Overseas units of South Korean companies were in the red in 2015 for the first time since the global financial crisis, as the business environment in foreign countries has deteriorated, a report said Wednesday. A total of 6,045 overseas subsidiaries with more than $1 million in foreign direct investment logged a net loss of $4 billion in 2015, or $700,000 per company on average, declining 2.3 percent from a year ago, showed a report by the Overseas Economic Research Institute under the state-r

In coping with the difficult business environment in the competitive meeting, incentive, travel, convention and exhibition industry, globalization cannot be emphasized more, said Kim Sang-wook, president and CEO of the Exhibition and Convention Center, also known as EXCO, the country’s first regional exhibition center located in Daegu, North Gyeongsang Province.“Starting from 2017, we will cooperate more with global event organizers to attract international events, while promoting the global adv

More than three out of every 10 vehicles sold by Hyundai Motor Group this year in South Korea were recreational vehicles, auto sales figures showed Sunday. Hyundai Motor and Kia Motors sold 1.07 million cars here in the first 11 months of the year, among which 343,273 units, or 32 percent of total sales, were RVs. In 2011, less than 20 percent of vehicles sold by the two automakers were RVs. In Korea, the RV category includes sport utility vehicles and multipurpose vehicles. The growth has

The US fast food chain Dairy Queen has signed on to expand into South Korea, industry officials said Thursday. M2G USA Investment said it has signed an agreement with International Dairy Queen Inc., which owns the franchise, to open 50 DQ Grill & Chill stores here over the next five years.International Dairy Queen is a subsidiary of Berkshire Hathaway led by famous investor Warren Buffet. Dairy Queen, commonly known as DQ, is a chain of fast food restaurants serving hamburgers, ice cream and oth

Diplomatic tensions have slowed the growth of Chinese tourists to South Korea, the national tourism promotion agency here said Thursday.According to the Korea Tourism Organization (KTO), the number of Chinese tourists to South Korea increased 1.8 percent year-on-year in November.The KTO explained tensions stemming from Seoul's decision in July to set up the Terminal High Altitude Area Defense (THAAD) missile system, much to the chagrin of Beijing, have had adverse effects on tourism.South Korea

North Korea on Thursday threatened war in response to the latest sanctions by the U.N. Security Council (UNSC). "The latest UNSC 'resolution on sanctions' has created the danger of imminent war on the Korean Peninsula, as there are no judicial and institutional mechanisms to avert a war and armed conflicts and the 'resolution' is as good as a declaration of war," the North's foreign ministry said in an English-language statement released on the state-run Korean Central News Agency (KCNA)."The U.

South Korean football has ended the year ranked No. 37 in the world. South Korea remained at the same spot as the previous month in the latest FIFA rankings announced Thursday.Iran topped all Asian Football Confederation (AFC) members at No. 29, followed by South Korea, Japan (No. 45), Australia (No. 47) and Saudi Arabia (No. 54).South Korea will resume their 2018 FIFA World Cup qualifying campaign on March 23 against China. South Korea are currently ranked second behind Iran in Group A of the f

South Korea's foreign ministry said Thursday it will soon initiate the process of confiscating the passport of the daughter of Choi Soon-sil, the long-time friend of President Park Geun-hye who faces charges for meddling in state affairs. "The Ministry of Foreign Affairs plans to swiftly issue an order for the return of Chung Yoo-ra's passport, and if it is not returned before a deadline, it will take steps to annul it," ministry spokesman Cho June-hyuck said in a press briefing.According to the