Most Popular
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Golden chance to liquidate babies’ gold rings?
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Inflation eases in April, continues bumpy ride
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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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Over 60% of S. Koreans support W100m childbirth incentive: survey
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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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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SK Telecom to take over U.S. shopping app
SK Telecom, the nation’s No. 1 mobile carrier, will take over U.S.-based shopping app Shopkick for $200 million, the company said Sunday.Industry watchers said the acquisition deal is likely to help SK Telecom to make inroads into the U.S. market. In an effort to expand its business overseas, SK Telecom announced last year that it would spend between $500 million and $1 billion through its Internet Services arm SK Planet on investing in or buying U.S. companies over three to five years. Shopkick
IndustrySept. 28, 2014
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Investments in tax havens reach $23 billion over 7 years
South Korean companies and individuals invested nearly $23 billion in 50 tax havens over the past seven years, data showed Sunday.According to the data by the National Tax Service and the Export-Import Bank of Korea, South Korean individuals and companies invested $22.77 billion in the tax havens from 2007 through 2013. The amount represents about 12 percent of overall overseas investments ― worth 197.88 trillion won ($189.4 billion) ― made by South Korea during the period. Of the tax haven inve
IndustrySept. 28, 2014
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Renault Samsung SM7 joins battle for sedan supremacy
Renault Samsung Motors, the Korean unit of France-based Renault Group, aims to renew the already-fierce battle for large sedan supremacy with the SM7 Nova, a revamped version of its flagship sedan. Korean carmakers are increasingly pouring resources into marketing their pricier luxury models with the aim of restoring profits as well as building a premium-brand image. Their sales are also soaring. According to industry data, sales in the large sedan segment surged 33.1 percent to 3,219 vehicles i
MobilitySept. 28, 2014
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Ford Focus outperforms rival diesel compacts
The Ford Focus is one of the best-selling hatchbacks in the world, with its potent diesel engine enhancing both its fuel efficiency and driving appeal.In recent years, the blue oval brand has made relentless efforts to shed its “gas-guzzler” image among Korean drivers as it launches strong diesel-powered models into the market. The Ford Focus is the carmaker’s first diesel-powered compact to hit the Korean market and has begun driving up Ford’s overall sales. Along with its sleek styling, the ca
MobilitySept. 28, 2014
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Paris Motor Show to link cars and fashion
Soberly titled “Cars and Fashion,” the special exhibition at this year’s Paris Motor Show will spotlight around 50 iconic vehicles which left their mark not only in automotive history, but also in the annals of style. Organized in partnership with the French National Audiovisual Institute, the exhibition will be on display from Oct. 4 to 19.Presented in Hall 8 of the Porte de Versailles expo center in Paris, the exhibit will be divided into sections dedicated to some of the key periods in the hi
MobilitySept. 28, 2014
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McLaren launches Asia-only supercar
McLaren is taking a very bold step with the launch of the 625C, the first supercar it has ever built that it claims is smooth and refined enough for everyday use, but more importantly, it is the first car it has tailor-made for one particular group of clients.The McLaren 625C will only be sold in Asia and will be available as a hardtop and as a drop-top Spider. It is based on the hugely successful 650S ― a car so much in demand that McLaren is having trouble hand-building them fast enough ― but
MobilitySept. 28, 2014
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Germany eyes free parking to spur sales of electric cars
Germany is offering electric-car buyers the prospect of free parking as Chancellor Angela Merkel’s government seeks to boost demand for the vehicles.The German cabinet today backed a bill that would enable municipalities to offer drivers of battery-powered cars, fuel cell vehicles and some plug-in hybrids privileges including parking and the right to use bus lanes, the Environment Ministry said Thursday in an emailed statement.“Electric cars will get their own labels so they’re recognizable to e
MobilitySept. 28, 2014
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S. Koreans, firms invest nearly $23b in tax havens
South Korean companies and individuals invested nearly $23 billion in 50 tax havens over the past seven years, data showed Sunday. According to the data by the National Tax Service and the Export-Import Bank of Korea, South Korean individuals and companies invested $22.77 billion in the tax havens from 2007 through 2013. The amount represents about 12 percent of overall overseas investments made by South Korea worth 197.88 trillion won ($189.4 billion) during the period. Of the tax have
Sept. 28, 2014
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Builders fined for colluding to fix prices
South Korea's antitrust watchdog said Sunday that it has fined three major local builders a combined 25 billion won ($23.9 million) for colluding to fix bidding prices in a public project to build tidal outlets. Samsung C&T, GS Engineering and Construction and Hyundai Engineering and Construction fixed their bidding prices for the project initiated in July 2009 by the state-run Korea Water Resources Corp., according to the Fair Trade Commission. The 221.7 billion won project is for building t
IndustrySept. 28, 2014
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Salary for Korean banking group CEOs too high compared to profits: market tracker
Despite lower profits than their overseas peers, South Korea's leading banking groups are paying their CEOs a much better salary, data showed Sunday. The average annual pay last year for the country's top three banking groups reached an estimated 2.7 billion won ($2.6 million), according to data compiled from multiple financial institutions at home and abroad. By comparison, three top Japanese banking groups paid their CEOs an average 1.25 billion won, based on won-yen exchange rate at the end
Sept. 28, 2014
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China getting further ahead of South Korea in IC design market: report
South Korea is falling further behind in its chip design industry compared to China, whose market growth is getting stronger, a report said Sunday. China's fabless industry grew 28.1 percent last year from the previous year, marking sales of $5.76 billion, according to the report from the Korea Institute for Industrial Economics and Trade. The increase raised the country's global market share from 6 percent to 7 percent. South Korea recorded $1.74 billion in sales, an increase of 2.6 percent
TechnologySept. 28, 2014
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South Korea monitors falling yen, tells exporters to take insurance
South Korea is closely monitoring the won-yen exchange rate that financial authorities say has reached a worrisome range and is encouraging exporters to take some hedging measures, officials said Sunday."The low-yen trend has entered its third year, but it is showing signs of accelerating recently," an official staying close to exchange issues said. "Any lopsidedness in exchange rates can negatively impact the local economy. We are watching the situation very closely."The Korean won traded at 95
Sept. 28, 2014
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[Weekender] Island home to tech firms
Daum Communications’ headquarters on Jejudo IslandA number of tech companies have moved to Jejudo Island on for its pleasant working environment and various tax incentives in recent years. The influx of high-tech companies to the island is transforming it from an agricultural and services-based economy into a center for information technology and manufacturing. Over 100 information and bio technology companies, including Daum Communications, Nexon, ESTsoft and Moneual have already relocated to J
IndustrySept. 26, 2014
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[Weekender] Jeju aims for high-tech future
Jejudo Island, a repository of natural heritage loved by both South Koreans and foreign tourists, has been transforming its economic structure into more high-tech economy in recent years. Gov. Won Hee-ryong said early this month that he aims to double the island’s gross regional domestic product to 25 trillion won ($24 billion) within five years from the current 12 trillion won. The provincial government is now pushing ahead with fostering high-tech industries including electric vehicles, bio an
IndustrySept. 26, 2014
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Renault Samsung Motors starts Nissan Rogue shipments to U.S.
BUSAN ― Renault Samsung Motors on Friday began shipping the first batch of Nissan Rogue crossovers that have been produced at its Busan plant as of September. Under the strategic alliance between Renault and Nissan, the Korean carmaker plans to supply an annual 80,000 Rogue vehicles to the U.S. by 2019. Sales will begin in October. “The Rogue production is in a unique win-win-win case under the Renault-Nissan alliance,” said Gilles Normand, head of Renault’s Asia-Pacific division. “(This) took t
MobilitySept. 26, 2014
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Shares slip on foreign selling
South Korean stocks ended lower on Friday as foreign investors continued to sell for a seventh straight session amid a growing appetite for safer assets, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index dipped 2.47 points, or 0.12 percent, to 2,031.64. Trading volume was moderate at 308 million shares worth 3.81 trillion won ($3.65 billion), with decliners outnumbering gainers, 498 to 304.“With foreigners in a selling mode, the KOSPI
Sept. 26, 2014
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Hyundai Motor affiliates’ boards approve land purchase
The boards of Hyundai Motor Group affiliates that formed a consortium to purchase prime real estate in Seoul for 10.55 trillion won ($10.09 billion) on Friday approved the deal, validating the conglomerate’s decision.Hyundai Motor, Kia Motors and Hyundai Mobis make up the consortium, with Hyundai Motor, the country’s largest carmaker, footing 55 percent of the total purchase cost, followed by auto parts producer Hyundai Mobis with 25 percent and Kia with 20 percent.The business group, the world’
IndustrySept. 26, 2014
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CeBIT to focus on ubiquitous digitization
Ubiquitous digitization and how it will change peoples’ lives will be the focus for next year’s CeBIT conference, according to the organizers. “Digitization is everywhere and is shaping ever more dimensions of working and social life. IT is transforming existing business models while at the same time giving rise to completely new ones. The 2015 lead theme encapsulates this development perfectly,” said Oliver Frese, member of the Managing Board of Deutsche Messe AG, which organizes the CeBIT even
TechnologySept. 26, 2014
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Hankook Shell Oil unveils natural-gas-based engine oil
Hankook Shell Oil on Friday launched a new synthetic motor oil, featuring a base oil originating from natural gas.The new Shell Helix Ultra, the company’s most advanced motor oil technology, uses a cutting-edge gas-to-liquid process to design pure synthetic base oil, according to Hankook Shell Oil Co.“We expect Shell Helix Ultra to become a market leading product as the base oil is crystal clear, as it has fewer of the impurities that are found in crude oil,” said Hankook Shell CEO Kang Gin-won
IndustrySept. 26, 2014
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LG Electronics launches event for Tone Plus headsets
LG Electronics launched Friday a promotional event for its premium Bluetooth headset, the LG Tone Plus, near Gangnam Station in southern Seoul.The electronics giant said that it had set up an experience zone in the area, enabling people, especially office workers, to try out the wearable product and its features, as well as test its sound quality during the lunch break. It offers gifts and prizes such as free coffee coupons and monthly free online music tickets to those who participate in the LG
TechnologySept. 26, 2014