Most Popular
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[Exclusive] Korean military set to ban iPhones over 'security' concerns
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Korean, Romanian leaders discuss defense tech, nuclear energy
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[Graphic News] 77% of young Koreans still financially dependent
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S. Korea calls on Japan to confront history amid Yasukuni Shrine visit
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Yoon’s jailed mother-in-law excluded from latest parole list
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Hybe and Min Hee-jin, CEO of Hybe sublabel Ador, lock horns
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[Pressure points] Leggings in public: Fashion statement or social faux pas?
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Yoo Jae-suk, Yoo Yeon-seok team up in 'Whenever Possible'
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Aging population to drive down Korea's housing prices from 2040: experts
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North Korea holds drills simulating nuclear counterattack against enemy
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Hyundai’s Russian car bags top honor
Hyundai Motor Co.’s Solaris subcompact received the top award for its segment in the Golden Klaxon Awards given by the Russian auto publication Klaxon, the carmaker announced Monday. Based on the Accent, the Solaris is Hyundai’s strategic model for the Russian market that includes Russia-specific features such as windshield and wiper anti-freeze and brake warning systems. SolarisIn addition to th
MobilityFeb. 6, 2011
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Citroen to hit local market in 2011
Hanbul Motors Corp., the official importer of Peugeot vehicles, announced Monday that it signed an exclusive deal to import Citroen vehicles to Korea. With the launch scheduled for later in the year, the Citroen marque will return to the Korean market after a nine-year hiatus. Citroen vehicles were available in Korea during the 1990s and early 2000s, but imports were stopped in 2002.According to t
MobilityFeb. 6, 2011
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Porsche Asia Pacific sales hit new record
Sales of the luxury sports car brand Porsche rose to a new high in 2010, Porsche Asia Pacific announced Tuesday.According to the company, Porsche sales in the region jumped 89 percent from the previous year to come in at 2,265 units.In the Korean market, Porsche saw sales increase by 75.4 percent over the period to come in at 705 units.Along with Korea, Taiwan and Singapore also contributed signif
MobilityFeb. 6, 2011
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BMW 6 Series convertible to debut in Geneva
MUNICH (DPA) ― BMW is opening another chapter with open-top premium vehicles in launching the BMW 6 Series in Geneva with advanced chassis technology, more comfort, and numerous infotainment and safety features.The classic soft-top roof comes in customary “fin” design. According to BMW, the multi-layer roof has been optimized in terms of its acoustic properties and thermal insulation. The upright,
MobilityFeb. 6, 2011
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Out on a limb or on to a winner?
GM Daewoo nears completion of overhaul, taking Chevrolet brandThe extensive overhaul of branding and sales network at GM Daewoo Auto and Technology Co. is nearing its final stages, with all related procedures due to be completed by the end of the first quarter.The Korean unit of General Motors announced last month that it will remove the badge of “Daewoo” from its company name and new domestic rel
MobilityFeb. 6, 2011
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Nippon Steel, Sumitomo merger to create global No. 2 steelmaker
Nippon Steel Corp. and Sumitomo Metal Industries Ltd.’s plan to create the world’s second-largest steelmaker is aimed at gaining leverage over raw-material purchases and metal pricing as costs soar. Shares in both companies surged the most in more than two years Friday. Based on Sumitomo’s market value and net debt, the deal would be worth more than 2 trillion yen ($24.5 billion), according to dat
IndustryFeb. 6, 2011
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Egypt riots add pressure on OPEC with $100 oil
OPEC is under pressure from consumers to boost supply as most of the world’s benchmark crudes surpass $100 a barrel amid political unrest in North Africa and the Middle East.Oil prices are high enough to “derail” the global economic recovery, Fatih Birol of the International Energy Agency said this week. Saudi Arabian Oil Minister Ali al-Naimi said last week prices nearer $75 would be “appropriate
Feb. 4, 2011
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3 bidders launch due diligence on ailing savings bank
Korea's three financial services companies, including industry leader Woori Finance Holdings Co., have launched a due diligence on an ailing savings bank, industry sources said Friday. Mid-sized Samhwa Mutual Savings Bank has been suspended by thefinancial regulator as it failed to meet regulatory capital requirements. The government is seeking to sell the embattled savings bank unless it normaliz
Feb. 4, 2011
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S. Korea ranks No. 2 in OECD for food inflation
South Korea's food prices climbed the second most on-year among the organization for Economic Cooperation and Development (OECD) members in December, data showed Thursday.Food prices in South Korea jumped 10.6 percent in December from a year earlier, higher than the OECD average of 2.6 percent, according to the data by the OECD.Among the 33 tallied countries, Estonia topped the list at 12.2 percen
Feb. 3, 2011
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LG Electronics to launch its first tablet PC in March
LG Electronics Inc., the world's third-largest mobile phone maker, said Wednesday that it will release its first tablet PC in March in the U.S. market, as it tries to take its share in the booming market.The upcoming product, dubbed "G-slate," is among the first tablet models to run on the "Honeycomb" operating system, which is Google Inc.'s latest generation of Android platforms designed for mobi
IndustryFeb. 2, 2011
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Industrial production index grows for 3rd straight month: report
South Korea's industrial production growth index for the manufacturing and mining sector grew for the third straight month in December despite concerns of general economic slowdown, a government report showed Wednesday.The report by Statistics Korea said index numbers reached 63.6 in the cited month, which is also the second month in a row that figures topped the "break-even" 50 mark.A index readi
IndustryFeb. 2, 2011
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S. Korean company wins Uzbek highway rest area contract
South Korea's state-run expressway corporation said Wednesday that a local company won a contract to build and operate a highway rest area in Uzbekistan.Korea Expressway Corp. said the rest area will be built on the 300-kilometer-long highway connecting Tashkent and Samarkand. The unidentified Korean company will build the 99,000-square-meter rest area and retain operational rights over the facili
IndustryFeb. 2, 2011
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S. Korea's trade volume tripled in 10 years: report
South Korea's trade volume expanded three-fold in the last 10 years, helping the country become the seventh-largest exporter in the world, a government report showed Wednesday.The findings by the Korea Customs Service said the country's export and import volume that stood at just $291.5 billion in 2001 moved up steadily to $545.7 billion in 2005 and hit a record $891.6 billion last year.For 2011,
Feb. 2, 2011
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Korean won exchange rate to hover at 1,093 won to the dollar: KDI
The average exchange rate of the Korean won is expected to hover at 1,093 won to the dollar this year, a report by a state-run think tank showed Wednesday.The Korea Development Institute (KDI) report said that the local currency should gain in value vis-a-vis the greenback on the strength of such developments as steady economic growth and favorable trade balance.In 2010, the Korean legal tender tr
Feb. 2, 2011
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Banks‘ 2010 earnings jump 35.6%
Korean banks saw their earnings surge 35.6 percent last year from a year earlier thanks to increased interest income and profits from sales of stock holdings, the financial regulator said Tuesday.Net income by 18 local banks, including top lender Kookmin Bank and Woori Bank, came to 9.4 trillion won ($8.4 billion) in 2010, compared with 6.9 trillion won in 2009, according to a report by the Financ
Feb. 1, 2011
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Brokerages’ foreign units turn to loss
Korean brokerages saw their foreign operations turn to net losses in the fiscal first half of 2010 from a year earlier due to increased sales and maintenance costs, the financial regulator said Tuesday.The 47 foreign units of 19 local securities companies posted a combined net loss of $16.6 million in the April-September period, compared with a profit of $23.1 million a year earlier, according to
Feb. 1, 2011
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Oil benchmark tops $100 on Egypt unrest
Market fears unrest could disrupt flow of oil from the Middle EastNEW YORK (AP) ― A key global oil price contract topped $100 per barrel on Monday for the first time since 2008, as investors kept an anxious eye on Egypt and worried about unrest there disrupting the flow of oil from the Middle East.While Egypt is not a major oil-producing country, each day about two million barrels of oil pass thro
IndustryFeb. 1, 2011
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Diageo Korea offers dream-come-true Keep Walking event
Diageo Korea is staging a “dream contest” which enables people to follow unfulfilled lifelong goals that are unique enough to inspire others.Mark Edwards, marketing director for Diageo Korea, said the firm launched a global campaign here in November, accepting more than 1,400 applications for an event somewhat similar to other well-known local TV programs like Super Star K.“(What’s) similar is the
IndustryFeb. 1, 2011
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Hyundai E&C posts record sales in 2010
Hyundai Engineering & Construction Co., Korea’s largest builder, said Tuesday that it has posted record high sales last year of over 10 trillion won ($ 8.6 billion), up 7.8 percent from 2009, on strong overseas orders.Earnings rose 19 percent on-year to 544.8 billion won in 2010, the firm said, thanks to gains from equity investments. Operating profit surged 39.5 percent to 584.3 billion won.“Hyun
IndustryFeb. 1, 2011
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Overseas demand boosts carmakers’ sales in Jan.
All five local carmakers saw January sales increase from a year earlier on the back of strong demand from overseas markets, industry data showed Tuesday.Their total sales came to 626,806 vehicles, up 21.9 percent from 514,094 units sold in the same period last year.Their domestic sales grew 1.4 percent to 120,577 units and overseas sales, including exports, jumped 28.1 percent to 506,229 units.Kia
IndustryFeb. 1, 2011