Imported car sales in Korea jumped over 30 percent in February from a year ago, reconfirming its explosive growth. But it fell over 6 percent compared with the month before. According to the Korea Automobile Importers and Distributors Association (KAIDA) on March 6, a total of 13,852 new foreign-mad

Third-generation owners are coming to the fore in an increasing number of conglomerates in Korea. They are already assuming important roles, after sufficient training, in groups such as Samsung, Hyundai Motor, and LG. The others on the top 30 list, including Hyundai Heavy, Hanwha, Kumho, and Hanjin,

Hyundai Motor Group Chairman Chung Mong-koo visited Europe for the regrouping of Hyundai Motor Company and Kia Motors in the European market, which is showing signs of recovery these days. He visited the European manufacturing and sales bases of the company on March 4 (local time) to re-examine the

SEOUL, March 5 (Yonhap) – South Korean shipbuilders ranked top in the volume of new orders won for the second consecutive month in February, outdoing their Chinese rivals by more than double, industry data showed Wednesday.Global market researcher Clarkson Research Services said that South Korean sh

Pantech, the country’s No. 3 handset maker, has been instructed to enter a debt workout program for the second time since its first one in Dec. 2011.According to the main creditor Korea Development Bank (KDB), over 75% of creditors approved a workout program at a meeting held at the KDB headquarters

Competition in the global semiconductor memory chip industry for a 64-bit application processor (AP) has heated up. According to sources in the semiconductor and mobile industries on March 4, major AP suppliers such as Qualcomm, Intel, and MediaTek recently unveiled their first 64-bit processor, aft

Asiana Airlines launched a large-scale corporate innovation process to focus more on online marketing and kick off its Early Bird Promotion, which is similar to those of low-cost carriers (LCCs). At the same time, it is planning to overhaul its mileage system in an attempt for profit maximization.Th

SEOUL, March 4 (Yonhap) – POSCO and Hyundai Steel Co., South Korea’s leading steelmakers, will cut the prices of their steel plates for cars starting next month, company officials said Tuesday, a move feared to hit their business performance this year.“In accordance with a request by our parent comp

Benikea has won the Best Hotel Chain Prize in the Korea Best Brand Awards 2014. It is Korea’s first mid-price hotel chain brand developed by the Ministry of Culture, Sports & Tourism and the Korea Tourism Organization (KTO). The name is an abbreviation of Best Night in Korea.The purpose of the brand

Toray Advanced Materials Korea, the local unit of Japanese chemical firm Toray Industries, has completed the acquisition of Woongjin Chemical.Toray Advanced Materials Korea said on March 3 that its takeover of Woonjin was completed last week by making a payment for a 56.21 percent stake in the Korea

Local car manufacturers’ sales in February turned out to be for the better, but GM Korea slowed due to drastic drop in exports, in spite its good local sales.According to industry sources on March 3, the combined sales of five local automakers reached 689,100 vehicles in February, up 5.8% from 651,2

Korea Gas Corporation (KOGAS) signed a Memorandum of Understanding (MOU) with Mongolian state-owned company Erdenes Tavan Tolgoi and Mongolia’s largest drilling company Elgen LCC to strength the construction of the Korean-Mongolian research cooperation network. As a result, plant technologies aimed

STX Offshore & Shipbuilding has succeeded in obtaining a large-scale order, ending a long-time silence since its making the voluntary self-rescue agreement with creditors.On March 3, the struggling Korean shipbuilder said it obtained an order worth 620 billion won (US$578.9 million) from Navig 8 Pro

Sony sells its real estate assets in and around the District in Tokyo, including the NS Building that was used as its headquarters from 1990 to 2006. The price is estimated at 15 to 20 billion yen (US$147.9 to 197.2 million). Once the disposal is completed, only the corporate museum of Sony will rem

Samsung Electronics made a final decision to extend its employees’ retirement age to 60 and adopt a peak salary. Many other subsidiaries of the Samsung Group will complete their wage system reform within this month. Specifically, Samsung Petrochemical, Samsung Total, Samsung Engineering and the cons

Samsung Electronics introduces a salary peak system this year, while extending the retirement age to 60. Samsung’s salary system reform at this time is expected to create a breakthrough in the other big businesses’ related discussions. They have been unwilling to move ahead with discussions so far,

The System LSI Division of Samsung Electronics released six new system-on-chip products on February 26, including an application processor (AP), a CMOS image sensor, and a communication chip. It is unprecedented that the division launched as many products at one time. Although no launch event was he

It has been found that the damages to customers of non-Korean low-cost carriers (LCCs) is rapidly on the rise. The Korea Consumer Agency announced on February 26 that a total of 296 complaints were submitted by LCC customers last year, increasing 148.7% from a year earlier.In particular, the number

SEOUL, Feb. 27 (Yonhap) – The nation’s top court on Thursday upheld a four-year jail sentence against the head of the country’s third-largest conglomerate, SK Group, for embezzling company funds.Chey Tae-won was convicted of embezzling 46.5 billion won (US$43.6 million) from two SK Group affiliates,

Hyundai Motor Company unveiled the design of its HED-9 hydrogen fuel cell concept car on Feb. 24. This model is making its debut at the Geneva Motor Show 2014, which kicks off on March 4.HED-9 is the ninth concept car presented by Hyundai Design Center Europe located in Ruesselsheim, Germany. Its Na