Most Popular
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Do Korean doctors make too much money?
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Korean industries gauge impact of Biden's steep tariffs on China
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Court refuses injunction on medical school expansion
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Why Korean crime stories typically feature nameless, faceless perpetrators
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Is FTC's conglomerate listing a boon or bane for Hybe?
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NewJeans to headline palace show
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Coupang's Kim Bom escapes chaebol chief designation again
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Debate on 'no-seniors zones' heats up
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S. Korea, Cambodia forge strategic partnership
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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Hyundai Motor Q3 net dips 16% on China setback
Hyundai Motor Co. said Thursday its third-quarter net profit fell 16 percent, due mainly to sharp declines in China sales amid a diplomatic row over the deployment of a US advanced missile shield system here. In the July-September quarter, Hyundai Motor's net profit fell to 939.2 billion won ($835 million) from 1.12 trillion won a year earlier, the company said in a statement.The number of vehicles sold in China plummeted 27 percent to 188,000 in the third quarter from 256,000 units a year earl
MobilityOct. 26, 2017
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[Newsmaker] SK hynix steps closer to record-high annual profit
With another record-breaking performance in the third quarter, South Korea’s second largest chipmaker SK hynix is stepping closer to witnessing the largest-ever annual profit of around 10 trillion won ($8.9 billion) this year. According to earnings announced Thursday, the chipmaking unit of SK Group, posted 8.1 trillion won in sales and 3.74 trillion won in operating profit during the July to September period. The third quarter revenue and operating profit climbed 21 percent and 23 percent from
TechnologyOct. 26, 2017
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Korea expresses intent to bid for Saudi Arabian nuclear project
South Korea expressed its intention to bid in the upcoming nuclear reactor project in Saudi Arabia and discussed ways to expand cooperation in the energy sector in a bilateral business meeting, Seoul's energy ministry said Thursday.Paik Un-gyu, South Korean minister of trade, industry and energy met with Adel bin Muhammad Fakeih, Saudi Arabian minister of economy and planning, to discuss ways to cooperate on the commercial nuclear program being pursued by Riyadh.The kingdom officially launched a
IndustryOct. 26, 2017
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Govt. discovers W9.3tr assets under borrowed names in 2012-16: data
The government discovered 9.3 trillion won ($8.2 billion) worth of assets stashed away under borrowed names by more than 11,000 people over the past five years, data showed Thursday.South Korea first introduced the real-name financial system in 1993 to stave off money laundering and tax evasion by banning transactions under phony or borrowed names and requiring people to use real names to open bank accounts or purchase stocks. As many as 11,776 people were caught concealing assets under the name
EconomyOct. 26, 2017
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SK hynix reports record-breaking profits in Q3
SK hynix Inc., a major chipmaker, said Thursday its third-quarter net profit reached an all-time high, apparently helped by strong global prices of chips.Net profit came to a record high of 3.05 trillion won ($2.7 billion), rising sharply from 597 billion won posted a year earlier, the company said in a regulatory filing.Operating profit also reached a historic high of 3.7 trillion won in the July-September period, rising sharply from 725 billion won posted in the previous year. Sales increased
IndustryOct. 26, 2017
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Stocks open lower as foreigners turn net sellers
South Korean stocks opened higher Thursday as foreigners turned net sellers on profit taking ahead of major companies' earnings releases this week.The benchmark Korea Composite Stock Price Index fell 2.25 points, or 0.09 percent, to 2,490.25 in the first 15 minutes of trading.Foreign and retail investors sold a combined 13.4 billion won ($12 million) worth of stocks, offsetting 15 billion won bought by institutions. On Wednesday, foreigners bought 111.9 billion won worth of stocks, helping
MarketOct. 26, 2017
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Samsung Electronics release wearables for outdoor activities
Samsung Electronics Co. showcased two wearable devices optimized for outdoor activities Thursday.The South Korean tech giant said it will start the sales of the smartwatch Gear Sport and the earphones Gear IconX 2018 starting Friday in South Korea.The Gear Sport is a 5ATM waterproof smartwatch that can be used while swimming or washing automobiles, the company said. Its Water Lock Mode prevents currents in the water activating the smartwatch. Samsung Electronics Co.`s Gear IconX 2018 (Yonhap)Th
TechnologyOct. 26, 2017
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Samsung's brand value doubles in 5 yrs: research
Samsung Electronics Co. stood as South Korea's most valuable brand, with its brand value almost doubling in five years to $51.4 billion, according to industry data Thursday.The brand value of Samsung Electronics posted a whopping 12 percent on-year climb this year, marking twofold growth from $28.5 billion in 2012, according to the data compiled by Britain-based industry tracker Brand Finance. (Yonhap)Hyundai Motor Group followed with $8.7 billion, trailed by top mobile carrier SK Telecom Co. wi
IndustryOct. 26, 2017
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Korea's economic growth hits 7-year high in Q3
South Korea's economic growth hit a seven-year record high in the third quarter due to increased construction investment and exports, central bank data showed Thursday.In the July-September period, the country's gross domestic product increased 1.4 percent from the previous quarter, faster than the previous quarter's 0.6 percent on-quarter gain, according to preliminary data from the Bank of Korea.The on-quarter growth is the fastest since the second quarter of 2010, when the economy rose 1.7 pe
EconomyOct. 26, 2017
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Korea to hold public hearing on FTA renegotiation with US
South Korea will hold a public hearing next month on the renegotiation of a free trade pact with the United States, Seoul's trade ministry said Wednesday, as the two countries move to reset the terms at Washington's call. The hearing on the Korea-U.S. free trade agreement (FTA), slated for Nov. 10, will be an opportunity to exchange public views and collect opinions from experts in the related fields, the Ministry of Trade, Industry and Energy said. The public hearing is part of the legal p
EconomyOct. 25, 2017
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Korea’s semiconductor boom may hit slump in 2018
While the semiconductor industry is chugging along the otherwise gloomy South Korean economy, concerns are being raised that the global demand surge may hit a wall next year.The local memory market has been heavily influenced by supply shortages driving the surge in global demand. However, experts are now forecasting that new capital injections by semiconductor companies such as Samsung Electronics and SK hynix will lead to a reversal of supply and demand. On the back on increased supply numbers
IndustryOct. 25, 2017
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Local communities, suppliers step up to keep GM in Korea
Municipal offices, local businessmen and suppliers to GM Korea are stepping up efforts to help GM Korea, which is struggling with mounting deficits amid rumors of its business withdrawal, officials in the industry said Wednesday.Workers at GM Korea’s Bupyeong plant, a local business group and Chevrolet retailers in the nearby port city Incheon plan to sign an agreement Thursday to boost sales of the US car brands and revitalize the local economy largely connected to the operation of the Korean b
MobilityOct. 25, 2017
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SK Innovation donates $50,000 to Rice University in US
SK Innovation has donated $50,000 to Rice University in Houston, Texas, to support its Korean programs in the Center for Languages and Intercultural Communication, the company said Wednesday. The donation will also support scholarships for the Rice in Korea study-abroad program as well as Korean cultural programs at Rice University.SK Innovation’s management philosophy of “growing together with the local community” was behind the company’s decision to make a donation to the program, company offi
IndustryOct. 25, 2017
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Monthly rent highest for 20s, 30s in Gangnam
Among Seoul’s lower-income bracket, those in their 20s and 30s residing in the southern part of Seoul paid the highest amount of monthly rent, while those aged 60 and over living downtown paid the least, data showed Wednesday. According to an analysis submitted by Seoul Metropolitan Government to the parliamentary land, infrastructure and transport committee, the younger generation in Gangnam-gu, Seocho-gu, Songpa-gu and Gangdong-gu -- all located in the southeastern part of Seoul -- paid
EconomyOct. 25, 2017
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[New Samsung] Competition heats up to take lead in AI initiative at Samsung
This is the first installment of a series of articles delving into new technologies Samsung Electronics is betting on for its new source of growth. -- Ed. Artificial intelligence is an immediate challenge for South Korean electronics behemoth Samsung Electronics, which is still lacking AI specialists and relevant technologies in its transition from a hardware-oriented technological focus to software. Vice Chairman Kwon Oh-hyun’s departure from the company next year sends Samsung the serious mess
IndustryOct. 25, 2017
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Amorepacific chief named among best-performing CEOs in world
The chief executive of South Korea’s cosmetics powerhouse Amorepacific was named the 20th best-performing CEO in the world, the company said Wednesday.Amorepacific Chairman Suh Kyung-bae ranked 20th globally and second in Asia on a list of 100 best-performing CEOs released annually by Harvard Business Review and INSEAD. Amorepacific Chairman Suh Kyung-bae (Amorepacific)The evaluations were based on Amorepacific’s performance from June 29, 2006, when Amorepacific was set up as a separate entity
IndustryOct. 25, 2017
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KT eyes on global maritime industry with solutions for safety
BUSAN -- Oh Seong-mok, president of the network business at KT, South Korea’s second-largest mobile carrier by revenue, announced his ambition to bring the company’s latest solutions for small vessels to the global market Wednesday. At a press conference held at Bexco in Busan, Oh introduced the company’s newest marine telecommunications solutions for small vessels at Marine Week 2017, an international maritime exhibition being held from Tuesday through Friday. “We have embarked on the developme
TechnologyOct. 25, 2017
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[News Focus] New mortgage rules defuse uncertainties in stock market
The latest set of measures to strengthen South Korean mortgage borrowers’ debt repayment obligations was within market expectation and has defused uncertainties on the stock market, analysts said Wednesday. The toughened mortgage rules, unveiled Tuesday to curb snowballing national household debt, would help local banks and builders on the stock market benefit from abated uncertainties, the stock analysts said. “The Tuesday measure indicated the government’s moves have been and
MarketOct. 25, 2017
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Pro-labor policies risk hurting productivity
Concerns are growing that President Moon-Jae-in’s push for reducing work hours along with a steep increase in the minimum wage may further aggravate Korea’s labor productivity, which remains near the bottom among major economies.In a meeting with his aides last week, Moon said that, without job sharing through reduced work hours, it would be impossible to significantly raise the country’s employment rate and improve the quality of people’s lives. He cited a report from th
EconomyOct. 25, 2017
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Seoul stocks hit fresh record high on financials
South Korean stocks finished at a fresh all-time high Wednesday, as investors scooped up market heavyweights, such as banking stocks, market analysts said. The Korean won fell against the US dollar.The benchmark Korea Composite Stock Price Index rose 2.01 points, or 0.08 percent, to close at 2,492.50.Trade volume was moderate at 592 million shares worth 5.03 trillion won ($4.46 billion), with gainers outnumbering losers 422 to 367.The local stock market opened higher on overnight gains in Wall S
MarketOct. 25, 2017