Most Popular
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Ador CEO denies allegations, accuses Hybe of mistreating NewJeans
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Medical reform committee kicks off despite boycott from doctors
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10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
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Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
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DP leader says he will meet Yoon without conditions
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Second Gimpo civil servant found dead, after apologizing for not finishing work
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Over 9,000 hotline calls made by stalking victims in 2023
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[Hello India] Hyundai Motor vows to boost 'clean mobility' in India
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Monthly users on local streaming platforms outpace Netflix, Disney+
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US will take steps for three-way engagement on nuclear deterrence with S. Korea, Japan: Campbell
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GS Caltex dips into state oil reserves
GS Caltex Corp., the nation’s No.2 oil refiner, on Wednesday said it has borrowed 870,000 barrels of diesel oil from reserves kept by the Korea National Oil Corp. This marks the first time in three years that the refiner has dipped into government fuel reserves.The borrowed fuel is expected to be released at local gas stations next week. GS Caltex has recently been unable to properly provide to ga
June 22, 2011
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POSCO unit signs housing-compound project in Russia
POSCO announced Wednesday that its construction subsidiary POSCO A&C signed a contract to build a housing complex for a coalfield in Sakha Republic in eastern Russia.Under the contract, issued by Russia’s largest resource developer Mechel, POSCO A&C will build a 48,000 square meter housing compound for workers at the Elga coalfield in Sakha Republic.POSCO A&C plans to begin works on the compound i
June 22, 2011
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K-sure named best Asian export creditor
The Korea Trade Insurance Corporation, known as K-sure, said Tuesday it has been selected as the best Asian export credit agency by the U.K.-based Trade Finance Magazine.K-sure is one of the country’s two export-import insurance agencies other than the Export-Import Bank. It provides insurance products and project financing and issue bonds to exporters for their shipment, overseas construction wor
June 22, 2011
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CEO pizzas charm 1,000 LGE employees
LG Electronics Vice Chairman and CEO Koo Bon-joon has sent out “CEO pizzas” to up to 1,000 employees to help boost morale, the Seoul-based electronics maker said on Wednesday.The latest batch of pizzas, sent out by Koo to express his affection for the LGE staff, were delivered on Tuesday to LG Electronics’ Air-conditioning and Energy Solution division’s “Chiller” team’s production and R&D units in
June 22, 2011
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Conglomerates set up more units in offshore tax havens
The country’s top 30 conglomerates were found to have set up a spiraling number of overseas corporations in countries without tax treaties with the South Korean government. Lotte Group had the largest number of corporations in such nations overall, according to Chaebul.com, an online portal devoted to analyzing conglomerate activities on Wednesday.As of last year, the conglomerate had 33 such offi
June 22, 2011
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Vertical integration key strategy for conglomerates
Samsung, Hyundai Motor, SK, STX reap fruits from multi-layered business structureAmid robust industrialization a few decades ago, Korea’s major companies were striving to adopt a multi-layer business practice called vertical integration. They are now transforming into global industry leaders, bearing the fruit of these efforts. The unique concept of management dates back to the 19th century when A
June 22, 2011
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Nokia unveils mobile phones in Asia to stem Google, Apple advance
Nokia Oyj unveiled mobile phones at both ends of its range to fend off competition from cheap unbranded handsets and smartphones powered by Google Inc.’s Android. The C2-03 model will target consumers in emerging markets by making it easier to switch between different phone numbers, Mary McDowell, the executive vice president who runs low-end phones, said in Singapore Tuesday. Nokia also showed th
June 22, 2011
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W Hotel bartender to vie in world competition
Diageo Korea, the local unit of the global drinks group, announced Wednesday that Mickey Lee of W Hotel’s Woobar has won the regional final of its international bartending competition.Lee reserved a ticket as a Korean representative to the annual World Class 2011 contest scheduled for July 11-14 in New Delhi, India, the host said. “Having tried out for the contest three years in a row, I’m unbelie
June 22, 2011
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Chinese imitation gives new meaning to twin town
China is well known for its fakes, but the economic giant has unveiled plans to take imitations to a whole new level. The latest plan is to copy an entire European town.Chinese real estate company China Minmetal Corp has started a project to recreate the Austrian city of Hallstatt in Huizhou. A total of $900 million is to be invested in the project.Included on the UNESCO World Heritage list for it
June 22, 2011
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Retailers upbeat over Q3 business: poll
A majority of Korean retailers are optimistic about business conditions in the third quarter of the year on hopes of a rise in their sales during the summer holiday season, a poll showed Tuesday. The Korea Chamber of Commerce and Industry said its retail business index fell slightly to 119 for the July-September period from 125 for the second quarter, but it was well above the benchmark level. A r
June 21, 2011
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Number of air passengers rises
The number of air passengers taking international flights in and out of South Korea grew about 2 percent in May from a year earlier as more holidays bolstered overseas travel, the Transportation Ministry said Tuesday.Air passengers on international flights totaled 3.32 million last month, up 2.1 percent from a year earlier, according to the data by the Ministry of Land, Transport and Maritime Affa
June 21, 2011
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SK Group says securities unit’s fate undecided
Conglomerate denies reports on selling SK Securities to SK C&CSK Group remains undecided despite the fast-approaching deadline for complying with fair trade laws dictating that the group divest itself of stakes in SK Securities Co.On Tuesday, the group denied a Yonhap News Agency report that it had decided to sell SK Securities shares to the IT services provider SK C&C if the revised bill is not p
June 21, 2011
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LG rolls out world’s fastest color printer
LG Electronics said on Tuesday it would roll out the world’s fastest A4 color desktop printer, able to print up to 60 pages per minute, this month.In a press conference held in downtown Seoul, the global electronics giant said it joined hands with global player Memjet to release the product “Machjet LPP6010N” in the local market.The event comes as LG Electronics is putting more weight on the print
June 21, 2011
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Everland named one of top 10 theme parks
Samsung Everland Inc. on Tuesday said its theme park “Everland” was ranked among the global top 10 of such facilities for a fifth straight year in 2010. Everland stood at 10th place, with 6.88 million visitors according to recent figures from the Themed Entertainment Association. Everland has been included in the list of top 10 theme parks since 2006, the Seoul-based company said. In the category
June 21, 2011
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New chief for KDB asset management
Lim Hong-yongLim Hong-yong has become the new president at KDB Asset Management Co., Ltd. Lim was selected at the annual shareholders meeting on Tuesday. Former vice president of the company Lim studied business administration at Korea University. He was previously the executive director at KDB Asset Management, an affiliate of the state-run KDB Financial Group. He also served as manager of the Pl
June 21, 2011
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IT stocks unlikely to rebound until Q3
Hard-hit Samsung, LG hoping for revival with smart devicesA prolonged underperformance of IT stocks, including Samsung Electronics, seems likely to continue right up until the third quarter.Experts were upbeat about the long-term resilience of the IT sector, but said the second quarter was not going to hold up as well as previously expected.“In general, second quarter earnings will show a decline,
June 21, 2011
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Samsung Electronics enters Japanese LTE market
Samsung Electronics marked its splash into the global fourth-generation telecom market in earnest with a contract for providing long-term-evolution equipment to Japan’s second-largest mobile phone operator.Samsung will be offering its LTE equipment to KDDI to help the firm launch its LTE services starting next year, the Seoul-based electronics company said on Monday.LTE is the fourth-generation of
June 20, 2011
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Softbank aims for world top 10 in 30 years
CEO Son says company will help renewable energy industry through Internet technologyMasayoshi Son, chairman of Softbank Corp., said Monday that the company aims to be listed as one of the world’s top 10 firms in market capitalization in the next 30 years.In a press conference held in downtown Seoul, the 53-year-old chief executive officer said the firms belonging to the top 10 list have changed ra
June 20, 2011
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POSCO listed as world’s most competitive steelmaker for 2nd time
The steelmaker POSCO announced Monday that it was ranked top in the U.S.-based steel industry analysis firm World Steel Dynamics’ World-Class Steelmaker’s list for the second consecutive year. In this year’s report, World Steel Dynamics rated 34 steelmakers in 23 categories including technological capability, profitability and access to raw materials. POSCO scored 8.12 points to take the top spot.
June 20, 2011
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STX to build shipyard in Russia
STX Corp. announced Monday that it signed a memorandum of understanding on building a shipyard for Russia’s state-run shipbuilder United Shipbuilding Corp. at the international economic forum held in St. Petersburg on Friday.Under the agreement, STX, which counts construction and shipbuilders among its subsidiaries, will undertake the $1 billion project to build a shipyard in St. Petersburg. The c
June 20, 2011