Most Popular
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Marine Corps commander summoned by CIO for questioning on alleged influence-peddling case
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Debate rages over ‘overly fatty’ samgyeopsal
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[Weekender] Korean psyche untangled: Musok
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[Eye Interview] 'If you live to 100, you might as well be happy,' says 88-year-old bestselling essayist
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40 flights canceled on Jeju Island due to bad weather
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From fake prostitution ring to nonexistent robber, prank calls hamper police
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Top prosecutor orders speedy investigation into first lady's alleged acceptance of luxury handbag
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Missing S. Korean traveler in Paris found safe after 2 weeks
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Defense chiefs of US, Australia, Japan decry NK-Russia military cooperation
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S. Korea, China, Japan in talks to hold trilateral summit May 26-27: official
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Asiana Airlines to sponsor pro-golfer Baek Kyu-jung
Asiana Airlines, the nation’s second-largest air carrier, said it would become an official sponsor for Baek Kyu-jung, a rookie female golfer who plays on the Korea Ladies Professional Golf Association Tour.Baek, 19, garnered media attention for achieving excellent results on the international stage this year. Under the sponsorship contract, she was also appointed as the airline’s public relations ambassador at the Asiana Town building in western Seoul on Tuesday, the firm said. Asiana said it wo
Dec. 23, 2014
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The first brand is the best brand
Prof. Park Heung-sooThe 2014 Interbrand brand assessment results show Coca Cola’s brand assets being valued at $81.5 billion. This is not a measurement of the company’s sales or tangible assets, but purely its brand value. This is because Coca Cola literally created a new market when it launched cola. Despite its fervent efforts to catch up with Coca Cola, Pepsi’s brand assets are worth $19.1. The gap shows how important it is to create a new category in the market, and to be remembered as bein
Dec. 23, 2014
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Charmzone’s Charm In Cell top antiaging product
Charmzone’s Charm In Cell lineup. (Charmzone)CosmeticsCharmzoneCharmzone’s Charm In Cell lineup, recognized as one of the world’s most effective antiaging products, is the result of three decades of hard work and expertise.The product was developed based on eight patented elements including Tocovita-C, which is known as being able to address the fundamental problems of skin aging. Thanks to such effects, Charm In Cell received the IR52 Jang Young-shil Award ― granted by the Korea Industrial Tec
Dec. 23, 2014
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Renault Samsung praised for design, fuel efficiency
Renault Samsung Motors’ QM3RV Renault Samsung Motors’ QM3Renault Samsung Motors’ crossover QM3 has grabbed the local auto industry’s attention from the start, receiving 1,000 preorders in just seven minutes ― a record for any carmaker in Korea.It sold more than 16,000 units as of November since its launch in December 2013. The QM3 is the only foreign-brand model in Korea with sales of more than 10,000 units. Design, fuel efficiency and price were all factors that bolstered the success of the QM
Dec. 23, 2014
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Kumho Tire graduates from debt workout
Kumho Tire Co., South Korea's second-largest tire maker, has graduated from a debt workout program it was placed under five years ago due to liquidity problems, its creditors said Tuesday.Kumho Tire had been under oversight since December 2009 after its parent conglomerate Kumho Asiana Group suffered a severe liquidity crunch from the purchase of Daewoo Engineering and Construction Co. Nine creditors hold 42 percent of Kumho Tire, with Woori Bank and Korea Development Bank owning 14 percent and
Dec. 23, 2014
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KDB to inject 5 tln won in facility investment
Korea Development Bank (KDB) will create a fund that will spend 5 trillion won (US$4.55 billion) per year over the next three years to spur local businesses to increase facility investment and share their risks through joint investment, the financial regulator said Tuesday."As part of the government-led economic revitalization plan, we will run a 5 trillion won program from next year to 2017 to promote corporate investment and ease their burden," said the Financial Services Commission (FSC).The
Dec. 23, 2014
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Construction permits for new homes jump 22 pct in Nov.
The number of construction permits for new homes here surged over 22 percent on-year last month, the government said Tuesday, on an apparent recovery of the property market in the capital region.The number of new home permits issued in November came to 49,181 in November, up 22.2 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport.Such an increase follows a series of government measures to revamp the local property market, which had long been mi
Dec. 23, 2014
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S. Korea's labor productivity improves in Q3
South Korea's labor productivity improved from a year earlier in the third quarter on gains in the service and manufacturing sectors, the government said Tuesday.The labor productivity index rose 1.4 percent on-year to 101 in the three months ended Sept. 30, according to the Ministry of Trade, Industry and Energy.This marked the eighth straight quarter that the index has increased on a year-on-year basis.Labor productivity is measured by dividing total industrial output by total labor input, wit
Dec. 23, 2014
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Samsung's heir apparent climbs stock-rich ladder following IPOs
Lee Jae-yong, vice chairman of South Korean tech firm Samsung Electronics Co., made the list of the world's top 200 richest people for the first time as Samsung Group's heir apparent raked in big fortunes from successful initial public offerings of its two affiliates, the Bloomberg Billionaire Index showed Tuesday. The 46-year-old Lee's listed stock value was estimated at US$7.2 billion to rank 183rd worldwide in the latest Bloomberg index, making him the second-wealthiest person in South Korea
Dec. 23, 2014
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Samsung begins mass production of 20-nano 8-gigabit mobile DRAM
Samsung Electronics Co. said Tuesday it has started mass production of 8-gigabit mobile memory chips based on its 20-nanometer technology that it said are faster at data handling and better in saving power. The 8-gigabit, low power double data rate 4 (LPDDR4) mobile dynamic random access memory (DRAM) is capable of data processing twice as fast as the predecessor, the LPDDR3, and is 40 percent more energy-efficient, the company said. The LPDDR is the most common type of memory chip used in hand-
Dec. 23, 2014
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Samsung moves on to focus on Tizen operating system
South Korea's tech giant Samsung Electronics Co. said Tuesday it will stop developers' support for its "Bada" operating system starting in January, as the company accelerates its move to come up with a handset powered by its own Tizen operating system instead."We regret to inform you that the Bada Developers Forum will be closed in January 2015," Samsung said on its Bada website. The announcement came nearly two years after the company said it would stop releasing new editions of the Linux-based
Dec. 23, 2014
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Daum Kakao to set up 100-bln-won new investment firm to seek out ventures
South Korea's top mobile messenger operator Daum Kakao said Monday it plans to invest 100 billion won (US$90.8 million) to start a new company that will seek out promising venture companies in and out of the country. The company said its board of directors approved the tentatively-named K Venture Group by Jan. 23, 2015, to find new business opportunities in line with its push to lessen its dependency on the conventional free messenger service for growth. "K Venture Group will find new sources of
Dec. 22, 2014
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Korea cuts growth forecast
The South Korean government on Monday downgraded its economic growth forecast for the year 2015 to 3.8 percent from the 4 percent it predicted in July, citing weak consumption and investment amid growing economic uncertainties in its statement. This year’s growth rate was also cut to 3.4 percent from 3.7 percent on account of a slower-than-expected economic recovery despite the government’s expansionary policy moves. Next year, the government plans to put stronger emphasis on structural reforms
Dec. 22, 2014
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[SUPER RICH] Lees’ Samsung reign to continue
The global community is closely watching Samsung Group, the country’s largest conglomerate, after it handed over its chemical and defense units to Hanwha Group. Samsung said the move was aimed at streamlining its portfolio ahead of ushering in a new era of management.And on Thursday, Samsung Group’s de facto holding company Cheil Industries made a successful debut on the stock market with its shares closing at double the initial public offering price. The IPO was also part of the company’s restr
Dec. 22, 2014
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SK kin invest in hallyu building
Founding family members of SK Group, the country’s fifth-largest business conglomerate by assets, have become the latest conglomerate scions to become involved in the Korean pop culture wave, also known as hallyu. Choi Ki-won, the younger sister of SK Group chairman Chey Tae-won, was reported earlier this week to have acquired the JYP Entertainment building in the expensive district of Cheongdam-dong, southern Seoul, for 7.6 billion won ($6.9 million). Choi Ki-wonChoi owns the second-most share
Dec. 22, 2014
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KNOC’s UAE consortium eyes 100m barrels of oil
The Korean consortium, formed by state-run Korea National Oil Corp. and GS Energy, is expected to produce some 100 million barrels of crude oil in Abu Dhabi, the United Arab Emirates, KNOC said. The KNOC-led consortium said that it has completed a drill stem test, which aims to examine the pressure, permeability and productive capacity of a geological formation during the drilling of a well, for producing 200,000 barrels a day at the onshore Haliba field, also called Area 1. Through an array of
Dec. 22, 2014
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Korea, New Zealand agree free trade pact
Korea and New Zealand on Monday initialed their free trade agreement, negotiations for which concluded on Nov. 15, the Ministry of Trade, Industry and Energy said. “The FTA was initialed in Wellington by South Korean Deputy Trade Minister Choi Kyong-lim and New Zealand Deputy Secretary of Foreign Affairs and Trade David Walker,’’ a ministry official said. Initialing of a free trade pact means that the two parties confirm every word on each page is final and will not be subject to changes before
Dec. 22, 2014
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Cinema chains fined W5.5b for unfair practices
South Korea’s corporate anti-trust watchdog on Monday slapped fines totaling 5.5 billion won ($5 million) on two of the country’s largest cinema chains for discriminatory film screening practices.The Fair Trade Commission said both Lotte Cinema and CJ CGV gave preferential screen quotas to films produced by their affiliates or in-house movie distribution firms. Such actions placed non-affiliate film agencies and movie distributors that import films directly from abroad at a disadvantage.Affiliat
Dec. 22, 2014
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POSCO builds lithium extracting plant in Argentina
POSCO, South Korea’s largest steelmaker, said Monday that it had completed the construction of a lithium plant in Argentina that would mass produce the material needed to make batteries for electronic devices.The plant located in Jujuy, in the northern part of Argentina, can produce up to 200 tons of lithium every year by directly extracting the material from water from a nearby lake through chemical reactions, a technique that requires less time than traditional means of production.The company
Dec. 22, 2014
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SJM invited to help run Seoul’s casino resort
SJM Holdings, Asia’s largest casino operator by revenue, has received a partnership proposal to run a casino being built at an airport about 50 kilometers from South Korea’s capital Seoul, people with knowledge of the matter said.Macau, China-based SJM, founded by casino mogul Stanley Ho, was invited by a venture of South Korea’s Paradise Co. and Japan’s Sega Sammy Holdings Inc. to jointly manage the resort at the Incheon International Airport, said the people, who asked not to be named as the i
Dec. 22, 2014