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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Korea enters full election mode
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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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Immigrant woman stabbed to death by Korean husband
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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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Pizza Hut under fire for murky marketing spending
Franchisees of global dining brand Pizza Hut on Monday visited their Korean headquarters in southern Seoul to demand an audit into the marketing and other fees they have paid to the head office for the past several years.About 20 people representing a group of 247 Korean franchisees requested the pizzeria chain to disclose the usage of the 5 percent of sales revenue that each franchisee has paid to the headquarters for marketing fees. The amount is assumed to be more than 10 billion won ($8.87 m
July 6, 2015
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Elliott secures stakes in two Samsung C&T shareholders
U.S. hedge fund Elliott Associates has added its name to the stakeholders’ list of two additional Samsung affiliates -- Samsung SDI and Samsung Fire and Marine Insurance -- ahead of the July 17 Samsung C&T shareholders meeting in which the controversial merger deal between C&T and Cheil Industries will be put to a vote. Elliott’s expansion of its investment in Samsung Group is seen as an attempt to gain more control over Korea’s largest business conglomerate, which analysts have said is in the p
July 6, 2015
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BAT discounts Vogue Prima line
British American Tobacco Korea marked down the price of its Vogue Prima brand to 4,100 won ($3.60) from 4,300 won Monday.BAT Korea said the price cut will allow smokers a broader opportunity to enjoy the superslim Vogue “at a more reasonable price to adult smokers in Korea, in order to meet the increasing demand for superslim cigarettes in Korea.”According to a survey conducted by AC Nielsen 2015, superslims have become an influential player in the domestic cigarette market, accounting for more
July 6, 2015
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[Graphic News] MERS darkens Q3 profit outlooks
The negative effect of the Middle Eastern respiratory syndrome on Korean companies is expected to hit home in the third quarter of this year, data suggested Monday.According to financial investors and market data company WISEfn, the combined operating profit of 117 listed firms for the third quarter is expected to be 28.9 trillion won.That would be a 6.36 percent decrease from the 30.9 trillion won estimated on May 30, at the beginning of the MERS outbreak.The hotel and leisure industry estimate
July 6, 2015
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Ssangyong Motor launches Tivoli diesel to intensify competition
Ssangyong Motor Co., owned by India's Mahindra & Mahindra, said Monday that it started selling the diesel version of its popular Tivoli crossover SUV as it pushes to provide more customer choices in the fast-growing market.The latest Tivoli, which was unveiled in the mountainous town of Inje east of Seoul for a media test drive, runs on the e-XDi160 diesel engine that meets the toughened Euro 6 emission standards.It's an engine that Ssangyong Motor spent three years developing, according to the
July 6, 2015
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Kia Motors to recall 7,722 Sportage SUVs in U.S.
Kia Motors Corp., South Korea's second-largest carmaker, is recalling 7,722 units of the Sportage SUV in the U.S. due to a defect in its braking lamps, a U.S. transportation safety agency said Monday.Subject to the recall is the Sportage SUV produced between March 7 and June 8 of 2011, according to the website of the National Highway Traffic Safety Administration. The recall is due to a defect in the brake switches that could cause the brake lamps not to turn on. This malfunction increases the
July 6, 2015
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Samsung hits back at ISS report
Samsung C&T on Sunday rebuffed a report by global shareholder adviser Institutional Shareholder Services that recommended its shareholders to oppose the proposed merger with Cheil Industries, the de facto holding company of Samsung Group. Samsung’s construction and trading unit said it was concerned that the report would mislead investors. “Despite the projection of a 22.6 percent stock plunge in the case of a merger failure, the ISS report recommended Samsung C&T shareholders to vote against th
July 5, 2015
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Elliott faces credibility test
U.S. hedge fund Elliott Associates faces a new challenge in its aim to derail the proposed merger of two Samsung Group units, as the prosecution launched an investigation into allegations that Elliott fabricated information in a regulatory filing. Elliott, the third-largest shareholder of Samsung C&T with a 7.1 percent stake, has been seeking to thwart Samsung’s plan to merge Cheil Industries, the de facto holding company, with the Korean group’s construction and trading unit Samsung C&T. It has
July 5, 2015
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Samsung C&T hits back at ISS merger report
Samsung C&T on Sunday rebuffed a report by global shareholder adviser Institutional Shareholder Services that recommended its shareholders to oppose the proposed merger with Cheil Industries, the de facto holding company of Samsung Group. Samsung’s construction and trading unit said it was concerned that the report would mislead investors. “Despite the projection of a 22.6 percent stock plunge in the case of a merger failure, the ISS report recommended Samsung C&T shareholders to vote against th
July 5, 2015
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Manufacturers turn gloomier on outlook
South Korea's major manufacturers are more pessimistic about business conditions for the third quarter due to China's slowing growth and the fallout of the Middle East Respiratory Syndrome outbreak, a poll showed Sunday. The Korea Chamber of Commerce & Industry said its business survey index for the July-September period came to 88, down from 97 tallied in the second quarter. The result is based on a survey of 2,400 manufacturing companies nationwide. A reading of under 100 means pessimists ou
July 5, 2015
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Flight occupancy rates drop in June on MERS scare: data
The seat occupancy rates of flights sank in June as people canceled their trips in fear of the Middle East Respiratory Syndrome outbreak, while the figures are expected to recover somewhat moving forward due to the summer season, industry data showed Sunday. The total number of passengers on domestic and international flights came to 5.99 million in June, down 10 percent from a year ago, according to the data by the nation's two major airlines -- Korean Air Lines Co. and Asiana Airlines Inc.
July 5, 2015
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Future of Korea depends on first movers, not fast followers
There are so many issues going on in so many sectors of society in Korea and, yet, so little room to speak of the future. However, the best timing to prepare for a chaotic future is before a crisis. “Korea is a society moving forward, but it stands at a critical juncture. In a world of rapid change and fierce competition, Korea will lose ground unless it changes its fast-follower mindset, which worked well in an era of industrialization. Now, it needs a new model for future prosperity, led by in
July 3, 2015
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Hyosung to build W1tr polyketone plant in Ulsan
Hyosung announced Friday it would invest 1 trillion won ($893.3 million) to establish a 300,000-ton polyketone manufacturing plant and a research and development center in Korea’s southeastern industrial city of Ulsan. The industrial conglomerate and the local government of Ulsan signed a memorandum of understanding on Thursday to jointly work on the development scheduled to be completed in 2021. The 208,000-square-meter site is set at Yongyeon-dong, which is close to another Hyosung plant, and
July 3, 2015
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POSCO’s steel output tops 800m tons
Steelmaker POSCO said Friday that it has produced more than 800 million tons of steel products, about 43 years since manufacturing started in 1972. According to the company, the cumulative production amount surpassed 800 million tons as of 7 a.m. on June 25. POSCO held celebratory ceremonies at its plants in Pohang, North Gyeongsang Province, and Gwangyang, South Jeolla Province, to encourage the field workers. “We are especially proud because the record was set amid the long-standing economic
July 3, 2015
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S. Korea to boost support for MERS-hit tourism industry
The government will increase support for the MERS-hit tourism industry to up to 1 trillion won, a senior government official said Friday. Speaking to tourism industry officials and merchants on Jeju Island, Vice Finance Minister Bang Moon-kyu said the government is assessing the economic impact of the respiratory illness on Asia's fourth-largest economy, and plans to add some 430 billion won ($383 million) to the already earmarked amount of over 500 billion won. The scenic island of Jeju, loca
July 3, 2015
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Hyundai Steel gains momentum with Hysco merger
DANGJIN, South Chungcheong Province ― Massive, red hot steel plates shot by along the rollers and back again.The heat inside Hyundai Steel’s Dangjin plant was high, but the speed and precision with which steel plates were being prepared for further processing was overwhelming. A few short decades ago, Korea was little more than a war-torn and ruined country, and its steel industry was able to get off the ground only as a result of the government’s relentless drive. Hyundai Steel’s plant faciliti
July 2, 2015
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Hyundai Steel gains momentum with Hysco merger
DANGJIN, South Chungcheong Province -- Massive, red hot steel plates shot by along the rollers and back again.The heat inside Hyundai Steel’s Dangjin plant was high, but the speed and precision with which steel plates were being prepared for further processing was overwhelming. Hyundai Steel’s plant facilities in Dangjin, South Chungcheong Province (Hyundai Steel)A few short decades ago, Korea was little more than a war-torn and ruined country, and its steel industry was able to get off the grou
July 2, 2015
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11 feed firms fined for price rigging
South Korea's antitrust watchdog said Thursday that it has slapped some 77 billion won ($68.7 million) in fines on 11 feed companies for price rigging that hurts local livestock farmers. According to the Fair Trade Commission, the feed companies that control 43 percent of the local market have colluded to rig the prices of pig, cattle and chicken feed 16 times between October 2006 and November 2010. "The companies worked together to set guidelines for marking up and lowering prices," the corp
July 2, 2015
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New KOGAS chief takes office
Lee Seung-hun was inaugurated as the 15th president and chief executive officer of the state-run Korea Gas Corp. on Thursday.Lee said in his inauguration speech that natural gas was a stable and economic resource, and emphasized that the company must provide the gas safely as its basic mission. KOGAS CEO Lee Seung-hun (KOGAS)He suggested blueprints on new energy industries using natural gas, and stressed that KOGAS should have a healthy financial structure and spoke of plans to improve them.Lee,
July 2, 2015
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Samsung C&T CEO confident of winning votes on merger deal
Samsung C&T on Wednesday expressed confidence in winning at a shareholders meeting on July 17, where its merger deal with Cheil Industries will be put to a vote.The construction unit of Samsung Group also expected limited impact of Institutional Shareholder Services‘ stance on its merger with Cheil Industries.Samsung C&T's headquarters in Seocho-dong, southern Seoul. YonhapISS is a U.S. advisory firm that evaluates corporate issues on behalf of shareholders and provides advice to vote on those i
July 1, 2015