Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Korea enters full election mode
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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[Herald Interview] Son Suk-ku chooses to be swayed by others in navigating life
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Seoul shares trade lower on Wall Street losses
South Korean stocks traded slightly lower late Monday morning as investors sat on the sidelines after overnight losses on Wall Street, analysts said.The benchmark Korea Composite Stock Price Index edged down 0.08 percent, or 1.54 points, to 1,923.16 as of 11:20 a.m.Market leader Samsung Electronics lost 0.08 percent, and the country's top carmaker Hyundai Motor surrendered 0.83 percent.Tech solutions provider Samsung SDS dropped 3.16 percent after having gained ground in the previous two session
Jan. 12, 2015
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BOK to keep rate unchanged this month: poll
South Korea's central bank is forecast to keep the base rate on hold in January as the government is drumming up support for structural reform over short-term policies to fuel growth in Asia's fourth-largest economy, analysts said Monday.A majority of 20 of 22 analysts surveyed by Yonhap Infomax, the financial news arm of Yonhap News Agency, projected the Bank of Korea to keep the base rate unchanged at an upcoming policy meeting on Thursday. If the projection is on track, it will extend the BOK
Jan. 12, 2015
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Hybrid car sales of Hyundai, Kia up nearly tenfold in 6 years
South Korea's top carmaker, Hyundai Motor Co., and its sister affiliate, Kia Motors Corp., saw sales of their hybrids grow nearly tenfold over the past six years, data showed Monday, as the firms continue to churn out various eco-friendly options for buyers.The two automakers sold a combined 62,648 units of their hybrid cars in their home market and in the United States last year, compared to the 6,312 units registered in 2009, according to industry data. Of the figure, 34,828 units were sold in
MobilityJan. 12, 2015
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Incheon seeking investment from Alibaba
South Korean port city Incheon said Monday it is in talks with Chinese retail giant Alibaba Group for an investment that informed sources said would be in the range of 1 trillion won ($924 million)."It is true that we are in talks with Alibaba for investments in line with our efforts to overcome our financial problems," a city government official said. "While we are taking an aggressive and strategic approach for the investment, we have not yet made any decisions at present."IT industry sources
Jan. 12, 2015
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Drugmaker Green Cross's exports top $200 mln last year
Green Cross Corp., a South Korean pharmaceutical company, said Monday its exports topped $200 million last year, becoming the first South Korean drugmaker to reach the mark.The pharmaceutical firm said its outbound shipments were led by a surge in demand for vaccine products, which totaled $60 million last year, up 60 percent from a year earlier.In 2010, the drug firm started delivering a seasonal flu vaccine to the Pan American Health Organization in the wake of an influenza outbreak, and its e
IndustryJan. 12, 2015
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S. Korea's major biz groups saddled with mounting debts
South Korea's major business groups saw their debts increase sharply in recent years amid a protracted economic slump, data showed on Monday.The combined debt held by the country's 30 major conglomerates stood at 624.3 trillion won ($572 billion) at the end of 2013, sharply up 25.7 trillion won, or 4.3 percent, from two years ago, according to the data compiled by Chaebul.com, which tracks large business groups. Their debts had amounted to 598.6 trillion won in 2011.The data showed that the nati
IndustryJan. 12, 2015
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Price tags of Korean stocks surge in 2014
The number of high-priced South Korean stocks increased last year compared to a year ago, and they tended to produce higher yields than their peers, the main bourse operator said Monday.Stocks listed on the main KOSPI market priced over 100,000 won ($91.5), the top-end price band, rose 22.58 percent on-year to 76 as of Friday compared to the end of 2013, the Korea Exchange (KRX) said.In the secondary KOSDAQ market, shares priced over 30,000 won, its upper band, tallied at 62, up 58.97 percent fr
Jan. 12, 2015
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Trade deficit with EU tops US$10 bln in 2014
South Korea's trade deficit with the European Union (EU) topped the US$10-billion mark last year, largely due to a slump in the shipbuilding sector and European carmakers' expanded presence here following the implementation of the bilateral free trade agreement in 2011, industry data showed on Monday.According to the data, South Korea's exports to the world's single largest economic bloc gained 5.5 percent through Dec. 20 last year to $50.04 billion, while imports from the eurozone countries sur
Jan. 12, 2015
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Researchers skeptical of government’s 3.8% optimism
Skepticism is growing over the government’s growth target this year as an increasing number of experts are dismissing the figure as unwarranted optimism.The Ministry of Strategy and Finance on Sunday reaffirmed its previous forecast of 3.8 percent growth this year, citing positive economic indicators globally. “The (South Korean) economy is expected to achieve a 3.8 percent growth this year, with the recovering global economy, falling oil price and investment-friendly policies deemed to fuel the
Jan. 11, 2015
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[Graphic News] Singapore’s broadband speed fastest in world: report
Broadband speed in Singapore is now the world’s fastest, according to a Federal Communications Commission report. In the third quarter of last year, Singapore recorded an average connection speed of 105.3 Mbps. Other Asian countries that topped the global list for fastest Internet speeds are Hong Kong (95.7 Mbps), Japan (69.7 Mbps) and South Korea (34 Mbps).Globally, the average connection speed was 4.5 Mbps, remaining above the 4 Mbps “broadband” threshold but declining by 2.8 percent from the
TechnologyJan. 11, 2015
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Lotte heir dragged from helm in Japan
Shin Dong-joo, the eldest son of Lotte Group founder and general chairman Shin Kyuk-ho, on Thursday was fired from vice chairmanship at Lotte Holdings in Japan, virtually descending from all managerial positions at his father’s business empire that spans from South Korea and Japan to across Asia and even the U.S. According to Lotte Holdings, Shin was voted off at a meeting of the board of directors for undisclosed reasons. The news came two days after revelations that he was sacked from executiv
IndustryJan. 11, 2015
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Hyundai, Kia see sales top 90m cars
South Korea’s top automaker Hyundai Motor and its sister affiliate Kia Motors have sold a combined 90 million cars since their beginnings 50 years ago, industry data showed Sunday.As of last year, the two sold a cumulative 89.9 million vehicles domestically and internationally, including cars made overseas, according to the data.That translates into about 167,000 cars sold every week on average. It also means the two firms most likely reached the 90 million milestone within this past week, accor
MobilityJan. 11, 2015
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KOGAS chief resigns over bribery charges
Jang Seok-hyo, president and CEO of Korea Gas Corporation, on Sunday offered to resign, following prosecutors’ indictment over alleged bribery and breach of trust. The announcement came two days after Energy Minister Yoon Sang-jik urged for his dismissal. Jang was indicted without detention last month on suspicion that he had received some 280 million won ($255,000) from an LNG tug boat company since July 2013. He is also suspected of having misappropriated 3 billion won company fund and overpai
Jan. 11, 2015
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Home sales hit 8-year high in 2014
South Korea’s home sales reached an 8-year high in 2014, the government said Sunday, apparently bolstered by a series of government measures to revitalize the property market. The number of home transactions surged 18 percent on-year to 1,005,173 last year, the largest annual tally since 2006, according to the Ministry of Land, Infrastructure and Transport. It also marks the first time since 2006 that the annual figure has surpassed the 1 million mark. Home transactions in Seoul soared 32.5 perc
Jan. 11, 2015
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Auto exports dip for 2nd year in 2014
South Korea’s auto exports fell for the second straight year in 2014 due mainly to sluggish markets in Eastern Europe and Latin America, government data showed Sunday.Overseas shipments of vehicles stood at 3.06 million units last year, down 0.9 percent from the previous year, according to the data by the Ministry of Trade, Industry and Energy. The ministry attributed the decline to weak exports to Eastern Europe as well as South and Central America and the European Union.Shipments to Eastern Eu
MobilityJan. 11, 2015
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[Herald Interview] Qatar Airways unveils first A350
DOHA ― Qatar Airways, the Gulf state’s national carrier, unveiled the world’s first Airbus A350 last week ― the newest aircraft in the market with higher fuel efficiency and a lower noise level. “We are ready to commence operations with the A350 and are delighted to introduce another level of service with our expanded fleet,” Qatar Airways CEO Akbar Al Baker said at a news conference at Doha International Airport on Jan. 7.Its first operation launched the Doha-Frankfurt route Thursday, and subse
IndustryJan. 11, 2015
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2015 tax deficit to be higher than expected: report
South Korea’s budget deficit is expected to be higher than expected to surpass an earlier estimate of 3.4 trillion won ($3.1 billion) this year due to lower-than-predicted economic growth and inflation, a parliamentary report said Sunday. The National Assembly Budget Office in October forecast the government to collect 218.2 trillion won in taxes based on a 5.6 percent nominal growth rate, expecting a tax revenue shortfall of over 3 trillion won of this year. In the latest report, the NABO said
Jan. 11, 2015
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LG, Daimler heads meet at CES
LG Electronics CEO and vice chairman Koo Bon-joon and Daimler chairman Dieter Zetsche met at the International Consumer Electronics Show in Las Vegas last week in the latest move to expand their ties. Given Mercedes-Benz’s recent push for driverless cars, industry watchers said automated systems for vehicles were likely the key topic of the meeting on Jan. 6. “We have discussed ways to further expand ties between us,” Koo, the LG chief, told reporters after the one-hour meeting made at the CES e
MobilityJan. 11, 2015
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Coming to a car near you: Auto technology at CES
LAS VEGAS (AP) ― Self-driving cars garner much of the attention, but in reality, we’re years away from tooling around in something like Knight Rider’s KITT. Coming sooner to a car near you: smartphone apps on dash displays, cruise control that adapts to cars around it, remote engine starting and more. At International CES in Las Vegas this week, 10 automakers and numerous suppliers unveiled technological features that will find their way into cars in the distant and not-so-distant future. Here’s
MobilityJan. 11, 2015
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BMW Korea launches winter driving program
BMW Korea on Tuesday launched its Winter Driving Program at its driving center on Yeongjongdo Island, Incheon, to entertain motor enthusiasts with seasonal activities until the end of February. Aimed at offering winter driving experiences, the participants will be able to acquire and refine their winter driving skills on a snowy multipurpose road under the guidance of professional instructors ― Snow Basic ― or get firsthand experience drifting in high-performance BMW M vehicles on the snow-cover
MobilityJan. 11, 2015