Daum Kakao to set up 100-bln-won new investment firm to seek out ventures

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Daum Kakao to set up 100-bln-won new investment firm to seek out ventures

South Korea's top mobile messenger operator Daum Kakao said Monday it plans to invest 100 billion won (US$90.8 million) to start a new company that will seek out promising venture companies in and out of the country. The company said its board of directors approved the tentatively-named K ...

Updated : 2014.12.22 22:08

Korea cuts growth forecast

The South Korean government on Monday downgraded its economic growth forecast for the year 2015 to 3.8 percent from the 4 percent it predicted in July, citing weak consumption and investment amid grow...

Updated : 2014.12.22 22:00

City takes aim at Uber

The Seoul Metropolitan Government said Monday that it would further ramp up its efforts to ban Uber, saying the controversial taxi-hailing service was not part of the sharing economy. “Uber does not ...

Updated : 2014.12.22 21:44

[SUPER RICH] Lees’ Samsung reign to continue

The global community is closely watching Samsung Group, the country’s largest conglomerate, after it handed over its chemical and defense units to Hanwha Group. Samsung said the move was aimed at str...

Updated : 2014.12.22 21:31

SK kin invest in hallyu building

Founding family members of SK Group, the country’s fifth-largest business conglomerate by assets, have become the latest conglomerate scions to become involved in the Korean pop culture wave, also kn...

Updated : 2014.12.22 21:25

BMW M chief joins Hyundai’s performance car push

Hyundai Motor said Monday that it hired Albert Biermann, chief engineer for BMW’s M performance cars, to develop high-performance models and to improve the ride and handling of its existing mass-mark...

Updated : 2014.12.22 21:23

KNOC’s UAE consortium eyes 100m barrels of oil

The Korean consortium, formed by state-run Korea National Oil Corp. and GS Energy, is expected to produce some 100 million barrels of crude oil in Abu Dhabi, the United Arab Emirates, KNOC said. The KNOC-led consortium said that it has completed a drill stem test, which aims to examine the...

Updated : 2014.12.22 21:22

Korea, New Zealand agree free trade pact

Korea and New Zealand on Monday initialed their free trade agreement, negotiations for which concluded on Nov. 15, the Ministry of Trade, Industry and Energy said. “The FTA was initialed in Wellington by South Korean Deputy Trade Minister Choi Kyong-lim and New Zealand Deputy Secretary of...

Updated : 2014.12.22 21:21

LG to launch 8-inch LTE tablet PC

LG Electronics on Monday said it would start domestic sales of the first model from its G Pad lineup to run on the Long Term Evolution (LTE) network. The G Pad 8.0 LTE ― powered by the Android 4.4.2 ...

Updated : 2014.12.22 21:21

Cinema chains fined W5.5b for unfair practices

South Korea’s corporate anti-trust watchdog on Monday slapped fines totaling 5.5 billion won ($5 million) on two of the country’s largest cinema chains for discriminatory film screening practices.The Fair Trade Commission said both Lotte Cinema and CJ CGV gave preferential screen quotas ...

Updated : 2014.12.22 21:21

Listed firms’ debt ratio down in first 9 months

South Korean listed firms’ debt ratio fell in the first nine months of this year as their current assets grew faster than liabilities, data showed Monday. The average debt ratio for 609 of 700 companies listed on the Seoul main bourse came to 78.18 percent at the end of September, down 1....

Updated : 2014.12.22 21:21

POSCO builds lithium extracting plant in Argentina

POSCO, South Korea’s largest steelmaker, said Monday that it had completed the construction of a lithium plant in Argentina that would mass produce the material needed to make batteries for electronic devices.The plant located in Jujuy, in the northern part of Argentina, can produce up to...

Updated : 2014.12.22 21:21

Foreign institutions cut Korea’s growth outlook

Foreign institutions and investment banks lowered their 2015 forecasts for South Korea’s economic growth, data showed Monday, as domestic demand remains sluggish and tepid global recovery plus a weakening yen signaled hurdles for exports.The average outlook for the country’s gross domest...

Updated : 2014.12.22 21:21

ETRI expands drone operating system for railways, nuke plants

South Korea’s state-run Electronics and Telecommunications Research Institute said Monday that it would expand its operating system for drones and helicopters to be used for the operation of trains a...

Updated : 2014.12.22 21:20

Pension fund to pocket nearly W1tr in dividends

South Korea’s national pension fund is expected to receive at least 930 billion won ($847 million) in dividends this year from companies that it invests in, some of which are planning to jack up dividend payouts for the year, data showed on Monday.According to financial information provid...

Updated : 2014.12.22 21:20