Most Popular
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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DP leader says he will meet Yoon without conditions
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First-ever meeting of president, opposition chief set to finally happen
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Blinken calls on China to press N. Korea to end its 'dangerous' behavior
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NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
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Experts raise concerns about Japan putting pressure on Naver over Line
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Samsung mobile chief, Google device head meet in Seoul
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More med professors to take day off each week while govt. urges them to stay
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South Korea to launch space security center under spy agency
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LG Electronics to supply key electric-vehicle parts to GM
LG Electronics Inc., South Korea's No. 2 tech firm, said Wednesday that it will be selling key vehicle components to General Motors Co. for its new electric vehicle due to be mass-produced starting in late 2016. The Detroit-based automotive company picked the Korean electronic appliance maker as its strategic partner for the development of its new Chevrolet Bolt Electric Vehicle, LG said in a statement. Under the deal, LG will be the provider of 11 key components to GM, including the driving mot
Oct. 21, 2015
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POSCO set to get back on track in Q4
POSCO, South Korea's top steelmaker, has reported a loss for the third quarter of the year but is positioned to bottom out on the back of cost-cutting measures and simmering signs of a rebound in steel prices, analysts said Wednesday.Its consolidated net loss amounted to 658.24 billion won ($582.5 million) during the July-September period, compared with a profit of 224 billion won a year earlier, as the company was hit by foreign exchange losses, a legal settlement and weak steel prices amid a s
Oct. 21, 2015
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Samsung tops global smartphone market share in Q3: report
South Korean tech giant Samsung Electronics Co. trumped rivals in the global smartphone market in the third quarter, while its annual sales are likely to drop on-year largely due to stiffer competition from Chinese makers, a report said Wednesday, Samsung, the world's top smartphone maker, retained its top spot with a market share of 24.6 percent at the end of September, slightly down from 26.7 percent tallied the previous quarter, according to the latest report by market tracker DRAMeXchange.
Oct. 21, 2015
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POSCO swings to net loss in Q3 on weaker demand
POSCO Co, South Korea’s largest steelmaker, said Tuesday that it swung to a net loss in the third quarter amid tough market conditions at home and abroad.Its consolidated net loss amounted to 658.24 billion won ($582.5 million) during the July-September period, compared with a 224 billion profit a year earlier, the company said in a regulatory filing. Operating profit slipped 5 percent on-year to 651.91 billion won in the three-month period, and sales also retreated 7.9 percent to 13.99 trillion
Oct. 20, 2015
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11 business groups to apply wage peak system next year
Major conglomerates, including Samsung, LG and Lotte, have reached a consensus with their respective unions on adopting the wake peak system for all their business units next year, according to a survey by a major business lobby on Tuesday.According to the Federation of Korean Industries, 11 of the 21 major business groups responded that they have reached a deal with unionized workers to introduce the wage peak system, while the remaining -- including Hyundai Motor and SK -- are still negotiatin
Oct. 20, 2015
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Hyundai Group fails to sell brokerage unit
Hyundai Group’s failure to sell its brokerage unit is expected to deal a blow to its efforts to improve finances and secure cash flows, analysts said Tuesday.On Monday, Orix Corp. made it clear that it has no intention of taking over Hyundai Securities.The Japanese private equity fund firm has reportedly sought to acquire a 22.43 percent stake in the securities house from Hyundai Merchant Marine, the flagship company of the conglomerate, for 647.5 billion won.HMM has to repay debts of 1.5 trilli
Oct. 20, 2015
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POSCO swings to net loss in Q3 on weaker demand
POSCO Co., South Korea's largest steelmaker, said Tuesday that it swung to a net loss in the third quarter amid tough market conditions at home and abroad and a one-time charge for a patent suit settlement.Its consolidated net loss amounted to 658.24 billion won ($582.5 million) during the July-September period, compared with a 224 billion profit a year earlier, the company said in a regulatory filing. Operating profit slipped 5 percent on-year to 651.91 billion won in the three-month period, an
Oct. 20, 2015
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Man on Harley reveals life is better on the road
At a glance, the story of Eric Lobo seems to be a typical journey of self-discovery. The 40-something builder with a monthly salary of more than 25,000 euros lost 95 percent of what he had during the 2009 global financial meltdown. Eric Lobo on his Harley-Davidson Dyna Street Bob in Sokcho, Gangwon Province. (Courtesy of Eric Lomo) With what was left and some mortgage, he bought a Harley-Davidson motorbike and began traveling, taking photographs of the scenery and people he met, and writing abo
Oct. 20, 2015
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Users of Airport Railroad Express on increase
More and more Incheon International Airport users are using the Airport Railroad Express that takes them from Seoul Station to the airport in less than an hour, according to the authorities. The number of daily AREX users marked 236,907 on Oct. 8., the highest since the launch of the service in 2007, latest data showed. Airport Railroad users check in for their flights at the City Airport Terminal inside the AREX terminal in central Seoul. (AREX) “The regular ticket with 11 stops is priced a
Oct. 20, 2015
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Shinsegae encourages foreigners’ spending at traditional markets
Shinsegae Department Store announced Tuesday that it will hand out cash vouchers that can be used at traditional markets -- known as “onnuri gift certificates” -- to its foreign customers at its main branch until the end of this month. For customers who hold foreign passports, the department store is issuing 5,000 won ($4.40) cash certificates for purchases over 100,000 won and 10,000 won vouchers for purchases over 200,000 won at its main branch located in central Seoul. Shinsegae’s main branc
Oct. 20, 2015
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Kakao rolls out high-end taxi-hailing app
Kakao Corp., the operator of South Korea's most popular messenger app KakaoTalk, unveiled on Tuesday a premium cab-booking application that offers users luxury car services, as it seeks to monetize its platform business amid concerns on low profitability. KakaoTaxi Black will be available at a minimum fare of 8,000 won ($7.09), compared to 3,000 won charged for general taxis, to provide a high-end experience for users, the company said at a press briefing. It operates in the same way as KakaoTax
Oct. 20, 2015
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Samsung, LG tap battery biz for wearables
Samsung SDI Co. and LG Chem Co., South Korea's two major battery makers, are expanding their product portfolios into flexible cells for wearable devices, a move seen to meet increasing global demand for bendable gadgets such as smartwatches.The two battery-making units of Samsung Group and LG Group said Tuesday they showcased their latest flexible battery lineups at an exhibition held in Seoul. Samsung SDI unveiled two types of flexible batteries - a stripe and band-type -- that are designed to
Oct. 20, 2015
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Lotte brothers bicker over founder's office
The two sons of the Lotte Group founder once again clashed over control of the main office of their father, Lotte general chairman Shin Kyuk-ho, Tuesday, as a bitter fraternal battle over ownership of the South Korean retail giant continues to escalate. Lotte Group, led by younger son Shin Dong-bin, demanded that SDJ Corporation, a company established and led by older son and former vice chairman of Lotte Holdings Shin Dong-joo, step out of the general chairman’s office, located on the 34th flo
Oct. 20, 2015
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GS Home Shopping launches Chinese channel in Malaysia
GS Home Shopping, a major South Korean home shopping operator, said Tuesday it has added a Chinese-language shopping channel in Malaysia to target deep-pocketed consumers in the Southeast Asian nation.The retail unit of GS Group joined hands with Astro Malaysia Holdings, a local broadcaster, to launch a shopping channel called "Go Shop" in January to target 4.6 million households in Malaysia. GS Home Shopping said it decided to open the Chinese-language channel to better woo Malaysians of Chines
Oct. 20, 2015
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Korea to miss tourism targets due to MERS
The South Korean tourism industry is expected to take a severe heat from the Middle East Respiratory Syndrome outbreak this year, as foreigners shunned the nation during the summer season following the first case in late May, data showed Tuesday. The number of inbound travelers is expected to drop 4.6-9.6 percent on-year in 2015, causing a loss in the country's tourism revenue, which will range from 881.5 billion ($784.6 million) to 1.9 trillion won, according to data by the Korea Culture & Tour
Oct. 20, 2015
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Lotte Group refuses to report to elder son
Lotte Group has officially rejected the request of former vice chairman of Lotte Holdings Shin Dong-joo to begin sending him business reports on its core affiliates, dismissing the move as “lacking legal grounds.” The elder son of the group founder is engaged in a bitter feud with his younger brother, Lotte Group chairman Dong-bin, over control of the group since he was ousted from key posts at its Japanese units in January. Lotte Group founder and general chairman Shin Kyuk-ho (left) and his
Oct. 19, 2015
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[Science Summit] SK Group widens business scope in global partnerships
SK Group is looking to bolster its core businesses and seek new growth by actively pursuing global expansion in partnerships with major companies from around the world. Faced with unfavorable market conditions and stagnant growth, SK has pledged to overcome such economic hurdles by stepping up its efforts to widen its presence in overseas markets this year.Participants celebrate the completion of SABIC SK Nexlene’s new polyethylene plant in a ceremony at the plant site in Ulsan on Wednesday. Fr
Oct. 19, 2015
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[Science Summit] SK Group boosts nation’s creative economy drive
SK Group has been stepping up its efforts to support the growth of new venture firms in the field of information and communications technology as part of its aim to support South Korea’s ongoing drive to establish a creative economy. In collaboration with the Ministry of Science, ICT and Future Planning, the group operates two provincial Creative Economy Innovation Centers, one in Daejeon and another in Sejong.Venture firms participating in SK’s Dream Venture Star program at the Daejeon Creativ
Oct. 19, 2015
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Gov't, Samsung to back development of manufacturing robots
South Korea's government said Monday that it will join forces with Samsung Electronics Co. to develop precision manufacturing robots that could open new horizons for the local manufacturing sector.The plan calls for 16.75 billion won ($14.8 million) worth of taxpayers' money to be invested in the next three years to develop key components that can allow more robotic parts to be made in the country and lower overall prices of industrial machines, the Ministry of Trade, Industry and Energy said.De
Oct. 19, 2015
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S-Oil suffers loss in Q3 on slumping refinery biz
S-Oil Corp., South Korea's third-largest refiner, said Monday that it logged a loss in the third quarter of the year, hit by a slump in its refining business.The net loss came in at 46.7 billion won ($41.3 million) in the July-September period, narrowing from a loss of 109 billion won a year earlier, S-Oil said in a regulatory filing.Sales declined 39 percent on-year to 4.43 trillion won, while operating profit swung to a profit of 12.4 billion won from an operating loss of 38.3 billion won, the
Oct. 19, 2015