Most Popular
-
1
No plan to let doctors with foreign licenses practice here anytime soon: PM
-
2
Ador CEO's dismissal to be decided on last day of May
-
3
Science Ministry expresses regret over Japan’s pressure on Naver
-
4
Hostilities get out of hand as YouTuber murders another outside courthouse
-
5
Yoon interacts with public for 1st time since election defeat
-
6
[Weekender] Pet food makers bet big on ‘recession-free’ pet food market
-
7
Police officer jumps barefoot into drainage tunnel to save man
-
8
Lee Sun-kyun's posthumuous film to hit theaters in August
-
9
N. Korea says to deploy new multiple rocket launcher starting this year
-
10
State-led adoption system to be established to ensure adoptees' well-being, minimize overseas adoption
-
Seoul stocks open higher on U.S. gains, foreign buying
South Korean stocks opened higher Wednesday, mainly on foreign buying. The benchmark Korea Composite Stock Price Index gained 8.17 points, or 0.41 percent, to 2,019.89 in the first 15 minutes of trading. Seoul share prices are displayed at the Korea Exchange. (Yonhap)Sentiment was also bolstered by overnight gains on Wall Street, according to analysts. The Dow Jones industrial average closed up 0.27 percent to 18,053.60 points, but the Nasdaq Composite Index ended 0.40 percent lower at 4,940.33
April 20, 2016
-
Nearly 9 percent of majority of top 500 firms ‘zombies’
Nearly 9 percent of a majority of South Korea’s top 500 companies are unprofitable and highly indebted “zombie” firms that are incapable of paying interest on loans with operating profit, data showed Wednesday.According to market researcher CEO Score, the interest coverage ratio for 33 out of 380 companies hovered below 1 for the third straight year in 2015. This means they cannot generate enough operating profit to pay taxes and interest payments or require constant bailouts. If companies whose
April 20, 2016
-
Doosan turns profit in Q1 earnings
Doosan Group’s key affiliates turned a profit in the first quarter of this year, after a downsizing drive targeting money-losing businesses. Doosan Corp. said it posted 3.8 trillion won ($3.3 billion) in sales, 259 billion won in operating income and 253 billion won in net income in the first quarter, according to its regulatory filling on Tuesday.Its sales dropped 16.52 percent from the previous quarter which saw sales of 4.6 trillion won. However, both operating income and net income turned a
IndustryApril 19, 2016
-
[Graphic News] Koreans in 50s spend more time on social media
Koreans in their 50s spent an average of 57.7 minutes a day on social networking services through smartphones or computers last year, according to the Korea Information Society Development Institute on Monday. This is a 24.6 percent increase in time spent on SNS, compared to the 46.3 minutes in 2014, surpassing the average time of those in their 30s and 40s.As expected, among age groups Koreans in their 20s spent the most time on SNS with an average of 80.7 minutes per day. They spent 63.1 minut
IndustryApril 19, 2016
-
K-beauty owners bask in hefty dividends
Increasing global demand for K-beauty products improved the industry’s performance last year, helping owners of Korean cosmetics firms earn large cash dividends. Of the top 10 cosmetics firms listed on the stock market, eight chose to pay dividends according to the Financial Supervisory Service last Thursday. While returning company profits to shareholders by paying high cash dividends has its merits, it is also criticized for increasing the wealth of owner families. AmorePacific Group chairman
IndustryApril 19, 2016
-
Aekyung, Hyundai Motor get close through marriage
As most Korean conglomerates are controlled by their founding family members, information on the close relationships of business tycoons formed through marriage could be useful for investment decisions.Against such a backdrop, it is understandable that Korean media paid a great deal of attention to the marriage last Friday of a founding family member of Aekyung Group. Chang Young-shin, 80, chairwoman of the mid-tier, family-controlled conglomerate, formed an in-law relationship with Hyundai Moto
BusinessApril 19, 2016
-
Korea seeks to gain international certification for wind power system
Korea is striving to gain international certification for its homegrown wind power generation system by attracting an international gathering led by the International Electrotechnical Commission, an organization that certifies renewable energy technologies. According to the Ministry of Trade, Industry and Energy on Monday, government officials and industry experts from around the world launched a discussion on Jejudo Island on the IEC System for Certification to Standards Relating to Equipment f
IndustryApril 19, 2016
-
LG Chem launches fertilizer affiliate
South Korea’s leading chemical company LG Chem launched a fertilizer affiliate, FarmHannong, on Tuesday after completing months-long acquisition efforts.LG Chem chief executive Park Jin-soo will take helm of FarmHannong, formerly owned by Korean conglomerate Dongbu Group, and stabilize the firm’s businesses, including fertilizers and pesticides, according to the chemical firm. The logo of fertilizer firm FarmHannong. (LG Chem)Founded in 1953, FarmHannong is a leader in the agricultural chemical
TechnologyApril 19, 2016
-
Seoul to reduce cabs
Seoul city announced Tuesday that it will be reducing the number of cabs here by 74 to help ease the overcrowded taxi market. Research recently showed that the city currently has an oversupply of 11,831 vehicles. The Seoul city government aimed to completely resolve the problem by 2036.In the meantime, it will cut down the number of cabs by 74 in 2016, an additional 108 in 2018 and another 110 in 2019. (Yonhap)Cars to go this year include 50 operated by individual drivers. This will be followed
IndustryApril 19, 2016
-
BOK slashes growth outlook, freezes key rate
The Bank of Korea on Tuesday kept the key interest rate unchanged at an all-time low for a 10th consecutive month, while presenting a slower growth of 2.8 percent for the domestic economy this year. BOK Gov. Lee Ju-yeol and six other members of the monetary policy board decided to freeze the seven-day repurchase rate at 1.5 percent, unchanged since June last year, until next review. BOK Governor Lee Ju-yeol (Yonhap)The central bank also slashed its forecast for gross domestic product growth in 2
April 19, 2016
-
Seoul stocks edge up on bargain hunting
Korean shares closed marginally higher Tuesday as institutional investors opted for bargain hunting, with other Asian stocks mostly higher on Wall Street gains. The local currency sharply rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) gained 0.11 percent, or 2.26 points, to 2,011.36. Trade volume stood at a moderate 397.41 million shares worth 4.39 trillion won ($3.8 billion), with gainers outnumbering losers 511 to 292.Institutions bought a net 139 billion
April 19, 2016
-
Hyundai, Cisco team up on connected cars
South Korea’s largest automaker Hyundai Motor and American tech giant Cisco Systems have agreed to cooperate on connected car technologies, the automaker said Tuesday. The announcement came as Hyundai Motor vice chairman Chung Eui-sun and Cisco Systems CEO Chuck Robbins met in Seoul to discuss the two firms’ future smart car business. Hyundai Motor vice chairman Chung Eui-sun (third from left) and Cisco Systems CEO Chuck Robbins (fourth from left) pose after a meeting at the carmaker’s headqua
MobilityApril 19, 2016
-
Capital market think tank appoints Ahn Dong-hyun as new president
Ahn Dong-hyun has been named new president of the Korea Capital Market Institute, the economic think tank said Tuesday. Ahn who currently serves an economics professor at Seoul National University, will head the institution for the next three years after taking office on Thursday. He will replace former president Shin In-seok who left his post in March when the Bank of Korea tapped him as a member of monetary policy board. The new president also serves as a member of National Economic Advisory C
April 19, 2016
-
Roche Korea appoints new general manager
Roche Korea, the local branch of Switzerland-based global biopharmaceutical giant Roche, on Tuesday appointed former chief of Roche Pharma Peru Matt Sause as its new general manger. “Korea is considered as a key market within Roche Group, and I am very pleased to assume this important role,” Sause said in a statement. “I will devote myself to improving the quality of the lives of Korean patients by strengthening access to innovative medicines by collaborating with various health care profession
IndustryApril 19, 2016
-
Conde Nast International Luxury Conference to kick off in Seoul
The second annual Conde Nast International Luxury Conference will kick off in South Korea on Wednesday, bringing together hundreds of officials from the world’s major luxury and high-end fashion industries to examine the present and future of the Korean and global luxury market. The two-day conference, organized by Conde Nast International, a U.S. multimedia company which publishes major fashion and lifestyle magazines like Vogue, GQ and Vanity Fair, will take place at the Hotel Shilla in Seoul.
IndustryApril 19, 2016
-
Samsung SDI aims to speed up global expansion
Samsung SDI, one of South Korea’s leading battery firms, said Tuesday that it has teamed up with Korea Electric Power Corp. to tap into the global energy storage system markets.The state-run utility firm signed a memorandum of understanding with the Samsung Group affiliate to lead a consortium bidding for global energy projects. As a part of the consortium, SDI will supply its ESS technology for future energy projects. KEPCO chief executive Cho Hwan-eik (left) poses with Samsung SDI chief execu
TechnologyApril 19, 2016
-
Telecom spectrum auction to begin this month
South Korea’s big three network operators -- SK Telecom, KT, and LG Uplus --on Monday completed their applications to participate in an upcoming spectrum auction, according to the Ministry of Science, ICT and Future Planning Tuesday.A total of five blocks in the 700-megahertz, 1.8-gigahertz, 2.1GHz and 2.6GHz frequencies will be up for sale during the spectrum auction, which is expected to raise at least 2.6 trillion won ($2.3 billion) in total. Executives and officials from network operator LG
TechnologyApril 19, 2016
-
IFA seeks to expand presence in China
HONG KONG -- Europe’s largest electronics trade show IFA is seeking to expand its presence in China, by launching a local edition -- CE China -- this week. IFA, which is held every September in Berlin, attracted almost 250,000 visitors last year for the weeklong event. Christian Goke, CEO of Messe Berlin, speaks at IFA’s global press conference in Hong Kong on Monday. Lee Ji-yoon/The Korea HeraldWhile Korean and Japanese companies are still one of the biggest exhibitors, the presence of Chinese
TechnologyApril 19, 2016
-
KEB Hana Bank to raise ATM fees in May
KEB Hana Bank will raise fees on its automated banking machine networks from May, the local lender said Tuesday. The country’s fourth-largest bank by assets said it will increase surcharges for customers who transfer money to other banks’ accounts from 800 won (70 cents) to 1,000 won. The new fees will be applied at ATMs nationwide from May 13. Customers using other banks’ ATMs to withdraw money from KEB Hana Bank accounts will also have to pay the increased fee of 1,000 won. “It’s the first rai
April 19, 2016
-
BOK trims 2016 growth outlook to 2.8%
South Korea's central bank cut its growth outlook for the economy on Tuesday, mainly blaming a slowdown in the global economy and trade.In its quarterly revision to the growth outlook, the Bank of Korea said Asia's fourth-largest economy is expected to expand 2.8 percent this year, compared with a 3 percent growth forecast three months earlier.The BOK joined a series of organizations that cut their own growth estimates for the local economy, including the International Monetary Fund, which has s
April 19, 2016