Most Popular
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Tensions heighten ahead of first president-opposition chief meeting
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Seoul to provide housing subsidy to married couples with newborns
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New celebrity-endorsed therapy for face contouring requires only a pair of rubber bands
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Rapper jailed after public street fight with another rapper
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[KH Explains] No more 'Michael' at Kakao Games
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Nominee for chief of anti-corruption body pledges 'independence, effectiveness'
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Woman gets suspended term for injuring boyfriend with knife
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Med schools expect 1,500+ new admission slots next year
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Samsung chief bolsters ties with Germany’s Zeiss
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KT launches new mobile plans for foreign residents
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S. Korea's trade promotion agency seeks 'open collaboration' in
The new head of South Korea's trade promotion agency said Wednesday he will strengthen "open collaboration" with other state agencies and organizations to create synergy in helping local small and medium-sized enterprises (SMEs) grow into global companies. Kim Jae-hong, who took office as the head of the Korea Trade-Investment Promotion Agency (KOTRA) earlier this month, added that the agency will serve as a "guide" for firms to better capitalize on free trade deals that the government has secur
Jan. 28, 2015
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Apple, Xiaomi outsell Samsung in Chinese smartphone market
Samsung Electronics Co., once China's No. 1 smartphone vendor, sold fewer smartphones in China for the fourth quarter of last year than Apple Inc. and local brand Xiaomi Inc., continuing to lose ground in the battle for the world's largest smartphone market, a market tracker said Wednesday. "The incredible popularity of the iPhone 6 and iPhone 6 Plus in China in Q4 2014 has led Apple to take first place in the Chinese smartphone market for the first time by units shipped," Canalys said in a stat
IndustryJan. 28, 2015
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Bird flu, FMD disease take toll on S. Korea's meat exports
Outbreaks of bird flu and foot-and-mouth disease (FMD) caused exports of poultry and fresh pork to drop sharply last year, government data showed Wednesday.Cases of bird flu were reported early last year with the first FMD outbreaks being detected later on. The government even implemented "standstill measures" restricting the movement of animals and farmers earlier in the month to try to contain the spread.According to data by Korea Agro-Fisheries & Food Trade Corporation and the farm ministry,
Jan. 28, 2015
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Jeju Air to launch 4 new int'l flights in H1
Jeju Air Co., South Korea's largest low-cost carrier, said Wednesday that it will launch four new flights bound for nearby Asian cities in the first half of the year as part of efforts to meet growing demand. Jeju Air, owned by Aekyung Industrial Co., will launch flights between the southeastern city of Daegu and Beijing on Feb. 13, while providing flights between the second-largest city of Busan and Osaka, Fukuoka and Taipei in April. Jeju Air is the first low-cost carrier that provides flights
IndustryJan. 28, 2015
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S. Korean securities firms suffer freefall in commission income
South Korean securities firms'income from stock brokerage has almost halved in 7 years after cutting fees to woo retail investors disinterested by a stagnant run on the local stock market, data showed on Wednesday.The combined brokerage commission income of local securities firms was estimated at 3.3 trillion won (US$3.06 billion) last year, a sharp drop from 6.6 trillion won in 2007, according to the data compiled by the Korea Capital Market Institute.The comparable figures for 2012 and 2013 we
IndustryJan. 28, 2015
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Apple profit hits new high on rocketing iPhone sales
Apple's quarterly profit soared to a record $18 billion on the back of booming iPhone sales, especially in China.The California-based tech giant also announced Tuesday that its highly anticipated Apple Watch wearable devices unveiled last year are on track to begin shipping in April."We'd like to thank our customers for an incredible quarter which saw demand for Apple products soar to an all-time high," said chief executive Tim Cook.Apple posted record revenue of $74.6 billion in the quarter, du
Jan. 28, 2015
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Japanese, German car parts manufacturers under probe for price
South Korea's antitrust watchdog is investigating Japanese and German car parts manufacturers for price-fixing on products they sold to local automakers, a source said Wednesday.The names of the companies under investigation and the parts supplied have not been made public, but the Fair Trade Commission (FTC) insider said Hyundai Motor Co. and its corporate cousin, Kia Motors Corp., bought the parts for the past several years. The two carmakers are flagships of Hyundai Motor Group, the world's f
IndustryJan. 28, 2015
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S. Korean economy to grow 3.4 pct in 2015: brokerage houses
South Korea's economic growth rate for this year is expected to be a little higher than last year's expansion but fall short of the government's estimate, reports compiled by brokerage houses showed Wednesday.Ten major brokerage houses' average economic growth outlook for 2015 came in at 3.4 percent, slightly higher than the 3.3 percent on-year expansion posted last year, according to the reports.Their growth estimate for the year matches the projection by the Bank of Korea (BOK) of 3.4 percent
Jan. 28, 2015
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Korea to develop Gwangju as hub of car ventures
The presidential office said Tuesday that South Korea would help nurture the country’s southwestern region as a center of automotive start-ups in cooperation with Hyundai Motor Group, the world’s fifth-largest carmaker.Cheong Wa Dae said Hyundai Motor Co. and its smaller sister company Kia Motors Corp. would provide about 1,000 unused patents to those who want to open automotive start-ups in an innovation center in Gwangju.“Hyundai Motor will offer substantial assistance in the whole process of
MobilityJan. 27, 2015
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[Graphic News] World’s richest 1%
The majority of the world’s rich ― the top 1 percent ― reside in the United States, Japan and France, reports said.About 18 million out of the 47 million wealthy people with more than $798,000 each in assets are living in the United States, according to the BBC and the Credit Suisse 2014 Annual Report. The U.S. was followed by Japan (4.04 million rich people), France (3.52 million), Britain (2.9 million) and Germany (2.75 million).Meanwhile, South Korea had 448,000 people who were in the world’s
Jan. 27, 2015
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[SUPER RICH] Superrich set dining trends with restaurant franchises
Restaurant franchise management is the rage among second- to fourth-generation chaebol scions. These superrich ― who have either studied abroad or go on frequent business trips ― are bringing over famous foreign restaurant brands that they patronize overseas, or taking inspiration to build and bring in restaurants that suit their culinary taste. With these business endeavors, they have set off new trends in the Korean restaurant scene.Conglomerates’ recent foray into the restaurant business is a
IndustryJan. 27, 2015
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Buburi gets recognition as different brand to Burberry
Burberry has been very protective of its brand image in Korea lately, but the authorities on Monday opened doors for local manufacturers to be less intimidated by the British fashion juggernaut. According to Buburi, an Andong-based snack maker, the company has won the Intellectual Property Trial and Appeal Board’s approval to register its brand, “Buburi” on breads, beverage and other foods with the Korean Intellectual Property Office.The ruling came as KIPO in 2013 turned down its application be
IndustryJan. 27, 2015
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Hyundai Group nears end of restructuring
Hyundai Group has almost finished carrying out its self-rescue plan to generate 3.3 trillion won ($3.05 billion) to cover mounting debts, part of moves to weather a worsening liquidity crunch.The South Korean conglomerate, which has been pushing ahead with restructuring since December 2013, has secured some 3.27 trillion won by selling off affiliates and assets, according to the company on Tuesday. It also expects to raise an additional 400 billion won by selling its financial unit Hyundai Secur
IndustryJan. 27, 2015
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Hyundai Motor, Baidu team up for connected cars in China
BEIJING (Yonhap) ― Hyundai Motor Co., South Korea’s top carmaker, said Tuesday it has signed a memorandum of understanding with Baidu Inc., China’s top search engine, to sell cars that are equipped with Internet access and in-vehicle infotainment services. Riding a wave of popularity of smartphones and other wearable gadgets, the global auto industry is increasingly betting on cars that can be connected to the Internet with drivers’ smartphones or even without them. Baidu launched its first soft
MobilityJan. 27, 2015
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Samsung chair to leave hospital soon: report
Samsung Electronics chairman Lee Kun-hee, who has been hospitalized for nine months following a heart attack in May, is likely to be discharged soon to continue treatment at his residence, a local business daily reported Tuesday. The decision was made at his family’s request as Lee’s overall health has improved enough for him to get treatment at home, according to the report by Seoul Economic Daily. A Samsung official declined to confirm Lee’s relocation, adding, “There is nothing new to say abo
IndustryJan. 27, 2015
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Struggling Naver renews its mobile shopping platform
Internet giant Naver, which is struggling to catch up in mobile businesses on its home turf, said Wednesday that it would push to secure its footing in the realm.“As many already know, and some statistics show, the Web portal Naver is not the leader in mobile services,” said Han Seong-sook, the general director of Naver’s service departments, at a press meeting in Seoul on Tuesday, admitting the company is currently facing immense difficulties due to the fast-changing business environment. Han
TechnologyJan. 27, 2015
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Ethiopian officials learning Korea’s food reserves policy
Ethiopian government officials are studying Korea’s farm policy and know-how in securing food reserves efficiently, Seoul officials said Tuesday.The African country dispatched a delegation of high-profile officials to Korea, seeking inputs to deal with food security issues, according to the Ministry of Agriculture, Food and Rural Affairs.The eight-member delegation, led by Mirafe Marcos, chief of staff of the Agricultural Transformation Agency, and Misrak Mamo, director general of the Strategic
Jan. 27, 2015
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SK Telecom, Intel to work together on IoT
South Korea’s top mobile carrier, SK Telecom Co., said Tuesday it has agreed with U.S.-based Intel Corp. to exchange technology know-how and search for business opportunities in the Internet of Things industry.The two firms signed memorandums of understanding on a joint project that gives access to each other’s IoT-related infrastructures, aiming to commercialize business ideas and bolster the growth of the IoT industry.The IoT is a concept in which all tangible objects are connected to the Inte
IndustryJan. 27, 2015
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Tobacco price hike begets fresh uncertainties
While the new tobacco tax has been in effect in South Korea for only three weeks, smokers have already found various ways to fight the state-backed market.With the turn of the year, the local price of a pack of cigarettes produced by KT&G, Philip Morris, British American Tobacco or Japan Tobacco International nearly doubled from 2,500 won to 4,500 won ($2.30 to $4.15).The country’s market-based approach to encouraging smokers to quit, however, has had both bright and dark sides. The ugly side ef
IndustryJan. 27, 2015
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Samsung Display eyes Chinese handset makers for diversification
Samsung Display Co., a South Korean display maker, has added more Chinese tech firms to its client list to sell them smartphone AMOLEDs, a move seen as a strategy to rely less on its parent company, Samsung Electronics Co., which is suffering weak sales, industry sources said Tuesday.The subsidiary of the world’s top handset maker, Samsung Electronics Co., has been selling 5.2-inch AMOLEDs to China’s Coolpad Group Ltd. for its flagship Dazen X7 debuted last month. The X5 Max made by another Chin
IndustryJan. 27, 2015