Most Popular
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Medical profs at top hospitals suspend surgeries, clinics
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Samsung chip business back on track, logs W1.9tr operating profit in Q1
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Exports to US reach all-time high, widen gap with China
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Shinsegae faces showdown with investors over SSG.com's delayed IPO
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Hopes rise for possible Gaza truce deal
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Trump rekindles criticism: US forces defending 'wealthy' S. Korea 'free of charge'
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Ex-pro baseball player who killed debtor appeals sentence
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S. Korea discussed possible participation in AUKUS Pillar 2 with Australia: defense minister
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S. Korea to issue travel ban on Haiti amid intensifying gang violence
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Leaders of S. Korea, Angola agree to boost economic, trade cooperation
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6 major builders fined for collusion in bids for river project
The nation's top court on Thursday upheld monetary penalties for six major construction companies on charges of bid rigging in the previous government's project to improve the country's four major rivers.The Supreme Court ordered the builders -- Hyundai Engineering and Construction Co., Daelim Industrial Co., GS Engineering and Construction Co., SK Engineering and Construction Co. and Hyundai Development Co. -- to pay a fine of 75 million won ($64,000) each for rigging the 2009 biddings for the
Dec. 24, 2015
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Service sector company sales gain 2.6% in 2014
Total sales of service sector companies in South Korea advanced 2.6 percent on-year to 1,478 trillion won ($1.26 trillion) in 2014, helped by more transactions in real estate and healthcare services, government data showed Thursday.The annual service by Statistics Korea showed sales in real estate that include rental businesses jumping 10.1 percent, with healthcare moving up 7.4 percent compared to the year before."Revival of the property markets and more attention being paid to health and welfa
Dec. 24, 2015
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HDC Shilla partially opens duty-free store in downtown Seoul
A joint venture between Hotel Shilla and Hyundai Development partially opened their new duty-free store in downtown Seoul on Thursday, gearing up for a grand opening in March.The outlet is located in the Hyundai I'Park Mall in Yongsan, the railway hub nestled in between key tourist spots scattered north and south of the Han River.Shilla Hotel, a hotel chain under South Korea's biggest conglomerate the Samsung Group, is in charge of running duty-free shops, while Hyundai Development, a local buil
Dec. 24, 2015
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Hyosung honors injured soldiers with ‘Foot of Peace’
An artwork installation commemorating South Korean military soldiers’ sacrifice for national security was installed at the Nuri Peace Park in Imjingak, northern Gyeonggi Province, in a ceremony Wednesday.The piece was installed by Hyosung Group, which provided financial support of 200 million won ($170,000). Hyosung president Cho Hyun-joon (fourth from right) and military officers applaud at the installation ceremony of the artwork, “The Foot of Peace,” at Nuri Peace Park in Imjingak on Wednesda
Dec. 23, 2015
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KEPCO E&C tops global sales in nuclear power plant design
Korea Electric Power Corporation Engineering and Construction on Wednesday said it generated a world-best $126 million in overseas sales for nuclear power plant design in fiscal 2014.The KEPCO affiliate topped the chart for the fourth consecutive year since 2011. The ranking is based on research by U.S.-based Engineering News-Record on the sales performances in the previous year of the top 225 international design firms.“Designing four units of power plants in Barakah of the United Arab Emirates
Dec. 23, 2015
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Foreign direct investment surpasses $20b
The amount of foreign direct investment to South Korea exceeded $20 billion this year, with $15 billion having arrived here as of Tuesday, the Ministry of Trade Industry and Energy said Wednesday. The most ever investments of $20.43 billion is an increase of 11.2 percent from that of 2014, while the $15.19 billion that has reached the country is also a 28.6 percent jump during the same period. The authorities credited the Korea-China free trade agreement as the largest contributor. The pact, sig
Dec. 23, 2015
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Shinsegae jumps into cosmetics manufacturing business
Shinsegae International, a luxury fashion unit of retail giant Shinsegae Group, Wednesday announced its advancement into the cosmetics industry by collaborating with Italian beauty product maker Intercos. Shinsegae, famous for acquiring the exclusive distribution rights of a slew of global high-end perfume brands here, expects to pierce the luxury market with its own brand, while Intercos is hoping to get a strong foothold in the Asian market, the company said. Intercos is a globally leading ori
Dec. 23, 2015
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Oil price likely to sink even lower
Oil prices, which have already hit the lowest mark in a decade, could fall further in the first half of next year, partly due to the resumption of Iranian supply, officials and experts here said Wednesday.At a forum hosted by the Trade Ministry, experts forecast that the benchmark oil price could hover around $40-$50 a barrel next year. However, it could fall rapidly when Iran increases its oil exports in the wake of the lifting of international sanctions, they said. (Yonhap)It may take some tim
Dec. 23, 2015
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Hanwha E&C opens 50th library for the disabled
Hanwha Engineering and Construction opened its 50th “Kkumegreen Library” at the Seoul Eden Welfare Center for the Disabled on Wednesday, company officials said.Attending the opening event was Hanwha E&C CEO Choi Kwang-ho and around 30 company executives and welfare center employees.The Kkumegreen Library project is a social welfare program by Hanwha held in collaboration with the Seoul Association of Welfare Institutes for the Disabled. Hanwha E&C CEO Choi Kwang-ho (second from left) helps make
Dec. 23, 2015
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SK’s hemophilia drug begins EU approval process
SK Chemicals, the pharmaceutical unit of South Korea’s SK Group, said Wednesday it has submitted its self-developed hemophilia drug NBP601 for review and subsequent approval by the European Medicines Agency. The announcement, which comes as SK awaits the drug’s approval from the U.S. Food and Drug Administration, draws the company a step closer toward commercializing the recombinant DNA drug in global markets. SK Chemicals` hemophilia drug NBP601 (SK Chemicals) Lifted by the positive sales outlo
Dec. 23, 2015
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Hyundai Rotem develops high-speed transfer system for steel press
Hyundai Rotem, a plant equipment manufacturing affiliate of Hyundai Motor Group, said Wednesday it has successfully developed its own high-speed panel transfer system for use in tandem press lines. The system was unveiled to the public for the first time Tuesday during a presentation ceremony in Busan. A tandem press line is a machine that combines several press machines used for cutting and bending steel plates. Hyundai’s new system feeds panels into the tandem press 20 percent faster than thos
Dec. 23, 2015
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[Photo News] Roche Korea awarded for family-friendly work culture
AWARD FOR FAMILY-FRIENDLY WORK CULTURE — Roche Korea, the local affiliate of Swiss pharmaceutical giant Roche, was recognized Tuesday by the South Korean Ministry of Gender Equality and Family for its excellence in sustaining a family-friendly work culture. The company offers a number of employee benefits including flexible working hours, structural and financial child support and favorable policies for working mothers, among others. (Roche Korea)
Dec. 23, 2015
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South Korea revives Universal Studio theme park project
South Korea on Tuesday announced a consortium involving Chinese investors as a preferred bidder to build a theme park in partnership with U.S.-based Universal Parks and Resorts, reviving the project after a three-year hiatus.The state-run Korea Water Resources Corporation (K-Water) said it chose the multinational consortium consisting of Daewoo Engineering & Construction and Dohwa Engineering of Korea as well as China State Construction Engineering Corporation, China's largest construction compa
Dec. 23, 2015
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New climate deal could boost nuclear energy
As the new global climate accord reached in Paris earlier this month emphasized the role of nuclear energy in reducing greenhouse gas emissions, the state-run Korea Hydro & Nuclear Power Co. hosted a forum in Seoul on Tuesday to discuss the future of clean energy in preparation for the post-fossil fuel era. Organized by the Korea Atomic Industrial Forum, the discussion-driven event covered such agendas as the role of nuclear power in a low-carbon economy and Korea’s strategies to achieve its emi
Dec. 23, 2015
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[SUPER RICH] Female superrich, East vs. West
There are more successful female entrepreneurs in Asia than in Western Europe and North America, according to new research from HSBC and market research firm Scorpio Partnership.The study, found that 51 per cent of female entrepreneurs surveyed in Asia have a net worth of more than $15 million, compared with 33 per cent surveyed in the West.The research is based on interviews with more than 2,800 business owners with a personal wealth of more than $1 million. It found that 40 per cent of entrepr
Dec. 22, 2015
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Hyundai wins Vietnamese bridge construction deal
Hyundai Development Co. on Tuesday announced that it has won a 92.7 billion won ($78.9 million) contract to build Hung Ha Bridge in northern Vietnam.The project is the company’s first overseas deal this year, and the third after it resumed overseas operations in 2014. According to HDC, the project consists of constructing a 2.1 kilometer-bridge and another 4.1 kilometer-four lane road linking Hung Yen and Ha Nam. The three-year construction will kick off with a groundbreaking ceremony in Februar
Dec. 22, 2015
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Hyundai displays design philosophy
“Helio Curve” by Reuben MargoliCan an automotive company show its design philosophy through art?Hyundai Motor Group’s answer to the question is now on display at the “SIM: Sculpture in Motion” exhibition at the Dongdaemun Design Plaza in downtown Seoul until Jan. 10. Aimed at promoting its fluidic sculpture design philosophy, two pieces of internationally acclaimed installation art are on display at the Allim 2 exhibition hall reflecting the aesthetic catchphrase of the company. The first piece,
Dec. 22, 2015
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Doosan chairman’s ‘human-oriented’ management hits snag
On Monday, Doosan Group officially put its prestigious machine tool business unit on the market. Despite the government’s plea to retain 51 percent stake to thwart attempts by foreign funds to buy it ― as the machine tools business is considered one of the country’s basic industries ― Doosan declined and said it would look for new owners to overcome its internal difficulties. Doosan Group chairman Park Yong-mann. YonhapIndustrial observers assume the company will be sold for around 1 trillion wo
Dec. 22, 2015
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Lotte celebrates topping-out of Korea’s tallest building
South Korea’s retail giant Lotte Group held a symbolic topping-out ceremony Tuesday afternoon to mark the approaching completion of the Lotte World Tower, the tallest building in the country located in Jamsil, southeastern Seoul. Lotte Corp. placed the last crossbeam on the roof of the 123-story skyscraper amid much fanfare with some 200 high officials in attendance, including Lotte chairman Shin Dong-bin and Seoul City mayor Park Won-soon. A ridge beam is placed on the roof of Lotte World Tower
Dec. 22, 2015
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DSME employees to purchase new company shares
Daewoo Shipbuilding & Marine Engineering employees are planning to purchase new shares to be issued by the company as part of its ongoing restructuring efforts to improve its liquidity, DSME said Tuesday. The South Korean shipyard is planning to issue new stocks worth 2 trillion won ($1.7 billion) as it seeks to recover from mass deficits linked to a global economic downturn that has led to sharp falls in shipbuilding demand. The DSME headquarters in Seoul (Yonhap) Some 80 percent of DSME emplo
Dec. 22, 2015