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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Court ruling boosts chances of Samsung merger
The headquarters of Samsung C&T in southern Seoul YonhapA South Korean court on Wednesday rejected an injunction request by U.S. hedge fund Elliott Associates to block a proposed merger of two Samsung Group affiliates, paving the way for the deal proceedings crucial for the group’s leadership transition. Elliott, the third-largest shareholder of Samsung C&T, the group’s construction and trading unit, filed two injunctions early this month, asking the court to stop a shareholder vote on July 17 o
July 1, 2015
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Hyundai, Kia cars rated best quality in China
Hyundai Motor Co. and Kia Motors said Sunday that seven of their car models have received the highest customer satisfaction scores in a Chinese automobile survey.According to the 2014 China Automobile Customer Satisfaction Index, Hyundai Motor’s Verna, Mistra, Tucson and Tucson ix, as well as Kia Motors’ K2, K3 and Sportage scored the highest in their respective categories.Hyundai Motor also came in first place and Kia Motors in third for car maintenance satisfaction. The Hyundai Mistra was rate
July 1, 2015
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More firms added on antitrust watch list in July
The number of business group affiliates subject to restrictions on mutual investments and loan guarantees rose in July from a month earlier, the antitrust watchdog said Wednesday. The Fair Trade Commission said the number of firms on its watch list stood at 1,686 as of this month, up two from 1,684 on June 1. The firms all belong to the country's 61 largest business groups.A total of 12 companies were added, with 10 being removed as they were merged with other affiliates or sold off.Nine busin
July 1, 2015
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Court dismisses Elliott's injunction requests on Samsung merger
A Seoul court turned down a request on Wednesday by a U.S. hedge fund to block a proposed merger of two Samsung Group units, lifting a legal hurdle for South Korea's top conglomerate to push ahead with the deal deemed crucial for its leadership transition. Samsung C&T Corp., the construction and trading arm of Samsung Group, is facing opposition from Elliott Associates L.P. over an 8.9 trillion-won ($7.95 billion) takeover offer by Cheil Industries Inc., the group's de facto holding firm. El
July 1, 2015
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[SUPER RICH] SPC chief’s sons come to the fore
The two sons of SPC chairman Hur Young-in are assuming bigger roles in management as the Korean food giant is aggressively expanding its business at home and abroad.In what pundits view as preparations for a transfer of management, the elder son Jin-su and second son Hee-su were registered in May as non-executive board members of its flagship and only stock market-listed affiliated, Samlip Food Corp. The 4 trillion-won ($3.6 billion) food behemoth has 12 brands, including Paris Baguette and Pari
June 30, 2015
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Cheil Industries vows higher dividends amid merger dispute
Cheil Industries announced Tuesday that it will increase dividend payouts to investors in an apparent attempt to win over stakeholders’ approval of its proposed merger with Samsung C&T.In a bid to sway shareholders, Cheil Industries, the de facto holding company of Samsung Group, called an impromptu investor relations session in Seoul to announce that the payout ratio would gradually be raised to 30 percent by 2020 from 21 percent in 2014. Yoon Joo-hwa, the head of Cheil Industries’ fashion div
June 30, 2015
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[Photo News] Kumho's support for violinist
Kumho Asiana Group chairman Park Sam-koo (right) poses with violinist Lim Ji-young, the winner of the 2015 Queen Elisabeth Competition at the Lotte Hotel in Seoul, Tuesday. The chairman pledged to offer free business class flight tickets on Asiana Airlines to Lim for a year in a bid to support the talented young musician.(Kumho Asiana)
June 30, 2015
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Asiana launches services to Rome
Asiana Airlines has launched a new service to Rome in a bid to expand its footprint in Europe, the South Korean carrier said Tuesday. "The new Incheon-Rome service will strengthen its European network by providing a wider variety of flight schedules, destinations and itineraries, which in turn will raise Asiana’s competitiveness,” Asiana CEO Kim Soo-cheon said.Asiana Airlines CEO Kim Soo-cheon (sixth from left) poses with Tiziana Di Molfetta (seventh from left), councilor at the Italian Embassy
June 30, 2015
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[SUPER RICH] Creative, open office spaces of tech giants
Famous tech companies both domestically and abroad are clamoring to create open and creative office environments for their employees, believing that having an enjoyable working environment is a crucial factor in becoming a world-class company.Naver“Green Library” inside Naver headquarters in Bundang, Gyeonggi provinceGiant Web portal Naver moved its headquarters to Bundang, Gyeonggi Province in 2010.The Naver headquarters, nicknamed the Green Factory, is 27 stories high with eight additional und
June 30, 2015
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[Graphic News] Koreans spend more time sleeping and eating
The average Korean spent more time sleeping and eating, and less time studying, compared to five years ago, survey results showed Monday.The time use poll on 12,000 households showed that compared to 2009, people spent 21 more minutes on sleeping and eating in 2014, clocking in at 11 hours and 14 minutes of off-time.Time spent studying fell by 17 minutes and commuting by five minutes compared to 2009, while time for wage-generating work and household chores was largely steady, increasing by just
June 30, 2015
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Industrial output dips for 3rd month in May
South Korea's industrial output fell for the third straight month in May as the sluggish pace of global recovery hurt its outbound shipments and affected production of cars and semiconductors, a government report showed Tuesday. According to the report by Statistics Korea, production in the mining, manufacturing, gas and electricity industries was down 1.3 percent last month compared with April. The drop comes after numbers fell 0.2 percent and 1.3 percent in March and April, respectively, the
June 30, 2015
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S. Korean manufacturers' July sentiment dips to near 3-year low
South Korean manufacturers' business confidence for July plunged to the lowest level in almost three years, a poll showed Tuesday, as the outbreak of MERS in Asia's fourth-largest economy is feared to further worsen already feeble domestic demand. The business sentiment index, which measures the outlook of manufacturers on their business conditions for the coming month, reached 67 for July, down from a forecast of 76 for June, according to the Bank of Korea. It marks the lowest level since 67 i
June 30, 2015
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Lone Star case calls for look back on Seoul's legal, financial efficacy
One of the most controversial and scrutinized corporate deals in the recent history of South Korea is heading into overtime, inspiring the need to look back on the capability of financial and judiciary officials here. The second round of hearing for a multi-billion-dollar case between the U.S. private equity firm Lone Star and the South Korean government began in Washington, D.C. on Monday. The $5 billion suit is an epilogue to a decade-long legal dispute that has raised concerns about the i
June 30, 2015
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EBay to support smaller firms
EBay Korea, the operator of Korea’s largest online shopping site Gmarket and Auction.co.kr, signed a deal with the Small & Medium Business Corporation to support domestic small and medium-sized company’s online cross-border trade last week. The pact will help vendors receive eBay For Business, a seven-month training and education program on cross-border commerce and marketing via the eBay platform. Launched in May, the program covers the areas of product sourcing, registration, logistics, delive
June 29, 2015
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EBay to support smaller firms
EBay Korea’s star sellers pose for an award ceremony. (eBay Korea) EBay Korea, the operator of Korea’s largest online shopping site Gmarket and Auction.co.kr, signed a deal with the Small & Medium Business Corporation to support domestic small and medium-sized company’s online cross-border trade last week. The pact will help vendors receive eBay For Business, a seven-month training and education program on cross-border commerce and marketing via the eBay platform. Launched in May, the program c
June 29, 2015
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Shareholders OK Techwin name change amid protest
Shareholders of defense equipment maker Samsung Techwin approved a plan to change its name to Hanwha Techwin amid strong opposition from its labor union members on Monday.Samsung Techwin’s labor union members protest against its plan to change the name to Hanwha Techwin on Monday. YonhapThe meeting had planned to open early in the morning, but was delayed for hours due to physical protests from the union members, who opposed Hanwha‘s takeover of the company.More than 140 union supporters were ta
June 29, 2015
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KITA promotes 'seamless e-business'
Korea International Trade Association’s e-Biz Support Center has built up a reputation of being a “seamless e-Business” booster across Asia. Starting with signing a pact with the Department of International Trade Promotion of Thailand’s Ministry of Commerce for sales of the website- and marketing-design models to the Southeast Asian country, KITA is now spreading the service to Vietnam and Indonesia as well as South American states such as Peru. “KITA has been the only institution in Korea that
June 29, 2015
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[Graphic News] Average age of major companies stands at 28.3
The average age of the nation‘s major companies was 28.3 years old, data showed Monday.The Korea CXO Institute examined the top 2,000 listed and nonlisted companies and found their average ages by industry, excluding those from the financial sector.The textile industry had the highest average age at 51.5 years old. The textile industry includes a number of textile companies that are over 60 years old.The average ages of the food and drink manufacturing industry and the construction industry were
June 29, 2015
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CJ opens sixth Bibigo store in China
CJ Foodville opened an outlet of its Korean dining franchise restaurant Bibigo in Wangjing, north of Beijing, in a bid to tap deeper into the Chinese market, the company said Monday. Customers dine at the Bibigo restaurant at Wangjing SOHO in Wangjing, north of Beijing, China. (CJ Foodville)The newly launched Bibigo store is the sixth restaurant in Beijing. The store is nestled at Wangjing SOHO, which consists of three mixed-use office and commercial buildings.“We expect that Bibigo’s brand awar
June 29, 2015
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Dongsuh launches ‘Maxim Heritage Campaign’
Food and drink company Dongsuh announced Monday that it was launching a “Maxim Heritage Campaign“ to promote the nation‘s cultural treasuries to coffee consumers.The company signed a memorandum of understanding with the Cultural Heritage Administration in April and has since been promoting Korean cultural heritage.Starting July 1, Dongsuh will print the Gilt-bronze Incense Burner of the Baekje Kingdom, the 287th National Treasure of Korea, on their Maxim Mocha Gold coffee mix packages. Maxim Moc
June 29, 2015