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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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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Inflation eases in April, continues bumpy ride
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Seoul Metro to seek legal action against malicious complaints
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Golden chance to liquidate babies’ gold rings?
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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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Foreign net buying of local stocks nearly doubles in 2014
Foreign investors' net purchases of South Korean stocks nearly doubled in 2014 from the previous year thanks to ample liquidity in the United States and other major economies, data showed Sunday. Offshore investors bought a net 8.21 trillion won (US$7.47 billion) worth of local stocks in the first 11 months of this year, 1.7 times the 4.72 trillion won recorded for the whole of 2013, according to the data by the Financial Supervisory Service. It marks the third consecutive year that foreign
Dec. 28, 2014
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Gov't to ax red tape hampering businesses
South Korea's government said Sunday that it will scrap 114 administrative rules cited by local companies for hindering businesses, at a time when it is trying to get companies to increase investment to jump-start the economy. The decision reached at a meeting between representatives from the business sector and policymakers in Seoul comes after economic organizations suggested scrapping 153 rules in mid November. The Prime Minister's Office and Finance Ministry said all changes will be made
Dec. 28, 2014
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Sales at S. Korea's discount outlets, department stores drop in Nov.
Sales at South Korea's major discount outlet chains and department stores shrank nearly 5 percent in November from a year earlier, the government said Sunday, possibly indicating a deterioration in consumer sentiment. Combined sales at the country's three major discount outlet chains slipped 4.7 percent on-year last month, marking an on-year drop for the third consecutive month, according to the Ministry of Trade, Industry and Energy. The drop was mostly attributed to what the ministry called
Dec. 28, 2014
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LG headquarters raided over Samsung washer damage
Prosecutors on Friday raided the headquarters of LG Electronics in Yeouido, Seoul, and confiscated materials that are believed to prove that one of its top executives intentionally damaged Samsung Electronics products at a Berlin mall.Officers at the Seoul Central Prosecutors’ Office have secured documents showing the whereabouts of Cho Sung-jin, president of LG Electronics Home Appliance division, while he was visiting the Saturn Berlin Europa Center in September. They also confiscated computer
Dec. 26, 2014
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‘KEPCO land deal may save Hyundai extra W65b in tax’
Hyundai Motor Group could save 65.9 billion won ($60 million) in tax if it succeeds to get state recognition for its 10 trillion won acquisition of the Korean Electric Power Corporation site as a corporate investment, industry watchers said Friday. The possibility arose after the government on Thursday announced a slew of tax reforms encouraging business companies to spend cash in the market. According to the rule, a company that does not spend 80 percent of its income in investment, wage or div
Dec. 26, 2014
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Kia Motors launches new K3 sedan in South Korea
Kia Motors Corp., South Korea's second-largest carmaker, said on Friday it has begun sales of its2015 K3 compact sedan, the latest version of the car otherwise known as the Forte in the United States, in the home market. The new mid-sized sedan, built for five passengers, is equipped with a tire pressure monitoring system, unlike the previous version for which the monitoring device was only an option. The automaker, part of the world's No. 5 automotive conglomerate Hyundai Motor Group, sai
Dec. 26, 2014
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Ssangyong to hold off compensation for mileage controversy
Ssangyong Motor Co., the local unit of Indian carmaker Mahindra & Mahindra Ltd., said Friday it will hold off any plans of compensation for the overstated fuel efficiency claims on its Korando Sports CX7 SUV until after the verdict for an ongoing lawsuit comes out. Earlier in June, carmaker was fined by the government for exaggerating the gas mileage of its Korando Sports 2-liter diesel by as much as 10.7 percent, according to exhaustive tests carried out by automotive institutes. Some 720 ow
Dec. 26, 2014
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Stock value of Korea’s leading chaebol families surges
The value of stocks held by South Korea’s leading families who control large business groups or chaebol surged this year, a report by a corporate research firm showed Thursday.According to Chaebul.com, the value of shares owned by Lee Kun-hee and his immediate family, who control Samsung Group, the country’s largest conglomerate, stood at 26.06 trillion won ($23.64 billion), up 94.5 percent from 13.44 trillion won tallied as of Jan. 2 of this year.The increase came mainly as affiliates of the gr
Dec. 25, 2014
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Global auto sales expected to grow 3.9% in 2015: report
Global auto sales are expected to grow at a faster pace in 2015 than this year, with relatively strong demand in the U.S., China and India likely to lead the overall growth, a report said Thursday.The Korea Automotive Research Institute, a research unit of Hyundai Motor Co., forecast that global car sales will reach 87.1 million units next year, up 3.9 percent from this year. The projection is higher than this year’s 3.5 percent gain. The U.S. will see a 2 percent growth in vehicle sales, with a
Dec. 25, 2014
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Foreign tourist per capita spending tops record $901.2 this year
Foreign tourists on average spent a record $901.2 on shopping when visiting South Korea this year, a poll conducted by the Korea Culture and Tourism Institute showed Thursday.The institute said its findings are based on surveys carried out on 9,062 visitors in the January-September period.The per capita spending easily exceeds the $774.5 spent for the whole of last year.The public think tanks said spending by Chinese tourists contributed to the spike in sales. Thanks to more tourism-related infr
Dec. 25, 2014
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Offical arrested in ‘nut rage’ probe
Prosecutors on Wednesday arrested a ministry official for leaking details of an ongoing investigation into the so-called “nut rage” involving Korean Air heiress Heather Cho, adding to suspicions that the government has been surreptitiously aiding the carrier.The Seoul Seobu Prosecutors’ office said it arrested an official of The Ministry of Land, Infrastructure and Transport identified by his surname Kim for passing information about the probe to a Korean Air executive. The arrest came a day aft
Dec. 25, 2014
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Suspect of nuclear reactors hacking uses Chinese IP addresses
A suspect in the hacking attacks on South Korean nuclear reactors to illegally obtain information used multiple IP addresses based in China, according to investigators here Wednesday. The suspected hacker accessed the information from a Chinese city, a joint investigation of government and prosecution officials said, without disclosing the name of the city. The suspect, the self-proclaimed president of an anti-nuclear activist group, has published a wide range of information since last week, inc
Dec. 24, 2014
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Service sector company numbers rose 1.8 pct to 2.62 mln in 2013
SEJONG (Yonhap) -- The number of companies in South Korea's service sector rose 1.8 percent on-year in 2013 to over 2.62 million, the government's statistical office said Wednesday.Statistics Korea said these companies employed a combined 10.23 million people, up 4.7 percent from the year before. The increase comes as Seoul has pinpointed the service sector as an industry that can create more jobs and fuel economic growth. In the past, the government as a whole favored manufacturing and did not
Dec. 24, 2014
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Sluggish economy discourages start of new companies, causes more firms to fail: data
SEJONG (Yonhap) -- Sluggish economic condition in the 2012-2013 period hindered the creation of new companies and caused more existing firms to shut down, government data showed Wednesday.Analysis by Statistics Korea revealed 749,000 new companies were formed in 2013, down 21,000 from the year before. The business birth and death report said 741,000 businesses closed in 2012, 58,000 more than the previous year.The report showed 1.2 million people were working for newly created companies in 2013,
Dec. 24, 2014
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SK Gas sells 0.98 pct stake in China Gas Holdings.
SK Gas Co., a unit of South Korea's third-largest conglomerate SK Group, said Tuesday that it will sell half of its 1.96 percent stake in Hong Kong-listed China Gas Holdings to its affiliate SK E&S Co., a local city gas provider, for 79 billion won ($71.7 million). The stake sale aims to secure funds to acquire Dongbu Power Dangjin Corp., the operator of a coal-fired thermal power plant in South Chungcheong Province, and push for a project to build a propane dehydrogenation plant which produc
Dec. 23, 2014
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Asiana Airlines to sponsor pro-golfer Baek Kyu-jung
Asiana Airlines, the nation’s second-largest air carrier, said it would become an official sponsor for Baek Kyu-jung, a rookie female golfer who plays on the Korea Ladies Professional Golf Association Tour.Baek, 19, garnered media attention for achieving excellent results on the international stage this year. Under the sponsorship contract, she was also appointed as the airline’s public relations ambassador at the Asiana Town building in western Seoul on Tuesday, the firm said. Asiana said it wo
Dec. 23, 2014
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The first brand is the best brand
Prof. Park Heung-sooThe 2014 Interbrand brand assessment results show Coca Cola’s brand assets being valued at $81.5 billion. This is not a measurement of the company’s sales or tangible assets, but purely its brand value. This is because Coca Cola literally created a new market when it launched cola. Despite its fervent efforts to catch up with Coca Cola, Pepsi’s brand assets are worth $19.1. The gap shows how important it is to create a new category in the market, and to be remembered as bein
Dec. 23, 2014
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Charmzone’s Charm In Cell top antiaging product
Charmzone’s Charm In Cell lineup. (Charmzone)CosmeticsCharmzoneCharmzone’s Charm In Cell lineup, recognized as one of the world’s most effective antiaging products, is the result of three decades of hard work and expertise.The product was developed based on eight patented elements including Tocovita-C, which is known as being able to address the fundamental problems of skin aging. Thanks to such effects, Charm In Cell received the IR52 Jang Young-shil Award ― granted by the Korea Industrial Tec
Dec. 23, 2014
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Renault Samsung praised for design, fuel efficiency
Renault Samsung Motors’ QM3RV Renault Samsung Motors’ QM3Renault Samsung Motors’ crossover QM3 has grabbed the local auto industry’s attention from the start, receiving 1,000 preorders in just seven minutes ― a record for any carmaker in Korea.It sold more than 16,000 units as of November since its launch in December 2013. The QM3 is the only foreign-brand model in Korea with sales of more than 10,000 units. Design, fuel efficiency and price were all factors that bolstered the success of the QM
Dec. 23, 2014
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Kumho Tire graduates from debt workout
Kumho Tire Co., South Korea's second-largest tire maker, has graduated from a debt workout program it was placed under five years ago due to liquidity problems, its creditors said Tuesday.Kumho Tire had been under oversight since December 2009 after its parent conglomerate Kumho Asiana Group suffered a severe liquidity crunch from the purchase of Daewoo Engineering and Construction Co. Nine creditors hold 42 percent of Kumho Tire, with Woori Bank and Korea Development Bank owning 14 percent and
Dec. 23, 2014