Most Popular
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Jimin of BTS, actor Song Da-eun suspected to be dating, again
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What's next for the government's push in quota hike?
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Trump may like to 'solve' N. Korean nuclear problem if reelected: ex-official
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Woman falls to death from acquaintance's home after exhibiting ‘unexplained' behaviors
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‘Malice should not undermine the system, social order,’ says Hybe's Bang
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N. Korea slams planned S. Korea-US military drills, warns of 'catastrophic aftermath'
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[Robert J. Fouser] Social attitudes toward language proficiency
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N. Korea fires short-range ballistic missiles toward East Sea: JCS
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[Graphic News] How much do Korean adults read?
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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Kumho Tire provides tires to Dodge Viper ACR
Kumho Tire announced last week that it would provide original-equipment tires for the 2016 Dodge Viper ACR by U.S. supercar company Dodge, a brand under the world-leading Fiat-Chrysler Automobiles.The Dodge Viper is a sports car with one of the industry’s largest displacements at 8,400cc, and has achieved one of the fastest records in Germany’s Nurburgring lap time competitions. The 2016 Dodge Viper ACR is said to be the fastest Viper model to date. The 2016 Dodge Viper ACR (Kumho Tire)Kumho Tir
MobilityJuly 26, 2015
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BOK sees W1.8tr loss on gold price plunge
By Chung Joo-wonSouth Korea’s central bank reported a 1.8 trillion won ($1.54 billion) loss as record-low international gold prices devalued its reserve, the parliamentary finance committee revealed Sunday.According to the Bank of Korea’s report to the National Assembly’s Strategy and Finance Committee, the value of the bank’s gold purchased in 2011-2013 depreciated by 33 percent on average at current value.Last week, the gold price plunged to its lowest level in five years since April 2010, plu
July 26, 2015
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Unemployed 20-somethings hits new high for H1
The number of unemployed South Koreans in their 20s hit a new first-half record, data showed Sunday, adding to concerns over murky employment outlooks for the country's younger generation.There were 410,000 unemployed people aged between 20 and 29 in the January-June period, the highest level since relevant data was compiled by Statistics Korea. The previous record was 402,500 in the first half of 2000.The number of unemployed people in their 20s had hovered in the 330,000 level following the gl
July 26, 2015
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S. Korean retailers launch sales to woo shoppers
Massive sale events are in swing at South Korean department stores, hypermarkets and duty-free shops in their latest attempt to win back shoppers as consumer sentiment remains dim following the Middle East Respiratory Syndrome outbreak, market watchers said Sunday.Lotte Department Store, the country's biggest department store chain, opened the "Lotte Black Super Show" at KINTEX, a suburban exhibition center outside of Seoul, on Thursday to slim down its stock of products.Sales in the first three
July 26, 2015
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Asiana Airlines sued over burns
Asiana Airlines Inc., South Korea's second-largest flag carrier, has been sued for allegedly causing serious burns to a female passenger on board one of its planes last year.The passenger in her mid-30s, identified only by her last name Jang, has filed a lawsuit seeking 200 million won ($171,000) in damages from the airline and a flight attendant on board the plane from Incheon, South Korea's main gateway west of Seoul, to Paris on March 17 last year, according to Jang's attorney. (Yonhap)Durin
IndustryJuly 26, 2015
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Top 10 conglomerates' market cap slumps 40 tln won this year
South Korea's 10 biggest business conglomerates saw their combined market cap fall 40 trillion won($34 billion) from the beginning of the year as their share prices tumbled on earnings concerns, market data showed Sunday.The business groups' market cap totaled 679.6 trillion won as of July 23, falling 40.1 trillion won, or 5.57 percent from Jan. 2, the first trading day of the year, according to the data by market tracker Chaebul.com.The portion of their market cap also dropped by 8.3 percentage
IndustryJuly 26, 2015
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Chinese firms encourage 100,000 tourists to visit S. Korea
Two Chinese companies have launched a joint promotional campaign that aims to entice some 100,000 Chinese tourists to visit South Korea within 100 days, a state-run newspaper reported Saturday, joining efforts by South Korea to revive its tourism industry hit by an outbreak of MERS. The campaign was launched on Friday by Wanda Tourism, an affiliate of Chinese property conglomerate Dalian Wanda Group, and Tongcheng Network Technology Co., an online travel agency, the China Daily reported. The cam
IndustryJuly 25, 2015
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Seoul shares to move in narrow range next week
South Korean stocks are likely to trade in a tight range next week as investors watch out for second-quarter earnings results and the Fed's two-day policy meeting, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,045.96 on Friday, falling 1.48 percent from a week earlier. The KOSPI kicked off on a slightly weak note as profit concerns on major shipbuilders offset easing worries over Greece and China.Later in the week, the index moved lower as foreigners
July 25, 2015
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Park urges business heads to lead creative economy
President Park Geun-hye on Friday invited 17 business leaders to Cheong Wa Dae to celebrate the completion of creative economy centers nationwide and ask their active support in the future operation. As part of a government-led initiative, a total of 17 Centers for Creative Economy and Innovation have been launched over the past year aiming to nurture competitive start-ups across industries in partnership with big conglomerates. (Yonhap)A combined 2 trillion won ($1.7 billion) will be poured int
IndustryJuly 24, 2015
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SK innovation center boosts start-ups
DAEJEON -- The Daejeon Creative Economy Innovation Center, jointly established by SK Group and the South Korean government in a bid to nurture local start-ups, is helping to accelerate the growth and expansion of promising venture firms.Located at KAIST, one of Korea’s most prestigious universities focused on science and technology research and development, the center opened its doors in October 2014 aiming to help information and communications technology-focused start-ups commercialize their t
IndustryJuly 24, 2015
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NPS under pressure to reform after Samsung-Elliott battle
Following is the last in a four-part series featuring the battle between Samsung C&T and Elliott Associates over the Korean builder’s merger with Cheil Industries and its implications. ― Ed. The National Pension Service is facing growing pressure to reform its decision-making process after it participated in a crucial vote on a $8 billion merger deal between Samsung C&T and Cheil Industries last Friday.The NPS, the nation’s largest investor with assets of 500 trillion won ($430 billion), voted
IndustryJuly 24, 2015
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Banks step up efforts to curb switching accounts
Banks are gearing up their efforts to retain their conventional customers and stop them from moving their accounts to other banks ― a provisionary measure to the incoming bank account switching system.Starting from October, customers will be able to move their accounts more freely from one bank to another, without having to adjust their automatic withdrawals. The system was introduced by the Financial Services Commission back in 2013 as a means to enhance the competitiveness of the banking indus
July 24, 2015
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Hyundai Steel’s operating profit soars
Hyundai Steel’s second-quarter operating profit jumped 18.3 percent on-year to record 424.5 billion won ($363.5 million), buoyed by the construction market showing signs of recovery.Although higher than a year ago, the figures released Friday fell short of projections of 446.5 billion won by seven major local stock firms, including Samsung Securities and Korea Investment & Securities. The steelmaker posted 3.7 trillion won in sales, down 11.3 percent, as price-competitive Chinese products caused
IndustryJuly 24, 2015
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Hana Financial's net slips 10.27 pct in Q2
Major South Korean banking group Hana Financial Group Inc. said Friday that its second-quarter net profit fell 10.27 percent from a year earlier due to a rise in loan-loss reserves.Net income stood at 374.9 billion won ($321 million) in the April-June period, compared with 417.8 billion won a year earlier, the company said in a regulatory filing.Compared with three months earlier, the group's bottom line stayed nearly unchanged from 374 billion won.For the first half, its net profit jumped 22.7
July 24, 2015
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S. Korea's trade projected to hit 5-year low in 2015
South Korea's trade volume is forecast to hit a five-year low this year as a stronger local currency and low oil prices weigh heavily on Asia's fourth-largest economy, data showed Friday.The country's exports reached $268.7 billion in the first six months of the year, down 5.1 percent from a year earlier, while imports fell 15.6 percent on-year to $222.4 billion, according to the data compiled by the Korea Customs Service.As a result, South Korea posted a 10.1 percent drop in total trade volume
July 24, 2015
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Kia Motors' net tumbles over 27 pct in Q2
Kia Motors Corp., South Korea's No. 2 carmaker, said Friday its second-quarter earnings plunged more than 27 percent from a year earlier on weak sales at home and abroad.Net income came to 746.5 billion won ($642.92 million) in the April-June period, down 27.1 percent from a year earlier, the company said in its regulatory filing.Operating profit also sank 15.5 percent on-year to 650.7 billion won, but sales edged up 3.2 percent to 12.44 trillion won.Kia Motors, the smaller affiliate of industry
IndustryJuly 24, 2015
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S. Korean consumer sentiment inches up in July
Consumer sentiment in South Korea rose slightly in July after plummeting to a two-year low on concerns over the Middle East Respiratory Syndrome (MERS) outbreak last month, central bank data showed Friday. The overall consumer sentiment index reached 100 in July, inching up from 99 in the previous month, according to the Bank of Korea. A reading below 100 indicates that pessimists outnumber optimists. In June, the index fell below the benchmark level for the first time in more than two years,
July 24, 2015
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KFC launches Hawaiian Burger
U.S.-based fast food chain KFC launched the new Hawaiian Burger in South Korea on Wednesday in celebration of the summer season.The new burger features a spicy chicken filet, a thick slice of canned pineapple and fresh lettuce, topped with white pine sauce for a zesty taste.To celebrate the launch of the new product, KFC is holding a number of promotional events for customers who purchase the new Hawaiian Burger.Customers who buy the burger will receive one Petitzel, a watery jelly dessert made
IndustryJuly 23, 2015
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Electrolux launches Masterpiece home appliance line
Sweden-based home appliances manufacturer Electrolux launched its new premium small home appliances lineup in Korea on Wednesday.Electrolux’s Masterpiece Collection features an immersion blender, food processor and jug blender. The three-piece collection comes after three years of development and was inspired by the company’s professional appliance lineup. The collection’s three products have been equipped with the so-called “power tilt” technology, which “uses the forces of gravity to shift the
IndustryJuly 23, 2015
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Caffe Bene launches colorful, fruity menus
South Korean coffee chain Caffe Bene has launched a number of new seasonal drinks and cakes to meet the public’s increasing demands for colorful, eye-catching products made with fresh fruits.The coffee chain has introduced seven types of new fruit juices as part of its so-called rainbow drinks lineup. The red-colored Cherry Shower mixes fresh cherries with carbonated water. The orange-colored Grapefruit Sunset combines grapefruit extract with orange juice.The yellow-colored mango juice is made w
IndustryJuly 23, 2015