Most Popular
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North Korean troops killed, wounded in Ukraine war: Seoul defense minister
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Korea added to key bond index
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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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Will Apple quit smart ring race with Samsung?
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Kim Jong-un vows to thwart S. Korea-US 'nuclear alliance'
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[KH explains] Will CATL’s Korean push reshape battery alliance with Hyundai, Kia?
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More deaths in ICU following doctors' mass walkout: lawmaker
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Hyundai-Kia set record November sales in U.S.
Hyundai and Kia, which stumbled through a mileage overstatement scandal in late October, did not see any major consumer fallout in North America last month, posting record November sales in the U.S.Hyundai Motor said Tuesday that U.S. sales rose 8 percent to 53,487 vehicles last month, while its affiliate Kia Motors sold 41,055 units, up 11 percent over a year earlier. Amid an enhanced marketing offensive by Japanese carmakers, however, their combined market share fell slightly last month to 8.3
Dec. 4, 2012
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4% of baby girls will live to 100
Up to 4 percent of baby girls born last year are likely to live up to 100 years, government figures showed on Tuesday. Out of the male infants, about 1 percent would live to be 100, according to Statistics Korea. This is the first time that the office, which announces life expectancy figures every year, indicated how long newborns would live to be. On average, the life expectancy for newborns born last year reached 81.2, up 0.4 years from the year before. Among them, males were expected to live
Dec. 4, 2012
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Labor tension runs high at Hyundai Group
Tension is escalating between labor and management at Hyundai Group after the union of Hyundai Securities, a financial unit of the conglomerate, made public alleged irregularities of some executives last month.At the time, unionized workers of Hyundai Securities filed complaints against group chairwoman Hyun Jeong-eun and several executives with the prosecution for seeking to “destroy” the union.At a news conference, the union claimed that several executives including then-executive vice preside
Dec. 4, 2012
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Poseco Housing at forefront of sustainable social enterprise
Sustainability is key for the future of a company. Social enterprises, better known as “good companies” in Korea, are no exception. Management of social enterprises has to develop a sustainable business model ahead of making other business decisions. According to the law on social enterprise promotion, a social enterprise in Korea is defined as a company that, while doing its business activities, pursues a social purpose of enhancing the quality of people’s lives by providing social services and
Dec. 4, 2012
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AMCHAM hopes for business-friendly Korean president
The head of the American Chamber of Commerce in Korea expressed hope that the country would elect a business-friendly leader during the Dec. 19 presidential election.AMCHAM chairman Pat Gaines said Korea’s next president should be someone who is able to create an environment that helps bring down barriers for foreign business. “When you take a look at the amount of jobs created in Korea by foreign investment, the numbers are phenomenal. It means jobs. It means careers. It means money,” he said i
Dec. 3, 2012
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Lee to ponder Samsung’s next move in Hawaii
Samsung Electronics Chairman Lee Kun-hee is expected to spend the remainder of the year in Hawaii, reportedly to mull over Samsung’s next step, industry sources said on Monday.Earlier in the day, Lee headed out to the island, accompanied by his wife. He is to stay in Hawaii for around a month. In particular, Lee is said to be concerned about Samsung’s next move, despite the fact the electronics company posted record-high earnings this year.He has warned several times that Samsung is in crisis, a
Dec. 3, 2012
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Korea, U.S. to hold business talks this week
A delegation composed of 14 government and business leaders will hold talks with their U.S. counterparts for bilateral economic cooperation in Washington this week, the Korea Chamber of Commerce and Industry said Monday.The Korean leaders included Knowledge Economy Minister Hong Suk-woo, KCCI chairman Sohn Kyung-shik, and Samsung Electronics vice chairman Kang Ho-moon.They are scheduled to visit Atlanta, Georgia and Washington, D.C. between Dec. 4-8. This will mark the first time for the two cou
Dec. 3, 2012
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British Airways launches Incheon-Heathrow route
British Airways resumed its direct flights between Seoul and London on Monday, upping its efforts in the growing Asian aviation market.Starting on Monday, the air carrier operates two airplanes ― BA17 and BA18 ― six times a week non-stop between Seoul’s Incheon International Airport and London’s Heathrow Airport. It was the company’s return to Korea 14 years after its route between Gimpo and Heathrow was shut down during the Asian Financial Crisis in the late 1990s. “We celebrate a milestone in
Dec. 3, 2012
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Firms stockpile cash to brace for global economic uncertainties
Corporate coffers in Korea are filling up as nervous local companies cut back on investment spending.The corporate sector has increasingly been tightening its purse strings as the economy has failed to manifest a clear rebound. Instead, companies are opting to keep their coffers filled with cash to prepare for future uncertainties, industry sources said on Monday.“We want to be stocked in cash and liquid assets in case the global economy fails to pick up,” said one executive, declining to be ide
Dec. 3, 2012
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Tax cut helps car sales recover
Korea’s five major automakers including Hyundai Motor sold 778,187 vehicles at home and abroad last month, posting a 8.9 percent on-year increase despite the global economic slowdown.Hyundai Motor said Monday that its vehicle sales at home and abroad logged 420,365 units in November, up 11.9 percent from a year earlier.The largest carmaker in Korea sold 61,608 units in the local market and 358,757 units in the overseas market, reporting 12.6 percent and 11.8 percent on-year growth, respectively.
Dec. 3, 2012
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Financial market for retirees to triple until 2020: report
South Korea’s financial market for people preparing for life after retirement is expected to more than triple over the next decade amid rising demand from its fast-aging population, a report showed Sunday.The financial market for private pensions, retirement pensions and other private-sector financial products designed to support retirees will grow to 981 trillion won ($905.8 billion) in 2020 from the 302 trillion won estimated for this year, according to the report by Woori Investment and Secur
Dec. 2, 2012
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Watchdog to probe cosmetics franchises
The Fair Trade Commission plans to launch a probe into the nation’s franchise business sector in the first quarter next year, starting with cosmetics shops in downtown areas that are sprouting recently due to soaring demand from Asian tourists. “We will look into the franchise sector as many retired people are seeking to start a new business and such trend is spreading to younger generations,” FTC chairman Kim Dong-soo told reporters on Friday. “As soon as we complete our investigation into conv
Dec. 2, 2012
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Samsung, Hyundai strong in U.S. phone, car markets
The nation’s two largest companies ― Samsung Electronics and Hyundai Motor Group ― are thriving in the United States, a crucial market for their bigger global success. Samsung Electronics, which overtook Finland’s Nokia as the world’s largest handset-maker in April, held the No. 1 position in the U.S. mobile phone market. According to a survey by analytics firm comScore of some 30,000 mobile subscribers, 26.3 percent of the respondents said they owned a Samsung handset between August and October
Dec. 2, 2012
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Samsung, Apple gain in U.S. mobile market
Samsung extended its lead as the top mobile phone maker in the U.S. market and Apple moved into second place, an industry tracker said Friday.A survey by comScore showed that in the three-month period ending in October, South Korea's Samsung was the top manufacturer with 26.3 percent market share, up from 25.6 percent in the prior period.Apple, which sells only smartphones, moved into second place in the U.S. market for the first time, with a 17.8 percent market share, up 1.5 percentage points.
Dec. 1, 2012
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Lee urges rise to new challenge
Samsung chairman calls for fresh challengeGroup celebrates Lee’s 25-year leadership Samsung Electronics chairman Lee Kun-hee pledged Friday to push for another round of innovation at Samsung Group.“I vowed to create a new history for Samsung. As there are still long ways to go, we have to launch fresh challenges,” he said in a video message delivered to his staff during the group’s ceremony to celebrate Lee’s 25th anniversary as chairman.“By conducting another innovative mode in the group, let’s
Nov. 30, 2012
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Kolon names its 1st female CEO
Kolon Group, the nation’s 30th-largest conglomerate, appointed its first female chief executive officer when it carried out a major reshuffle of executives of its affiliates on Friday.Group officials said Lee Soo-young, 44, senior vice president of Kolon Water & Energy, was named to head the company. It is the first time that Kolon will have a female CEO in its 55-year group history.Lee, who entered the Kolon Group in 2003 as a senior manager for the Wellness TF, has been on the fast track in cl
Nov. 30, 2012
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Mercedes-Benz Korea CEO dies in Germany
Mercedes-Benz Korea CEO Thomas Urbach died on Thursday in Germany, company spokespeople said Friday.The company did not reveal the cause of death of the 50-year-old German businessman, but Yonhap News, quoting unnamed industry sources, reported that the luxury car chief, who had suffered from depression for years, killed himself.Urbach was in Germany to visit the automaker’s headquarters in Stuttgart.The CEO had been scheduled to hold a press conference on Dec. 11 in Seoul to make public the Kor
Nov. 30, 2012
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Korea’s gender pay gap biggest in OECD
The income gap between men and women was the biggest in South Korea among member countries of the Organization for Economic Cooperation and Development in 2010, research showed. Women received an average 39 percent lower payment compared to men in Korea, an OECD report showed on Friday. The gap in Korea was about 2.6 times larger than the average gap among 28 OECD countries, which was 15 percent.Japan came in second on the list with 29 percent, followed by Germany and Israel, which both marked 2
Nov. 30, 2012
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S. Korea’s income gap by gender widest among OECD nations
South Korea remained the nation with the largest income gap between men and women among advanced countries with the gender pay gap hardly narrowing over the past decade, a report showed Friday.According to the report by the Organization for Economic Cooperation and Development (OECD), South Korea found its gender income gap to be 39 percent, the highest among 28 surveyed member nations, as of 2010.It means that South Korean women are paid 39 percent less than their male counterparts, lower than
Nov. 30, 2012
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Eating out takes up half of household food spending
Eating out takes up nearly half of average household spending on food, research showed, reflecting the increase in dual-income families. The cost of eating out took up 20 percent of total food spending in households up until 1990, but gradually increased and reached 44 percent in 2003, 45.2 percent in 2007 and 46.6 percent last year, according to a report by the Korea Rural Economic Institute on Thursday. There was a significant gap between the rich and poor in terms of eating out ― the top 40 p
Nov. 29, 2012