Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[Music in drama] Rekindle a love that slipped through your fingers
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul Metro to seek legal action against malicious complaints
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Exports, trade surplus in tech products hit record highs
South Korea’s exports of tech products and its IT-related trade surplus rose to record highs in May as global demand for Korea’s smartphones and semiconductors remained firm, government data showed Sunday.Korea’s exports in tech products amounted to a record $15.15 billion last month, up 17.2 percent from a year earlier, according to data by the Ministry of Science, ICT and Future Planning and the trade ministry.The country’s trade surplus in the tech sector also hit an all-time high of $8.27 bi
June 9, 2013
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Bibigo at the vanguard of hansik’s globalization
Korean cuisine, or hansik, is on the front burner in major cities around the globe, with kimchi and bulgogi adorning the menus of top, modern restaurants in New York.But it is still rare for non-Koreans to cook or eat hansik at home as they might with Japanese or Chinese. As part of efforts to add hansik to the carte du jour of cosmopolitans, CJ CheilJedang exports Korean food products such as traditional fermented condiments and frozen dumplings under the brand Bibigo to the U.S. the U.K., Chin
IndustryJune 9, 2013
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SM5 TCE boasts more efficient power
Carmakers are devoting considerable resources today to engine downsizing and coaxing more power from fewer cylinders. In Korea where most local brands have yet to fully embrace the downsizing trend, Renault Samsung Motors aims to take the lead with the newly launched SM5 TCE. In its response to the push for efficient power, the Korean unit of France-based Renault Group has recently adopted a 1.6-liter engine in its best-selling midsize sedan SM5. It is the first time that a Korean carmaker has i
MobilityJune 9, 2013
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BMW unveils 3 Series Gran Turismo
BMW Korea said Friday that the 3 Series Gran Turismo would be sold in Korea starting July 1 following its Asian premiere at Seoul Motor Show in March. The BMW 3 Series Gran Turismo is a coupe-like four-door hatchback that is a split between a sedan and a wagon. Two models ― the new 320d Gran Turismo and the new 320d Gran Turismo Luxury ― are scheduled to hit the market next month. The high-riding sedans, similar in stance and style to the 5 Series Gran Turismo, feature a higher seating position
MobilityJune 9, 2013
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Patent office opens service center in New York
Amid the growing importance of intellectual property, the Korean Intellectual Property Office opened a special office in New York in an aim to help Korean companies respond to intellectual property protection issues overseas.The KIPO, jointly with the Korea Trade-Investment Promotion Agency, held the opening ceremony of a new Intellectual Property Desk, or IP-Desk in New York on Friday.Since 2006, the office has been running the IP-Desk system to provide Korean firms with intellectual property i
June 9, 2013
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POSCO ranks 5th in global crude steel output in 2012
POSCO, South Korea's biggest steelmaker, became the world's fifth-largest crude steel producer in 2012, dropping by one notch from a year ago, data showed Saturday.According to data by World Steel Association (WSA), India's ArcelorMittal retained its top ranking with 93.6 million tons of crude steel, followed by Japan's Nippon Steel & Sumitomo Metal Corp. with 47.9 million tons.POSOCO's crude steel production came to 39.9 million tons last year, down from 39.1 million tons in 2011, it said.POSCO
IndustryJune 8, 2013
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No tolerance on nuke corruption: P.M.
In an attempt to appease the public’s anxiety and fury over corruption within the nuclear power business, the government pledged a “zero-tolerance response” to all those who were involved in the scheme.“We will track down all acts of irregularity and make sure that those who are found to be responsible face the due legal punishment,” Prime Minister Chung Hong-won said in a press briefing held at the Central Government Complex on Friday.The government’s three-step countermeasure plans will first
IndustryJune 7, 2013
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STX Pan Ocean files for court receivership
STX Pan Ocean Co., the shipping unit of cash-strapped STX Group, said Friday that it filed for court receivership, dealing a further blow to the shipbuilding and shipping conglomerate which is currently facing a cash shortage.STX Group, the 13th biggest conglomerate, has seen its major affiliates struggling from liquidity shortages and mounting debt due to the downturn in the shipbuilding and shipping sectors.“We have faced a liquidity crisis due to mounting debts and losses that stem from falli
IndustryJune 7, 2013
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Woori sale open to foreigners: FSC head
The sale of Woori Finance Holdings is open to foreign investors as well, Korea’s top financial regulator said Friday, amid the government’s stern move to wrap up the long-pending privatization of the country’s largest banking group.Shin Je-yoon, the chairman of the Financial Services Commission, stressed that there is “no discrimination against foreign banks” concerning the sale.“We’ll announce the plan (of Woori sale) at the end of this month, and (we) don’t have any intention to discriminate (
June 7, 2013
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Lee says it’s time to raise class, value of Samsung’s business
Lee Kun-hee, chairman of Samsung Electronics, on Friday issued words of thanks to Samsung employees to mark the 20th anniversary of his “New Management Initiative,” and also reminded them it was time to take Samsung to the next level. “We have steadfastly walked this path with the vision of becoming the world’s best company, and now, your passion and dedication has put us at the global pinnacle,” Lee said in his message. “But if the past 20 years were spent achieving the great formation from qu
IndustryJune 7, 2013
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Korea seeks global cooperation to investigate tax haven companies
Korean financial and tax regulators are calling for global cooperation to track and clamp down on companies or wealthy individuals suspected of hoarding unreported funds in their accounts via paper companies in tax havens.Korea’s Financial Supervisory Service Gov. Choi Soo-hyun told reporters that the regulatory body was seeking cooperation with the U.S. Financial Crimes Enforcement Network, a unit of the Department of the Treasury, to use its extensive database and share tax-related information
June 7, 2013
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Lee marks new start for Samsung’s ’New Management’
By Kim Ji-hyunLee Kun-hee, chairman of Samsung Electronics, on Friday issued a statement thanking Samsung employees to mark the 20th anniversary of his "New Management Initiative." He also reminded them it was time to take Samsung to the next level. "Twenty years ago, we dreamed of becoming a world-class company and have been striving relentlessly to reach that goal ever since. Now, thanks to your dedication and passion, we stand tall as a leading global company," Lee said in a statement.In look
TechnologyJune 7, 2013
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Up to 21 firms seek listing on new bourse
From news reports Up to 21 companies wishing to be listed on the new Korea New Exchange (KONEX) market for the smaller industry players submitted their applications, the nation's bourse operator said on Friday. The Korea Exchange (KRX) said that 10 brokerage houses, which were selected as authorized supervisors in March to evaluate and supervise firms to be listed on the envisioned market, handed in the list of candidates.The KONEX was another effort to help foster SMEs and also expand the KRX's
IndustryJune 7, 2013
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Prosecution issues warrant for CJ exec
From news reports The prosecution on Friday said it has issued an arrest warrant for a CJ Group executive for tax evasion amid the ongoing investigation in the food and entertainment conglomerate.The executive is the vice president of the Hong Kong-based animal feed subsidiary of CJ Group, CJ Global Holdings, surnamed Shin. He is seen to have played a critical role in managing and laundering a massive slush fund for the embattled CJ Group Chairman Lee Jay-hyun.The prosecution has indicated it wo
IndustryJune 7, 2013
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Korea's Q1 economic growth revised down to 0.8 percent
The South Korean economy grew slower than earlier forecast in the first quarter as consumer spending remained subdued and export growth slowed amid the yen's slide to the won, the central bank said Friday.Korea's gross domestic product (GDP), the broadest measure of economic performance, grew a revised 0.8 percent in the January-March period from three months earlier, down from a previous estimate of 0.9 percent on-quarter expansion, according to the Bank of Korea (BOK).The first-quarter reading
June 7, 2013
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Foreign car brands set 2nd sales record since April
The import automobile industry has broken its all-time sales record for the second consecutive month this year.After attaining record figures in April, foreign carmakers saw their combined sales come to a fresh high of 13,411 units in May, the Korea Automobile Importers and Distributors Association said Thursday.Data from the foreign automakers’ lobby KAIDA showed that the import brands’ May sales surpassed the April tally of 13,320 units. Their sales have continued to climb since January ― to 1
IndustryJune 6, 2013
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Demand for gold, W50,000 notes soaring
Demand for gold and 50,000 won banknotes is soaring after the Park Geun-hye government’s vow to tax the underground economy, data showed on Thursday.According to Yonhap News, which compiled data from the Bank of Korea and some financial institutions, the amount of 50,000 won banknotes in circulation as of April reached 35.52 trillion won ($31.83 billion). During the first four months of this year alone, the amount increased by 3.76 trillion won. It is almost double the increase from the same per
June 6, 2013
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[Graphic News] U.S. marks record trade gap with Korea
The United States’ monthly trade deficit with Korea widened to a record high in April, raising the possibility that Washington may face calls for measures to supplement the year-old free trade agreement between the two countries.According to a report from the U.S. Department of Commerce, Washington imported Korean products worth $5.58 billion and exported goods worth $3.27 billion to Seoul in that month.The United States’ combined trade deficit with Korea from January to April amounted to $6.98
June 6, 2013
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Samsung seeks supremacy in new businesses
One of the hottest topics in the global auto industry this year is BMW’s first electric car, the i3 hatchback that goes on sale in the second half of the year. For the ambitious i project, the German premium carmaker has picked Samsung SDI as the sole provider of lithium-ion batteries ― the crucial part of electric vehicles.In 2010, Samsung pinpointed the electric car battery sector, together with the medical, biologics, solar energy and OLED display panel businesses, as areas to push for future
IndustryJune 6, 2013
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Samsung celebrates anniversary with shared growth and resolution
Samsung on Friday celebrated the 20th anniversary of the New Management Initiative issued by Samsung Electronics chairman Lee Kun-hee to spur the company into a world-class corporation.But the way it chose to do so was in a quiet manner, choosing to hold a forum, the “Samsung Innovation Forum,” to take a look back in history, to the time of the initiative, and to give Samsung employees a chance to gather together and bond.This is why in addition to the forum, Samsung employees held a three-day w
IndustryJune 6, 2013