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China still mum on N. Korean band's abrupt cancellation

North KoreaDec 15, 2015

China's foreign ministry on Tuesday remained tightlipped on the reason for the sudden cancellation of a concert in Beijing by an all-female band formed by the North's leader Kim Jong-un.North Korea's Moranbong Band had been scheduled to perform in Beijing last Saturday, but abruptly headed home hours before the concert began. China's official Xinhua News Agency attributed the cancellation to unspecified "communication issues." South Korea's intelligence agency told Rep. Joo Ho-young, head of the
Korea promotes sales of hydrogen fuel cell cars

BusinessDec 15, 2015

South Korea will seek to boost demand for hydrogen fuel cell vehicles by bringing prices down and expanding refueling infrastructure, officials said Tuesday. Hyundai Motor’s Tucson ix fuel-cell electric vehicle (Hyundai Motor)The Ministry of Trade, Industry and Energy said the government would expand state subsidies and waive taxes to bring down the prices of hydrogen fuel cell vehicles to around 35 million won ($29,000) by 2018 from the current 85 million won.It will offer a 27.5 million won in
Shares of Hotel Shilla plunge on duty-free business woe

IndustryDec 11, 2015

When it comes to duty-free business in Seoul, the winner doesn’t seem to take it all. Shares of Hotel Shilla, which clinched a high-profile bid to operate duty-free stores in downtown Seoul in July, have fallen sharply ever since on concerns over market overheating.Hotel Shilla’s common stock price took a nosedive to a 52-week low of 79,000 won ($66.90) on Friday, down 44.7 percent from when they hit their highest on July 13 at 143,000 won after the company won the business license for running a
Outdoor clothing industry struggles with saturation

IndustryDec 10, 2015

As the heyday of the outdoor goods industry in Korea has long passed, related companies are struggling in a saturated market with slowing domestic sales.Customers browse winter jackets at a department store in Seoul during a sale event last month. (Yonhap)The market for outdoor goods boomed between 2005 and 2012 with growth rates often reaching more than 20 percent as people spent more time in the hills and mountains to get away from the stress of work and keep fit. But the segment’s domestic ma
Samsung C&T delivers first Roy Hill iron ore shipment

BusinessDec 10, 2015

Marking the completion of a multibillion-dollar construction project in Australia by Samsung C&T, iron ore shipments have commenced from Port Hedland to Korea, the builder said Thursday. A total of 100,000 tons of iron ore from the Roy Hill mine in the Pilbara region were loaded on a ship at the port in Western Australia.The company launched the $5.8 billion project in April 2013, to build an iron ore processing plant, a rail network and a fully integrated port for processing and exporting iron
Tokyo-based affiliate eyes major stake in Lotte Confectionery

IndustryDec 9, 2015

Korean retail giant Lotte Group’s confectionary affiliate said Wednesday that Japan-based Lotte Holdings has offered to buy 259 billion won ($219.6 million) worth of shares in the firm, a move that will help the group chairman strengthen his control amid a prolonged succession dispute with his brother. The Japanese firm will buy 7.9 percent shares of Lotte Confectionary at 2.3 million won per share from the market during trading hours by Dec. 28, the company said in a regulatory filing. “By boos
Firms blast FTA compensation fund

IndustryDec 7, 2015

The government is under fire for its proposal to collect 1 trillion won ($856.4 million) from the corporate sector for a fund to support the primary industries like agriculture that are likely to suffer once the Korea-China free trade agreement comes into effect.Many see it as a politically-motivated taxation that cannot be justified. According to the Ministry of Strategy and Finance, and the Ministry of Trade, Industry and Energy, the controversial “collaborative cooperation fund” will be creat
Hanwha Group heir apparent promoted

IndustryDec 6, 2015

Hanwha Group, South Korea’s ninth-largest business conglomerate, promoted the group’s heir apparent Kim Dong-kwan to executive director, the Seoul-based firm said Sunday. Hanwha Q Cells chief commercial officer Kim Dong-kwanKim, the eldest son of Hanwha Group chairman Kim Seung-youn, has been chief commercial officer at Hanwha Q Cells, the group’s solar power unit, since 2014. He is credited for spearheading the group’s solar growth strategy and playing a key role in the solar cell-maker’s turna
[Photo News] Kick off Christmas season with carols by Asiana

IndustryDec 1, 2015

Asiana Airlines employees pose with Christmas carol album “Christmas Time Again,” produced by the Korean air carrier and supported by Arts Council Korea, at Asiana’s headquarters in western Seoul. Having started Tuesday, Asiana offers five Christmas carol tracks free of charge via its homepage www.flyasiana.com. (Asiana Airlines)　
British Airways appoints new commercial manager for Seoul

IndustryDec 1, 2015

British Airways has appointed Manuel Alvarez as the new commercial manager for Korea, the company said Tuesday. Alvarez served as commercial manager of Iberia Airlines, the Spanish air carrier under British Airways owner International Airlines Group, for Lebanon and Algeria. He had worked in the sales department of British Airways and IAG since 2011. Manuel Alvarez (British Airways)“Korea is a very important market for British Airways. I am delighted to be serving our customers in one of the mos
[Photo News] POSCO E&C wins $900m power plant deal

IndustryDec 1, 2015

Oh Kun-so (third from left), executive vice president of POSCO Engineering & Construction, and other executives form U.S. energy firm AES pose Tuesday after signing a $900 million contract to design and construct a 600-megawatt coal-fired power plant in Manila, the Philippines.(POSCO E&C)
Coway takeover suffers setback as CJ drops bid

IndustryDec 1, 2015

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
Korea, Indonesia reach $7.4b fighter jet deal

DefenseNov 22, 2015

Korea Aerospace Industries has signed a tentative deal with Indonesia to jointly develop a new South Korean fighter jet, the country’s sole aircraft-maker said Sunday.Under the deal, the Indonesian government will shoulder 20 percent of the cost for the 8.6 trillion won ($7.4 billion) project called KF-X to develop the KF-16-class warplane to replace aging F-4s and F-5s by 2025. “Korea Aerospace Industries has completed negotiations and reached an agreement with the Indonesian counterpart over t
Hotel Lotte pushes on with IPO

IndustryNov 22, 2015

Lotte Group’s hotel unit will push ahead with its public initial offering as scheduled, despite projections of a possible plunge in market value from its recent failure to renew a license to run one of its duty-free stores, Lotte officials said Sunday. Hotel Lotte plans to apply for preliminary reviews for a stock listing in December to float its shares on the main bourse Korea Exchange by February 2016. “Irrespective of the result on the duty-free store license, Hotel Lotte will continue to mak
Ex-President Kim dies at 87

Social affairsNov 22, 2015

The late former President Kim Young-sam's photo is displayed at his wake at Seoul National University Hospital in Jongno-gu, Seoul, Sunday. (Yonhap)Former South Korean President Kim Young-sam, the country’s icon of democracy who ushered in an era of civilian leadership to end more than three decades of military rule, passed away early Sunday. He was 87.　Kim, who led the nation from 1993-1998, died of sepsis and acute renal failure at around 12:22 a.m., according to Oh Byung-hee, the head of Seou