Most Popular
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Hyundai Motor eyes 80,000 jobs, W68tr investment at home by 2026
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Doctors' group picks new leader amid tense standoff over increased enrollment quota
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Seoul bus drivers go on general strike, cause morning rush hour delays
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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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[Kim Seong-kon] The April 2024 election will decide our future
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Korea enters full election mode
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Seoul’s bus union prepares for strike
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LG bets on leadership to stay ahead
LG Group plans to foster strong leadership among younger employees to fulfill the growing need to secure new human resources and a new organization to stay ahead of the markets, the company said Sunday. “People and their organization must first change if they are to persistently face challenges to lead the markets,” LG Group chairman Koo Bon-moo was quoted as saying. Koo said LG will select 500 em
Jan. 16, 2011
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Oilbank launches new refining facility
Hyundai Oilbank Co. has recently completed the construction of its second heavy oil upgrading plant as local refineries are racing to get an edge in the high value-added market.The country’s smallest refiner said on Sunday the new facility located in Daesan, South Chungcheong Province, will enter full operation in mid-May after a four-month test run. The company has invested 2.6 trillion won ($2.3
Jan. 16, 2011
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Korea steps up restructuring of savings banks
Financial authorities are quickening their moves to restructure savings banks struggling with growing bad debts to prevent their troubles from destabilizing the broader financial system.The state-run Korea Asset Management Corp. said on Saturday it will conduct a sweeping investigation into all construction-related project financing schemes involving domestic savings banks. Sources said the Financ
Jan. 16, 2011
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U.S. automakers draw big crowds
DETROIT (AP) ― Sharp designs with pizzazz, power and elegance helped pull in crowds during the public opening Saturday of the North American International Auto Show, with U.S automakers doing their best to impress consumers looking for signs of the industry’s recovery.Thousands of people from around the world filed from exhibit to exhibit inside the sprawling Cobo Center in Detroit. They perused t
Jan. 16, 2011
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News Corp.'s launch of iPad newspaper is delayed
(News Corp. and iPad maker Apple Inc. have decided to delay the launch of The Daily.)NEW YORK (AP) _ News Corp. is pushing back the launch of the world's first iPad-only newspaper.The company declined to comment on why. But a person familiar with the matter, who spoke on condition of anonymity because the person was not authorized to disclose details, said Friday that News Corp. and iPad maker A
Jan. 16, 2011
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Refiners wary of political pressure to cut oil prices
Following Lee comments, officials move to rein in petroleum pricesThe presidential office and the antitrust regulatory body are poised to turn up the heat on major oil refiners in a drive to tame inflationary pressures.President Lee Myung-bak said Thursday that the prices of petroleum products need to be “carefully analyzed” to determine whether they are at “reasonable levels.”In addition, the Fai
Jan. 14, 2011
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Hyundai Motor signs deal on Hyundai E&C
Hyundai Motor Group signed a memorandum of understanding with creditors of Hyundai Engineering and Construction to take over the nation’s largest builder Friday.The MOU between the creditors, including Korea Exchange Bank, and the automobile giant is said to carry all the conditions found in that with Hyundai Group, which has been deprived of preferred bidder status due to its dubious funding plan
Jan. 14, 2011
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SKT to launch 30 smartphones this year
Nation’s biggest mobile carrier also plans to release up to five tablet PCsSK Telecom Co., Korea’s No. 1 mobile operator, said on Thursday it plans to roll out around 30 new smartphones and up to five tablet computers this year, aiming to lead the rapidly evolving market of smart devices.Its new smartphone lineup includes LG Electronics’ Optimus 2X, Samsung Electronics’ Personal Media Phone, Motor
Jan. 14, 2011
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Hyundai unveils new Grandeur
Hyundai Motor Co., Korea’s top automaker, unveiled Thursday the long-awaited new version of its upper-end passenger vehicle, the Grandeur.The fifth-generation Grandeur, sold as the Azera in overseas markets including the United States, is the first version out in nearly five years since May 2005.“We are confident the new Grandeur will add to the class and pride of its customers as it comes with a
Jan. 13, 2011
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POSCO looks to buy Korea Express
Steelmaker posts record sales in 2010POSCO chief executive Chung Joon-yang said Thursday the nation’s top steelmaker is considering acquiring the country’s largest delivery service provider Korea Express Co.Kumho Asiana Group plans to sell Korea Express, which it acquired in March 2008, to stabilize the group’s financial structure.“With regards to the logistics needs arising at overseas steelworks
Jan. 13, 2011
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Samsung opens official global blog
Samsung Group, Korea’s top conglomerate, said Thursday it has launched an English blog to boost communications with users around the world. The Samsung Village (www.samsungvillage.com) is designed to introduce the group’s history and business, and offer open forums where local and foreign visitors can share their views and opinions about news and human interest stories, the group said.“Digital med
Jan. 13, 2011
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SK Group to invest W10.5tr in 2011
Telecom, energy giant to focus on green energy, overseas resources, new mobile technologiesSK Group said Thursday it would increase investment 30 percent this year to a record high 10.5 trillion won ($9.4 billion) to power future growth in clean energy, overseas resources and advanced mobile technologies.Korea’s third-largest conglomerate also plans to hire about 3,000 new employees, 25 percent mo
Jan. 13, 2011
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Renault-Nissan ups cooperation with Korean parts makers
Renault-Nissan Alliance held its annual purchasing conference in Seoul this week, opening new opportunities for local parts makers, Renault Samsung Motors Co. said Thursday.The conference, held Monday and Tuesday by Renault-Nissan Purchasing Organization that oversees purchasing and quality control of parts for Renault and Nissan operations, is customarily held at the headquarters of Renault or Ni
Jan. 13, 2011
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Major retailers gear up for online shopping boom
Lotte, Shinsegae, Hyundai speed up expansion of Internet, mobile businessesKorea’s large retailers are gearing up for intensifying competition online as virtual marketplaces grow on the back of popular mobile computing and social media.Lotte Shopping, Shinsegae Group and Hyundai Department Store are strengthening their Internet and mobile business operations with plans to open new shops, broaden p
Jan. 13, 2011
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SK Telecom chief to spur network evolution
Ha focuses on speed, openness and collaborationSK Telecom Co., the nation’s top mobile carrier, will speed up its transition to the next-generation network and boost cooperation with application developers and suppliers, its new chief executive said on Wednesday.In his first news conference since taking office on Jan. 1, Ha Sung-min, 54, unveiled a new management strategy focused on speed, opennes
Jan. 13, 2011
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Hyundai Oilbank union renounces strikes
Workers entrust wage decision to management in return for job securityThe trade union of Hyundai Oilbank Co., the nation’s smallest oil refiner, pledged to refrain from labor strife this year to concentrate on boosting the firm’s competitiveness, the firm said Wednesday. In a ceremony held in Seoul, the refiner’s union members voluntarily entrusted the management with a full right to decide on the
Jan. 12, 2011
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Stem cell breakthrough may solve blood shortage
U.S.-based researchers have succeeded in developing blood platelets on a large scale using human embryonic stem cells, paving the way for the mass production of artificial blood.The research conducted by U.S. biotechnology firm Advanced Cell Technology and Korea’s Cha Medical Group’s U.S. unit reported the research in life sciences journal “Cell Research.“The development, which has been successful
Jan. 12, 2011
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LG Electronics aims for $10b air conditioner sales in 2013
LG Electronics Inc. said Wednesday it aims to post $10 billion in global air conditioner sales in 2013, a goal that is forecast to propel the consumer electronics giant’s growth in the international market.“LG Electronics hopes to post $10 billion in global air conditioner sales in 2013,” said Nho Hwan-yong, head of the air conditioner business, in a press conference.The company also aims to sell
Jan. 12, 2011
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Demand outpaces supply for Hyundai in U.S.: CEO
DETROIT (AFP) ― Hyundai is ramping up production in the face of growing U.S. demand but will likely not be able to build enough vehicles to satisfy all prospective buyers, the head of U.S. operations told AFP.“Our challenge is going to be can our plants supply what we think will be a remarkable consumer demand,” John Krafcik, president and chief executive officer of Hyundai Motor America, said Mon
Jan. 12, 2011
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MySpace cuts nearly half its global staff
LOS ANGELES (AP) ― Struggling entertainment site MySpace said Tuesday that it is cutting nearly half of its staff worldwide, or about 500 people, after an extensive revamp in October overhauled its look and allowed it to be run with fewer people. The cuts, part of a two-stage layoff plan, better position the site for a possible sale or spin-off by parent News Corp.Mike Jones, the chief executive o
Jan. 12, 2011