Most Popular
-
1
Korean labor force to shrink by 10 million by 2044: report
-
2
[AtoZ Korean Mind] Does your job define who you are? Should it?
-
3
Allegations surrounding BTS resurface, enraged fans demand apology
-
4
Students with history of violence will be barred from becoming teachers
-
5
Top prosecutor pledges 'speedy, strict' probe into first lady's luxury bag allegations
-
6
Medical feud leaves hospitals in financial crisis
-
7
Samsung mocks Apple over iPhone alarm glitch
-
8
'Queen of Tears' riding high on Netflix chart
-
9
Chip up cycle won’t stay long: SK chief
-
10
Speaker floats dual citizenship as solution to falling births
-
Daewoo Shipbuilding to cut 1,300 jobs, sell assets
Troubled Daewoo Shipbuilding & Marine Engineering is set to undergo restructuring, including job cuts and assets selloff worth 400 billion won ($338 million), as it battles to cope with mounting losses and lack of orders.“The company’s reorganization will be carried out on Sept. 1. With the slim-down, some high-level officials will resign due to overlapping duties,” a DSME official said Monday.The restructuring program will directly affect 1,300 jobs, including 30 percent of general managers and
Aug. 31, 2015
-
Korea tops 10% of China’s import market
The share of Korean products in China’s import market exceeded 10 percent for the first time, thanks to the growing demand for Korean semiconductors, the Korea International Trade Association said Monday.China is Korea’s largest trade partner, accounting for a quarter of its entire exports at $82.8 billion in the first half of 2015. China’s import market was sized at $775.8 billion between January and June, about a 19.1 percent fall from the same period last year.According to a KITA report, Kore
Aug. 31, 2015
-
Hite Jinro products enter Dubai airport duty-free store
Hite Jinro liquor products have entered the duty-free stores at Dubai International Airport, company officials said Monday.The company’s soju products, Ilpoom Jinro and Chamisul, will be sold in the liquor section along with premium alcohol products around the world.Ilpoom Jinro is a premium soju product made with unadulterated distilled rice liquid and aged in oak for over 10 years. Hite Jinro‘s Ilpoom Jinro and Chamisul sold in duty-free stores in Dubai International Airport. Hite JinroIlpoom
Aug. 31, 2015
-
Industrial lending growth slows in Q2
The amount of loans extended to industries by local banks continued to rise in the second quarter, but its pace of growth slowed due mainly to a fall in lending to manufacturers and builders, data showed Monday. Outstanding loans to local companies totaled 911.8 trillion won ($770.6 billion) in the April-June period, breaking the 900 trillion-won mark for the first time, according to the data by the Bank of Korea. From three months earlier, the amount increased 12.3 trillion won, slowing from
Aug. 31, 2015
-
Samsung to join forces with gov't for 'smart factories'
Samsung Electronics Co. said Monday it has agreed with the commerce ministry to provide smaller firms with more efficient production facilities in line with government efforts to promote shared growth between big businesses and them. Under the plan, the two will invest 15 billion won ($12.6 million) each to share various production solutions and promote what they call "smart factories," which are defined as facilities where all procedures are done in the most efficient way. Samsung said it plan
Aug. 31, 2015
-
LG to showcase luxury smartwatch in Germany at IFA
South Korea's No. 2 tech giant LG Electronics Inc. said Monday it will showcase an upgraded edition of the LG Watch Urbane, its flagship smartwatch, at an electronics show slated to be held in Germany next month. The LG Watch Urbane Luxe, which will be showcased at the Internationale Funkausstellung held in Berlin from Sept. 4, will boast a gold body and crocodile-skin strap, the company said. The price tag on the device is US$1,200, and will be sold on a limited basis with only 500 units ava
Aug. 31, 2015
-
Ailing Daewoo Shipbuilding pushing for restructuring
Daewoo Shipbuilding & Marine Engineering Co., South Korea's No. 2 shipbuilder, is pushing for a massive restructuring drive next month, including the sale of assets worth up to 400 billion won ($339.1 million), as it struggles to recover from huge losses, industry sources said Monday. Assets likely to be sold off include two office buildings in Seoul and a golf course just outside the capital city, according to the sources. The shipyard will also downsize its operations by shedding 30 per
Aug. 31, 2015
-
Foreign sell-off focuses on Samsung Electronics, SK hynix
Foreign investors dumped shares of Samsung Electronics Co. and SK hynix Inc. during their recent selling spree sparked by China's stock rout and uncertainty over a U.S. rate hike, data showed Monday. Offshore investors unloaded 751.3 billion won ($635.4 million) worth of Samsung Electronics shares between Aug. 5 and Friday, lowering their ownership of South Korea's top-cap company to 51.10 percent from 51.59 percent, according to the data by the Korea Exchange. Samsung, the world's largest mak
Aug. 31, 2015
-
SK chief discusses ways to boost China ties
SK Group Chairman Chey Tae-won has met with Chinese joint venture partners to discuss ways to expand cooperation in the petrochemical and chip businesses, his office said Sunday. Days after announcing a plan to spend 46 trillion won ($38.2 billion) on building three chip plants over the next decade, Chey on Thursday visited a semiconductor plant in Wuxi in Jiangsu Province operated by a local subsidiary of SK hynix and met with business people and senior officials, the group said. SK Group cha
Aug. 30, 2015
-
Eclat by Imperial eyes female drinkers
A new drink from the local unit of Paris-based Pernod Ricard targeting women is drawing attention amid the recent trend in Korea for lower-strength spirits. The fruit-flavored liquor, dubbed Eclat by Imperial, is a whiskey-based spirit. The new product, which debuted in the Korean market in late July, is marked for its pomegranate aroma and an alcohol content of 31 percent.Spirit drink Eclat by Imperial (Pernod Ricard Korea) “As seen in its name, Eclat, which means radiance in French, the produ
Aug. 30, 2015
-
S-Oil supports low-income disabled students
S-Oil, South Korea’s third-largest oil refiner, has been delivering customized study aids to disabled students from low-income families since 2010 as part of its ongoing efforts to give back to the local community. This month, the firm handed over equipment worth 100 million won ($92,800) to 42 low-income disabled youths at the Gyeonggi Assistive Technology Research Assistance Center in Suwon, Gyeonggi Province. S-Oil senior vice president Lee Chang-jae (left) delivers a certificate guaranteein
Aug. 30, 2015
-
Chaebol face calls to testify at Assembly
Lotte Group chairman Shin Dong-binMore big business leaders than ever are expected to appear at the annual parliamentary audit session that starts Sept. 4, with lawmakers from both ruling and opposition parties calling for chaebol reform. It has become an annual ritual to see business tycoons subpoenaed at the National Assembly, but more high-profile business leaders are facing calls to appear this year, amid negative public sentiment toward chaebol. At the top of the list is Lotte Group chairma
Aug. 30, 2015
-
GS Group to hire 9,700 youths by 2017
GS Group chairman Huh Chang-soo GS Group chairman Huh Chang-soo has pledged to create 9,700 jobs for young Koreans by 2017 and implement the wage peak system across all of the group’s affiliates from next year, group officials said Sunday. “A continued influx and growth of young talent is the backbone of a vibrant local and national economy,” Huh said in a corporate meeting attended by the heads of major GS affiliates and high officials. The meeting was held for two days in Chuncheon, Gangwon Pr
Aug. 30, 2015
-
Samsung Electronics' market cap slips to 13th on global IT chart
Samsung Electronics Co., the world's largest handset maker, slipped to the world's 13th most valuable IT company by market cap as the tech giant's shares suffered losses this year due to a bleak business outlook, a report showed Sunday. Samsung, South Korea's most valuable company, had remained in the top 10 IT companies since 2005, but it was left out of the league this year as investors found its shares less attractive amid the toughening competition with Apple's iPhone and cheaper Chinese h
Aug. 30, 2015
-
Honda to recall over 18,000 crossovers in S. Korea
Honda Motor Co., a Japanese carmaker, will voluntarily recall more than 18,690 crossover vehicles sold in South Korea due to manufacturing defects, the transportation ministry said Sunday. Subject to the recall are 18,690 CR-V vehicles produced between May 24, 2006, and March 29, 2011, according to the ministry. In the event of a collision, the powerful force needed to allow the car's air bags to deploy also causes some metallic fragments to fly out, putting the driver at risk of injury, the
Aug. 30, 2015
-
Lotte chairman buys 1.3 pct stake in confectionery unit
Lotte Group Chairman Shin Dong-bin bought a 1.3 percent stake in Lotte Confectionery Co. from a construction unit after the market closing on Friday in a bid to help resolve the group's complex cross-shareholding structure, the retail giant said. Shin bought 19,000 shares from Lotte Construction Co. to raise his stake to 6.7 percent in the confectionery company, a deal estimated at 35.8 billion won (US$30.5 million), Lotte Group said. "(Shin) purchased shares in Lotte Confectionery to resolve pa
Aug. 28, 2015
-
Hyundai Motor to hire 36,000 in 3 years
Hyundai Motor Group on Thursday announced that it will hire about 36,000 young people over the next three years and support an additional 12,000 people’s start-ups. The plans come after the company proclaimed a three-year 81 trillion won ($68.9 billion) investment plan early this year along with the adoption of the wage peak system early this month to make way for youth employment. According to the plan announced Thursday, 41 companies under the group will hire a total of 35,700 people by 2018,
Aug. 28, 2015
-
Lotte seeks shopping malls in India
Lotte Group chairman Shin Dong-bin (second from left) poses with Indian Prime Minister Narendra Modi (center) in New Delhi on Thursday. Lotte GroupLotte Group chairman Shin Dong-bin on Thursday requested Indian Prime Minister Narendra Modi’s support in Lotte’s culture-shopping complex development in the New Delhi, Mumbai and Chennai regions. “Thanks to the Modi government’s economic stimulus policies, India is seeing rapid economic growth every year,” chairman Shin was quoted as telling Modi in
Aug. 28, 2015
-
Hana Financial sees results in creative economy boost
Hana Financial Group is stepping up its efforts to help vitalize the nation’s creative economy.Group chairman Kim Jung-tai visited the Daejeon Creative Economy Innovation Center on Thursday and expressed his continued support for the creative economy and young job seekers.This is Kim’s third visit to the Daejeon Creative Economy Innovation Center, as he aims to encourage young start-up entrepreneurs and job seekers for roles in small and mid-sized tech companies.During the visit, Kim said that t
Aug. 28, 2015
-
LIG Nex1 rallies global investors for IPO
LIG Nex1, preparing to go public in September, is going on an overseas road show to bring in global investors, company officials said.According to investment bank insiders, LIG Nex1 executives, including CEO and vice chairman Lee Hyo-koo, along with officials from NH Investment and Securities, left for a tour early this week to Hong Kong and Singapore, in a move to promote marketing to attract local institutional investors for a successful initial public offering.LIG Nex1, the nation‘s leading d
Aug. 28, 2015