Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul to more than double military drones by 2026 to counter NK threats
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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul alerts overseas missions to NK terror threats
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Over 60% of S. Koreans support W100m childbirth incentive: survey
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‘Inside Out 2’ adds four new emotions, explores teenage life
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Questions raised over fair promotion of RM, NewJeans
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KPG members work to enhance EMS service
The Kahala Posts Group, an alliance of 10 postal services, kicked off its 14th annual meeting in Seoul on Wednesday.At the meeting, chief executives from Korea, the United States, China, Japan and six other countries discussed ways to improve the quality of EMS, or express mail service, and exchanged ideas to further develop delivery service for electronic commerce, according to the Korea Post. Chief executives pose at the 14th Kahala Posts Group meeting in Hotel Shilla, central Seoul, Wednesda
July 27, 2016
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Hyundai Heavy returns to profit in Q2 on cost reduction
[THE INVESTOR] Hyundai Heavy Industries bounced back into profit in the second quarter, driven by cost-cutting efforts under the industry-wide restructuring program and strong performance in its non-shipbuilding sectors. The world’s largest shipbuilder posted operating profit of 557.2 billion won (US$490.70 million), a huge turnaround from a loss of 171 billion won from a year earlier, the company said in a regulatory filing on July 27. Hyundai Heavy's shipyardIn the April-June period, the ship
IndustryJuly 27, 2016
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Samsung inks patent licensing deal with Valencell
[THE INVESTOR] Samsung Electronics has recently inked a patent licensing deal with US-based biometric sensor developer Valencell in a move to further expand its presence in the soaring health care wearables market. Samsung Gear IconX earbuds that also work as a fitness trackerValencell has a highly cited patent portfolio in optical biometric sensor technology, which includes 35 patents granted and more than 70 additional patents pending. With the latest patent licensing deal, Samsung is expected
TechnologyJuly 27, 2016
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Hyundai Oilbank posts record H1 operating profit
[THE INVESTOR] Hyundai Oilbank, a refinery affiliate of Hyundai Heavy Industries disclosed on July 27 that its consolidated operating profit for the first half of the year came to record high of 524.8 billion won (US$461.97 million). The company has now recorded operating profits for the 16th consecutive quarter. Its second quarter revenues came to 2.81 trillion won, and operating profits came in at 323 billion won. With second-quarter operating profits rising 37.9 percent compared to the same p
IndustryJuly 27, 2016
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Consumer sentiment improves in July
South Korea’s consumer sentiment index rebounded toward its previous high over three months in July, as concerns over corporate restructuring and the Brexit vote both at home and abroad fell, following policy measures to cushion the economy from possible shocks.The consumer sentiment index stood at 101 this month, up 2 points from a month before, the Bank of Korea said Wednesday.Along with the April sentiment at 101, the July index marks the highest since December last year when it stood at 102.
July 27, 2016
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[Monitor] Newborns fall to lowest level in May
The number of children born in South Korea dropped to an all-time seasonal low in May, official data showed Tuesday. The number fell 5.8 percent on-year to 34,400, according to Statistics Korea.
July 27, 2016
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Samsung C&T returns to profit in Q2
[THE INVESTOR] Samsung C&T, a construction and trading affiliate of Samsung Group, bounced back into profit in the second quarter, on the back of its construction and resort segments. In the April-June period, the company posted operating profit of 176.81 billion won (US$158.88 million), reversing a loss of 434.81 billion won in the previous quarter, it said in a regulatory filing on July 27. Net profit came to 134.58 billion won, a turnaround from 516.63 billion won loss from the January-March
IndustryJuly 27, 2016
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Seoul to codify int'l safety standard for makgeolli
South Korea plans to submit a draft on the international food standard for makgeolli, as part of its efforts to export the indigenous traditional rice wine overseas, the agricultural ministry said Wednesday.The Ministry of Agriculture, Food and Rural Affairs said it will officially submit a plan to codify safety standards for makgeolli to the Asian office meeting of the Codex Alimentarius Commission in September.The ministry said it aims to establish an international food standard for makgeolli
IndustryJuly 27, 2016
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Chinese firm fined for false disclosure
South Korea's bourse operator imposed a heavy penalty on a Chinese company traded on the country's stock market on Wednesday, for a false regulatory filing that could lead to its delisting.The Korea Exchange designated China Ocean Resources Co. an "unfaithful disclosure" corporate and placed it under a special watch. It was blacklisted as what the KRX calls an "administrative issue." The KRX also slapped a fine of 200 million won ($176,000) on the company, the heaviest fine levied on a listed fi
July 27, 2016
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Samsung Life’s product kills two birds with one stone
Samsung Life Insurance is offering a variable universal whole life product to customers who want lifelong death coverage and a steady flow of income after retirement in one plan, the company said Wednesday. The product, launched in April, is like other regular whole life insurance policies as long as the policyholder is below a preset retirement age, providing coverage on unexpected death by a large lump sum payment of the death benefit. But once the policyholder reaches a certain age -- between
July 27, 2016
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LINE swings into black
[THE INVESTOR] LINE, the Tokyo-headquartered mobile messenger operator, said on July 27 that the company’s operating profit improved in the April-June period thanks to strong sales in its ad and media content businesses.Announcing its first earnings result on the day since its IPO in Tokyo and New York this month, the company said it logged 8 billion yen (US$75.74 million) in operating profit, up from an operating loss of 2.4 billion yen in the second quarter of last year. It also recorded 33.9
TechnologyJuly 27, 2016
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LG Innotek suffers W34b operating loss in Q2
[THE INVESTOR] LG Innotek, the electronics parts unit of LG Group, suffered an operating loss of 34 billion won (US$30 million) in the April-June period, the company said in its quarterly earnings report on July 27. Revenue stood at 1.12 trillion won, down 22.6 percent from a year ago.The company said the slowing demand for smartphones has affected its overall sales negatively, adding that it would making a big push on the more lucrative automotive parts business as its new growth engine.In the
TechnologyJuly 27, 2016
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Hyundai Heavy turns to black in Q2 amid reduced costs
Hyundai Heavy Industries Co., a major South Korean shipbuilder, reported Wednesday that it swung to a net profit during the second quarter thanks in part to reduced costs and improvement in its non-shipbuilding business. Net income came to 392 billion won ($345 million) in the April-June period on a consolidation basis, a turnaround from a loss of 242 billion won a year earlier, the company said in a regulatory filing.Sales dropped 17.4 percent on-year to reach 9.86 trillion won, while it logged
July 27, 2016
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Former chief of Lotte's ad firm summoned over alleged slush fund
Prosecutors summoned a former chief of Daehong Communications Inc., Lotte's advertisement affiliate, on Wednesday for questioning over the alleged creation of a slush fund, as they widened their probe into the country's fifth-largest conglomerate.The Seoul Central District Prosecutors' Office said it summoned Choi Jong-won over suspicions the ad firm funneled more than 1 billion won ($880,000) into a slush fund by faking deals or exaggerating unit prices.The 58-year-old is also accused of siphon
CompaniesJuly 27, 2016
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Korea's imports of Norwegian mackerel up 73% in H1
South Korea's imports of Norwegian mackerel rose 73 percent in the first six months of this year from a year earlier, data showed Wednesday, as the Asian country banned catches of mackerel in its waters for one month during the first half.South Korea imported 10,751 tons of mackerel from Norway in the January-June period, compared with 6,199 tons during the same period last year, according to data from the Norwegian Seafood Council.South Korea caught 28,687 tons of mackerel in the first five mon
IndustryJuly 27, 2016
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Extra budget vital for job creation: Park
President Park Geun-hye said Wednesday that the extra budget submitted to parliament will play a crucial role in bolstering job creation, calling on lawmakers to lend their support by promptly approving the stimulus plan."The government will allocate the extra budget with haste as soon as the plan is passed," Park said in a statement delivered by Prime Minister Hwang Kyo-ahn at the National Assembly, adding the budget will play a key part in improving the national economy and creating more jobs.
July 27, 2016
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SK Telecom steps up development of advanced AR, VR tech
South Korean network operator SK Telecom said Wednesday it has partnered with Israel-based 3-D sensor processing developer Inuitive Ltd. to step up its development of solutions based on augmented and virtual reality technology.SKT and Inuitive signed a memorandum of understanding in Seoul on the day, agreeing to jointly work on new AR-and VR-based solutions under development by SKT for mobile phones and small electronic devices.SKT plans to merge its AR and VR tech brand “T-Real” with Inuitive’s
TechnologyJuly 27, 2016
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LG to invest W2tr in OLEDs
LG Display’s latest plan to make an additional investment in plastic organic light-emitting diodes indicates that Samsung and LG would be double vendors for Apple’s new iPhone to be unveiled in 2018, industry sources said Wednesday. LG Display said Wednesday it plans to invest around 2 trillion won ($1.76 billion) -- equivalent to around 15 percent of the display-maker’s equity capital -- to produce around 15,000 plastic OLED sheets per month in its Paju plant. LG Display CEO Han Sang-beom speak
TechnologyJuly 27, 2016
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Minister issues warning against strike
Finance Minister Yoo Il-ho said Wednesday that the government will deal with the laborers of conglomerates under a creditor-led workout going on strike. In an economic-related ministerial meeting in Seoul on Wednesday, the finance minister said that he was concerned that some conglomerates’ workers are protesting when they should instead be working together to overcome the difficulties of restructuring ahead.“They are only making contractors and nonregular workers uneasy. Their act, which is onl
July 27, 2016
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Builders see rise in Q2 operating profits
Korea’s major construction firms have seen a rise in their operating profits of the second quarter, thanks to the jump of orders and expansion to the overseas market, industry analysts said. Hyundai Engineering and Construction said on Wednesday that its operating profit rose by 5.5 percent to 268 billion won ($236 million) in the second quarter on-year.The sales dropped by 2.7 percent to 4.69 trillion won but the net profit jumped by 16.4 percent to 167.7 billion won. In the first half of this
IndustryJuly 27, 2016