Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Seoul bus drivers go on general strike, cause morning rush hour delays
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Official campaigning kicks off for April 10 elections
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Dialogue hopes fade as doctors pick hard-liner as new head
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Coupang pledges W3tr to expand Rocket Delivery nationwide by 2027
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[Election Battlefield] Political novice to face off star politician in ‘swing district’
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Korea enters full election mode
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[Kim Seong-kon] The April 2024 election will decide our future
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Seoul’s bus union prepares for strike
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[Hello India] Corporate Korea sees new growth drivers in India
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Samsung C&T CEO positive on NPS support for merger
Samsung C&T co-CEO Kim Shin said Wednesday that the proposed merger with Cheil Industries is certain to happen if the National Pension Service supports the move. The NPS, the nation‘s largest investor, holds 11.61 percent of Samsung C&T. Of that, 11.2 percent count for its voting rights. Samsung C&T co-CEO Kim Shin Samsung “If the NPS agrees, then I am certain the merger will happen,” he told reporters, adding that he anticipates the state-run fund to make a “positive conclusion.” Kim also said
July 8, 2015
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GE advises Korea to speed up innovation
U.S. tech giant General Electric on Wednesday called for Korea to speed up its innovation to keep up with rapidly changing global trends that could make the country “easily left out.” The company suggested that Korean society and businesses adopt “industrial Internet,” “advanced manufacturing” and a “global brain” to achieve stronger homegrown innovation, wider collaboration and education to become leaders in high-value industries. “In terms of putting a stronger emphasis on the speed of innova
July 8, 2015
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LG unveils measures to shore up economy
LG Group on Wednesday unveiled a set of new measures to boost the sluggish economy amid unfavorable conditions such as the Middle East respiratory syndrome outbreak, a prolonged drought and the latest Greek financial crisis. The measures come as the nation’s fourth-largest conglomerate joins other big business groups, including Samsung and Hyundai Motor, in spurring the dull domestic consumption. As part of the efforts, LG said it plans to purchase gift cards worth 7 billion won ($6.2 million) f
July 8, 2015
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Ferrari importer names new CEO
FMK Corp., the official exclusive importer for Ferrari and Maserati, said Wednesday that it had appointed Kim Gwang-cheol as its new CEO.Kim, 59, has worked in sales for Volvo and as a board member of sales and marketing at BMW Korea. He also served as CEO for The Class Hyosung, Hyosung Toyota and The Premiun Hyosung. FMK Corp CEO Kim Gwang-cheol.Kim has successfully established import cars such as Mercedes-Benz and Toyota in the Korean market, and is also credited for using his experience in ma
July 8, 2015
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Hyundai, Kia cars win U.S. satisfaction awards
South Korea's top carmaker Hyundai Motor Co. and its sister affiliate Kia Motors Corp. said Wednesday that their models have won satisfaction awards from a U.S. automotive research company. Hyundai's Sonata ranked No. 1 among different midsize sedan brands to win the AutoPacific Vehicle Satisfaction Award, and Kia's Soul city car and the Sportage crossover SUV also claimed the top in their segments, the carmakers said in a press release. The satisfaction award, given by U.S.-based AutoPacific
July 8, 2015
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[Photo News] Debut of Chrysler's luxury sedan
Models pose next to the new Chrysler 300C, Chrysler’s next generation full-size luxury sedan presented by Fiat Chrysler Automobiles Korea in Seoul on Tuesday. (FCA Korea)
July 8, 2015
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[Photo News] Green light for gas carrier
Hyundai Heavy Industries senior vice president Shin Hyun-soo (sixth from left) and GE Aviation Marine commercial marketing director Jeremy Barns (seventh from left) pose after receiving an approval in principle by Lloyd’s Register in the U.K. on Monday for developing an environmentally friendly, 174,000-cubic-meter liquid natural gas carrier with a gas turbine engine. (Hyundai Heavy Industries)
July 8, 2015
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LG Display is No. 2 supplier of panels to Apple in Q1
South Korea's LG Display Co. emerged as the No. 2 provider of display panels to U.S. tech giant Apple Inc. in the first quarter, moving a notch up from a year earlier, data showed Wednesday.The South Korean firm was responsible for 34.5 percent of the combined iPhone display panel shipments in the January-March period of 2015, up from the 28.8 percent posted last year, when it was the No. 3 provider, according to the data compiled by DisplaySearch.Japan Display Inc. was the No. 1 panel supplier
July 8, 2015
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Samsung C&T expects W60tr in synergies from Cheil Industries merger
Samsung C&T, the trading and construction unit of Samsung Group, has reiterated its goal to double its annual sales following its tie-up with Cheil Industries, the group’s de facto holding company.Samsung C&T claimed that synergies after the proposed merger with Cheil would bring in about 60 trillion won ($54 billion) in sales with net income before taxes reaching 4 trillion won by 2020.The company said the combined entity, if approved by shareholders in a meeting on July 17, would diversify its
July 7, 2015
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SMEs urge government to resume inter-Korean tour program
A group of South Korean firms that invested in an inter-Korean tour program urged the government Tuesday to resume the long-suspended project as soon as possible, as they are grappling with heavy losses.The South has suspended the joint tour program at Mount Geumgangsan on the North’s east coast since July 2008 when a South Korean tourist was shot to death by a North Korean solider at the resort.Hyundai Asan, the main operator of the tour project, reportedly invested $196 million in building fac
July 7, 2015
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Korea’s growth to slip to 2.6% this year: think tank
A leading South Korean think tank sharply lowered its 2015 forecast of the economy’s growth Tuesday, citing falling exports and the fallout from the Middle East respiratory syndrome outbreak. In its latest economic outlook, the LG Economic Research Institute revised down its growth prediction to 2.6 percent from an earlier 3 percent estimate made three months ago. The South Korean economy expanded 3.3 percent on-year in 2014.The downgrade was largely attributed to the country’s weak exports, as
July 7, 2015
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Preorders for Kia’s K5 sedan top 6,000
Kia Motors Corp., South Korea’s second-largest carmaker, said Tuesday that preorders for the latest version of the K5 midsize sedan have exceeded 6,000 in just two weeks since its launch.The new K5 was first unveiled on June 22 with two different models and five different engine types available to customers. Its official sale and delivery are expected to start in mid-July.Since its launch, Kia Motors said it has received over 6,000 preorders, more than twice the pace of monthly sales for its exi
July 7, 2015
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Sales of equity-linked securities hit record in H1
South Korea’s issuance of equity-linked securities soared to its highest level in the first half of this year as more investors opted to indirectly buy stocks in the low interest environment, data showed Tuesday. The issuance of ELS products amounted to 47.34 trillion won ($27.61 billion) over the past six months, up 71.4 percent from a year ago, according to the Korea Securities Depository. The amount is a new half-year record and surpasses the total issuance in 2012 and 2013. Equity-linked sec
July 7, 2015
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Asiana’s second budget carrier unlikely to take off this year
Asiana Airlines’ plan to set up its second low-budget carrier within this year is unlikely to be realized as the Middle East respiratory syndrome outbreak has dealt a blow to South Korea’s second-largest carrier, industry sources said Tuesday. A customer waits for her tickets at Asiana Airlines Inc. booth at Kimpo Airport in Seoul, South Korea. (Bloomberg)“It seems hard for the new budget airline to be established by the end of this year as it’s behind schedule in applying for the transportatio
July 7, 2015
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Ourhome chairman‘s daughter removed from vice presidency
Koo Ji-eun, former vice president at Ourhome Koo Ji-eun, vice president of LG Group’s catering unit Ourhome, on Monday was stripped of her position and was ordered to wait for further instructions in the chairman’s room. The 48-year-old is the youngest daughter of Koo Cha-hak, chairman of Ourhome and son of the late LG Group founder Koo In-hoe. She joined the company in 2004 and was appointed as vice president in February. She had been a strong candidate for the presidency and possible future ch
July 7, 2015
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[SUPER RICH] Korea’s super start-ups
As the world is seeing a venture boom, there have been a few Korean start-ups rising to the top. These start-ups have brought traditionally off-line markets to mobile and changed the course of their respective industries, receiving both global attention and funding.Kakao TaxiKim Beom-su, president of Daum KakaoKim Beom-su, president of Daum Kakao, was ranked No. 11 on the Forbes list of Korea’s 50 richest people this year.After his success with mobile messenger app KakaoTalk, Kim is set on shaki
July 7, 2015
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Preorders for Kia's K5 sedan top 6,000
Kia Motors Corp., South Korea's second-largest carmaker, said Tuesday that preorders for the latest version of the K5 midsize sedan have exceeded 6,000 in just two weeks since its launch.The new K5 was first unveiled on June 22 with two different models and five different engine types available to customers. Its official sale and delivery are expected to start in mid-July.Since its launch, Kia Motors said it has received over 6,000 preorders, more than twice the pace of monthly sales for its exi
July 7, 2015
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Samsung predicts 4.03 pct drop in Q2 profit
South Korean tech giant Samsung Electronics Co. estimated Tuesday that its second-quarter operating profit fell 4.03 pct on-year as weak sales of the Galaxy S6 smartphone lineup overshadowed improved returns from its chip segment.Operating profit for the April-June period reached 6.9 trillion won (US$6.13 billion), compared with the 7.19 trillion won posted a year earlier, the world's top smartphone maker said in a preliminary earnings forecast.The estimate, however, marks a 15.38 percent rise f
July 7, 2015
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Chinese media mogul eyes Korean market
Content Media, a U.K.-based distributor of films and other media content, is hoping to use Korea as a jump-off for Asian expansion. Content Media’s China unit chairman Bruno Wu. Seoul IRIn a recent interview with The Korea Herald, chief of Content Media’s Chinese operations Bruno Wu said the company would roll out measures to market media contents developed in Korea across the global market. “Through measures such as investing in Korean production firms, (the company) plans to raise the standar
July 6, 2015
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Retailers make all-out effort to win duty-free license
Major South Koreans retailers are making final pushes to win licenses to run duty-free shops in downtown Seoul ahead of the announcement of winners this week.The retail groups, which are on the hunt for the rare duty-free licenses, are making last-minute pitches on their plans for envisioned stores, including local development and inducement of Chinese tourists in a bid to obtain high scores for the bidding evaluation. The Korea Customs Service is scheduled to announce the two winners Friday, ba
July 6, 2015