Most Popular
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Korean industries gauge impact of Biden's steep tariffs on China
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Do Korean doctors make too much money?
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Another suspect behind murder of Korean tourist in Pattaya arrested in Cambodia
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Is FTC's conglomerate listing a boon or bane for Hybe?
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NewJeans to headline palace show
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Coupang's Kim Bom escapes chaebol chief designation again
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Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
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CIO chief nominee to explain allegations at confirmation hearing
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Yoon vows to run country 'rightly' on Buddha's birthday
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[Bridge to Africa] S. Korea-to-Zimbabwe value chains can foster ‘win-win’ cooperation
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Korean refiners’ operating profits to top W5tr
South Korea’s major oil refiners are expected to see their net operating profits exceed 5 trillion won ($4.4 billion) this year, thanks to high cracking margins and timely operational strategies, according to industry analysts. SK Innovation, the industry leader, GS Caltex, S-Oil and Hyundai Oilbank have already posted combined operating profits of 4.05 trillion won from January to September, according to their regulatory filings, with analysts forecasting a bright outlook for the industry in th
Dec. 1, 2015
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Coway takeover suffers setback as CJ drops bid
South Korean conglomerate CJ Group has dropped its bid to buy the country’s top water purifier maker Coway, a decision that could protract the takeover deal that is expected to be worth more than 2 trillion won ($1.7 billion), sources said Tuesday. “CJ Group submitted a preliminary bid, but did not participate in the final bid,” the company said in a regulatory filing. Seoul-based private equity firm MBK Partners, which holds a 30.9 percent stake in Coway, opened the final bid responses Monday o
Dec. 1, 2015
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GS Retail replaces vice chairman
GS Retail vice chairman Huh Seung-jo stepped down from his post in the latest executive reshuffle announced by GS Group on Tuesday. He has been replaced by his nephew and GS Retail president Huh Yeon-soo, the son of Huh Shin-goo -- the fourth son of the GS Group founder. The new appointment reflects the firm’s efforts to reinvigorate its operations. The resignation of Seung-jo, the youngest son of GS Group founder Huh Man-jung, signals the end of the leadership of the second-generation members o
Dec. 1, 2015
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[Graphic News] Economically active population over 50 surpasses 10m
The number of Korean people in their 50s and older either working or seeking employment surpassed the 10 million mark for the first time, data showed Tuesday.According to Statistics Korea, the economically active population over age 15 as of the third quarter of this year reached around 27.2 million, with 11.1 million being 50 and older.The economically active population under 39 was 10.2 million, a 0.2 percent decrease compared to the same quarter in 2014.This is also the first time the number
Dec. 1, 2015
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[SUPER RICH] The leadership and riches of Hyundai’s third generation
The Hyundai family was once again in the spotlight on Nov. 25, on what would have been the 100th birthday of late founder Chung Ju-yung.Tycoon Chung founded the first company of what would become Hyundai Group in 1946, starting off in the construction sector and then expanding to automobiles, steel, shipping and more, setting the foundation for Korea’s rise as an industrial powerhouse.A recent public survey selected him as the most respected Korean entrepreneur, and Chung’s children have also he
Dec. 1, 2015
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[SUPER RICH] Doosan heir Park Seo-won steps into spotlight
Doosan Group heir Park Seo-won has finally emerged as a likely successor of the country’s 14th-largest business conglomerate, having recently joined the company’s most important project in years. The group said that Park was appointed to senior vice president of Doosan Corporation on Nov. 23, and will overlook marketing as well as other strategies of its duty-free operations. Park -- who already leads Doosan’s advertising agency Oricom and independent creative consulting firm Big Ant -- will spl
Dec. 1, 2015
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New Pantech sets sail after 15-month struggle
After 15 months of struggle for normalization, South Korea's No. 3 smartphone maker Pantech Co. officially set sail on Tuesday, with a vision to focus on budget smartphones, especially in the Asian market.The move came more than a month after a Seoul court gave approval to a local consortium to take over Pantech. The company was placed under court receivership in August last year as it buckled under severe competition from Apple Inc., Samsung Electronics Co. and LG Electronics Inc. in South Kore
Dec. 1, 2015
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Number of firms on antitrust watch list rises in Dec.
The number of South Korean business group affiliates subject to restrictions on mutual investments and loan guarantees rose by 12 in December from a month earlier, the antitrust watchdog said Tuesday.The Fair Trade Commission said the number of firms on its watch list came in at 1,668 as of Tuesday, up from 1,656 on Nov. 1.A total of 16 companies were added to the list while four were removed. All the companies are owned by the country's 61 largest business groups.A total of 11 business groups,
Dec. 1, 2015
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China FTA to streamline exports for small businesses
South Korea’s free trade agreement with China is scheduled to take effect within this year, as the bilateral trade pact gained final parliamentary approval in Korea on Monday. As a result, the two countries will implement the first set of tariff reductions within this year and a secondary round of tariff cuts in about a month’s time starting from Jan. 1, 2016. The Korea-China FTA will immediately eliminate tariffs on Korean exports to China worth around $8.7 billion annually, eventually lifting
Nov. 30, 2015
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S-Oil, Sumitomo Chemical sign tech license agreement
S-Oil, one of the largest oil refiners in Korea, announced Monday it has signed a technology license agreement with Sumitomo Chemical regarding polypropylene and propylene oxide production.The Japanese chemical company has a successful track record of PP production and runs several operations around the world producing high-quality products.Under the agreement, S-Oil can now construct production plants that produce 405,000 tons of PP and 300,000 tons of PO per year, as well as manufacture and se
Nov. 30, 2015
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E-land to put Kim's Club Mart up for sale
E-land Group, a South Korean fashion giant, said Monday it will sell Kim's Club Mart, its supermarket chain operator, through open bidding to better focus on its core businesses.Kim's Club has 37 outlets inside E-land's retail network, but it falls behind the big three players in the hypermarket industry -- E-Mart, Homeplus and Lotte Mart. The company said the sale is aimed at putting more focus on the global retail and fashion business, without elaborating on the specific schedule of the biddin
Nov. 30, 2015
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Kakao Bank poised to set sail in 2nd half of next year
Kakao Bank, an Internet-only bank consortium led by Kakao Corp., said Monday that it is planning to begin operations in the second half of next year to lead the unprecedented market by making use of its millions of mobile chat application users.Along with the K-Bank team headed by KT Corp., South Korea's largest fixed-wire provider, Kakao Bank won a preliminary license to launch the country's first direct banks on Sunday.The bidders are required to apply for official approval from the Financial
Nov. 30, 2015
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LG Uplus calls SK Telecom's takeover of broadcaster 'illegal'
LG Uplus Corp., South Korea's smallest mobile carrier, said Monday that the latest takeover of a local broadcaster by its bigger rival SK Telecom Co. is "illegal," claiming that the move will distort the market order.Earlier this month, top mobile carrier SK Telecom struck a deal to buy CJ Hellovision, the country's biggest operator of cable channels and Internet TV content in a bid to tap into the media platform business. "(SK Telecom's) move to monopolize the broadcasting and telecom industry
Nov. 30, 2015
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Korean mobile coupon firm taps Starbucks in Hong Kong
South Korea's location-based coupon application provider YAP Company said Monday it has agreed to export its technology to Starbucks stores in Hong Kong, beefing up its efforts to tap the Chinese market.YAP Company currently operates an application, dubbed YAP, in South Korea, which allows users to download coupons and discount information related to shops located near the users, including major franchises.It stands out from its rivals as it utilizes what it calls "hybrid beacon" technology, whi
Nov. 30, 2015
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Trade agency leader declares ‘Made for China’ era
The head of Korea’s leading trade agency on Friday declared “the era of ‘Made for China,’” calling for the government, industries and others to put all efforts into drawing measures against the volatile Chinese economy. “The Chinese economy is rapidly switching to a domestic market focus from the processing trade industry polity, and we knew this was coming,” Kim In-ho, chairman of the Korea International Trade Association, said at a press briefing Friday. “Koreans have two conflicting views on
Nov. 30, 2015
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Hanwha scions push for new growth engines
The third generation of South Korea’s family-controlled Hanwha Group has been raising its visibility in management while leading the group’s new growth engines. The latest move was made by Kim Dong-won, the second son of group chairman Kim Seung-youn, who officially joined Hanwha in 2014. The junior Kim, a digital team leader at Hanwha Life Insurance, has begun to make headway in pushing forward the newly emerging fintech, or finance technology, front.Hanwha Q Cells CCO Kim Dong-kwan (left) and
Nov. 29, 2015
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Demographic challenges undermine Korea’s growth potential
A debate is brewing here over how to cope with demographic challenges that threaten to further undermine the country’s growth potential already being sapped by declining exports and sluggish industrial activities. The number of people aged 15-64 in Korea is set to begin decreasing in 2017 after peaking at 37.04 million next year. The country’s working-age population is forecast to continue to drop to 32.89 million in 2030, 28.87 million in 2040 and 21.86 million in 2060, according to data from t
Nov. 29, 2015
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Hyundai’s ‘Going Home’ video reaches over 10m views on YouTube
Hyundai Motor Group announced Sunday that its “Going Home” campaign video, which was posted Friday, has already reached over 10 million views on YouTube.The video shows an elderly man who left what is now North Korea during the Korean War (1950-53) experiencing a virtual drive through his homeland via a digital restoration using 3-D video technology.The video, produced in separate Korean and English versions, saw positive reactions both domestically and abroad, as each reached over 5.4 million v
Nov. 29, 2015
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Korea Eximbank teams up with content agency for renewed hallyu boom
The Export-Import Bank of Korea signed a business agreement with the Korea Creative Content Agency on Friday regarding creating financial ecosystems for the content industry and supporting overseas expansion, bank officials said.Eximbank chairman and president Lee Duk-hoon and KOCCA president Song Sung-gak signed the business agreement at the state-run bank’s headquarters on bolstering financial support on content geared for overseas, as well as supporting businesses and sharing regarding conten
Nov. 29, 2015
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POSCO Energy wins preferred bid in Botswana power project
POSCO Energy has won the preferred bid to construct two plants in a Botswana power project, the company said Sunday.The 300-megawatt Morupule B Phase II Project was commissioned by the Botswana Ministry of Minerals, Energy and Water Resources through an international public tender. It is the first time for a South Korean energy company to enter the southern African market.POSCO Energy formed a consortium with Japan’s general trading company Marubeni and entered the $800 million bid, with each co
Nov. 29, 2015