Hyundai Heavy near deal with Iran for 10 ships: media

Hyundai Heavy Industries Co., a major shipyard in South Korea, looks set to clinch a deal with Iran to supply 10 ships, a news report said Saturday.Under the expected contract, valued at US$650 million, with the Islamic Republic o...

KOSPI expected to move in tight range next week

South Korean shares are expected to move in a tight range in the coming week on rising uncertainties in eurozone and a looming interest rate hike in the US, analysts said Saturday.The benchmark Korea Composite Stock Price Index (K...

Power outage hits COEX mall

A sudden blackout hit the COEX mall in Gangnam, Seoul, causing an evacuation of visitors and office workers on Friday afternoon. No cases of damage have been reported, according to the Korea International Trade Association, the op...

Samsung BioLogics denies alleged link to Choi gate

Samsung BioLogics on Friday denied growing speculations that it had received preferential treatment for its market debut in connection with Samsung Group allegedly lobbying President Park Geun-hye’s longtime friend Choi Soon-sil....

Lotte China probe fans THAAD retaliation fears

The tax investigation and safety inspection facing Lotte Group in China this week has sparked concerns Friday that the neighboring country is pressuring Korean companies in retaliation over South Korea‘s decision to deploy a US a...

Korea’s flat Q3 growth fuels concerns over slump

The South Korean economy grew less than 1 percent for the past three consecutive quarters, raising the possibility of the government failing to reach its annual growth target. According to the Bank of Korea on Friday, Korea’s gro...

Daewoo Shipbuilding to hive off IT biz unit

Daewoo Shipbuilding & Marine Engineering Co., a major shipyard here, said Friday that it plans to spin off its IT business unit next year in an effort to streamline its business structure.The unit, tentatively named DSME Informati...

Online shopping in S. Korea hits record high in Oct.

Online shopping in South Korea reached a fresh record high in October on a nationwide discount event, a government report showed Friday.Total online transactions reached a record 5.6 trillion won ($4.8 billion) in October, up 17.3...

Dongbu Daewoo sued for discrimination in UK office

Dongbu Daewoo Electronics on Friday was mired in an alleged gender and racial discrimination controversy at its UK branch after a female manger claimed that she was demoted for failing to bow to her boss. Dongbu Daewoo Electronics...

Advances by small carmakers to offer more value for money to S. Korean consumers

South Korea's auto market is set to witness one of the most significant and dramatic changes in years, but one that may greatly benefit local consumers, market observers said Friday.Ironically, however, such a dramatic and yet pos...

S. Koreans, Italians discuss biz cooperation in Milan

Businesspeople from South Korea and Italy on Thursday discussed ways to enhance exchanges and cooperation at a one-day forum in Milan, an industrial hub in northern Italy, the South Korean Embassy in Rome said.The third South Kore...

Food, liquor are best-selling items at discount stores

Food and liquor products have been among the best-selling items at South Korean discount stores in2016 as major chains have released a variety of home replacement meals and ready-to-eat products, industry data showed Friday. E-Mar...

Samsung expands presence in NAND flash memory market

Samsung Electronics Co. increased its share in the global NAND flash market in the third quarter of the year largely thanks to strong demand from Chinese smartphone makers, industry data showed Friday.Samsung logged $3.74 billion ...

S. Korean card firms to pay for Visa's fee hike

South Korea's credit card issuers will cover the increase in fees for local customers' overseas purchases using Visa's networks, industry officials said Friday.Visa Inc., a global payment chain based in California, plans to jack u...

Higher oil prices stoke hope for Korean shipbuilders

Global oil prices have rallied this week, and may settle above the $50 level in the near future, a boon for Korean shipbuilders still struggling with falling new orders, industry sources said Friday.Oil prices continued to rise on...