Most Popular
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Seoul vows action over Naver's Line, Yahoo dispute
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[KH Explains] Hyundai Motor’s plan for new landmark keeps hitting bumps
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[Grace Kao] American racism against Stray Kids
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Key S. Korean, USFK special operations officials to hold rare meeting amid NK threats
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Samsung doubles down on Vietnam
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In Beijing, S. Korean top diplomat aims to jumpstart ties with China
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NewJeans' members' parents complained to Hybe, email shows
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Controversy brews over shakeup of prosecutors amid probe of first lady
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Suspect behind murder of Korean tourist in Pattaya arrested
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Prosecutors summon pastor involved in Dior bag scandal
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Social commerce website visitors more than double
The number of social commerce users has more than doubled over the past year with the rising popularity of smartphones and social networking services, a survey said on Wednesday.In the evaluation conducted by the Korea Chamber of Commerce and Industry on trends in internet usage, the number of social commerce site visitors rose to an average of 11.54 million people per month in 2011, up from 5.14 million people per month in 2010, it said.The monthly average visitor figures for online shopping ma
Nov. 23, 2011
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Hyundai E&C completes gas processing facility in Qatar
Hyundai Engineering & Construction, South Korea‘s largest builder, said Wednesday it had completed work on a key gas-to-liquid processing facility in an industrial complex in Qatar.The liquid processing unit is a key facility for Qatar’s Pearl GTL Project in Ras Laffan, an industrial region about 80 kilometers north of the Qatari capital of Doha. The project is the world’s largest gas-to-liquid processing project and aims to refine 140,000 barrels of liquefied natural gas per day. Hyundai E&C wo
Nov. 23, 2011
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Lotte Mart to set up new discount store in north-central Chinese city
HONG KONG -- Lotte Mart Co., South Korea‘s third-largest discount chain store, plans to open a new store in a city in north-central China, as part of an effort to boost its presence in the country’s fast-growing retail sector, regional government and business sources said Wednesday. Lotte Mart has agreed with the Henan provincial government to invest 500 million yuan ($78.6 million) to build a discount store in Zhegzhou, the capital city of Henan, official sources said. The announcement comes as
Nov. 23, 2011
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Korea‘s retail market growth to slow down in 2012
South Korea’s retail market growth is expected to slow down next year due mainly to the sluggish economy, which could cause a decline in real income stemming from increasing inflationary pressure, an industry report showed on Wednesday.According to the report by the Shinsegae Retail Research Institute, South Korea’s retail market will grow 6.9 percent on-year to 232 trillion won ($20.2 billion) in 2012, compared with this year’s growth estimate of 8.2 percent and an estimate of 217 trillion won
Nov. 23, 2011
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Daewoo wins order from Saudi Arabia
Daewoo Engineering & Construction Co., South Korea’s fourth-largest builder, said Wednesday it has clinched a $330 million order to build a residential complex in western Saudi Arabia.Under the deal with the Kele Saudi Arabia Ltd., Daewoo Engineering will construct 360 residence units for 7,200 households in a new town at the coastal city of Jeddah.The construction is scheduled to be completed by February 2016, the builder said. The Saudi government is pushing for a $67 billion housing project t
Nov. 23, 2011
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KORUS FTA a boon for auto, tech, textile shares
Shares of South Korean automakers, technology firms and textile companies are expected to benefit from the bilateral trade pact between South Korea and the United States, analysts said Wednesday.The projection comes a day after the National Assembly approved the long-pending free trade agreement (FT
Nov. 23, 2011
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S. Korean firms in Brazil accused of worker abuse
CAMPINAS, Brazil (AFP) - South Korean companies are coming under fire in Brazil, South America's leading economy, for alleged abuse of their workers, amid an investigation by local labor prosecutors."I can't even comb my hair by myself now," said one former employee of South Korean electronics giant
Nov. 22, 2011
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Businesses hail parliamentary passage of U.S. FTA
South Korea's major business organizations on Tuesday welcomed the parliamentary ratification of the free trade agreement (FTA) with the United States, saying it will usher in a new era for the country's trade and contribute to economic growth.Defying strong protests from opposition parties, lawmake
Nov. 22, 2011
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Qualcomm, Kyobo launch e-book in Korea
U.S. chipmaker, Korean bookstore delve into global e-book marketQualcomm Inc., the world’s largest mobile chip maker, and Korea’s biggest bookstore Kyobo announced the global launch of an e-book reader based on the Mirasol display technology in Seoul on Tuesday.Qualcomm said it was the beginning of its global launch of e-book readers as it soon plans to dive into other overseas markets.“This is the global launch starting with Korea,” Clarence Chui, senior vice president and general manager of Qu
Nov. 22, 2011
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Air passenger traffic soars in Oct.
The country’s air passenger traffic inched up last month on the back of upbeat demand for international flights for holiday getaways, the government said Tuesday.The number of passengers on international routes shot up 6.4 percent in October compared with a year ago to 3.83 million. That set a fresh high for the month, according to the Ministry of Land, Transport and Maritime Affairs. All-time monthly high was recorded last August with 4.23 million.Domestic air passenger traffic also surged 5.5
Nov. 22, 2011
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LSIS to build power substations in Iraq
LS Industrial Systems Co. said Tuesday it had won two contracts worth $115 million from the Iraqi government to install electrical substations in the Middle Eastern country’s capital.Under the deal, Korea’s top maker of electrical equipment will establish 35 medium-voltage substations in Baghdad within a year. It also plans to supply an additional four air-insulated switchgear substations, including transformers, for a separate order.The contracts come as part of the Middle Eastern country’s $37
Nov. 22, 2011
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KOGAS Q3 loss widens to 342 billion won
State-run Korea Gas Corp. (KOGAS) said Tuesday that its third-quarter loss widened from a year earlier mainly due to increased fuel costs and a weak local currency.Net loss reached 342 billion won ($298 million) in the July-September period, compared with a loss of 121 billion won a year earlier, the company said in a regulatory filing.Sales surged 24 percent to 5.06 trillion won over the cited period. KOGAS suffered an operating loss of 127 billion won in the third quarter, widening from an ope
Nov. 22, 2011
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Businesses cash in on wallet-less payment
On the nation’s busiest shopping street in Myeong-dong, central Seoul, visitors do not need to pull out their wallets to make a purchase at some 200 stores. As the area has recently been designated a trial zone for near-field communication-based mobile payments, they can simply swipe their smartphones to pay or use royalty points. In addition to mobile payments, an NFC door at a theater puts smartphones in vibration mode automatically, while lining up for an order is also unnecessary at some caf
Nov. 22, 2011
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Construction orders from Saudi Arabia top $100b
Construction orders won by South Korean builders from Saudi Arabia topped a landmark $100 billion this week for the first time in nearly four decades, a trade association said Tuesday.According to the International Contractors Association of Korea, deals in Saudi Arabia that South Korean builders won reached a cumulative $100 billion as of Tuesday, 38 years after a South Korean company first clinched an order from the Middle Eastern country in 1973.It is also the first time that South Korean bui
Nov. 22, 2011
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Samsung in final talks for Google TV: president
SEOUL, Nov. 22 (Yonhap) -- Samsung Electronics Co.'s president said Tuesday it is in the final stage of negotiations with Google Inc. to manufacture Internet-connected TVs powered by the U.S. company's software. Yoon Book-keun, president of Samsung's digital media business, said talks between the tw
Nov. 22, 2011
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Samsung, LG grab top spots in global flat-panel TV market
Samsung Electronics and LG Electronics, the country’s television makers, took the top two positions as flat-panel TV vendors in the third quarter, according to an industry report Monday.A report released by market research firm DisplaySearch said that Samsung came in No. 1, taking over 19 percent of the global flat screen TV market in terms of total units sold, while its rival LG followed closely behind in second place with 12 percent.The report also said a total of 55.68 million units of flat-p
Nov. 21, 2011
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Chaebol choose not to chase domains named after tycoons
Korea’s major conglomerates are reminiscing about their failures to secure Internet domains named after their founders and scions as eBay put the domain leebyungchull.com up for auction.The starting price for the domain named after the Samsung founder is $21 million, or about 23.9 billion won on the American auction and shopping site.The chaebol, however, has no plans to purchase domain names for high prices from the so-called domain hunters. “There is no reason to spend so much money to buy the
Nov. 21, 2011
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Telecom carriers to block voice phishing calls
The government plans to oblige local telecommunication companies to block official-looking voice phishing calls from abroad starting as early as 2013, the Korea Communication Commission said Monday. Under a pending revision to the Telecommunications Business Act, the agency said, international phone calls would be cut off when they display the numbers of public organizations such as police stations and banks. When con artists use local, random numbers, telecom operators will offer calling identi
Nov. 21, 2011
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10 largest conglomerates’ net earnings tumble in Q3
Third-quarter net earnings of the nation’s 10 largest conglomerates plunged from three months ago thanks to the weak domestic currency and slowing demand in the U.S. and Europe, with LG Group posting an unprecedentedly large net loss of over 400 billion won.Apart from SK Group, Korea’s nine other top conglomerates saw their profits drop in the July-September period as the fiscal crises in advanced economies deepened global economic woes.Ten listed subsidiaries of LG Group, excluding the financia
Nov. 21, 2011
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LG employees participate in winter charity activities
LG Group said Monday that 12,000 employees at its seven affiliates will participate in 30 different kinds of year-end social contribution activities.With a theme focusing on love and sharing, the LG Welfare Foundation will be taking part in making kimchi and delivering the group’s electronic products to the underprivileged throughout this week, according to LG officials.The group’s other affiliates, including employees of LG Electronics’ Pyeongtaek plant, will also participate in making kimchi a
Nov. 21, 2011