Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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DP leader says he will meet Yoon without conditions
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Over 9,000 hotline calls made by stalking victims in 2023
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Monthly users on local streaming platforms outpace Netflix, Disney+
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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NewJeans fans send protest truck against agency chief in conflict with Hybe
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Seoul to promote luxurious side of the city
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Korea logs fourth largest-ever surplus in 2010
South Korea posted a $28.21 billion current account surplus last year, the fourth largest in its history, due to robust exports of electronics, chips and automobiles despite the won’s gain and high oil prices, the central bank said Thursday.The figure was lower than the $32.8 billion recorded in 2009 and fell short of the Bank of Korea’s earlier forecast of $29 billion. The country posted a surplu
Jan. 27, 2011
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Hynix posts record W12tr sales in 2010
Hynix Semiconductor Inc. announced Thursday that its consolidated sales for last year reached record 12.09 trillion won ($10.86 billion), up by 53 percent from 2009, despite the fall in prices of DRAM and NAND Flash memory.The world’s second-biggest computer memory chipmaker said that its operating profit totaled 3.27 trillion won, an increase of 1,605 percent from 192 billion won recorded in 2009
IndustryJan. 27, 2011
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IBK CEO aims to build finance group
Cho to focus on forging stable growth, boosting customer baseCho Joon-hee, new head of the Industrial Bank of Korea, said Thursday he will focus primarily on forging stable growth and boosting the customer base while pushing for a long-term goal of reorganizing the lender under a holding company structure.Cho took office last month as chief executive officer of the state-run lender which specializ
Jan. 27, 2011
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S-Oil back into black
S-Oil Corp., Korea’s third- biggest oil refiner, posted a fourth-quarter profit that beat analysts’ estimates as a global economic recovery helped increase earnings from processing crude into gasoline and diesel. Net income was 322.7 billion won ($290 million) in the three months ended Dec. 31, compared with a loss of 87.4 billion won a year earlier, the Seoul-based company said in a regulatory fi
IndustryJan. 27, 2011
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Korean Air targets record operating profit on A380s
Korean Air, the country’s largest carrier, forecast record operating profit this year as it seeks to lure more premium-class travelers and begins to operate Airbus SAS A380 superjumbos.Operating profit, or sales minus the cost of goods sold and administrative expenses, may rise 14 percent to 1.28 trillion won ($1.1 billion), the company said in an e-mailed statement Thursday. Sales may increase 8.
IndustryJan. 27, 2011
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Korea to spend $7 bil for overseas resources
South Korea will more than triple its investment in overseas resources development to $7 billion this year as it strives for a stable supply of key materials including rare earth metals, the government said Thursday.Of the total, $2.6 billion, or 37 percent, will come from state-run firms and the rest from the private sector, the Ministry of Knowledge Economy said. State-run developers Korea Elect
Jan. 27, 2011
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S. Korea posts 4th-largest current account surplus in 2010
South Korea's current account surplus widened in December from the previous month on robust exports, with the country posting its fourth-largest ever surplus last year, the central bank said Thursday. The current account surplus reached $2.11 billion in December, up from $1.93 billion the previous month, according to the Bank of Korea (BOK). The current account is the broadest measure of cros
Jan. 27, 2011
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Retailers target luxury sales, expand overseas for growth
After a year of record revenues, Korean retailers are aggressively expanding at home and abroad, pinning hopes on booming luxury goods sales and the rise of deep-pocketed Asian consumers.Top department store chains, Lotte, Shinsegae and Hyundai, are sizing up their existing downtown branches and opening new stores in suburban centers, setting their sights on consumers of high-end products.Large di
IndustryJan. 26, 2011
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Korea pulls off 6.1% economic growth in 2010
The Korean economy grew rate at an eight-year high of 6.1 percent last year, rounding out a strong year buoyed by public stimulus and resilient exports under record low borrowing costs, the central bank said on Wednesday.Growth was slower in the final three months of 2010 at 0.5 percent, down from the third quarter when the economy grew 0.7 percent. On an annual basis, Asia’s fourth-largest econom
Jan. 26, 2011
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Korea’s productivity lags behind OECD
South Korea’s workforce productivity in 2009 was lower than that of most Organization of Economic Cooperation and Development-member nations, a government report showed Wednesday.The country’s per-capita labor productivity marked $56,374, which ranked 23rd among the 31-member OECD, according to research jointly carried out by the Ministry of Knowledge Economy and Korea Productivity Center. The two
Jan. 26, 2011
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KEPCO completes first offshore weather tower
Korea Electric Power Corp. has established the country’s first meteorological tower at sea as part of its offshore wind power generation. The 115-meter Herald of Meteorological and Oceanographic Special Unit-1 was built on the South Sea near the Busan-Yeonggwang area, the company said Wednesday.Its primary purpose is to obtain meteorological and oceanographic data for an offshore wind farm planned
IndustryJan. 26, 2011
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Korea aims to become mobile leader by 2015
Next-generation networks to be set up from this yearThe government said Wednesday that it will speed up the establishment of next-generation mobile communication systems, aiming to lead the global wireless market by 2015.The Korea Communications Commission and the Ministry of Knowledge Economy said they will secure key technologies, such as fourth-generation telecommunication technologies, and bui
Jan. 26, 2011
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Korea catches up in water technologies
Korea has significantly narrowed the gap with advanced countries in water-related technologies under a government initiative to nurture growth, officials said Wednesday.For the past decade, the level of Korea’s technological capabilities in related fields have risen to about 80 percent that of advanced nations from 40 percent, according to the Ministry of Land, Transport and Maritime Affairs. A to
IndustryJan. 26, 2011
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Inflation dampens consumer sentiment
Public optimistic but worried about future price increasesKorea’s consumer confidence declined in January as higher inflation is feared to hurt the livelihood of low- and middle-income households, the central bank said Wednesday.The outlook for inflation reinforced the widespread expectation for another interest rate increase as early as in March. The consumer sentiment index ― a gauge of consumer
Jan. 26, 2011
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Daewoo E&C to retain CEO Seo
Daewoo Engineering & Construction CEO Seo Jong-uk was reappointed to the post for a three-year term, the firm said Wednesday.The nation’s fourth-largest builder said it held general and board meetings Tuesday and made the decision, despite recent changes it has undergone. It was acquired by Industrial Bank of Korea late last year. IBK currently holds 50.8 percent of the firm’s share. Seo Jong-woo
IndustryJan. 26, 2011
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Finance sector braces for shake-up of key posts
Ex-minister Kang heads potential candidates for major private, public institutionsA number of highest-level personnel changes are expected in the financial market during the first quarter of this year, with attention focused on whether President Lee Myung-bak’s confidant Kang Man-soo and other senior bureaucrats land top industry posts. Woori Financial Group, Shinhan Financial Group, Hana Financi
Jan. 26, 2011
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Korea, U.S. to finalize FTA text soon
Korea and the U.S. will soon conclude work on the final text of their recently concluded free trade agreement, paving the way for the pact to be ratified in both countries, a high-ranking trade official said Wednesday.In December last year, both countries reached a final agreement focusing on U.S. demands that Korea soften its automotive safety and environmental standards.The Korea-U.S. free trade
Jan. 26, 2011
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Rice wine exports hit record high in 2010
Exports of Korea’s traditional rice wine makgeolli reached an all-time high last year thanks to high demand in Japan and a spike in shipments to China, a report showed Wednesday.Makgeolli exports reached $19.1 million in 2010, up from $6.3 million a year earlier, said the report by the Korea Agro-Fisheries Trade Corp.By country, Japan topped the list of importers with shipments totaling $15.6 mill
IndustryJan. 26, 2011
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Port cargo handling hits record high in ’10
Volume of cargo handled at Korea’s seaports hit a record high last year thanks to improving economic and business conditions, the transportation ministry said Wednesday.The nation’s seaports handled an all-time high of 1.2 billion tons of cargo last year, up 11.8 percent from a year earlier, according to a report by the ministry. In December, cargo handling also jumped to a monthly record of 110 m
Jan. 26, 2011
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Galaxy Tab sales top 2m in 3 months
Samsung Electronics Co., the world’s second-largest maker of mobile phones, said Wednesday that it has sold more than 2 million units of the Galaxy Tab tablet computer within three months of its global debut. Samsung achieved the sales figure this week as the company sells the 7-inch, Android-running tablet through some 200 mobile carriers in 94 countries, the company said. About 500,000 units of
IndustryJan. 26, 2011