Most Popular
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N. Korea says it test-fired tactical ballistic missile with new guidance technology
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[Weekender] Geeks have never been so chic in Korea
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NewJeans members submit petitions over court injunction in Hybe-Ador conflict
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[News Focus] Mystery deepens after hundreds of cat deaths in S. Korea
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S. Korea's exports of instant noodles surpass $100m for 1st time in April: data
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[Herald Interview] Byun Yo-han's 'unlikable' character is result of calculated acting
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US Air Force blames power loss, weather for F-16 crash in S. Korea in May 2023
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Samsung expected to introduce new Exynos processor in next Galaxy series
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Ex-president Moon recalls in memoir NK leader voiced will not to use nukes
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US military commander in S. Korea during Gwangju uprising dies
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[Graphic News] KEPCO suffers deficit from investment business
Korea Electronic Power Corp. has suffered a deficit in its investment business while it has drawn massive business from the power rate hike and the increase in the demand for power, data showed Wednesday. According to the National Assembly and KEPCO, the state-run company’s sales rose by 11.4 percent to 483,655 gigawatt-hour last year over the past five years while the revenue soared by 44.3 percent to 54 trillion won ($48 billion).The power rate, in the meantime, increased by nearly 30 percent
Aug. 24, 2016
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POSCO chief urges local players to boost competitiveness
The chief of POSCO, South Korea's No. 1 steelmaker, said Wednesday that the local steel sector is facing trade tussles and weak demand, urging each steelmaker to step up their efforts to overcome such headwinds.At a forum held in Seoul, Kwon Oh-joon, chairman of POSCO, said the current environment for local steelmakers is "a global steel trade war.""The local steel sector is facing hurdles such as growing protectionism and weak demand (from local companies)," he said."The current situation tells
Aug. 24, 2016
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[Newsmaker] PR legend questioned on lobbying
Working in public relations in South Korea has often been favored by college graduates, particularly among women concerned about the male-centered hierarchy of the corporate world.In such positions, English fluency and well-rounded communication skills are required, as the primary job function is dealing with clients and the press. Over a short period, a few figures have built up the reputation of PR professionals, portraying a general image of them being vibrant, career-seeking women. News Comm
Aug. 24, 2016
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[Photo News] Honorary award for Merck
Michael Grund (right), managing director of Merck Korea, poses with professor Choi Jong-seon, president of the Korean Information Display Society, after receiving an honorary award on behalf of Merck during the International Meeting of Information Displays 2016 on Jejudo on Tuesday. (Merck Korea)
Aug. 24, 2016
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Hanwha E&C signs MOU with Suwon for development project
Hanwha Engineering and Construction has signed an memorandum of understanding with Suwon City to build and develop auxiliary and support facilities for a new multi-purpose convention center to be built in the city, the company said Wednesday. Hanwha E&C and its retail affiliate Hanwha Galleria were selected in April to build the envisioned Suwon Convention Center’s commercial complex that includes a hotel, an aquarium, a department store and more on 30,836 square meters of land in the city’s ne
Aug. 24, 2016
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Samsung Display forms alliance with Chinese makers for curved display market
Samsung Display Co., Samsung Electronics’ display business affiliate, joined hands with dozens of Chinese television and monitor makers to develop the fledgling curved display market, the company said on Wednesday. The “Curved Alliance,” formed during a forum co-hosted by China Electronics Chamber of Commerce and Samsung in Beijing on Tuesday, includes Hisense Co., TCL Corp. and nine others. It aims to conduct joint research on curved screens and expand the market. Han Gab-soo, director of Sam
Aug. 24, 2016
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Hanjin Shipping struggles to right itself
Financially troubled Hanjin Shipping is struggling to come up with a self-rescue plan that meets the expectations of its creditors, amid growing concerns over a possible court receivership. Korea’s largest shipping company was asked by its creditors to submit a rescue plan by Thursday, the second deadline after the company failed to meet the first deadline of Saturday. A Hanjin Shipping-owned ship carries containers. (Hanjin Shipping)This is projected to be the last call as the company is slated
Aug. 24, 2016
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GS Caltex banks on human capital
The most important source of competitiveness of GS Caltex is human resources, Huh Jin-soo, CEO of the South Korean oil refiner, emphasized on many occasions. In an effort to attract talent with work ability rather than good ‘specifications’, the energy firm eliminated minimum grade and foreign language requirements in 2015 and 2016, respectively. GX Caltex new employees sing during New Year`s kick-off ceremony on Jan. 4, 2016. Photo: GS CalTexIn addition, GS Caltex has launched various training
Aug. 24, 2016
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Fisheries output drops 0.6% in H1
South Korea's fisheries output decreased 0.6 percent in the first six months of the year from a year earlier due mainly to sluggish deep-water and coastal catches, government data showed Wednesday.Fisheries production amounted to 2 million tons in the January-June period, down slightly from the previous year's 2.01 million tons, according to data from Statistics Korea.Deep-water fishing plunged 41.3 percent on-year to 208,000 tons, while fish caught in coastal waters fell 15.6 percent to 363,000
Aug. 24, 2016
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FTC to seek legal punishment against Lotte founder
South Korea's antitrust watchdog is expected to file a petition against Lotte Group founder Shin Kyuk-ho with prosecutors for the false reporting of its overseas affiliates' shareholding, informed sources said Wednesday.The secretariat of the Fair Trade Commission (has already informed Lotte of the plan for the legal punitive step after a review of the case that happened when Shin was in control of South Korea's fifth-largest conglomerate.The FTC will soon hold a plenary or sub-committee meeting
Aug. 24, 2016
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State power firms log stellar profitability in H1
South Korea's seven state power firms posted better first-half profitability than such key manufacturers as Samsung Electronics Co. and Hyundai Motor Co. as they kept rates flat despite falling production costs, data showed Wednesday.According to the data compiled by market researcher CEO Score, the ratio of operating profit to sales for Korea Electric Power Corp. and its six subsidiaries averaged 10.7 percent in the first half of the year.The figure is higher than 10.1 percent for tech giant Sa
Aug. 24, 2016
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Tumbling cracking margins bode ill for refiners
A key measure of oil refining companies' profitability has tumbled in recent months due to surging crude prices, casting a cloud on South Korean refiners' third-quarter earnings, industry sources said Wednesday.The benchmark Singapore complex gross refining margin plunged to the $3 per barrel range this month from $4.80 in July after hovering at $9.90 in January, according to the sources.Singapore is the regional trading hub of the benchmark Dubai crude.The margin is the difference between the t
Aug. 24, 2016
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[Graphic News] Direct overseas shopping gives 30 percent savings: survey
Consumers who buy products directly from overseas sellers found prices to be about 30 percent lower than when buying from Korean sellers, according to data from a survey by the Korea Consumer Agency.The KCA survey asked 1,000 consumers who had bought products directly from overseas sellers in the past year. Four-fifths of respondents said they used direct shopping because of lower prices. According to the survey, the highest discounts achieved through direct shopping reached 36.5 percent for chi
Aug. 23, 2016
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New Daewoo E&C CEO vows restructuring
The newly appointed CEO for Daewoo Engineering and Construction on Tuesday vowed to turn the ailing builder into a world-class player through a restructuring process.“(I will) revive Daewoo E&C’s first-class DNA by improving the (company’s) structure in preparation for an era of low growth,” said Park Chang-min at an inauguration ceremony in Seoul.“I’ll strengthen financial stability, organizational efficiency and productivity, and will also build trust based on (corporate) ethics.” Daewoo E&C C
Aug. 23, 2016
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KNOC to shut down oilfield project in Iraq
The state-run Korea National Oil Corp. has decided to give up on an oil field development project in Iraq after years of investment, due to low profitability, the company said Tuesday. The Korean state firm will pull out of the Sangaw South oil field project in the Kurdish region of Iraq. It has injected about $204 million into the project for eight years. “Members of the board have decided to shut down the oil project in Iraq, as they realized that it holds little profitability after running a
Aug. 23, 2016
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Samsung SDS seeks to boost big-data business
Samsung SDS, the IT solutions unit of Samsung Group, is seeking to bolster its big-data analysis related business, the firm said Tuesday. The company plans to expand the use of its data analysis platform named Brightics, which has proved its worth by handling various tasks and cutting down hours required for data analysis to about 20 minutes.Samsung SDS President Hong Won-pyo said that the system was produced “on the back of data analysis skills acquired in manufacturing, finance and logistics.“
Aug. 23, 2016
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CJ CheilJedang expands biotechnology business
South Korea’s largest food company CJ CheilJedang said Tuesday that it has purchased US advanced biomaterials developer Metabolix, Inc.’s biopolymer intellectual property and laboratory equipment for $10 million, as it seeks to expand its biotechnology business portfolio. CJ Group’s food business unit and Metabolix have signed a binding letter of intent for the given transaction, which will be fully implemented by mid-September, the companies said.CJ Group employees walk alongside the group’s he
Aug. 23, 2016
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Mirae Asset Daewoo pushes retirement plan
Mirae Asset Daewoo is running a promotional event to encourage people to bask in its beneficial retirement savings account.The fund management firm announced earlier this month that it will offer gifts to those who move their retirement savings program to Mirae Asset Daewoo, or register as a new member. Mirae Asset Daewoo’s employee holds a placard to promote the event. (Mirae Asset Daewoo)Korea’s national pension is given to senior citizens over 65, yet the majority of workers retire in their m
Aug. 23, 2016
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Hyundai E&C builds ties with partner firms
Hyundai Engineering and Construction is providing various programs for its partner companies to promote closer ties and support their overseas businesses.The Korean builder has annually offered overseas site visit programs for top 20 partner firms since 2012 to help them pave new business paths in the foreign market. Earlier in May, Hyundai E&C and the partner company workers visited construction sites in Indonesia and Singapore. Employees of Hyundai E&C’s partner companies pose for a photo dur
Aug. 23, 2016
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Pizza Hut Korea denies rumors of sales
Pizza Hut Korea on Monday denied reports of its possible sale, saying that recent restructuring efforts were aimed at improving competitiveness. Rumors began circulating that Pizza Hut Korea would be sold by the US-based franchise giant Yum Brands to a third party, when the Korean corporation began changing its company-owned stores to franchised stores last year. “Yum Brands and (Pizza Hut Korea) are not considering a sale to a third company, and will pursue continued growth in the Korean franch
Aug. 23, 2016