Most Popular
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[AtoZ into Korean mind] Humor in Korea: Navigating the line between what's funny and not
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Yoon seeks rebound, taps 5-term lawmaker as chief of staff
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Medical standoff deepens as doctors reject new med school plan, talks
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[Herald Interview] Why Toss invited hackers to penetrate its system
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korean envoys convene to navigate strategy amid Middle East tensions
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Korean, Romanian leaders discuss defense tech, nuclear energy
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North Korea fires several short-range ballistic missiles into sea: JCS
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Samsung, SK hynix investors dump shares on Nvidia crash
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Automobile sales inch down in Korea on economic slump
The number of cars newly registered in South Korea edged down in 2016 from a year earlier, data showed Sunday, as the prolonged economic slump weighed down consumers' sentiment.According to the data compiled by the Korea Automobile Manufacturers Association, new vehicle registrations came to 1.82 million units last year, down 0.6 percent from 2015. (Yonhap)Industry watchers said the decline came as South Koreans in their 30s and 40s were less inclined to buy new cars amid the gloomy economic out
IndustryMarch 26, 2017
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LG Display to supply TV panels to Samsung: source
LG Display Co. plans to supply 700,000 units of liquid crystal display panels for TVs to Samsung Electronics Co. this year, industry tracker IHS Markit said Sunday.It will be the first such deal between the two South Korean firms, which are competing in the global tech industry.The logo of LG Display Co. (Yonhap)Samsung earlier sought to receive panels from Sharp Corp., but the Japanese player earlier announced it would end the supply after being purchased by Taiwanese Hon Hai Precision. Industr
CompaniesMarch 26, 2017
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Korea's industrial output seen rising 3.7% in Feb.
South Korea's industrial output is expected to move up 3.7 percent on year in February, compared with a 1.7 percent growth tallied a month earlier, according to an estimate by an international ratings agency on Sunday.Stronger global demand for electronics is likely to boost the nation's industrial production last month, Moody's Investor Service said in a statement. (Yonhap)"We expect industrial production to have expanded 3.7 percent y/y in February, up from January's 1.7 percent y/y gain," the
IndustryMarch 26, 2017
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Market cap of LG Group affiliates surpasses W80tr
The combined market capitalization of 11 affiliates of LG Group, including LG Electronics Inc., has surpassed 80 trillion won ($71.3 billion), boosted by their better-than-expected earnings, industry data showed Saturday.According to the data compiled by industry tracker FNGuide, the market value of LG's 11 affiliates stood at 80.1 trillion won as of Friday, up 13.9 percent from the end of last year. During the period, shares of LG Electronics jumped 39.9 percent to 72,200 won, buoyed by expecta
CompaniesMarch 25, 2017
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Deloitte Anjin gets 1-year new business suspension
The financial regulator said Friday it has decided to ask for Deloitte Anjin to be made to suspend its opening of new accounting services for a year for “turning a blind eye” on the window dressing of troubled shipbuilder Daewoo Shipbuilding & Marine Engineering.The Securities & Futures Commission announced that it has decided to request such a penalty on the company to the Financial Services Commission, which will review the request and make a final decision on April 5. The logo of Deloitte (De
March 24, 2017
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Korean submarines to use Samsung SDI lithium battery
Samsung SDI’s lithium batteries will be used for 3,000-ton submarines that are to be developed with Korean technologies for the first time, according to the state arms procurement agency. South Korea’s Defense Acquisition Program Administration said it had a critical design meeting Thursday to review whether lithium batteries are suitable for the submarines Chang Bogo-III and Batch-II. The critical design review is a meeting to determine whether making a prototype is feasible. (Yonhap)Chang Bog
TechnologyMarch 24, 2017
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'Transformed' FKI vows to boost transparency, take on more think tank role
The Federation of Korean Industries, the largest lobby body for large companies here, said Friday that it would boost transparency and switch to the role of a think tank for the corporate sector.Huh Chang-soo, chairman of the FKI, announced a set of reform measures that centers around its pledge to cut its murky connection with the political circle and the government, and to better serve as a think tank for the corporate sector and society as a whole. (Yonhap)Among others, in a gesture to show i
March 24, 2017
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Korea to sell W8tr state bonds in April
South Korea plans to sell 8 trillion won ($7.1 billion) worth of state bonds next month, the finance ministry said Friday.The government will issue 1.85 trillion won worth of bonds with a maturity of three years and 1.95 trillion won worth of five-year bonds. (Yonhap)It also plans to sell 1.85 trillion won worth of 10-year Treasurys and a combined 2.35 trillion won of bonds with a maturity of between 20 and 30 years.For May, it also has a plan to issue a combined 8 trillion won worth of state bo
March 24, 2017
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Korean Air forecasts over W840b in profits
Korea’s largest air carrier forecast over 840 billion won ($747.7 million) in operational profits this year at a shareholder meeting Friday morning, the first session to be led by new President Cho Won-tae.“This year, we have decided that our management policy will be to create a sustainable business that can produce profits even in times of rapid environmental change,” Cho said at the meeting.Cho Won-tae, President of Korean Air (Korean Air)It was the first time that Cho Won-tae led a sharehold
IndustryMarch 24, 2017
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Seoul stocks fall on foreign sell-off
South Korean stocks fell Friday as foreign investors remained net sellers of local stocks, with sentiment partly subdued after Samsung Electronics said it may have to delay adopting a holding company format at present. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index shed 3.77 points, or 0.17 percent, to close at 2,168.95. Trade volume was moderate at 354 million shares worth 5.04 trillion won ($4.48 billion). Samsung Electronics Vice Chairman Kwon Oh-hyu
March 24, 2017
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11-year-old Samsung shareholder speaks up
On Friday, the bigwig business executives of one of the world’s largest IT companies, got an unexpected earful from one of its shareholders: an 11-year-old and a proud owner of two Samsung Electronics shares. Identified only by his surname Yu, the fifth-grader at an elementary school, bravely took the chance to stand up and comment on Samsung’s embarrassing recall of the Galaxy Note 7 at the company’s general shareholder meeting held earlier in the day. Samsung Electronics Vice Chairman Kwon Oh
IndustryMarch 24, 2017
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Holding firm transition on hold: Samsung Electronics
Samsung Electronics Vice Chairman Kwon Oh-hyun said Friday that it will be difficult to push for a transition into a holding company for now, delaying its decision on restructuring amid a corruption scandal that led to the arrest of Samsung’s de factor leader Lee Jae-yong.His comments gave a negative signal on the tech giant’s plan announced in November to split the firm into a holding company and an operating unit within six months. Samsung Electronics Vice Chairman Kwon Oh-hyun (left) speaks d
IndustryMarch 24, 2017
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Daewoo Shipbuilding to focus on specialty vessels, eyes turnaround in 2017
Daewoo Shipbuilding & Marine Engineering Co., South Korea's embattled shipbuilder, said Friday that its portfolio will be mostly made up of LNG carriers and other specialty vessels, with the company expecting a business turnaround this year.Its rosy outlook came a day after the country's state-run creditors of the shipyard, the world's largest by order backlog, announced a fresh rescue package worth 6.7 trillion won ($5.98 billion), but only if all stakeholders agree to a painful debt-for-equity
IndustryMarch 24, 2017
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Samsung SDS has ‘no plans to spin off logistics business this year’
Samsung SDS, the internet technology solutions unit of South Korea’s Samsung Group, said Friday that it does not plan to spin off its logistics business this year, defying market expectations that the move would be made in the near future. “We have no plans to spin off our Business Process Outsourcing unit (which provides global logistics services) this year,” Samsung SDS CEO Chung Yoo-sung announced during a shareholder meeting held in Seoul on Friday.Samsung SDS officially announced in June 20
TechnologyMarch 24, 2017
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Mercedes dealer Han Sung offering free inspections
Han Sung Motors is conducting free vehicle inspections until April 29 to commemorate the recognition it received last year in the areas of consumer satisfaction and diagnostics. Han Sung Motor, the largest dealer for Mercedes-Benz Korea, ranked No. 1 in vehicle maintenance customer satisfaction last year, according to the 2016 Automobile Customer Satisfaction Survey by Consumer Insight, a consumer research institute. (Hansung) The survey was based on online consumer polls from July 2016. Han
MobilityMarch 24, 2017
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Korea to improve accuracy of financial estimates for 8 public insurances
South Korea will carry out an integrated assessment of its eight public insurances' long and mid-term financial estimates in 2018 in a way to better deal with their potential deficit due to the country's rapidly aging population, the finance ministry said Friday.According to government data, eight public insurances, including the National Health Insurance Service, will see their total expenditure reach 220 trillion won ($195.9 billion) in 2025, up from 106.2 trillion won tallied in 2016. (Yonhap
March 24, 2017
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KT to supply home AI devices to apartment
KT Corp., South Korea's biggest Internet service provider, said Friday it will provide its artificial intelligence home assistant platform to an apartment complex in the southern port city of Busan.GiGA Genie is an advanced voice recognition butler service that allows users to control home appliances and listen to music using voice commands. It is the world's first IPTV service featuring AI, the company said. (Yonhap)KT said the deep learning platform will be adopted at the Lotte Castle apartmen
TechnologyMarch 24, 2017
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Hyosung holds fabric development workshops in Greater China
Hyosung held its fabric development workshop known as Creora Workshop in China, Hong Kong and Taiwan, from March 6 to 17, the company said Friday.The 20 Asian client companies that Hyosung visited included fabric and sewing companies, such as China’s Best Pacific and Derun, and Taiwan’s Newwide , as well as fashion brands like LiNing China, Victoria’s Secret Hong Kong and GAP. (Creora)The workshop provided customized information on recent business trends to the client companies, Hyosung said. Fa
IndustryMarch 24, 2017
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Major shipyards vow to continue cost-cutting measures, boost profitability
South Korea's two major shipbuilders -- Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. -- said Friday that they will strive to boost their profitability via increased orders and continued cost-cutting measures.At a shareholders meeting, Park Dae-young, president of Samsung Heavy, said the shipyard will continue to work toward efficient management while implementing its self-rescue measures as scheduled. (Yonhap)"In order to survive, we will make efforts to secure competitiveness a
IndustryMarch 24, 2017
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Daewoo Shipbuilding labor union says ready to share 'pain'
The labor union of embattled Daewoo Shipbuilding & Marine Engineering Co. said Friday that it is willing to accept a proposed pay cut for workers from the shipyard's creditors, proposing four-party talks aimed at helping the shipyard stay afloat.The labor union's action came a day after the country's state-run creditors of the shipyard, the world's largest by order backlog, announced a fresh rescue package worth 6.7 trillion won ($5.98 billion) to the ailing shipbuilder, but only if all stakehol
IndustryMarch 24, 2017