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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[Newsmaker] LG CEO breaks barriers in school background
LG Electronics appointed, for the first time, a high school graduate CEO. The Seoul-based consumer electronics giant announced on Thursday the promotion of Jo Seong-jin, former executive vice president of the company’s home appliances department, to the position of president. Jo joined the company in its Gold Star days after graduating from Yongsan Technical High School in 1976. He volunteered to work in the washing machine planning department, which was formerly looked down on by employees at t
Nov. 29, 2012
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Hyundai-led group wins $630m order from Uruguay
A South Korean consortium led by Hyundai Engineering & Construction Co. has won a $630 million deal to build a power plant in Uruguay, the local builder said Thursday. Under the contract with Usinasy Trasmisiones Electricas, Uruguay’s state-owned power company, the consortium will build a 530-megawatt thermal power plant in Punta del Tigre, about 40 kilometers west of the capital city, Montevideo, according to South Korea’s top builder Hyundai Engineering. The consortium will complete the power
Nov. 29, 2012
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LG promotes high-performing execs
LG Group on Thursday conducted the second round of its personnel reshuffling which included the replacement of a couple of long-timers in a move reflecting the company’s shifting focus to performance and a younger generation of executives. At LG Display, executive vice president Han Sang-beom was promoted to president and CEO for helping the company achieve No. 1 status in the world 3-D television market. In the third quarter, Han led the company into the black after eight quarters of deficits.
Nov. 29, 2012
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Kia to get tax benefits in Georgia State
The U.S. state of Georgia will provide Kia Motors with tax benefits for the coming 16 years, in reflection of the carmaker’s major contribution to the regional economy, company officials said on Thursday.Kia Motors, which operates manufacturing plants in West Point, Georgia, recently signed a pact on mutual investment with five municipal governments in the state.The pact features reduction and exemption of a variety of taxes between 2013 and 2029 and fiscal support from the local governments for
Nov. 29, 2012
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U.K. court to hear Samsung claim on Apple violation
Samsung Electronics will argue Apple Inc. smartphones use its protected technology without authorization in a London trial starting Thursday. Samsung claims Apple infringed patents key to how phones send and receive information on third-generation mobile networks. Apple argues the patents aren’t valid and, regardless, Samsung must license the technology’s use under fair terms if it’s vital for connecting to modern networks, according to the iPhone maker’s court filings. The two companies continu
Nov. 29, 2012
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Samsung Techwin probed over gun parts
Samsung Techwin is facing a barrage of criticism following a recent investigation by the prosecution on allegations that the company was installing used parts for assembling critical artillery weapons. On Thursday, the special investigation team of the Changwon district prosecutor’s office raided the manufacturing plants of Samsung Techwin that produce K-9 guns, and also the Defense Agency for Technology and Quality.The investigation, requested by of the Board of Audit and Inspection, was based
Nov. 29, 2012
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LG fridges recognized in U.S.
LG Electronics said Thursday it is aggressively moving to gain a bigger share in the U.S. home appliance market with refrigerators that have been deemed environmentally sustainable.The company said that it has become the first major Korean appliance manufacturer to be certified by the CSA Group to meet the industry’s Sustainability Standard for Household Refrigeration Appliances.A total of nine of its refrigerators, including the well-known French Door models and LG ThinQ “smart” models, have me
Nov. 29, 2012
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Korean manufacturers' biz sentiment for Dec. hits near 4-year low
South Korean manufacturers' business confidence for December declined to a near four-year low as the growth outlook remained bleak amid the global economic downturn, the central bank said Thursday.The index of manufacturers' outlook on business conditions came in at 67 for December, down from 70 tallied for November, according to a monthly survey by the Bank of Korea (BOK). The index measures manufacturers' expectations for the coming month.The December data marked the lowest reading since the i
Nov. 29, 2012
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Apple wins partial Dutch ban on Galaxy devices in Samsung clash
Apple Inc. (AAPL) won a Dutch sales ban on some of Samsung Electronics Co. (005930)’s older Galaxy tablets and smartphones after a Netherlands court ruled in a patent lawsuit. Samsung’s Galaxy products using certain versions of Google Inc (GOOG)’s Android operating system infringe an Apple patent describing a way to navigate images in a photo gallery, Judge Peter Blok said today. Samsung last year tweaked a feature on the smartphones to bypass a Dutch injunction. Today’s ban concerns products th
Nov. 29, 2012
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LGE carries out performance-based reshuffling
LG Electronics on Wednesday underwent regular personnel reshufflings that recognized the contributions of key people. In total, 38 executives were promoted, including two chief executives and three vice presidents.Three of the five newly appointed top executives hailed from the home appliance division.In total, three of the five newly appointed top executives hailed from the home appliance division. Executive Vice President Jo Seong-jin, head of the washing machine department, was promoted to vi
Nov. 28, 2012
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Shinhan staff’s volunteer activities
Shinhan Bank is carrying out corporate social responsibility activities with its company-wide volunteer group led by its president.Over 46,000 employees participated in volunteer work last year, each devoting an average of 10.1 hours, according to the bank. “We are not doing it to make simple donations or to take credit. Our employees seem to have, instead, internalized a sort of CSR DNA. We are earnestly participating in volunteer work,” Shinhan officials said in a statement. The bank commenced
Nov. 28, 2012
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SMEs take off on strong government support
Small and mid-sized companies in Korea are now being given more opportunities to pursue advanced technology to enhance their competence, and become more effective exporters. Making this possible is the Small and Medium Business Administration, which is offering all the necessary training, such as the basics for exporting products, improving product design, conducting overseas market research, searching for buyers and participating in overseas exhibitions, for the SME sector.In particular, the ad
Nov. 28, 2012
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Hyundai Motor’s contract workers plan one-day strike
A group of non-regular employees at Hyundai Motor’s factories nationwide said they will go on partial strike on Thursday, demanding job security.Depending on coming situations involving concessions from management, their protest could develop into a full-fledged walkout, according to a statement from the non-regular workers’ union.While participants are likely to include a large portion of 13,000 contract workers at the carmaker’s plants in Ulsan, Asan and Jeonju, they plan to call on the manage
Nov. 28, 2012
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Hyundai unveils new Equus after four years
Hyundai Motor and Rolls-Royce Motor Cars unveiled their most prestigious segment cars separately on Wednesday in Cheongdam-dong, a district strewn with luxury designers’ boutiques in southern Seoul. Hyundai, Korea’s largest carmaker, introduced the more luxurious version of its upscale sedan Equus, four years after the previous launch ahead of its official sale starting early December. Though there is no drastic change in exterior design, the chrome grille and LED headlamps have a more sophistic
Nov. 28, 2012
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Apple gives up patent life of crucial design
The patent litigation battle between Samsung Electronics and Apple Inc. saw a new twist Wednesday with Apple agreeing to limit the term for one design patent it used to win its $1 billion jury verdict against Samsung.Foreign news outlets said the Cupertino-based firm filed a “terminal disclaimer” with the U.S. patent office that limits the term of its design-related patent, which Samsung claims is too similar to another patent owned by Apple.The move comes as Apple may have been deeply impacted
Nov. 28, 2012
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Korean handsets to capture 30% of market
Korea’s mobile phone manufacturers are expected to capture 30 percent of the global market for the first time in history this year, brokerage industry data showed Wednesday.Samsung Electronics and LG Electronics are anticipated to post market shares of 26.4 percent and 3.7 percent, respectively, for a collective 30.1 percent share of handset sales globally, Samsung Securities said in a report.The brokerage house predicted that the two companies’ 2012 sales would reach 440 million and 56 million
Nov. 28, 2012
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Hyundai Motor, affiliates favored by foreign investors
Foreign investors have scooped up shares of Hyundai Motor Co. and its affiliates so far this year, with their buying of those stocks accounting for 40 percent of the total net purchase, data showed Wednesday.According to the main bourse operator Korea Exchange, Hyundai Motor, Kia Motors Corp. and two other affiliates were among the foreign investors’ basket of top 20 most-favored listed firms, taking up 5.6 trillion won (US$5.2 billion) of the combined net purchase of 14.3 trillion won.Overseas
Nov. 28, 2012
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Which presidential candidate’s policy pledges are the more sincere?
The 2012 presidential election is expected to be a watershed moment in Korean politics as it will decide the direction of Korean economic policies now that we’ve gone through administrations from all sides of the ideological spectrum. In 2008, the people cast their votes for President Lee Myung-bak on the desperate hope economic growth and material prosperity would resolve the nagging wealth disparity problems. Almost five years have passed, and the situation has worsened ― to the point that eve
Nov. 28, 2012
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Korea ranks 9th in national brand value
Korea’s national brand value was worth $1.6 trillion, ranking ninth among 39 countries worldwide, a local think tank found Tuesday. The Institute for Industrial Policy Studies evaluated the brand competitiveness of countries, cities and companies based on surveys and trade volume. The United States topped the rankings with its brand value worth $12.2 trillion, followed by Germany with $7.4 trillion and Japan with $3.4 trillion. Over the past three years, Asia-Pacific countries showed the highest
Nov. 27, 2012
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OECD: Korea to grow 3.1% in 2013
The Organization for Economic Cooperation and Development predicted a gradual pickup for the Korean economy on the back of improved exports next year, forecasting a growth rate of 3.1 percent.Korea was one of six nations the OECD predicted to register a rate of over 3 percent. For 2014, the outlook was even higher at 4.4 percent. Overseas shipments will rise as global trade gains momentum, the OECD said in an outlook report on Tuesday. The recovery in the global economy, however, would be “hesit
Nov. 27, 2012