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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Opposition-led Assembly unilaterally passes bill to probe Marine's death
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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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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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[KH Explains] Will alternative trading platform shake up Korean stock market?
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Japan to build world’s fastest train
Central Japan Railway Company announced plans to construct the world’s fastest train, restoring its reputation as a leader in state-of-the-art high speed rail technology. Currently, the fastest train on earth operates in China. The new train with a speed of up to 498km/h is set to outpace China’s fastest, which manages 354km/h.Japanese passengers currently enjoy rapid transport with the “Shinkanse
Feb. 28, 2011
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SK launches mobile chip venture in China
HONG KONG (Yonhap News) ― The main Chinese subsidiary of SK Group has launched a mobile joint venture in the country in a bid to tap into its mobile solution industry, the group’s flagship company said.SK China, established in July 2010 through the joint investment of SK Group subsidiaries, has established a 19 billion won ($16.8 million) joint venture called “SKMtek” with MtekVision, Korea’s lead
Feb. 27, 2011
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Hyundai E&C seeks further overseas expansion
After garnering record-high overseas orders last year, Hyundai Engineering & Construction Co. is pushing harder to expand its presence in the world though diversification of its projects and markets. The country’s largest builder aims to become a global top 20 builder by 2015 under its long-term growth plan Vision 2015 launched last year. By the target year, the company expects to achieve 23 trill
Feb. 27, 2011
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Millet Korea unveils fresh product line
Millet Korea launched M-Limited line products at the Millet brand’s 90th year anniversary event held in Seoul on Friday.Formerly known as Edelweiss Outdoor Co., Millet Korea is the distributor of Lafuma Group’s Millet products in Korea.In April 2009 Millet Korea signed exclusive rights to use the French brand’s trademark in Korea and China, becoming the first independent company to sign a trademar
Feb. 27, 2011
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Fiat to produce cars in Russia
Fiat SpA submitted a plan to the Russian government to build as many as 300,000 cars a year in the country, after last week ending talks on a 2.3 billion-euro ($3.3 billion) deal with OAO Sollers. “The product plan will be principally based on production of C and D segment cars, SUVs and light commercial vehicles,” Fiat said in a statement Friday. “The Fiat and Jeep brands will be the mainstays of
Feb. 27, 2011
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Hyundai Motor to pay 4.96 trillion won for Hyundai E&C
Hyundai Motor Group, South Korea's top automaker, agreed to pay 4.96 trillion won (US$4.4 billion) to take over a 35 percent stake in the country's biggest builder,sources said Friday. The price, agreed on with creditors of Hyundai Engineering & Construction Co. (E&C), represents a 2.74 percent discount from the carmaker's bid price of 5.1 billion. The price readjustment came after Hyun
Feb. 25, 2011
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Samsung breaks into biomedical sector
Samsung Group marked its first step into the biopharmaceutical business with the establishment of its joint venture with U.S. drugmaker Quintiles Transnational Corp. The company on Friday said the joint venture will be established during the first half of this year, to be capitalized at 300 billion won ($265.5 million).It will be controlled 90 percent by Samsung Group. Quintiles will hold a 10 per
Feb. 25, 2011
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Hyundai Motor chair to pay 82.6b won
The Seoul Central District Court on Friday ordered Hyundai Motor Group chairman Chung Mong-koo to pay 82.6 billion won ($73.1 million) in compensation to Hyundai Motor Co. for damages caused by irregular intra-group trading.Aside from Chung, former Hyundai Motor vice chairman Kim Dong-jin has been ordered to pay 8 billion won in compensation to the carmaker.The ruling follows three years after the
Feb. 25, 2011
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SK Telecom-iPhone 5 expected to hit market
SK Telecom officially announced Friday that it will provide services for Apple’s iPhone 4 as early as next month, bringing an end to its rival KT Corp.’s 15-month long exclusive deal with Apple.The country’s leading mobile carrier SKT has not provided the details on when it will release the smartphone, however, it said it predicts more people will use the popular gadget, using its network and serv
Feb. 25, 2011
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BASF to invest $3.1 billion in Asia by 2015
BASF chief executive Jurgen Hambrecht speaks during the firm’s yearly press conference in Ludwigshafen, Germany on Thursday.(BASF)LUDWIGSHAFEN, Germany ― Leading global chemical firm BASF plans to expand its presence in Asia by investing 2.3 billion euros ($3.1 billion) over the next five years, company officials said Thursday.The Germany-based firm’s aggressive investment plan comes as the Asia-P
Feb. 25, 2011
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Samsung Group breaks into biomedical sector
South Korea's top conglomerate Samsung Group said Friday that it will establish a biomedical joint venture with U.S. drugmaker Quintiles Transnational Corp. as part of its efforts to find new growth engines. The joint venture will be capitalized at 300 billion won (US$265.5 million) and be established sometime in the first half of this year, Samsung said, adding work will begin on a plant in Inche
Feb. 25, 2011
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Samsung establishes first social enterprise
Samsung Group established its first social enterprise in downtown Seoul on Thursday.The enterprise called the “Hope Network” will hire about 70 teachers and offer education services to about 1,000 children from underprivileged families, company officials said.It will start with the children registered in 30 different study rooms in the regions of Seoul and Gyeonggi Province.The instructors, who ha
Feb. 24, 2011
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SKT to release iPhone 4
SK Telecom, Korea’s top mobile operator, will start selling the iPhone next month in a break from Apple’s practice of selling the smartphones via a single distributor in each major market, industry source said Thursday.“Negotiations between SK Telecom and Apple are in the final stage,” said the source who is familiar with the matter. “As the negotiations are going smoothly, it is virtually decided
Feb. 24, 2011
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BMW to set up social contribution fund
BMW Group Korea announced Thursday that it will set up BMW Korea Future Fund, the first social contribution foundation operated by a foreign carmaker in South Korea.The foundation will be established by BMW Group Korea and the seven official dealers later in the year with an initial investment of 3 billion won ($2.7 million), 2 billion won of which will be raised by the dealers and BMW Group Korea
Feb. 24, 2011
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Renault Samsung most efficient sales staff
Renault Samsung Motors Co.’s sales staff recorded the highest average monthly sales figure among local carmakers, the company announced Thursday.According to the company, the 2,342 sales staff working at its 195 sales agents sold 155,696 last year, putting the average monthly sales figure per person at 5.4. The figure per sales agent came in at 65 units per month. The company did not disclose figu
Feb. 24, 2011
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Big banks must be broken up: Hoenig
Federal Reserve Bank of Kansas City President Thomas Hoenig said U.S. regulators should avert another crisis by breaking up large financial institutions that pose a threat “to our capitalistic system.”“I am convinced that the existence of too-big-to-fail financial institutions poses the greatest risk to the U.S. economy,” Hoenig said Wednesday in a speech in Washington. “They must be broken up. We
Feb. 24, 2011
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Foreigners' land ownership in S. Korea grows in 2010
Foreign ownership of South Korea's land rose slightly last year, but its growth rate remained relatively slow compared with levels tallied before the financial crisis, a government report showed Thursday. Foreigners owned a total of 223.72 million square meters of land in the country at the end of last year, up 2.4 percent from a year earlier, according to the report by the land and transport
Feb. 24, 2011
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SK Telecom to release Apple's iPhone 4 next month in S. Korea
South Korea's top mobile carrier SK Telecom Co. will release Apple Inc.'s iPhone 4 in the local market next month, ending the exclusive distribution by its rival wireless operator, an industry source said Thursday. SK Telecom Co. will release Apple Inc.'s iPhone 4 (Bloomberg)"Negotiations between SK Telecom and Apple are in the final stage," said the source who is familiar with the matter. "As th
Feb. 24, 2011
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BP deal to boost India’s energy output: analysts
MUMBA (AFP) ― BP’s multi-billion-dollar tie-up with Reliance will accelerate fuel-hungry India’s exploration for energy and hand the Indian giant the skills to develop hard-to-exploit reserves, analysts say.The British energy group on Monday agreed to pay $7.2 billion for a 30-percent stake in Reliance’s 23 largely unexplored deepwater oil and gas fields off the coast of India, which cover an area equivalent to the North Sea.The tie-up with embattled BP, which this month reported its first annua
Feb. 23, 2011
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Russia may extend grain export ban
Deputy P.M. says export ban could be extended after July 1MOSCOW (AFP) ― Russia on Tuesday said it may extend a ban on grain exports that has been blamed for triggering global food price rises beyond its provisional expiry date of July 1.The Russian government’s pointman on agriculture emerged from a closed-door cabinet meeting chaired by Prime Minister Vladimir Putin to announce that such an opti
Feb. 23, 2011