Most Popular
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Iran’s president found dead at helicopter crash site
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Seoul rolls out W250b package in bid to lure foreign talent
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N. Korea slams US subcritical nuclear test, vows measures to bolster nuclear deterrence
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Korea's increasing US investment mutually beneficial: report
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Yoon vetoes bill for special probe into young Marine's death
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SNU alums nabbed for digital sex crimes
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Minister warns against trusting NK stated intentions, says Moon misguided
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South Korea bans viral North Korea propaganda video praising Kim
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AI Seoul Summit to discuss ways to make AI equitable in Global South
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Hermes celebrates craftsmanship
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Apple, Xiaomi outsell Samsung in Chinese smartphone market
Samsung Electronics Co., once China's No. 1 smartphone vendor, sold fewer smartphones in China for the fourth quarter of last year than Apple Inc. and local brand Xiaomi Inc., continuing to lose ground in the battle for the world's largest smartphone market, a market tracker said Wednesday. "The incredible popularity of the iPhone 6 and iPhone 6 Plus in China in Q4 2014 has led Apple to take first place in the Chinese smartphone market for the first time by units shipped," Canalys said in a stat
Jan. 28, 2015
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Jeju Air to launch 4 new int'l flights in H1
Jeju Air Co., South Korea's largest low-cost carrier, said Wednesday that it will launch four new flights bound for nearby Asian cities in the first half of the year as part of efforts to meet growing demand. Jeju Air, owned by Aekyung Industrial Co., will launch flights between the southeastern city of Daegu and Beijing on Feb. 13, while providing flights between the second-largest city of Busan and Osaka, Fukuoka and Taipei in April. Jeju Air is the first low-cost carrier that provides flights
Jan. 28, 2015
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S. Korean securities firms suffer freefall in commission income
South Korean securities firms'income from stock brokerage has almost halved in 7 years after cutting fees to woo retail investors disinterested by a stagnant run on the local stock market, data showed on Wednesday.The combined brokerage commission income of local securities firms was estimated at 3.3 trillion won (US$3.06 billion) last year, a sharp drop from 6.6 trillion won in 2007, according to the data compiled by the Korea Capital Market Institute.The comparable figures for 2012 and 2013 we
Jan. 28, 2015
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Japanese, German car parts manufacturers under probe for price
South Korea's antitrust watchdog is investigating Japanese and German car parts manufacturers for price-fixing on products they sold to local automakers, a source said Wednesday.The names of the companies under investigation and the parts supplied have not been made public, but the Fair Trade Commission (FTC) insider said Hyundai Motor Co. and its corporate cousin, Kia Motors Corp., bought the parts for the past several years. The two carmakers are flagships of Hyundai Motor Group, the world's f
Jan. 28, 2015
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[SUPER RICH] Superrich set dining trends with restaurant franchises
Restaurant franchise management is the rage among second- to fourth-generation chaebol scions. These superrich ― who have either studied abroad or go on frequent business trips ― are bringing over famous foreign restaurant brands that they patronize overseas, or taking inspiration to build and bring in restaurants that suit their culinary taste. With these business endeavors, they have set off new trends in the Korean restaurant scene.Conglomerates’ recent foray into the restaurant business is a
Jan. 27, 2015
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Buburi gets recognition as different brand to Burberry
Burberry has been very protective of its brand image in Korea lately, but the authorities on Monday opened doors for local manufacturers to be less intimidated by the British fashion juggernaut. According to Buburi, an Andong-based snack maker, the company has won the Intellectual Property Trial and Appeal Board’s approval to register its brand, “Buburi” on breads, beverage and other foods with the Korean Intellectual Property Office.The ruling came as KIPO in 2013 turned down its application be
Jan. 27, 2015
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Hyundai Group nears end of restructuring
Hyundai Group has almost finished carrying out its self-rescue plan to generate 3.3 trillion won ($3.05 billion) to cover mounting debts, part of moves to weather a worsening liquidity crunch.The South Korean conglomerate, which has been pushing ahead with restructuring since December 2013, has secured some 3.27 trillion won by selling off affiliates and assets, according to the company on Tuesday. It also expects to raise an additional 400 billion won by selling its financial unit Hyundai Secur
Jan. 27, 2015
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Samsung chair to leave hospital soon: report
Samsung Electronics chairman Lee Kun-hee, who has been hospitalized for nine months following a heart attack in May, is likely to be discharged soon to continue treatment at his residence, a local business daily reported Tuesday. The decision was made at his family’s request as Lee’s overall health has improved enough for him to get treatment at home, according to the report by Seoul Economic Daily. A Samsung official declined to confirm Lee’s relocation, adding, “There is nothing new to say abo
Jan. 27, 2015
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SK Telecom, Intel to work together on IoT
South Korea’s top mobile carrier, SK Telecom Co., said Tuesday it has agreed with U.S.-based Intel Corp. to exchange technology know-how and search for business opportunities in the Internet of Things industry.The two firms signed memorandums of understanding on a joint project that gives access to each other’s IoT-related infrastructures, aiming to commercialize business ideas and bolster the growth of the IoT industry.The IoT is a concept in which all tangible objects are connected to the Inte
Jan. 27, 2015
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Tobacco price hike begets fresh uncertainties
While the new tobacco tax has been in effect in South Korea for only three weeks, smokers have already found various ways to fight the state-backed market.With the turn of the year, the local price of a pack of cigarettes produced by KT&G, Philip Morris, British American Tobacco or Japan Tobacco International nearly doubled from 2,500 won to 4,500 won ($2.30 to $4.15).The country’s market-based approach to encouraging smokers to quit, however, has had both bright and dark sides. The ugly side ef
Jan. 27, 2015
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Samsung Display eyes Chinese handset makers for diversification
Samsung Display Co., a South Korean display maker, has added more Chinese tech firms to its client list to sell them smartphone AMOLEDs, a move seen as a strategy to rely less on its parent company, Samsung Electronics Co., which is suffering weak sales, industry sources said Tuesday.The subsidiary of the world’s top handset maker, Samsung Electronics Co., has been selling 5.2-inch AMOLEDs to China’s Coolpad Group Ltd. for its flagship Dazen X7 debuted last month. The X5 Max made by another Chin
Jan. 27, 2015
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LG Display, UDC to bolster exchanges in OLED
LG Display Co. said Tuesday it has signed a licensing deal with Universal Display Corp. that allows it to use patents held by the U.S. firm to make OLED-related products.UDC, established in 1994, holds more than 3,300 patents on OLED, or organic light-emitting diodes, and related materials.“The strategic exchange will allow us to have a growth momentum in the OLED TV market and accelerate the development of flexible and transparent OLED products,” LG Display said in a news release.LG Display and
Jan. 27, 2015
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LG Household & Health Care’s operating profit up 31 percent
LG Household & Health Care posted 1.2 trillion won ($1.07 billion) in sales and 111 billion won in operating profit for the fourth quarter of 2014, the company said Tuesday. The figures are up 14.5 percent on-year in sales and a 30.9 percent hike in operating profit, the company said. It is company’s first time to see quarterly operating profit exceeding 100 billion won, capping its second consecutive year with sales above 1 trillion won. The firm’s yearly record came at 4.6 trillion won in sale
Jan. 27, 2015
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Provincial government eyes casino resort on reclaimed land
A provincial government said Tuesday it will push to build a casino resort on reclaimed land along South Korea's southwestern coast to attract tourists and boost the local economy. North Jeolla Province said it has been in consultations with foreign investors to build an integrated resort in the Saemangeum area -- the world's longest seawall at 33.9 kilometers, creating 40,100 hectares of land -- after the central government announced plans earlier this month to build two more foreigners-only ca
Jan. 27, 2015
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Per capita rice consumption hits all-time low in 2014
Per capita rice consumption in South Korea hit a record low in 2014 as people opted for other types of grain products, data showed Tuesday.The average annual consumption of rice per person fell to 65.1 kilograms last year, down 3.1 percent from the previous year's 67.2 kg, according to the data by Statistics Korea.This marked the lowest level since related recordkeeping started in 1963, when consumption was 105.5 kg. Compared with 1970 when consumption hit a record high of 136.4 kg, rice intake
Jan. 27, 2015
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Hyundai Motor to launch fund for innovative technologies
Hyundai Motor Group said Tuesday it will launch a 177.5 billion won (US$163.9 million) fund to support the development of new technologies and business activities for automobiles and hydrogen fuel cells.Hyundai Motor Group, which owns South Korea's top two car manufacturers, Hyundai Motor Co. and Kia Motors Corp., said 52.5 billion won of the fund will be assigned to support automobile-related startups and development of new technologies, and another 15 billion won will go to helping nurture the
Jan. 27, 2015
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Discount outlet, department store sales fall in Dec.
Sales at South Korea's discount outlets and department stores continued to shrink from a year earlier in December but at a slower pace, a government report said Tuesday. According to the report by the Ministry of Trade, Industry and Energy, discount chain sales dropped 3.8 percent on-year last month while numbers for department stores were down 0.9 percent.The contraction marks the fourth month in a row that sales declined from comparable months in 2013. Sales at discount outlets and department
Jan. 27, 2015
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Asiana Airlines exceeds Korean Air in flying passengers on
Asiana Airlines Inc., South Korea's second-largest flag carrier, ranked first in passenger transportation for the Gimpo-Jeju Island route for the first time last year thanks to its efforts to expand the number of flights for customers using the most popular air travel itinerary here, industry data showed Tuesday.According to the data by Korea Airports Corp., Asiana Airlines transported about 3.18 million passengers between Gimpo, west of Seoul, and the southernmost resort island of Jeju last yea
Jan. 27, 2015
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SK Telecom, Intel to work together on IoT
South Korea's top mobile carrier, SK Telecom Co., said Tuesday it has agreed with U.S.-based Intel Corp.to exchange technology know-how and search for business opportunities in the Internet of Things (IoT) industry.The two firms signed memorandums of understanding on a joint project that gives access to each other's IoT-related infrastructures, aiming to commercialize business ideas and bolster the growth of the IoT industry.The IoT is a concept in which all tangible objects are connected to the
Jan. 27, 2015
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Samsung ranks No. 2 in global chip market: data
South Korea's tech giant Samsung Electronics Co. ranked No. 2 in the global semiconductor market in terms of revenue last year, data showed Tuesday, while its smaller rival SK hynix Inc. was one of the fastest growing companies among top-notch players.Samsung Electronics, the world's No. 1 smartphone maker, saw its sales of chips reach US$37.25 billion in 2014, up 8 percent from a year earlier, the data compiled by market tracker IC Insights Inc. showed. U.S.-based Intel Corp. retained its top s
Jan. 27, 2015