latest S3 has shipped more than 40 million just over half a year by selling an average 190,000 handsets a day worldwide. The Galaxy S3 model promised to be a hot-seller, having passed the 10 million mark in just 50 days following its launch in May last year with new fea
Jan. 14, 2013
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T’way seeks foreign funding
Korea’s ailing small budget carrier T’way Air is seeking foreign capital to get back on track, rekindling controversy over the possiblility of the first foreign control of a Korean airline. According to industry sources on Monday, Yearimdang, a major publisher that acquired T’way Air last month in a consortium, is currently in talks with five foreign-owned business for new investment. With the Singapore-based Tiger Airways cited as the most likely bidder, the final result of the deal is expected
Jan. 14, 2013
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[Power Korea] Hyundai outstrips Audi, Porsche in brand value
In 2005, Hyundai Motor Co., the flagship of Hyundai Motor Group, came into the spotlight in the global arena when it was included on the list of the world’s 100 most valuable brands for the first time. Interbrand, the U.S.-based management consultancy, ranked the Korean carmaker 84th among enterprises worldwide that year.Hyundai Motor saw its yearly ranking assessed by Interbrand continue to climb ― to 75th in 2006, 72nd in 2008, 65th in 2010 and 53rd in 2012.Among automotive brands, the company
Jan. 14, 2013
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[Power Korea] K-series fires up Kia’s growth potential
Chung Mong-koo, son of late Hyundai founder Chung Ju-yung, prioritized normalizing the management of Kia Motors when he took office as chairman of Hyundai Motor Group in 1998.Under a full-fledged effort by the Hyundai chief and vice chairman Chung Eui-sun, Kia was upgraded to a key subsidiary of the automotive group after it was acquired by Hyundai in the wake of the 1997 financial crisis.Since 2005, Kia has focused on the European market and has identified design as its “core future growth engi
Jan. 14, 2013