E-Mart, Korea’s No. 1 discount store chain, said Monday that it will invest about 400 billion won ($370 million) to establish a logistics complex in Gyeonggi Province by 2014. The complex, located at a 500,000 square meter site in Anseong, 77 kilometers south of Seoul, will become the nation’s largest facility of its kind, the retailer said. Gyeonggi Governor Kim Moon-soo and Chung Yong-jin, vi...

Foreign investors saw the second largest returns on record during the first half of the year, Bank of Korea data showed Monday. According to the central bank, foreign investors’ profits for the first six months of the year rose 6.6 percent from the same period last year to come in at over $8.33 billion. The figure is the second highest on record since the Bank of Korea began compiling related d...

Local companies beating out Japanese TV makers with brisk 3-D TV sales Samsung and LG led the global television market during the second quarter of this year on the back of brisk sales of 3-D TVs and other high-end sets, research institute data showed on Monday. Samsung Electronics stood at No. 1 in the market with a share of 22.6 percent in terms of revenue, followed by LG Electronics with a 1...

Korea’s direct overseas investment more than doubled in the first half of the year to a record high of $26.9 billion on the back of vigorous resources development projects, the government said Monday. The figure translates to a 132 percent rise from about $11.6 billion a year earlier and amounts to more than 80 percent of $33.1 billion throughout last year, according to the Ministry of Strategy ...

The government plans to allow foreigners-only duty free shops from next year, the Korea Customs Service said Friday. The customs agency revealed the plan during a meeting of the Presidential Council on National Competitiveness presided over by President Lee Myung-bak at Cheong Wa Dae. Under the plan, only foreign tourists will be allowed to shop tax-free at the new stores. Some countries such a...

LG Electronics said Friday it was moving to recruit talented research and development personnel from other countries. The company held a tech conference in Tokyo on Friday, which invited 50 engineering students, including Korean students studying in Japan. A total of 20 executives in the firm’s research and development department took part in the conference. “The participation of elite engineer...

Samsung and LG, the nation’s top two electronics companies, appeared to be bristling at claims from Google’s Andy Rubin that he had unsuccessfully pitched the Android operating system to them. In the Wall Street Journal’s Aug. 17 edition, Rubin was quoted as saying he had made the proposals to both Samsung and LG but was turned down by both. Samsung Electronics on Thursday said that the proposa...

Company plans to use the 2.1 gigahertz radio spectrum late next year LG Uplus is enjoying a positive outlook after it was made official Wednesday that the firm would take home the 2.1 gigahertz radio spectrum to be used for fourth generation network technologies. The Korea Communications Commission, the state telecom regulator, announced that LG Uplus, which was the only player to apply for tha...

Among the heads of the nation’s top 30 conglomerates, Hyundai Motor Group chairman Chung Mong-koo saw the highest increase in his market shares following the latest stock market volatility, a market researcher said Thursday. The market capitalization of stock holdings owned by Chung increased to 7.51 trillion won ($6.99 billion) on Wednesday from 7.37 trillion won on Aug. 5 one day before the do...