Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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US 'incredibly concerned' about suspected NK-Iran military ties
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Contentious grain bill put directly to plenary meeting for vote
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Seoul says Fu Bao loan 'not going to happen'
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Ukraine beckons Korean firms to invest in country
Ukraine is seeking to become a favorable investment destination for Korean companies looking to enter into the region.“Ukraine is a transitional market economy with significant investment potential and has shown the highest rate of GDP growth in Europe during the last 10 years,” the Ukrainian investment delegation chief said in Seoul.Igor Zhovkva, director of Foreign Direct Investments and International Cooperation in Ukraine, also expressed hope for more foreign investment during a recent inter
IndustryDec. 22, 2011
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Kia Motors introduces electric model for Ray
Kia Motors Corp., the second-largest carmaker in the country, introduced its first all-electric version of the small urban vehicle Ray Thursday.The affiliate of Hyundai Motor Corp. said it will produce about 2,500 zero-emission versions of the Ray next year for government use.“We are supplying an all-electric version of the Ray for government use next year, but we’re ready to also produce it for the general public as soon as infrastructure for the battery recharge is ready,” Suh Choon-kwan, head
MobilityDec. 22, 2011
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Samsung, LG to unveil 55-inch OLED TV at CES next month
Samsung Electronics and LG Electronics are planning to showcase new 55-inch OLED televisions at the Consumer Electronics Show in Las Vegas next month.According to industry sources, the two TV makers are looking into commercializing the large OLED TVs later this year after unveiling them at the electronics trade show which launches on Jan. 10.OLED ― Organic Light Emitting Diodes ― televisions are known to be thinner, lighter, brighter and more efficient, presenting faster refresh rates and better
IndustryDec. 22, 2011
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POSCO donates W10b for charity
POSCO and its affiliates delivered 10 billion won ($8.6 million) for charity to the Community Chest of Korea on Thursday.POSCO and POSCO Engineering and Construction offered 8 billion won and 1 billion won, respectively, and POSCO Specialty Steel and Daewoo International gave 500 million won each.POSCO and its affiliated companies have donated 10 billion won each year for charity since 2007, in addition to supporting multicultural families and social corporations as well as having employees volu
IndustryDec. 22, 2011
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GS Caltex shares with community
Oil refiner plans to spend W10b through 2015 on social contributionThe social contribution activities of GS Caltex come in two forms: “green sharing” for an eco-friendly, sustainable future, and “regional participation” to help local communities.The oil refiner set up a department exclusively in charge of social contribution in 2005 and launched the GS Caltex Foundation in 2006.The company plans to infuse 10 billion won ($8.6 million) each year for 10 years through 2015 to carry out projects for
IndustryDec. 22, 2011
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Supermarket chains in low-price TV-set war
Korea’s TV set market, long-dominated by local electronics giants Samsung and LG, has been heating up recently with the entry of new players ― supermarket chains. Amid their fierce pricing competition, the nation’s top three retailers, E-Mart, Homeplus and Lotte Mart have marketed their own brand of TV sets at almost half the existing prices.Lotte Mart, the No. 3 retailer, on Wednesday launched a 32-inch LED TV at 499,000 won ($430), up to 42 percent cheaper than existing products with similar s
IndustryDec. 22, 2011
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Korea seeks to benefit from FTAs to beat global woes
With economic doldrums gripping many parts of the world, Korea plans to cultivate fresh strategic export items and stimulate small and medium businesses to cash in on free trade pacts next year and keep Asia’s fourth-largest economy afloat.The Ministry of Knowledge Economy on Thursday announced measures to boost transactions with its 45 trade partners and shore up exports, the bellwether for the national economy, at an emergency meeting of top economic officials presided over by President Lee My
Dec. 22, 2011
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SK chief visits Hynix, pledges support
Chey vows to develop chipmaker as SK’s new axis of growthSK Group chairman Chey Tae-won on Thursday vowed to develop Hynix Semiconductor into “SK’s new axis of growth” during his first visit to the world’s second-largest computer chipmaker since deciding to buy it last month.“I had meant to visit earlier after SK Group decided to buy Hynix last month, but the situation was not allowed for several reasons,” Chey said.“I came here thinking it can no longer be delayed as the acquisition process is
IndustryDec. 22, 2011
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Rich economies greater risk than N.K.
Experts note risk factors related to North Korea are short-livedMonetary policy in the U.S. and the debt woes in the eurozone have caused greater volatility in Korea’s financial market than the death of North Korean leader Kim Jong-il, data showed Thursday.Research by the Korea Center for International Finance found that investors this year were more concerned about how the economy fared in advanced countries for the trade-dependent market here than the North Korea problem. The cost of insuring
Dec. 22, 2011
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AmorePacific eyes over 30% growth in China
HONG KONG (Yonhap News) ― AmorePacific Corp., South Korea’s No. 1 cosmetics manufacturer, will target sales growth of more than 30 percent in China next year as it continues to expand its business there, company officials said Thursday.AmorePacific officials expected the company’s sales could jump as high as 34 percent on-year to reach 1.4 billion yuan ($221 million) in 2012 from this year’s expected 1.04 billion yuan, largely due to its steady growth in door-to-door sales.Since 2006, direct sel
IndustryDec. 22, 2011
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Uncertainties shroud N.K. economy under Kim Jong-un
China’s role deemed critical in Pyongyang’s next move on economyWhen it comes to North Korea’s future following the death of its leader Kim Jong-il, peaceful denuclearization is often cited as key. Equally important, however, is the outlook for the isolated state’s battered economy, especially as any change would have a great impact on neighboring countries. The problem is that analysts and experts in Korea and elsewhere seem baffled by the sheer lack of information about the chosen successor, K
Dec. 22, 2011
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Ferrari mulls building theme park in Korea
Ferrari S.p.A. is looking to build an ultra-large theme park near Seoul as part of its tourism-inspired promotion drive, officials here said Thursday.Senior officials of the city of Paju, about 50 kilometers northwest of Seoul, said they have begun talks with the Italian company over the development of the amusement park dedicated to racing cars, similar to Ferrari World in Abu Dhabi.The carmaker launched the world’s largest indoor theme park in the capital of the United Arab Emirates last year.
IndustryDec. 22, 2011
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Woori Financial sale likely to resume soon
Plan to privatize group may not be hampered by political considerationsWoori Financial Group chairman Lee Pal-seung said that the financial company will resume the stalled plan to sell state-owned shares in the first half of 2012.Lee told reporters Thursday that “policymakers are actively preparing for the resumption. The method will be welcomed among market participants.”He also stressed that the sale project should be a financial issue, not be handled by political powers. Parliamentary electio
Dec. 22, 2011
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KT introduces Microsoft’s Mango phone in Korea
The presale reservations for Nokia Lumia 710, the first smartphone in Korea running on Microsoft’s new mobile operating system Mango, started Thursday ahead of its release scheduled for Dec. 26. Windows Phone represents Microsoft’s attempt to establish itself as a viable competitor in the smartphone arena, while its rivals Apple’s iPhone and Google’s Android have taken the lead in sales.The Mango phone, taking the simplified user interface of Windows PC software, features the full functions of W
IndustryDec. 22, 2011
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Shares slip as eurozone hope fades
South Korean stocks inched down 0.05 percent on Thursday as lingering jitters over the eurozone debt crisis outweighed recent positive U.S. economic data and prompted investors to take a breather following the previous session’s rally, analysts said. The local currency fell against the U.S. dollar.After surging around 3 percent on Wednesday, the benchmark KOSPI dipped 0.92 points to 1,847.49. Trading volume was moderate at 400.2 million shares worth 3.08 trillion won ($2.67 billion), with declin
Dec. 22, 2011
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Chung named influential figure in auto industry
Hyundai Motor Group chairman Chung Mong-koo was selected as the second-most influential figure in the world’s automotive industry by U.S.-based publication Motor Trend.Last year, Chung ranked fifth on the “power list” named by the auto magazine.Over the past few years, Hyundai Motor and its affiliat
MobilityDec. 22, 2011
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Samsung expected to record all-time high operating profit: analysts
Median consensus of analysts forecast 2012 operating profit to near 20 trillion wonSamsung Electronics, the world’s top smartphone maker, is expected to record an all-time high operating profit figure next year, amounting to nearly 20 trillion won ($17.27 billion), analysts said Thursday.The firm’s
IndustryDec. 22, 2011
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GS Caltex, Hyundai Oilbank picked for discount stations
GS Caltex and Hyundai Oilbank have been selected as the suppliers of petroleum to discount gas stations fostered by the government, the Ministry of Knowledge Economy said Wednesday.Nonghyup and the Korea National Oil Corp. chose the two refiners as suppliers for a year without disclosing their bidding prices, and plan to open the discount gas stations within this year. GS Caltex, which runs refineries in Yeosu, South Jeolla Province, will supply petroleum to discount gas stations in the southeas
IndustryDec. 21, 2011
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KT chairman to serve second term
KT chairman Lee Suk-chae will serve his second term after a special review committee on Wednesday recommended him as the only candidate for the top position at the nation’s largest fixed-line carrier.Even though the final decision is made during a shareholder’s meeting early next year, his reappointment has actually been confirmed, industry sources said. Lee’s official term of three years expires in March and he will serve another three years until 2015, KT said in a statement released late Wedn
IndustryDec. 21, 2011
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President’s nephew-in-law suspected of illegal stock trading
Financial regulators decided on Wednesday to bring a nephew-in-law of President Lee Myung-bak to the prosecution for his alleged involvement in illegal stock trading.Jeon Jong-hwa and several other figures have been suspected of conducting unauthorized stock trading after taking over formerly KOSDAQ
Dec. 21, 2011