Korean shipbuilders’ combined orders for new ships soared 98.7% in the first nine months of the year. According to data made by London-based market researcher Clarkson Research Services on September 8, Korean shipbuilders won a total of 10.87 million compensated gross tons (CGTs) in new orders in th

Samsung Electronics and LG Electronics are showing signs of change in marketing strategies. Until recently, the two were engaged in not a few disputes and conflicts in their competitive industry. Many of these led to mutual abuses and lawsuits to irritate consumers. Such strife was found mainly when

Much attention is being paid to the possibility of a merger between Hyundai Steel and Hyundai Hysco. Although the former has denied the possibility several times, stock market insiders are suggesting possible scenarios concerning cross shareholding in the Hyundai Motor Group and the synergy effects

It has been forecast that the steel, shipbuilding, and construction industries currently in recession will get better in the fourth quarter this year.The Korea Chamber of Commerce & Industry (KCCI) and nine other associations including the Korea Electronics Association and the Korea Automobile Manuf

On October 8, Deputy Prime Minister and Minister of Strategy and Finance Hyun Oh-seok presided over a ministerial meeting at Korea Eximbank in Seoul. There, he commented that the Shanghai Pilot Free Trade Zone, which was launched on September 29, is an expression of the Chinese government’s strong w

Taihan Electric Wire said on October 7 that Seol Yun-Seok, the president and third-generation owner of the company, has decided to give up his management rights and step down as president in order to proceed with a restructuring plan. Thus, the control of the company by the Seol family will come to

CJ Foodville’s global Korean food brand Bibigo became a new entrant in the Michelin Guide, one of the world’s most prestigious restaurant evaluation guides.CJ Foodville, CJ Group’s restaurant business arm, announced on October 7 that the Bibigo London Soho store was featured in the London edition of

Japan’s Toray Industries and its South Korean subsidiary will invest 300 billion won (US$280 million) in Korea to build a plant capable of producing cutting-edge plastics used in electric cars and aircraft. Lee Young-kwan, chairman of Toray Advanced Materials Korea, the local subsidiary of the Japan

Cash-strapped Tongyang Group is on the brink of bankruptcy though the 38th-largest conglomerate in Korea has been trying to sell its affiliates to remove liquidity risk. It is due to the fact that the conglomerate needs more than 1 trillion won (US$930 million) to repay maturing debt such as bonds a

Last month, the imported automobile market saw some unexpected changes. Volkswagen had the highest number of monthly sales for the first time in the domestic market. The best-selling car was Mercedes-Benz, beating BMW for the first time this year. In addition, German brands such as BMW, Mercedes-Ben

Hyundai Samho Heavy Industries (HSHI) constructed a liquefied natural gas (LNG) carrier worth more than 200 billion won (US$186.4 million) on land for the first time. The on-land construction has previously only been possible for bulk carriers and container ships. According to sources in the shipbui

At 8:00am on September 25, Samsung Group employees’ voices were heard through the in-house broadcast of five of its subsidiaries - Samsung Life Insurance, Samsung Fire Insurance, Samsung Card, Samsung Securities, and Samsung Asset Management. The interviewees said that their top-down meetings are bl

Samsung and Google were cited as contenders for the takeover of BlackBerry.US-based business news broadcaster CNBC reported on October 4 (local time) that the Canadian smartphone maker is asking Samsung and Google about their interest in buying all or parts of itself, and requesting notification of

With the Korean Wave, or Hallyu, spreading across the world beyond Asia, Korean medicine is drawing huge interest based on its uniqueness. The excellence and superiority of Korean medicine was been evidenced when the medical encyclopedia of Donguibogam beat China’s HuangdiNeijing to be registered as

Samsung Electronics estimated on September 4 it will post a record-high quarterly operating profit of 10.1 trillion won (US$9.4 billion) in the third quarter of this year.The preliminary estimate shows a 25.3 percent increase from 8.06 trillion won (US$7.52 billion) a year earlier, said Samsung. It

“A crisis is the best opportunity.” This aphorism applies to Hyundai and Kia Motors’ marketing strategy these days.Due to the US government shutdown, many federal employees are experiencing financial difficulties. To help those workers, Hyundai Motors made a marketing program that supports affected

“Young people are crazy about smartphones, but older people also use them."Michael Sprague, Executive Vice President (EVP) of Marketing and Communications at Kia Motors America (KMA) was confident that the all-new Soul, debuted for the US market in October, will be well-received by all age groups ev

The construction industry is actively expanding into the Vietnamese market. After the US financial crisis, the Vietnamese economy took a downturn and the real estate markets also saw contraction, slowing down Korean business activities in Vietnam. However, as the Vietnamese economy shows signs of re

Ssangyong Motor is looking into changing the company name.On October 3, Ssangyong Motor CEO Lee Yoo-il held a press conference in Wiesbaden, Germany, and said, “The Ssangyong name does not have much meaning anymore.” He added, “I’ve ordered the marketing team to look for a name that has a Korean fee

Samsung Electronics vice chairman Lee Jae-yong met with top executives of Best Buy, the largest consumer electronics retail store in the United States, at its headquarters located in Seocho-dong, Seoul in the evening of October 2. They talked business for about an hour and a half there. Though uncle