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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Russia sent more than 165,000 barrels of refined petroleum to N. Korea in March: White House
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Seoul to more than double military drones by 2026 to counter NK threats
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Key suspects grilled over alleged abuse of power in Marine death inquiry
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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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‘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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Yeongjongdo to turn into Korea’s Las Vegas
A 2.3 trillion-won ($2.2 billion) casino resort project in Midan City on Yeongjongdo Island within the Incheon Free Economic Zone is expected to launch before the opening of the PyeongChang 2018 Winter Olympics.The project, which LOCZ Korea ― a consortium formed by China’s Lippo and Caesars Entertainment of the U.S., which received a preliminary casino license from the Seoul government in March ― includes the construction of a 7,700-square-meter site with a casino, hotels, dining spaces, shoppin
Sept. 25, 2014
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IFEZ looks to build Asia’s educational center
The Incheon Free Economic Zone, already established as an international business hub, is seeking to become the center of education in East Asia.Reflecting this initiative, noted educational institutions including U.S.-based George Mason University, the University of Utah, the State University of New York and Belgium’s Ghent University have opened Asian branches at the Songdo Global Campus of Incheon, embracing the open and liberal yet academic atmosphere of the campus.These schools have brought
IndustrySept. 25, 2014
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Hyundai Logistics sales to streamline ownership structure of Hyundai Group
Hyundai Group is expected to be able to streamline its cyclical ownership structure with the sale of its logistics unit to be completed next week, raising market confidence in the cash-strapped conglomerate, corporate sources said Thursday. Insiders said the money generated by the sale of Hyundai Logistics to Japanese private equity fund Orix Corp. will be used by Hyundai chairwoman Hyun Chung-eun and her family to purchase a100 percent stake in Hyundai Global, the holding company for the ent
Sept. 25, 2014
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Finance chief supports pardoning convicted biz leaders
South Korea's top economic policymaker on Thursday expressed his full support for the justice minister's recent controversial remark that the government needs to consider pardoning business leaders convicted of crimes in order to help boost the persistently slowing economy.On Wednesday, Justice Minister Hwang Kyo-ahn said in an interview with a local newspaper that the government needs to seriously think about freeing or pardoning convicted CEOs if it can help turn the economy around. After his
Sept. 25, 2014
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South Korea vows stern punishment for in-flight violence, misconduct
South Korean air carriers were told Thursday to video record any unlawful activities or misconduct during flights and turn it over to the police as the government vowed strict punishment of such incidents. To help curb the growing number of safety violations aboard flights, the Ministry of Land, Infrastructure and Transport said it has instructed the local airline companies to closely follow existing guidelines. These include recording incidents after notifying the passengers, it said. By law,
IndustrySept. 25, 2014
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Samsung reduces PC business, follows rivals' path
South Korea's top tech giant, Samsung Electronics Co., said Thursday it plans to stop sales of its low-end ATIV laptop lineup in Europe amid the slowing global PC market, following the path of its rivals. "We will no longer launch new versions of the Google Chromebook and ATIV in the European market, and instead will focus on high-end laptops and tablet PCs down the road," an official from Samsung Electronics said. The company, however, said it will maintain the PC business in other areas, i
TechnologySept. 25, 2014
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Real wage growth falls to near zero
South Korea’s annual growth in wages growth has dropped to near zero percent when adjusted for inflation, according to recent data, meaning domestic consumption will likely remain in the doldrums. The data, for the second quarter of the year, found that wages of temporary workers had dropped in real terms over hte same period. The findings were based on data compiled by the Bank of Korea and the Ministry of Employment and Labor and released on Wednesday.The average monthly pay of the nation’s em
IndustrySept. 24, 2014
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Montblanc honors Kumho Asiana chairman
Kumho Asiana Group chairman Park Sam-koo on Wednesday was awarded the Montblanc de la Culture Arts Patronage Award, which is given to active patrons of the arts, the group said in a press release. “History may not remember a company, but the culture and arts the firm sponsored stay in the public’s memory for a long time,” said Lutz Bethge, Montblanc International CEO, at a press conference to honor Park at the Hotel Shilla in Seoul. “In the cruel world of business, it is art and creativity that
IndustrySept. 24, 2014
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Nongshim gears up for water business
A image of Baeksansu bottled water against the backdrop of Cheonji Lake, located in the crater at the top of Mount Baekdusan. (Nongshim)Nongshim, the nation’s top instant noodle and snack maker, is expanding its bottled mineral water business under the vision to advance into a global food and beverage manufacturer. The foodmaker debuted mineral water brand Baeksansu in 2012 after its decade-long research and development effort. “We nurtured the brand in the pursuit of a driving force for future
IndustrySept. 24, 2014
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Smartphone-maker Pantech to be put up for sale
South Korea’s No. 3 smartphone-maker Pantech, which is in court receivership, is to be put up for sale in the near future, industry sources said Wednesday. The latest development came as the Seoul Central District Court gave the nod to Pantech’s plan to put itself up for sale, a month after it commenced the troubled firm’s court receivership program.Pantech’s creditors, led by the Korea Development Bank, will accept bids from potential buyers soon, the sources said. The plan came as the creditor
IndustrySept. 24, 2014
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Coupang recruiting software developers
Coupang, a leading e-commerce firm in Korea, said on Wednesday it is recruiting software developers who will be nurtured to become next-generation global information technology experts. Those hired will take part in four weeks of basic training and an eight-week educational program, in which more than 30 senior developers will give the latest information on technology on top of their on-field experience, the company said. The candidates will also be offered a mentorship to help them get used to
IndustrySept. 24, 2014
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Gas industry gathering ends in success
Korea Gas Corp. CEO Jang Seok-hyoThe Korea Gas Union, a gas industry association, said it successfully hosted its 18th Gas Industry Conference at Coex in southern Seoul on Monday.More than 350 people, including the government agencies, Korea Gas Corp. and global energy-related companies such as Shell, Mitsubishi and Total, attended to share the latest information on gas technology and to discuss the pending issues of the industry.This year, Australian Ambassador to South Korea William Paterson,
IndustrySept. 24, 2014
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CJ food guru quits
CJ Group adviser Noh Hee-young, an influential tastemaker, has offered to step down from her post, the company said Wednesday. The 51-year-old businesswoman has been considered a key confidante of CJ vice chairwoman Lee Mie-kyung. Lee is the de facto chief of the nation’s top food-maker as group chairman Lee Jae-hyun has been handed a prison sentence for tax evasion and embezzlement.“Noh has contributed much to beefing up CJ’s competitiveness in marketing and design. We hope to continue our coll
IndustrySept. 24, 2014
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Philip Morris donates cars to veterans
Philip Morris Korea’s corporate affairs director Kim Byung-chul (right) poses with Yi Gyu-seon, a representative from the Asan branch of the Korea Disabled Veterans Organization. (Philip Morris Korea)Philip Morris Korea said on Monday that it donated vehicles to the Asan branch of the Korea Disabled Veterans Organization, as part of its social responsibility activities. The ceremony for the donation was held at the Veterans Hall in Asan, South Chungcheong Province.The company said the donated ve
IndustrySept. 24, 2014
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Hanjin picks InterContinental as L.A. hotel operator
Hanjin Group, owner of South Korea’s flag carrier Korean Air, selected InterContinental Hotel Group as the service operator of its incoming premium hotel in the U.S. The group on Tuesday signed a consignment contract with InterContinental, entrusting the management of the $1.2 billion Wilshire Grand Hotel to open in Los Angeles in 2017. “InterContinental is the right kind of brand which may realize the high-class service on behalf of Wilshire Grand Hotel,” said Cho Hyun-ah, chief of KAL Hotel Ne
Sept. 24, 2014
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Samsung Galaxy Note 4 to hit shelves this Friday
Samsung Electronics said Wednesday that sales of its new hybrid device, the Galaxy Note 4, will roll out in South Korea through the country’s three mobile carriers on Friday.The premium 5.7-inch phablet with a quad HD super AMOLED display, which was introduced at the IFA trade show early this month in Berlin, will then hit shelves in China and 140 countries by the end of next month.The price of the Galaxy Note 4, which will be available in Charcoal Black, Frost White, Bronze Gold and Blossom Pin
TechnologySept. 24, 2014
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Market values of Samsung, Hyundai Motor hit 3-year low
The combined market value of the top two players Samsung Electronics Co. and Hyundai Motor Co. has decreased to its lowest level in three years, data showed Wednesday, raising concerns that it could pull down the market. The combined market capitalization of Samsung Electronics, the world's largest handset and chip maker, and Hyundai Motor, the world's fifth-largest automaker, accounted for 17.6 percent of the total KOSPI market value as of Tuesday, the lowest since October 2011 when it poste
IndustrySept. 24, 2014
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Hyundai's target prices cut by foreign investors on currency, land deal
A slew of foreign investors are trimming their target prices on Hyundai Motor Co., South Korea's top automaker, as the weakening yen and the firm's jaw-dropping real estate deal are feared to undermine its competitiveness and profitability, data showed on Wednesday. The median target price by 11 foreign brokerages such as Nomura Holdings Inc. was put at 248,000 won ($238) as of Tuesday, sharply down from 305,000 won forecast early this year, according to the data compiled by Bloomberg. More
IndustrySept. 24, 2014
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Pantech to be put up for sale soon
South Korea's No. 3 smartphone maker, Pantech Co., under a court receivership, is set to be available for sale in the near future, industry sources said Wednesday, in a move to get the company back on its feet. The latest development came as the Seoul Central District Court gave the nod to Pantech's plan to post itself on the market for sale, a month after it commenced the troubled firm's court receivership program. Pantech's creditors, led by the Korea Development Bank, will accept bids fr
TechnologySept. 24, 2014
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[Graphic News] Labor participation rises among women in 20s
The labor participation rate for women in their 20s stood at 64.6 percent in the second quarter of this year, up from 63.3 percent in the previous quarter, government data showed. The figure is higher than the rate of 62 percent for men of the same age group, while the gap between men and women was the largest since the second quarter of 2012, according to Statistics Korea. The trend is mostly due to low birthrates and a decline in marriages, the agency said. The number of babies born in South K
Sept. 23, 2014