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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[Music in drama] Rekindle a love that slipped through your fingers
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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[New faces of Assembly] Architect behind ‘audacious initiative’ believes in denuclearized North Korea
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Seoul Metro to seek legal action against malicious complaints
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On May Day, labor unions blast Yoon's foreign nanny proposal
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Illit, mired in controversy, remains on Billboard charts for 5th week
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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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[SUPER RICH] Differing attitudes of two Chinese philanthropists
There are philanthropists who donate their wealth and wisdom with sincerity, and those who use it more as a huge marketing tool for their image. Two philanthropists in China are the perfect examples of both types of superrich.Aw Boon HawAw Boon HawAw Boon Haw (1882-1954) was an ethnic Chinese entrepreneur from Myanmar best known for introducing Tiger Balm, which his herbalist father first created.Aw moved across Asia expanding his Tiger Balm business along with his brother, and also founded 15 n
April 21, 2015
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[SUPER RICH] Friendship sustains Samchully through generations
The Fair Trade Commission’s annual announcement of business enterprises restricted of cross-ownership is both an honor and a bother for businessmen. Yoked on businesses with more than 5 trillion won ($4.8 billion) in assets, the designation is perceived as a restriction on their operations because it bans additional cross-shareholding and affiliates from guaranteeing debt among themselves, while prohibiting the company’s exercise of legitimate voting rights. Still, it is an acknowledgement of go
April 21, 2015
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Mohegan Sun eyes casino in Incheon
INCHEON ― Mohegan Sun, a casino and entertainment complex operator based in Uncasville, Connecticut, signed a memorandum of understanding with the Incheon International Airport Corp. on Tuesday for a resort development project on Yeongjongdo Island, Incheon, which is also home to the airport.Under the MOU, the company will invest in a two-phase development project in IIAC’s International Business Center II area, the airport operator said in a press release. The project, which will be completed b
April 21, 2015
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Korean LED firm lights up U.S. ballpark
At a U.S. major league baseball game Friday at Safeco Field, home to the Seattle Mariners, the CEO of a Korean wireless communications and LED firm threw the ceremonial opening pitch.Kim Duk-yong, the CEO of KMW, landed the rare pitching opportunity as the Korean firm recently took charge of Safeco Field’s revamp ― replacing metal halide lights with LED lighting throughout the stadium. KMW CEO Kim Duk-yong (center) poses at Safeco Field in Seattle.Safeco Field is now officially the first U.S. m
April 21, 2015
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Shinsegae establishes duty-free business firm
Shinsegae Group on Tuesday announced it has established Shinsegae DF, a duty-free arm of the county’s second-largest retailer. The Shinsegae DF will work on setting up an urban duty-free store in central Seoul, bidding for which will start in June. The company’s duty-free business was previously under Westin Chosun, a hotel unit under Shinsegae, and the newly-established firm will be headed by the hotel CEO Sung Young-mok. “We want to nurture the duty-free business that has a huge potential. We
April 21, 2015
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POSCO profits decline in Q1
POSCO, South Korea’s top steelmaker, reported Tuesday a drop in profit in the first quarter of this year, adding to signs of stress in the steel industry and disruption from the prosecution’s slush fund probe.POSCO posted 731 billion won ($675 million) in operating profit during the period, a slight 0.04 percent decline from the 731.3 billion won reported last year. The figure compares to market expectations that it would record at least 849 billion won in profit, the largest first quarter profi
April 21, 2015
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Korea removed from EU illegal fishing list
The European Union has removed South Korea from its preliminary list of illegal fishing countries, the Ministery of Oceans and Fisheries said Tuesday. “The ministry will thoroughly administer to ensure that illegal fishing activities do not cause any international distrust and concern again,” said Vice Minister Kim Young-suk.Korea was placed on a blacklist that names nations for illegal, unreported and unregulated fishing, or IUU, in 2013 after the EU detected Korean vessels operating illegally
April 21, 2015
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Shinsegae joins race for new downtown duty-free shops in Seoul
Shinsegae Co., a South Korean retail conglomerate, said Tuesday it plans to set up a new unit for duty-free shop operations, joining the race to win a bid to run new duty-free stores in downtown Seoul.Hotel Shilla Co., a major hotel chain and duty-free shop operator, and other existing duty-free shop operators already have announced their intent to bid for an operational license for new downtown duty-free shops in Seoul.The bidding is slated for June this year, with two conglomerates and one mid
April 21, 2015
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Shares of CJ CGV up ahead of 'Avengers' 2 release
Shares of CJ CGV Co., South Korea's largest cinema chain, have shot up this month as keen attention to an "Avengers" sequel, a new blockbuster Hollywood movie, raises hopes for earnings ahead of its release this week, analysts said Tuesday. "Avengers 2: Age of Ultron" is under the spotlight here as it was partly filmed in the capital, Seoul, in April last year, drawing thousands of fans during last week's preview event and having more than 90 percent of tickets booked for the first day of the fi
April 21, 2015
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Can oil refiners recover this year?
South Korea’s major oil corporations were pushed to cut wages and downsize their workforce last year, company data showed, after companies endured one of the most difficult fiscal years in the industry, which saw crude oil prices plunge to record lows.In 2014, the country’s top oil refiner SK Innovation recorded a deficit for the first time in 37 years, while GS Caltex and S-Oil both recorded their largest operating losses to date, according to the companies’ annual business reports released in
April 20, 2015
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AmorePacific shares continue to soar
The share price of South Korean cosmetics giant AmorePacific topped 4 million won ($3,690) on Monday, making it the seventh-largest company in terms of market capitalization.The shares traded at a 52-week high price of 4.03 million won in the morning, and ended the day at 3,903,000 won. KDB Daewoo Securities raised its target sale price on the cosmetics maker to 5.4 million won from 3.1 million won, citing its ability to lead global trends and capacity to develop new products.“There’s a high pos
April 20, 2015
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Hyundai E&C’s earnings likely to surge in Q1
Hyundai Engineering and Construction Co., Hyundai Motor Group’s main construction arm, is expected to post a significant increase in its earnings in the first quarter this year. According to Shinyoung Securities, Hyundai E&C will likely post first-quarter sales of nearly 3.84 trillion won ($3.54 billion) and operating profit of 228.1 billion won. The figures are respectively 16.7 percent and 21.6 percent higher than the same period last year. Buoyed by the expectations, a number of local trading
April 20, 2015
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Nike Sports refunds slippers that leak dye
Nike Sports is refunding some of the “Nike Benassi Solarsoft Soccer” slippers due to their dye transfer problems, the Korea Consumer Agency said Monday.The decision was made after there were reports that several slippers in question bled colors onto customers’ socks.The agency found that the red and pink slippers showed this problem, and requested Nike Sports to carry out a refund.The company reportedly said that while there are no safety hazards regarding the product, they would accept returns
April 20, 2015
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S. Korean firm bags massive solar panel shipment deal
Hanwha Q Cells Co., the world's leading solar cell maker, said Monday it has signed a deal to sell 1.5-gigawatt solar modules to NextEra Energy Inc. in the United States by next year, the single largest deal in the solar power sector.Under the deal, Hanwha Q Cells will export 1.5-gigawatt photovoltaic solar modules between the fourth quarter of this year and late 2016 to the U.S.' No. 2 power firm, the South Korean company said, without disclosing the deal's value.The solar modules to be shipped
April 20, 2015
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Hyundai Hysco to invest 99 bln won for auto steel factory
Hyundai Hysco Co., a steelmaking affiliate of Hyundai Motor Group, said Monday that it will invest 98.8 billion won ($91.3 million) to build a plant that will produce high-strength auto steel sheets.The plant to be located in Yesan, 134 kilometers south of Seoul, will produce steel sheets by using hot-stamping, a technique that applies special pressing and cooling simultaneously, thereby making them stronger than other conventional products. The technique helps reduce the amount of materials nee
April 20, 2015
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Samsung leads SSD market
South Korean tech giant Samsung Electronics Co. held a market share in the global solid state drive market that was twice as big as the one held by its U.S. rival Intel Corp. in 2014, data showed Monday.Samsung Electronics saw its share in the SSD market reach a whopping 34 percent last year with its revenue from the segment coming to US$3.99 billion, according to the data compiled by industry tracker IHS. Intel took up 17 percent of the market over the cited period at $1.99 billion.The research
April 20, 2015
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Foreign buyers return to Korean office market
International property buyers, many of whom left Korea after the global financial crisis in 2008, are returning to Seoul in search of bargains on commercial office buildings, market sources said Friday.Morgan Stanley, a global investment bank, is just one investor that will reopen its real estate investment fund in Korea. The investment bank closed its property business in Korea in 2010 when it posted a significant loss from its $1 billion investment in the Seoul Square office building located a
April 17, 2015
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Asiana temporarily halts flights to Hiroshima for safety checks
Asiana Airlines Inc., South Korea's second-largest flag carrier, said Friday that it will suspend its flights to Hiroshima, Japan, until the end of this month in order to review safety measures.The move comes after an Asiana passenger jet carrying 73 passengers skidded off the runway at Hiroshima Airport on Tuesday while landing, leaving 25 people slightly injured."We will suspend flights to and from Hiroshima, during which we will review the overall safety measures related to the Hiroshima rout
April 17, 2015
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Samsung widens lead over Apple in smartphone market
South Korean tech behemoth Samsung Electronics Co. outpaced its competitors in global smartphone sales in the first quarter of 2015, widening its market share lead over its closest rival Apple Inc., data showed Friday.In terms of sales volume, Samsung took up 27.8 percent of the global smartphone market in the January-March period, up from 24.7 percent three months earlier, according to the data by market tracker TrendForce. In contrast, Apple's market share came to 19.9 percent in the first qua
April 17, 2015
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Hyundai, Kia models earn 4-star safety rating in U.S.
Hyundai Motor Co.'s Accent subcompact and Kia Motors Corp.'s Sportage SUV and Rio compact each earned four out of five stars in a U.S. collision test, a report showed Friday. According to the overall safety test conducted by the U.S. National Highway Traffic Safety Administration (NHTSA), Hyundai's Accent scored four stars out of five in all three crash tests administered by the agency. The NHTSA releases the outcome of its crash tests for new vehicle models by major carmakers each year, reviewi
April 17, 2015