Most Popular
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Exports to US reach all-time high, widen gap with China
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[Music in drama] Rekindle a love that slipped through your fingers
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Inflation eases in April, continues bumpy ride
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Golden chance to liquidate babies’ gold rings?
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Seoul Metro to seek legal action against malicious complaints
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Illit, mired in controversy, remains on Billboard charts for 5th week
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On May Day, labor unions blast Yoon's foreign nanny proposal
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S. Korean TV makers to fare better in Q2 on LCD price drop: report
South Korean TV manufacturers are expected to fare better in the second quarter compared with the dismal previous three months, as a price decline in liquid crystal display panels will boost their profits, a report showed Wednesday. The price of a 42-inch full high-definition LCD panel stood at $145 at the end of March, according to the latest report by market tracker DisplaySearch. The report forecast the price to fall by $4 in the second quarter, another $6 in the third quarter and an addition
May 13, 2015
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[SUPER RICH] Superrich who stepped out of their families’ shadows
When one comes from a superrich family, many expect the person to assist the family business and live an easy life. However, several have decided to make it on their own without any assistance from their family.While it may be true that they were able to pursue their path more easily due to their lineage, it takes more courage to follow independent careers when they are better known as family members of millionaires.Ralph Lauren ― Andrew and Dylan LaurenTwo out of Ralph Lauren’s three children d
May 12, 2015
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[SUPER RICH] Shinsegae’s Chung sells Samsung shares
Shinsegae vice chairman Chung Yong-jin returned to the media spotlight last week when a local newspaper revealed that he sold 48,500 shares of Samsung Electronics ― valued at around 59.1 billion won ($54.1 million) ― late last year. The deal reduced the number of Chung’s shares in Korea’s largest tech company to 245,000 from 293,500, reported as of September 2014. According to reports, Chung holds a 0.17 percent stake in Samsung Electronics, which makes him the fourth-largest individual sharehol
May 12, 2015
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Honey Tree wins Asian social responsibility award
Honey Tree, an Asia-wide beehive ice cream franchise based in Korea, has won a corporate social responsibility award in recognition for its sustainable business practices by collaborating with honey comb farmers in local areas. “Honey Tree will continue to expand these social programs to support local farmers in starting bee farming and create structured training programs and small loan process to support these farmers,” said Brad Han, CEO of Honey Tree. Established in 2013, Honey Tree has intro
May 12, 2015
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S. Korea's steel imports drop 8.5 pct in April
South Korea's imports of steel shrank in April from a year earlier, caused by slumping demand and increased inventory, industry data showed Tuesday.South Korea imported 1.84 million tons of steel last month, down 8.5 percent from a year earlier, according to the data compiled by the Korea Iron & Steel Association.Steel imports had expanded for 14 straight months until December before slowing down this year. Cheaper products from China, in particular, flowed into the market, causing a supply glut
May 12, 2015
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Brokerage houses' Q1 profit sharply up on low interest rates, increased turnover
Major securities firms in South Korea posted strong earnings in the first quarter thanks to a sharp rise in brokerage fees from increased stock turnover and other financial instruments amid low interest rates, data showed Tuesday.Four listed brokerage houses -- Hyundai Securities, Meritz Securities, KDB Daewoo Securities and Samsung Securities -- logged a combined 447.8 billion won ($410 million) in operating profit in the January-March period, a 175.5 jump from a year earlier, according to the
May 12, 2015
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Hyosung Group’s cash cow running on shaky legs
Hyosung Corp., the flagship firm and cash cow of Hyosung Group, is suffering from a continued profit slump, data suggested. Hyosung’s net profit for 2014 came in at 184.9 billion won ($169.3 million), down 31.9 percent compared to 2010, according to data released Monday by the corporate assessment website CEO Score.Analysts attributed Hyosung’s profit decline to the slowdown experienced across the company’s portfolio with the exception of its textiles business. The data said Hyosung’s industrial
May 11, 2015
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Stokke to offer free stroller repairs due to fall hazard
Norwegian baby product manufacturer Stokke decided to offer free repairs to Korean consumers who purchased its stroller model Trailz after a fall hazard prompted its recall in other countries, the company said on Sunday. “The model is not officially distributed in Korea but we will provide free repair service to Korean consumers,” a Stokke Korea official said. The move comes after the Korea Consumer Agency advised Stokke Korea to take appropriate measures for those who bought the high-end stroll
May 11, 2015
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E-Mart’s clothing sales rise for first time in 42 months
Monthly clothing sales for South Korean supermarket chain E-Mart have risen in April for the first time in 3 1/2 years, the company said Monday.The retailer saw a 1.4 percent on-year rise in clothing sales in April, putting an end to 14 straight quarters of decline.“While E-Mart’s sales index is showing an upward trend during the first quarter, fashion sales grew for the first time in 42 months as well,” an E-Mart official said. The performance was lifted by the growth of E-Mart’s fashion label
May 11, 2015
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KT to build electricity metering system in Uzbekistan
KT, South Korea’s No. 2 telecom network carrier, said Monday it has secured a $110 million deal with the Uzbekistani government to build the nation’s advanced electricity metering system.As part of a joint project with Asian Development Bank, KT plans to install smart electric readers at some 1 million houses in Uzbekistan’s three big cities by 2017. The company said other related systems for data management and charging will be developed along with the readers that can be remotely controlled. “
May 11, 2015
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S. Korea's ICT exports shrink in April
South Korea's exports of information and communication technology products dropped slightly from a year earlier in April, marking the third consecutive month of drop, the government said Monday.Outbound shipments of ICT products amounted to US$14.34 billion last month, down 2.7 percent from the same month last year, according to the Ministry of Trade, Industry and Energy. Imports gained 3.9 percent on-year to $7.57 billion.The country's trade surplus in the ICT sector dropped 9.1 percent on-year
May 11, 2015
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KT wins $101-mln energy solution system deal from Uzbekistan
South Korea's No. 2 mobile carrier KT Corp. said Monday it has won a $101 million deal from Uzbekistan to provide a smart-energy solutions system that improves efficiency of power management.Under the contract with state-owned power generation company Uzbekenergo, KT will supply energy-metering solutions, such as the Advanced Electricity Metering, that analyze users' energy consumption patterns and add efficiency to power management.The project, supported by the Asian Development Bank, will take
May 11, 2015
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Mobile carriers roll out data-oriented rate plan
South Korean mobile carriers are adopting a new rate plan that charges users based only on their data downloads while providing calls and text messages for free, industry sources said Monday, a shift in strategy as mobile consumer trends call for more data-focused services. KT Corp., the second-largest player, has taken the first step to introduce such a rate plan to consumers, which went on sale starting last week. Under KT's new data-based rate plan, a mobile phone user can choose his or her p
May 11, 2015
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Rise in one-person households boosts pet market
Pet businesses, including pet clinics, food and beauty shops, have continued double-digit growth for the past five years in Korea, and is projected to reach 1.8 trillion won ($1.65 billion) this year, according to industry sources. The market for pets, which hit 1 trillion won in 2000 for the first time is one of few industries achieving double-digit growth regardless of the economic conditions. “Considering the speed of growth, the pet businesses are forecast to triple to 6 trillion won by 2020
May 10, 2015
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POSCO revs up asset sales, restructuring
POSCO, the nation’s top steelmaker, is accelerating the disposal of nonessential real estate assets as it seeks to tidy up its balance sheet and restructure for a slimmer organization.The steelmaker on Sunday announced it sold a Lotte Mart building and its 5,920 square meter plot of land in Pohang, North Gyeongsang Province, to Lotte Shopping, the operator of Lotte Duty Free. The portfolio, worth about 20 billion won, includes idle residential sites nearby and a plot of land where an apartment w
May 10, 2015
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Samsung-led UHD TV tech picked as candidate for U.S. standard
South Korean tech giant Samsung Electronics Co. said Sunday that its proposal for an ultra-high definition (UHD) television broadcasting technology has been chosen as the candidate for the next standard for the U.S. TV industry. The proposal, submitted jointly with U.S.-based broadcast infrastructure provider ONE Media, has been adopted by the Advanced Television Systems Committee (ATSC) 3.0 Technology Standards Group 3 as a Candidate Standard, the tech firm said in a press release.The proposal
May 10, 2015
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Hyundai, Kia's mid-size car sales in China up in Q1
South Korea's top carmaker, Hyundai Motor Co., and its smaller affiliate, Kia Motors Corp., saw sales of their mid-size cars in China expand in the first quarter of this year on efforts to sell more pricey cars to improve profitability, data showed Sunday. Of the 440,514 vehicles the two carmakers sold in the January-March period in the Chinese market, the share of cars in the mid-size segment came to 81,311 units, or 18.5 percent, according to industry data. Compared to a year earlier, the port
May 10, 2015
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Bulgaria seeks investment from S. Korean high-tech firms
Bulgarian President Rosen Plevneliev called on South Korean high-tech firms Sunday to invest in his country, the "front-door" to the European Union."To step in Bulgaria for Korean business means to step in the region, placed between Europe and Asia; we are the front door to a 500-million people single European market," Plevneliev said in a written interview with Yonhap News Agency.He also boasted Bulgaria's low tax levels, saying they are the sixth lowest in the world for small- and medium-sized
May 10, 2015
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S. Korea's tobacco tax revenue gains on price hike
South Korea's tax revenue from tobacco sales rose considerably in the first four months of this year from a year ago thanks to a recovery in shipments from a tumble at the start of the year following a price hike, officials said Sunday. Starting Jan. 1, the government raised cigarette prices to 4,500 won (US$4.13) per pack from 2,500 won, with more than 60 percent of the price stemming from taxes. According to the officials, the tax revenue from cigarette sales was about 600 billion won ($55
May 10, 2015
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[Weekender] More than just shopping
On a Saturday afternoon, the Coex mall in southern Seoul teemed with people. They were of different ages, different styles and sexes. But had one thing in common ― they sought a good time at the mall. They would come hand-in-hand, window shop, point at things they liked and go in, or just pass by. Some would queue in front of popular restaurants, or enjoy a cup of coffee. At the center of the mall is a plaza where rather-unknown buskers would play a tune or two, making people stop for a while an
May 8, 2015