Most Popular
-
1
Seoul vows action over Naver's Line, Yahoo dispute
-
2
[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
-
3
Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
-
4
Samsung doubles down on Vietnam
-
5
In Beijing, S. Korean top diplomat aims to jumpstart ties with China
-
6
Prosecutors summon pastor involved in Dior bag scandal
-
7
Suspect behind murder of Korean tourist in Pattaya arrested
-
8
NewJeans' members' parents complained to Hybe, email shows
-
9
[Grace Kao] American racism against Stray Kids
-
10
[Graphic News] Over 80% of people filing bankruptcy in Seoul in their 50s and older
-
Finance minister, BOK chief agree on growth drive
South Korea’s new finance minister and the central bank chief agreed on Monday to work together to sustain economic growth at their first official meeting in a closed-door session. Finance Minister Choi Kyung-hwan and Bank of Korea Gov. Lee Ju-yeol also shared views on the growing downside risks, such as sluggish domestic demand, in the wake of the April 16 Sewol ferry disaster, the two organizations said in a joint statement. This was their first meeting since Choi took office last week. Financ
July 21, 2014
-
[SUPER RICH] From mutual fund tycoon to conglomerate chairman
The year 2013 was a turning point for self-made billionaire Park Hyeon-joo, founder of Mirae Asset Financial Group. The company, debuted in 1997 as a mutual fund management firm, advanced onto the list of the nation’s top 30 conglomerates by assets last year for the first time in its 17-year history. According to the Fair Trade Commission, the nonmanufacturing group was ranked 29th with 9.7 trillion won ($9.4 billion) in terms of assets. Mirae Asset has continued to expand its assets for the pas
July 21, 2014
-
FSC struggles with prolonged personnel vacuum
South Korea’s financial industry is more than ready to see some new blood at the Financial Services Commission ― the decision-making body at the nation’s financial watchdog ― but it seems like the personnel vacuum won’t be filled for some time. The biggest reason is the sheer lack of candidates, industry watchers say. The government is pressed to select professionals with ample expertise, but there are actually few left to choose from when excluding officials who have served at key ministries, n
July 21, 2014
-
Foreign handset makers eye Korea
Foreign smartphone makers are eyeing the domestic market, which has so far been nearly impenetrable due to strong local brands. Experts say that although the foreign brands may not perform impressively in the short term, they may gain more popularity down the road as more users become attracted to the lower prices and unique designs. Sony, Acer and Asus already launched smartphones in the domestic market over the last couple of months, with prices ranging between 160,000 won and 350,000 won ($15
IndustryJuly 21, 2014
-
Doosan acquires U.S. fuel cell maker
South Korea’s Doosan Co. acquired U.S.-based fuel cell maker ClearEdge Power Inc. for $32.4 million in a bid to expand into the renewable energy market, the company said Monday. The holding company of Doosan Group said in a regulatory filing that the move to acquire ClearEdge was aimed at establishing a U.S. subsidiary to tap into new businesses and develop a new growth engine. ClearEdge Power manufactures stationary fuel cells that use natural gas to produce energy. In 2013, it reported a reven
IndustryJuly 21, 2014
-
Hyundai Motor, labor union clash over ordinary wage
Hyundai Motor Group is facing critical wage talks with its hard-line labor union as workers are calling for the revision of a 60-year-old wage scheme. Now, coupled with the recent decision from fellow carmaker GM Korea to include bonuses as ordinary wages, the South Korean auto firm is expected to face an uphill battle in sticking to its guns. Following a favorable Supreme Court ruling in December, the labor union of Hyundai Motor and other unions across industries have been demanding bonuses an
MobilityJuly 21, 2014
-
Top 10 conglomerates’ activity ratios slide
South Korea’s top 10 conglomerates are making less use of their assets to fuel business activities, affecting their vitality, which has weakened over the years, a report by a local corporate research firm said Monday.According to corporate watcher Chaebul.com., the leading business groups sat on 63 trillion won ($61.3 billion) worth of assets last year, stopping the so-called activity ratio at 94.1 percent.Activity ratios are widely used to measure a company’s capability to generate profit from
IndustryJuly 21, 2014
-
Korean households’ financial investments remain low: data
South Korean households’ financial investments lag far behind those of the United States as they focus more on property and bank deposits, data showed Monday.Cash and bank deposits accounted for a large 45.5 percent of South Korean households’ financial assets in 2013, compared to 12.5 percent for the U.S., according to the data compiled by the Korea Financial Investment Association.The portion of their financial investments such as stocks and bonds stood at 25 percent last year, with the compar
July 21, 2014
-
Over 450 venture firms report sales surpassing 100b won
A growing number of venture firms increased their annual revenue last year by expanding their businesses overseas, emerging as the new growth engine of the South Korean economy, a report showed Monday.Among 69,801 venture firms in South Korea, 454 reported over 100 billion won ($97.6 million) in sales last year, up 9.1 percent from 2012, according to a report by the Small and Medium Business Administration.The number steadily increased from 78 in 2005, 202 in 2008 and 381 in 2011, the SMBA said.
IndustryJuly 21, 2014
-
Investors betting on dividend funds on policy hopes
South Korean investors are pouring money into funds that invest in dividend-paying stocks on hopes that a series of measures under review by the country‘s new finance minister will push local companies to increase dividend payouts, data showed Monday.Dividend funds have received a net 302 billion won ($293 million) this year as of Wednesday, while other stock funds suffered cash outflows during the cited period, according to data compiled by fund evaluator KG Zeroin.Local stock funds suffered an
July 21, 2014
-
Firms expect tough wage talks in 2014: poll
South Korea’s big businesses expect tough talks with their unions over major thorny issues such as the scope of ordinary pay in the annual wage negotiations this year, a poll conducted by a corporate lobby said Monday ahead of the annual labor talks season.According to the survey carried out by the Federation of Korean Industries on the 300 largest companies in terms of sale, 46.3 percent said they are expecting talks to be more difficult this year compared with 2013. Another 40.7 percent said t
IndustryJuly 21, 2014
-
Samsung to build TV plant in S. Africa
Beleaguered by the challenges posed by its Chinese rivals coupled with worsening profits, Samsung Electronics is making efforts to cut costs by expanding its overseas production lines. According to recent news reports, Samsung Electronics is planning to make a $375 million investment in the Dube TradePort special economic zone, located near the city of Durban, South Africa, to construct a TV plant. “We have worked with Samsung and they identified the Dube TradePort as a space to operate from,” t
TechnologyJuly 21, 2014
-
Kakao leads sticker fad
Kakao Corp., the operator of Korea’s most-used mobile messenger Kakao Talk, is aiming to expand its character business based on its stickers ― emoticons going by the name of Kakao Friends ― used in chat services. Kakao, which sells a variety of character products from notebooks to dolls, has recently teamed up with baked-goods maker SHANY, an affiliate of SPC Group, to produce Kakao Friends Bread, featuring mobile characters including Muji, a yellow radish in a bunny costume, Apeach the peach, a
TechnologyJuly 21, 2014
-
GM Korea takes preorders for micro commercial cars
GM Korea Co., South Korea’s third-largest carmaker, said Monday it has started receiving pre-contract orders for its reintroduced Damas and Labo micro commercial vehicles.The cars will reach show windows in earnest in August after production was halted last year.The company said it has invested in updating vehicle engineering and manufacturing plant facilities at its Changwon plant, located some 400 kilometers southeast of Seoul. Damas and Labo were popular as they were the only vehicles in the
MobilityJuly 21, 2014
-
Seoul shares dip as institutions offload
South Korean stocks dipped for the second session in a row Monday as institutions offloaded shares amid worries over second-quarter earnings reports. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index started the day on a positive note and rose to as high as 2,030.61 during the trading session. It later lost ground on steadfast selling by institutions that caused the market to settle at 2,018.50, down a slight 0.05 percent, or 0.92 points, from Frida
July 21, 2014
-
KRX to push firms to raise dividends
The Korea Exchange, the nation’s main stock operator, will provide incentives for local firms to bolster their dividend payouts from as early as the second half of this year, its chairman said Friday. “We will be coming up with a number of different incentives to induce companies to pay out more dividends to their investors,” Korea Exchange chairman Choi Kyung-soo said in a meeting with reporters.Choi pointed out that the country’s dividend payout and yield ratios are “considerably low” relative
July 20, 2014
-
Hyundai Motor U.S. sales top 9m mark
Hyundai Motor Co. said Sunday that its combined sales in the United States surpassed the 9 million unit mark at the end of June, 28 years after it started selling cars in the country. Between 1986 and June this year, South Korea’s largest carmaker had sold a total of 9,028,420 vehicles in the U.S., the company said. It said it expects to reach the 10 million mark in the second half of next year. Hyundai Motor’s best-selling car in the U.S. was the Sonata midsize sedan, whose sales reached 2,221,
MobilityJuly 20, 2014
-
GM Korea to count regular bonuses as ordinary wages
GM Korea, the local unit of U.S. automaker General Motors, offered to count regular bonuses paid to its employees as part of their ordinary wages, company officials said Friday, becoming the first in the car industry to settle one of the most contentious issues in management-union negotiations this year.The proposal, made Thursday during wage talks, was welcomed by the union, company officials said.The new wage system is expected to go into force from Aug. 1, although the company union wants it
MobilityJuly 20, 2014
-
Seoul shares face correction this week
The South Korean stock market is expected to come under selling pressure this week as uncertainties stemming from the crash of a Malaysian passenger jet weigh on investor sentiment, but hopes for market-friendly policies and economic recovery may curtail a sharp fall, analysts said Saturday.The benchmark Korea Composite Stock Price Index finished at 2,019.42 points on Friday, up 1.2 percent from a week earlier.Fueled by growing expectations of a rate cut and economic stimulus measures, the main
July 20, 2014
-
Hi Design Festival ends on high note
Hundreds of families, students and visitors participated in a design festival aimed at promoting local products and introducing stylish and yet practical design ideas.The Hi Design Festival was held at Hibrand, a shopping outlet located in the affluent Yangjae-dong area of Seoul, from Friday to Sunday under the theme of “a healing family festival.”The festival was jointly hosted by Herald Corp. and Hibrand, featuring products by young inspiring designers. Some 30 local designers participated in
IndustryJuly 20, 2014