Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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40 flights canceled on Jeju Island due to bad weather
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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N. Korea slams US, other countries for seeking alternative to UN sanctions monitoring panel
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Pandemic left Korea more depressed than before: report
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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S. Korea's jobless rate edges up to 3.9 pct in June
South Korea's jobless rate edged up in June as the Middle East Respiratory Syndrome outbreak caused a sharp slowdown in growth of new hirings by the service sector, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 3.9 percent last month, up from 3.8 percent in May. The number also rose 0.4 percentage point from a year earlier.The seasonally adjusted jobless rate for June was 3.9 percent, unchanged from the previous month. The national em
July 15, 2015
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Tesla eyes Korea in Asia push
Tesla, the U.S. electric sports car maker, is turning its eyes to Korea in its latest push for the all-important Asian market amid lukewarm Chinese sales. According to a job posting on its Japanese website on Tuesday, the carmaker is searching for a vice president who will lead its Japanese and Korean sales teams. “Our Japan-Korea sales vice president will be focused on all of Tesla’s direct sales activities in the Japanese and Korean markets, ensuring the attainment of both short- and long-term
TechnologyJuly 14, 2015
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FSS offers real-time firm disclosure info service
The Financial Supervisory Service said Tuesday that it would launch a notification service giving access to corporate disclosure information in real time.Starting from Wednesday, users may receive company disclosure information through the online disclosure system website -- Data Analysis Retrieval and Transfer.Those who wish to receive the notification on a specific company should first visit the DART website (dart.fss.or.kr) and view the corporate overview page of the corresponding company.By
July 14, 2015
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Superrich heirs-apparent rush to consulting companies
The third generation of South Korea’s superrich conglomerates are rushing to consulting firms, in an apparent attempt to obtain management-related experience while establishing their own global network. According to Hankyung.com, Chey Yun-jeong, the eldest daughter of SK Group chairman Chey Tae-won and former President Roh Tae-woo’s daughter Roh So-young, has recently started working at Bain & Company. The report noted that the University of Chicago graduate was hired as a junior consultant. “Th
IndustryJuly 14, 2015
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Naver, Daum Kakao go head-to-head on mobile platform
South Korea’s two largest Internet giants Naver and Daum Kakao are going head-to-head to take the leadership in the local mobile platform war for consumers who are shifting their time away from PCs and toward smartphones and tablet computers. The nation’s biggest portal Naver, which belatedly made forays into the mobile sector, is ramping up efforts to stay ahead by capitalizing on its knowhow in Internet content services. Daum Kakao, which has long lagged behind Naver in search services, is poi
TechnologyJuly 14, 2015
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Fitch maintains Korea’s rating
Fitch Ratings Inc., one of the world’s major credit raters, Tuesday maintained Korea’s sovereign ratings at “AA-” and long-term outlook at “stable,” citing the country’s solid growth and strong control over bad loans. “The Korean sovereign ratings reflect a strong macro-economic performance, moderate government debt and strong external balances, while exposure to geopolitical risk arising from the longstanding conflict with North Korea and low per capita income weigh on the rating,” Fitch state
July 14, 2015
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Hyundai Steel aims at W26tr in sales by 2020
Hyundai Steel, the steel business arm of Hyundai Motor Group, unveiled its growth vision to 2025 under a blueprint to advance into a “materials business-based value creation company.”Under the new slogan of “engineering the future beyond steel,” the company said it would diversify its businesses beyond the core and achieve sales of 26 trillion won ($23 billion) by 2020 and 31 trillion won by 2025. The company’s declaration of a new vision was expected, following the completion of its merger with
IndustryJuly 14, 2015
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[SUPER RICH] South Cape Spa & Suite attracts superrich around the world
The South Cape Spa & Suite, located in Namhae, South Gyeongsang province, is a constant temptation for golf enthusiasts who dream of golfing every time they look at a patch of grass.South Cape has become one of Korea’s representative golf resorts just two years from its establishment in 2013, becoming a must-see for foreign visitors and being listed as one of “Korea’s best golf courses” in various golf magazines.A total of about 400 billion won ($350 million) was invested to build the golf resor
IndustryJuly 14, 2015
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NPS undecided on Samsung deal
The National Pension Service did not discuss its position on whether or not it would support the proposed Samsung C&T-Cheil Industries merger when it held a decision-making committee meeting Tuesday, officials said.The NPS committee meeting was held amid reports that its fund management office’s investment panel internally decided last Friday to support the controversial merger proposal.Holding an 11.21 percent voting stake in Samsung C&T, the NPS’ decision regarding the merger is seen as critic
July 14, 2015
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LG Uplus joins hands with Huawei for 5G
South Korean mobile carrier LG Uplus said Tuesday that it would beef up its partnership with Chinese telecommunications equipment manufacturer Huawei to develop technology for the next-generation 5G mobile network.The two signed a memorandum of understanding in a ceremony in China, at which Kim Sun-tae, executive vice president of LG Uplus’ service development division, and Yang Chao Bin, chief marketing officer of the Chinese firm, discussed the details of the future collaboration. Kim Sun-tae
TechnologyJuly 14, 2015
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Tesla eyes Korea in Asia push
Tesla, the U.S. electric sports car maker, is turning its eyes to Korea in its latest push for the all-important Asian market amid lukewarm Chinese sales. According to a job posting on its Japanese website on Tuesday, the carmaker is searching for a vice president who will lead its Japanese and Korean sales teams. “Our Japan-Korea sales vice president will be focused on all of Tesla’s direct sales activities in the Japanese and Korean markets, ensuring the attainment of both short- and long-term
TechnologyJuly 14, 2015
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Kumho chairman to head Visit Korea Committee
Park Sam-kooKumho Asiana Group chairman Park Sam-koo has been appointed to lead a tourism promotion committee, the group said Tuesday. The Visit Korea Committee, under the Ministry of Culture, Sports and Tourism, elected Park as its new chairman during a board meeting in Seoul on Friday.“We expect that Park will contribute vastly to the development of the tourism industry with his expertise in the tourism sector and management skills he cultivated as a business leader,” a VKC official said. Foun
IndustryJuly 14, 2015
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Korean Air heiress seeks to dismiss nut rage lawsuit in U.S.
Heather Cho, the oldest daughter of Korean Air chairman Cho Yang-ho, has asked a U.S. court to dismiss a lawsuit involving an onboard tantrum dubbed “nut rage” on Tuesday, saying the case should be handled by a court in Korea. (Yonhap)“It is more appropriate to hold a plea in Korea as all parties related to the case are Korean nationals and investigations were also conducted in the country,” an attorney representing Cho said. The motion comes months after a flight attendant who was harassed by
IndustryJuly 14, 2015
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[Graphic News] Inbound remittance surpasses outbound transfers
Foreign remittance sent to Korea surpassed money going abroad, data showed Tuesday. According to data from KB Financial Group and World Bank, the amount of money wired from abroad to Korea in 2014 was $6.48 billion, eclipsing the $5.8 billion wired out of the country.By country, the most money was wired to Korea from the United States with $2.96 billion, followed by Japan with $1.71 billion. The two countries made up 71.3 percent of all money being wired to Korea.The next three countries in ter
IndustryJuly 14, 2015
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S. Korea fails to secure resources despite huge overseas investment
The South Korean government has invested nearly 36 trillion won ($31.5 billion) into overseas resources development projects in the past 20 years but failed to secure an acceptable amount of resources, the state audit agency said Tuesday."The government has invested 35.8 trillion won to participate in 169 overseas energy projects since 1984 to secure energy resources. However, the outcome was not good enough," the Board of Audit and Inspection of Korea said in a press release.The BAI's outcome s
July 14, 2015
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Samsung Electro-Mechanics to spin off non-core biz lines
Samsung Electro-Mechanics Co., a South Korean industrial parts maker under the country's No. 1 conglomerate Samsung Group, said Tuesday it will spin off a handful of its product lines to focus on its mainstay businesses.Under the move, Samsung Electro-Mechanics will offload businesses, including the Electronic Shelf Label, a price-displaying system installed on shelves in stores, and tuners that are used to receive digital broadcasting."Our company decided to transfer the related staff and asset
IndustryJuly 14, 2015
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S. Korea to open mini-sized derivatives market
South Korea will open a mini-sized futures and options market next week to offer investors wider choices for hedging and trading and revitalize the once-vibrant derivatives market, the main bourse operator said Tuesday. The Korea Exchange currently operates the futures and options trading based on the KOSPI 200 index, a flagship index composed of the top 200 stocks by market capitalization. Starting next week, the bourse operator will offer contracts for as little as 25 million won ($21,900) and
July 14, 2015
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KEPCO inks deal to set up micro grid in Canada
South Korea's state-run power company said Tuesday that it has signed a deal to set up a micro grid in Canada, marking the first time it will make inroads into the North American market.The $11.7 million contract signed with PowerStream Inc. includes an option to participate in updating the Canadian partner's conventional supervisory control and data acquisition systems, Korea Electric Power Corp. said.Micro grids are localized grids that can be operated autonomously from nationwide power networ
IndustryJuly 14, 2015
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S. Korea to turn Busan into world's No. 2 transshipment port
South Korea plans to transform Busan into the world's No. 2 transshipment cargo port by 2020 by building up infrastructure and streamlining operations, the government said Tuesday.The move could enable the country's largest sea port to outstrip Hong Kong for the second place slot among the world's transshipment harbors and place it below Singapore, the Ministry of Ocean and Fisheries said.Transshipment refers to the handling of containers and cargo at an intermediate destination before they are
IndustryJuly 14, 2015
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Seoul shares open higher on Greek deal
South Korean shares opened higher on Tuesday as investors welcomed a tentative agreement on a third Greek bailout scheme, analysts said. The benchmark Korea Composite Stock Price Index added 6.68 points, or 0.32 percent, to 2,068.2 in the first 15 minutes of trading.Bio shares traded in the positive terrain. Schnell Biopharmaceutical jumped 19.25 percent, and Yuhan Corporation, a major drugmaker, rose 2.51 percent.POSCO increased 4.05 percent as the nation's top steelmaker, currently under inves
July 14, 2015