Most Popular
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1 in 3 Koreans live alone, family types becoming diverse
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Korea, Japan finance chiefs vow to tame rampant FX market volatility
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US 'incredibly concerned' about suspected NK-Iran military ties
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K-pop group's manager dismissed for setting up spycam in theater dressing room
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K-pop singer lost consciousness after being hit by foul ball, cancels show
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Korean Muslim YouTuber's plan to build mosque in Incheon goes viral
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Contentious grain bill put directly to plenary meeting for vote
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Why is Apple Pay struggling to get purchase in Korea?
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Yoon's office denies considering liberal figures for key posts
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Seoul says Fu Bao loan 'not going to happen'
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Sony halts some TV, camera production
Sony Corp., Japan’s largest exporter of consumer electronics, halted factories that make televisions and cameras, citing difficulties procuring components and materials following the March 11 earthquake. The company suspended operations at 5 plants in central and southern Japan, including in the Aichi and Oita prefectures, starting Tuesday until the end of this month, the Tokyo-based electronics m
March 22, 2011
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Korean retailers to halt imports of Japanese food
Korean retailers said Monday that they have decided to suspend imports of foods and products from Japan due to growing consumer concern over their possible contamination with radiation released from an earthquake-damaged nuclear power plant.Lotte Mart Co., Korea’s third-largest discount store chain, said it will not sell pollack which have mainly been imported from Japan, starting Tuesday.“Though
March 22, 2011
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Disasters will not have long-term effect on Japanese economy, Buffett says
DAEGU ― The disasters that struck Japan will not change the economic prospects of the country, Berkshire Hathaway Inc. chief executive Warren Buffett said Monday.Speaking at a press conference held on the sidelines of the groundbreaking ceremony for TaeguTec’s second plant in Daegu, Buffett said that while such adversity leaves effects, they would temporary and limited in the long term.TeaguTec is
March 22, 2011
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Lee lauds Buffett for his donation activity
President Lee Myung-bak said Monday that Warren Buffett's continued donations have inspired many Korean firms to rethink their social responsibility. "(Your activity) has become a good example for companies in Korea and has aroused a lot of discussions on corporations' social responsibility," Lee said in a 45-minute meeting with the well-known American investor at the presidential office Cheong
March 21, 2011
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KNOC buys stake in U.S. oil field
State-run Korea National Oil Corp. has purchased a 23.67 percent stake in a U.S. oil field from Anadarko Petroleum Corp. for US$1.55 billion, the government said Monday. The shale oil field in the Maverick Basin region in Texas near the U.S.-Mexico border is estimated to hold 491 million barrels of oil equivalent, said the Ministry of Knowledge Economy, adding that KNOC will secure 116 million B
March 21, 2011
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Korea secures 1.7m barrels of overseas oil
South Korea has inked two oil deals in the United States and Kazakhstan meant to boost the country’s energy security. The state-run Korea National Oil Corp. has bought a stake in an unconventional oil field in Texas from Anadarko Petroleum Corp., the Ministry of Knowledge Economy said Monday.The firm now holds a 23.7 percent-stake in the shale oil field for which it paid $1.5 million and expects t
March 21, 2011
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KOGAS develops biggest LNG tank
Korea’s state-run Korea Gas Corp. said Monday that it has developed a design technology for the world’s largest liquefied natural gas tank. The tank has a storage capacity of 270,000 kiloliters, up 35 percent compared with that of the largest existing tank, helping reduce the construction cost per LNG tank by 23.5 billion won ($20.9 million), KOGAS said in a statement. The company said it is consi
March 21, 2011
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Hyundai Motor posts big sales gain in China
Hyundai Motor Co., Korea’s largest automaker, saw a great boost to its sales in China last month, becoming the third best-selling brand in the world’s largest market for automobiles, company officials said Monday.The company sold 50,717 vehicles in China last month, up 36.7 percent from the same period last year.The figure represents a near 30 percent drop from a month earlier when the company sol
March 21, 2011
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Japan quake leads GM Korea to cut production
The Korean unit of General Motors said Monday it would reduce production this week by up to 10 percent because of a possible lack of parts from Japan following the devastating earthquake.GM Korea ― formerly GM Daewoo ― said it would stop four hours a day of overtime work from Monday at its plants in the western city of Bupyeong and in the southwestern port of Gunsan.The company said it would also
March 21, 2011
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Korean consumers set sights on local food
Managers at Hansalim, Korea’s biggest cooperative of consumers, recently realized the depth of the food scare when they took a look at the surging number of their cooperative’s members. Established in 1986, Hansalim saw its membership swell by nearly 20 percent to 250,900 in January from a year ago, just by word of mouth. It spends almost nothing on public relations.The sharp increase in membershi
March 21, 2011
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POSCO breaks ground on China steel mill
Plant in Guangdong to make steel sheets for cars in 2012POSCO, the world’s fourth-largest steelmaker, said it begun work Monday on a new plant in China to produce galvanized steel sheets for cars. The plant will be built on a 270,000 square-meter area in Guangdong, southern China in a joint project with the firm’s subsidiary Guangdong Shunde Steel Co. and the Guangdong Province government, the com
March 21, 2011
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LCD prices keep falling after Japan quake
Prices of liquid crystal display panels have been falling since a devastating earthquake hit Japan earlier this month, industry data showed Monday, beating market forecasts that prices would trend higher on an undersupply.According to market research firm DisplaySearch, prices of LCD panels for 46-inch TVs came to $330 and those for 40 and 42-inch TVs stood at $234 as of Saturday, down about $4-14
March 21, 2011
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Hyundai Heavy to ship packaged power stations to Japan
Hyundai Heavy Industries Co. will provide four packaged power stations for areas affected by the earthquake and the tsunami in Japan, the Ministry of Foreign Affairs and Trade announced Sunday.Packaged power stations are transportable electricity-generating equipment packaged into 40-feet shipping containers. The packaged power stations will be used to supply power to the cooling system at the dam
March 20, 2011
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S-Oil donates W500 million for Japan
S-Oil Corp., the nation’s third-largest refiner, entrusted the Community Chest of Korea with a relief fund totaling 500 million won ($440,000) to support Japan, company officials said Sunday.“As Japan is now undergoing an unimaginable difficulty due to last week’s massive earthquake, we decided to provide humanitarian aid for the country,” S-Oil CEO Ahmed A. Subaey said. S-Oil CEO Ahmed A. Subaey
March 20, 2011
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KEPCO denies rumors of importing UAE nuke waste
Utility firm seeks court order banning magazine report on possible import of fuelThe state-run Korea Electric Power Corp. said on Saturday that it has filed for injunction in a Seoul court calling for the banning of the distribution of the monthly Shindonga magazine. They argue that its news report that Korea may be responsible for the disposal of nuclear waste from the planned nuclear power plant
March 20, 2011
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More Korean businesses join campaign to support Japan
Korean businesses including Hyundai Motor Group, SK Group and S-Oil have forged financial support for Japan in the aftermath of the massive earthquake and an ensuing tsunami it suffered last week, they said Thursday. Hyundai Motors Group will donate $1.3 million to Korean Red Cross which will be delivered to the Japanese Red Cross and be spent on buying blankets and food, it said. “We express our
March 20, 2011
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Warren Buffett due in S. Korea
U.S. investor Warren Buffett will arrive in South Korea Sunday on a trip that includes a meeting with President Lee Myung-bak. The chairman and CEO of U.S. conglomerate Berkshire Hathaway will arrive in Daegu, a city located some 300 kilometers southeast of Seoul, to attend the groundbreaking ceremony on Monday of a company owned and directed by Berkshire Hathaway. Daegu-Tech, a metal-cutte
March 20, 2011
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DuPont faces antitrust claims filed by Kolon
WASHINGTON -- South Korea's Kolon Industries Inc. has won a U.S. appeals court decision obliging a lower court to examine DuPont's alleged monopolization of the U.S. market for para-aramid fibers used for high temperature-resisting goods. "Whether Kolon's proffered relevant geographic market definition will hold up upon a fact-intensive inquiry remains to be seen," the U.S. Court of Appeals f
March 20, 2011
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SDI agrees to pay US$32 mln in fines for price fixing conspiracy: Justice Dept.
WASHINGTON (Yonhap) -- South Korea's Samsung SDI Co. has agreed to pay US$32 million in fines for trying to fix the prices of color display tubes used for computer monitors, the Justice Department said Friday. "Samsung SDI Company Ltd. has agreed to plead guilty and to pay a $32 million criminal fine for its role in a global conspiracy to fix prices, reduce output and allocate market shares o
March 19, 2011
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Samsung eyes record 2011 profit
Samsung Electronics Co. is aiming to set new records in annual operating profit and revenue this year though business conditions are expected to be unfavorable, its chief executive said Friday. Samsung, the world’s top memory chipmaker, posted an all-time high operating profit of 17 trillion won ($15 billion) in 2010. Its revenue also stood at a record high of 155 trillion won.“Market conditions i
March 18, 2011