Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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Ship linked to NK arms shipments to Russia is moored in China: State Dept.
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Imported beer sales grow at double-digit rate in Q1
Sales of imported beer at local discount chains grew at a double-digit pace in the first three months of the year as consumers’ taste is shifting in favor of foreign-made beer instead of locally made beer, industry sources and data said Thursday. The government’s regulation to promote the fair trade of alcoholic beverages was one of the reasons behind a drop in locally made beer sales and a steep growth in imported beer sales, industry sources said. In January, the National Tax Service launched
April 18, 2013
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Regulator to consider TV viewing fee raise
The nation’s broadcasting regulator said Thursday it will consider raising a public broadcaster’s monthly viewing fee this year in an effort to stabilize its finances.“We will come up with measures to stabilize finances of public broadcasters,” the Korea Communications Commission said in a 2013 policy report to President Park Geun-hye.The report did not directly mention KBS, the country’s largest public broadcaster. However, a KCC member said during a press briefing on the plan on Wednesday that
April 18, 2013
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LH hires senior employees
The Korea Land & Housing Corp. recently launched a “silver employee” project to boost senior employment and to fulfill its social role as public organization.The ceremony, held Tuesday at LH headquarters in Bundang, Gyeonggi Province, was attended by Vice Land Minister Park Kee-poong, LH president Lee Ji-song and some 500 senior employees, officials said.The silver employment project is a representative legacy of the housing corporation that was first initiated back in 2010 under the lead of its
IndustryApril 18, 2013
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Could Korea become an Asian gas trading hub?
It is often said that Asia is on the cusp of entering a “golden age” of natural gas as a commercial energy source. The rapid growth of natural gas in Asia reflects efforts to improve energy security and curb environmental problems caused by oil and coal. But the future role of gas in the region will depend on whether a market-based pricing system is introduced based on supply and demand conditions.The Asian natural gas market is the fastest-growing gas market in the world. The supply of natural
April 18, 2013
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Ad giant eyeing Korean advertising, digital marketing
For global advertising companies, IT powerhouse Korea is the perfect market to learn about and develop digital and mobile marketing businesses.Ninety-six-year-old Grey Group, the major clients of which include Procter & Gamble, GlaxoSmithKline, British American Tobacco and Pfizer, is one of those companies that sees Korea as its hub for mobile business. It plans to acquire a local advertising or digital marketing firm within this year.“We are looking for a company that provides full digital serv
IndustryApril 18, 2013
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High 1 Country Club starts 2013 season
High 1 Country Club, a public golf course in Korea, started its 2013 season on April 4, and the season will last until Nov. 7, according to the company. Run by High 1 Resort, the club is located between Gohan and Sabuk in Jeogseon County, Gwangwon Province, and surrounded by beautiful mountain scenery throughout the year. The mountains are part of the “Baekdu-daegan,” chain that forms the backbone of the Korean Peninsula. The 6,517-meter course is 1,137 meters above sea level and is a par 72 ove
April 18, 2013
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Thai princess to visit Green Cross
Thai princess Maha Chakri Sirindhorn plans to visit the Ochang factory of Korea’s leading pharmaceutical firm Green Cross in Cheongwon County, North Chungcheong Province, on Friday, company officials said.The company said the tour of Asia’s largest manufacturing facility of blood derivatives ― pharmaceutical products processed from human blood ― is scheduled for the last day of the princess’ four-day trip to Korea.Green Cross chairman Huh Il-sup, chief executive Rhee Byung-geon and Thai ambassad
IndustryApril 18, 2013
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Seoul shares fall 1.24 pct on Q1 earnings woe
South Korean stocks closed 1.24 percent lower Thursday due to rising concerns over the listed firms' earnings for the first quarter, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) shed 23.78 points to finish at 1900.06. Trading volume was moderate at 336.9 million shares worth 4.2 trillion won (US$3.75 billion) with losers outnumbering gainers 464 to 339. "Investors sat on the sidelines as the first-quarter earnings of l
April 18, 2013
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Seoul shares down 0.32 pct in late-morning trade
South Korean stocks moved down 0.32 percent late Thursday morning due mainly to losses in techs and autos, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) decreased 6.11 points, to 1,917.73 as of 11:20 a.m.Tech blue chips traded lower, with market behemoth Samsung Electronics falling 0.66 percent and its smaller affiliate LG Electronics losing 0.12 percent. Leading chipmaker SK hynix shed 2.78 percent.Carmakers also lost ground, with No. 1 player Hyundai Motor falling 1.3 p
April 18, 2013
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Seoul shares open lower on Wall Street losses
South Korean stocks opened lower Thursday, tracking overnight losses on Wall Street as U.S. firms posted lackluster quarterly results amid the jittery market, analysts said. The benchmark Korea Composite Stock Price Index (KOSPI) fell 7.89 points, or 0.41 percent, to 1,915.95 in the first 15 minutes of trading. Most large-cap firms lost ground, with tech heavyweight Samsung Electronics slipping 0.4 percent and steelmaker POSCO dropping 1.6 percent. U.S. markets ended bearish overnight as some ma
April 18, 2013
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‘Mini’ FEZs planned to draw foreign SMEs
The government said Wednesday it would establish small free economic zones in provincial cities this year in an effort to attract more foreign direct investment, in particular from small and mid-sized firms.Ministry of Trade, Industry and Energy officials said in a press briefing that the so-called “mini” FEZs could be created for foreign-invested land exceeding 80,000 square meters, one-fourth the land required for an existing FEZ.Previously, an area was designated as an FEZ when the foreign-in
IndustryApril 17, 2013
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Korea Herald holds forum on new government’s policies
The Korea Herald, the largest English-language daily in South Korea, will hold a special conference on President Park Geun-hye’s key policies at Millennium Seoul Hilton hotel in Seoul on Thursday. The forum, titled “Hear from the New Korean Government: Policies and Reforms over the Next Five Years,” offers a rare chance for senior officials of the new government to brief the global business community policy reform and key issues that will affect not only Korean businesses but also foreign compan
April 17, 2013
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[Graphic News] IMF revises down global economic outlook
The International Monetary Fund announced Tuesday that it had downgraded this year’s outlook for global economic growth, citing continued risks. In its most recent report on the global economic outlook, the IMF lowered this year’s global economic growth projection to 3.3 percent, 0.2 percentage point down from three months ago.The IMF also lowered Korea’s expected growth rate to 2.8 percent, 0.4 percentage point down from three months ago, citing the country’s weak exports and domestic consumpti
April 17, 2013
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Hyundai Motor to increase deals with SMEs
Hyundai Motor Group has become the first Korean conglomerate to announce concrete targets for reducing excessive inter-subsidiary transactions.Hyundai’s measures came amid increased pressure from the political community to join President Park Geun-hye’s “economic democratization” policy. The Korean auto giant, which owns Hyundai and Kia brands, said Wednesday that it will open new business opportunities worth about 600 billion won ($536 million) annually to outside smaller firms when it comes to
IndustryApril 17, 2013
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ING’s annuity product draws popularity
ING Life Korea said stability and flexibility are two unchanging boosters for annuity sales, as shown in customers’ strong demand for its signature non-par annuity “Free Style.”Annuities are financial products generally used to build up savings in preparation for retirement.ING has been locally rated “AAA” for five consecutive years on its IFSR, or Insurer Finance Strength Rating. Having begun operation here under its former name Life of Georgia in 1989, the insurer changed its name to ING Life
April 17, 2013
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Short-term investments hit record high on North Korean tensions
A growing number of investors are opting to invest their money in short-term financial instruments or hold onto cash, in part due to North Korea risks.Capital invested in financial instruments ranging from cash and cash equivalents to repurchase agreements and demand deposits amounted to a record 676 trillion won ($604 billion) as of Wednesday, according to data by the Bank of Korea and the Korea Financial Investment Association.This was an increase of about 9.4 trillion won from late last year,
April 17, 2013
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Seoul in dilemma over bans on short selling to brake speculation
Short selling, a speculative stock investment technique, has come under the spotlight in the financial market as a pharmaceutical-oriented company CEO recently argued that the firm’s shares were hit by foreign speculators.The Financial Supervisory Service and the Korea Exchange launched their review as to whether there is an urgent necessity to issue a ban on short selling of “each company’s shares.”A short-selling investor seeks short-term gains by issuing “sell” orders with borrowed stocks: Th
April 17, 2013
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Producer prices dip by most in 41 months in March
South Korea’s producer prices fell at the sharpest pace in 41 months in March as oil prices declined and the local currency rose per the dollar, the central bank said Wednesday.The producer price index, a barometer of future consumer inflation, declined 2.4 percent in March from a year earlier, after declining 1.6 percent on-year in the previous month, according to the Bank of Korea.The data marked the sharpest fall since a 3.1 percent on-year decline tallied for October 2009.In March, oil price
April 17, 2013
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Government debt from bond sales reaches W765.6tr
South Korea’s debt from bond issuance reached 765.6 trillion won ($687.8 billion) this month, raising concerns over increasing tax burdens down the road, data showed Wednesday.According to the data compiled by Korea Financial Investment Association, the combined amount of state bonds needing to be repaid by the South Korean government reached 436.1 trillion won on Monday, up 5.5 percent from the end of 2012.The amount of special bonds, which refer to debt sales floated by state-owned enterprises
April 17, 2013
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Korean banks’ assets top 2,000 trillion won
The amount of assets held by South Korean banks surpassed the 2,000 trillion-won mark for the first time ever, while the figure for soured loans sank due to the regulator’s policy push in beefing up their financial soundness, data showed Wednesday. The amount of assets held by major local lenders totaled 2,031.3 trillion won ($1.82 trillion) at the end of December last year, up 62.3 trillion won from 1,969.0 trillion won the previous year, according to the data by the Financial Supervisory Servi
April 17, 2013