Most Popular
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Top 4 conglomerates convene strategy meetings to navigate uncertainties
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Doctors begin indefinite strike
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Doctors to go on indefinite walkout as government rejects final demands
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Putin’s Pyongyang trip highlights need for bond in isolation
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[Graphic News] Son Heung-min named 10th-best forward
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[Business Diplomacy] Korean firms evolve to stay on top of compliance: Kim & Chang lawyers
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Korea, China to hold first diplomatic security dialogue since 2015
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Dispute over 'disrespectful' form of speech leads to knife attack
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Health issues plague K-pop girl groups
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North Korea claims its own EV brand with improbable 720km range
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Seoul to let unprofitable startups go public on Kosdaq
South Korea’s financial regulator said Wednesday it will allow unprofitable but promising startups to go public by revising the market listing requirements. The decision comes amid a global phenomenon where newborn firms rise as powerful industry leaders helped by funds from capital markets, such as Facebook and Tesla, while Korean startups are experiencing difficulties in being listed on local stock markets. The Financial Services Commission unveiled its plan to add some guidelines by the end o
Oct. 5, 2016
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Prices of DRAM, NAND chips to significantly improve in Q4
The average prices of DRAM and NAND flash memory chips are expected to significantly improve in the fourth quarter, helped by stronger demand for notebook computers and a supply shortage in the NAND flash market, according to industry data Wednesday. The average contract price of DRAM for personal computers rose 7.4 percent on-month in September to $14.50, and the price for the fourth quarter “will reach its highest point in two years due to stronger-than-expected notebook demand worldwide,” DRA
TechnologyOct. 5, 2016
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Consumer prices mark sharpest rise in 7 months
Consumer prices in South Korea climbed 1.2 percent on-year last month, marking the biggest jump in seven months after remaining stagnant or declining amid growing deflation concerns, data from Statistics Korea showed Wednesday. The on-month increase of 0.6 percent in overall consumer price level was the highest since January 2013. The upward change in consumer prices was backed by soaring prices for agricultural products such as vegetables, fruits and fish, which saw an average increase of 15.4
Oct. 5, 2016
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Police raid CJ HelloVision over alleged tax statement fabrication
Seoul police raided the head office of CJ HelloVision, the nation’s leading cable TV service provider, Wednesday on an allegation the company inflated numbers in tax statements worth 23 billion won ($20.7 million).The special investigation unit within the Korea National Police Agency seized accounting documents and statements on sales plan from the company’s office in Sangam-dong, northwestern Seoul. Investigators plan to summon company officials for questioning later.The police suspect the comp
IndustryOct. 5, 2016
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Hyundai Motor ranked 35th in global brand value
Hyundai Motor, the nation’s largest carmaker, has ranked 35th in a global brand value report, climbing four notches from last year, the company said Wednesday.According to Interbrand’s list of the world’s top 100 brands, a global brand consulting firm, Hyundai Motor held $12.5 billion worth of brand value. Its sister firm Kia Motors ranked 69th, up five steps from last year. The brand value of Kia Motors was estimated at $6.3 billion won. Hyundai Motor ranked 35th in top 100 global brand list (I
MobilityOct. 5, 2016
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Possible Apple-China panel deal may not impact Samsung: analyst
China’s aggressive investment in panels may not have a significant impact on South Korea’s leading display manufacturers such as Samsung Display and LG Display, amid speculations that Apple may use LCD panels from China, according to local analysts. The latest report by IHS Markit said Apple is considering diversifying its supply chain to Chinese makers for its MacBook Air lines as Samsung and LG are shifting their focus into OLED from LCD. If so, this will be the first time Apple will use LCD p
TechnologyOct. 5, 2016
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LG Chem displays future of batteries
LG Chem, one of the world’s largest battery manufacturers, is participating at an annual exhibition of rechargeable batteries in Seoul this week to display the products the company has developed for future industries, company officials said Wednesday.Their products displayed at the InterBattery 2016 include high-powered small batteries for drones and NASA spacesuits. A capture of the battery conference official website.LG is one of 140 companies participating the exhibition that runs through Fri
TechnologyOct. 5, 2016
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Concerns deepen over ballooning household debt
Concerns have been deepening about the ballooning household debt in South Korea.As of end-June, the country’s household borrowings amounted to a record high of 1,257.3 trillion won ($1.149 trillion), up 11.1 percent from a year earlier, according to data from the Bank of Korea.The ratio of household debt to disposable income stood at 145.6 percent at the end of March, a 4.9 percentage point increase over the previous six months. The increase surpassed the average annual rise of 3.1 percentage po
Oct. 5, 2016
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[Photo News] New KRX chief
Jeong Chan-woo, the fifth CEO of Korea Exchange, attends an inaugural ceremony held at the KRX headquarters in Busan on Wednesday. During his speech, Jeong pledged to make all-out efforts to push for restructuring of the KRX governance and boost global competitiveness of the country’s stock trading boards. Members of the KRX trade union boycotted the ceremony in protest against what they claim was a politically-motivated appointment of Jeong, a former vice chairman of the Financial Services Comm
Oct. 5, 2016
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Anti-graft law hits golf industry
The enactment of Korea’s landmark anti-graft law appears to be shifting the country’s social bonding culture for businessmen, especially in the game of golf.Since the Improper Solicitation and Graft Law came into force on Sept. 28, those working for public institutions, private education bodies and the media are banned from giving and receiving free meals, presents or monetary gifts respectively worth 30,000 won ($27), 50,000 won and 100,000 won or higher. Offering or receiving rounds of golf wo
IndustryOct. 5, 2016
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Samsung’s mid-tier Galaxy A8 smartphone launches in Korea
Samsung Electronics’ newly upgraded Galaxy A8 smartphone began sales in South Korea on Wednesday, aiming to appeal to customers looking for a premium smartphone at a lower cost. Sold exclusively through local network carrier SK Telecom, the Galaxy A8 is a mid-tier smartphone priced at 649,000 won ($583) -- making it around 300,000 won cheaper than the premium Galaxy Note 7, which recently resumed sales in Korea.A model holds up the new Galaxy A8, which was released in Korea via SK Telecom on Wed
TechnologyOct. 5, 2016
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Prosecutors seek extradition of ex-Oxy head
Prosecutors said Wednesday they will seek the criminal extradition of a former head of Oxy Reckitt Benckiser amid an ongoing probe of the firm's deadly products that claimed many lives here.Under the plan, the prosecutors will seek to bring Gaurav Jain, an Indian national residing in Singapore who currently works for Britain-based Reckitt Benckiser, to South Korea to further the investigation.Prosecutors said they will provide translated investigation records as well as an arrest warrant and ask
IndustryOct. 5, 2016
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KRX's new head vows every effort for holding firm
The new head of South Korea's sole bourse operator on Wednesday pledged all-out efforts to transform it into a holding company with a few subsidiaries in a bid to survive the rapidly changing market environment."Given internal and external necessities, a shift to a holding firm is a task we have to achieve at all costs," Korea Exchange CEO Jeong Chan-woo said, starting his three-year tenure.The KRX has sought to go public and become a holding firm as part of efforts to strengthen governance and
Oct. 5, 2016
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Hyundai unionists threaten to stage general strike if gov't orders emergency arbitration
Unionized workers at Hyundai Motor Group threatened Wednesday to stage a general strike if the government invokes its right to emergency arbitration to order workers at South Korea's No. 1 carmaker to return to work, sources said.The move came after Labor Minister Lee Ki-kweon said last week the government would consider calling for an emergency measure if the trade union and management fail to iron out a compromise and end a strike at Hyundai Motor Co. that is seriously hurting car parts subcon
IndustryOct. 5, 2016
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More mid-range smartphones available in Korea
Smartphone makers such as Samsung Electronics Co. and Sony Corp. have launched their latest mid-range smartphones in South Korea, targeting the niche segment between flagship and low-end smartphones.Samsung began selling the Galaxy A8 smartphone on Wednesday via SK Telecom, the nation's top mobile carrier. With a 5.7-inch screen and better camera capabilities, the A8 smartphone is touted as the closet mid-range smtphone to the flagship Galaxy S series. The A8 is priced at 649,000 won ($583) in S
TechnologyOct. 5, 2016
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Gov't reaffirms unyielding pay reform drive for bank workers
South Korea's top financial regulator on Wednesday emphasized the government's unswerving commitment to expand performance-linked pay for local bank workers."It's an indispensable financial reform task," Yim Jong-yong, chairman of the Financial Services Commission said at a government-civilian meeting on improving the nation's financial system.The government will push for the spread of a "performance-oriented culture" on the basis of constant principles, he added.Yim's comments came as bank work
Oct. 5, 2016
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Korea to hold K-food expo in Indonesia
South Korea will introduce its traditional food to Indonesians this week in a fair designed to promote its charm and taste worldwide, a government ministry said Wednesday.The four-day event, titled "2016 Indonesia Jakarta K-food Fair," is to open on Thursday at a local hotel, according to the Ministry of Agriculture, Food and Rural Affairs.Indonesia, with close to 90 percent of its population Muslim, is expected to emerge as an advance base for South Korea's efforts to tap deeper into the global
IndustryOct. 5, 2016
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Finance ministry remains cautious about economic recovery
South Korea's finance ministry on Wednesday remained cautious about whether Asia's fourth-largest economy has gotten on a clear recovery track, as economic indicators have been fluctuating in recent months amid rising uncertainties at home and abroad.In its reports submitted to the National Assembly for an annual parliamentary audit, the Ministry of Strategy and Finance said the country's economy is facing flaccid recovery momentum with the local financial market staying unpredictable.South Kore
Oct. 5, 2016
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BOK chief leaves for US for G20 meeting on global economy
South Korea's central bank said its governor left for the United States on Wednesday for talks with his counterparts from the world's major economies on pending economic issues and ways to stabilize global financial markets. Bank of Korea Governor Lee Ju-yeol is scheduled to attend the G20 Finance Ministers and Central Bank Governors meetings in Washington on Thursday, according to the central bank.Lee also plans to attend annual meetings of the International Monetary Fund and the World Bank Gro
Oct. 5, 2016
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Police raid CJ Hellovision on forged sales statement
Police raided the headquarters of CJ Hellovision Co., the country's top cable channel operator, on Wednesday over an allegation of fabricated tax statements.Investigators said the company is suspected of fabricating tax statements worth 23 billion won ($20.6 million) to exaggerate its sales.CJ Hellovision may have overstated its sales by overcharging regional offices for commodities. Police currently suspect the firm's headquarters was directly involved in the fabrication."The investigation aims
IndustryOct. 5, 2016