South Korea spent some 70 percent of its state budget earmarked for 2018 in the first seven months as it moves to maintain its recovery pace and create more jobs, the finance ministry said Friday.Some 195 trillion won (US$175 billion) was spent through July, 11.4 trillion won, or 4 percentage points
South Korean automobile experts plan to carry out a wide range of tests on three BMW 520d sedans by December to try to determine the exact cause of fires that have destroyed dozens of cars here.The Korea Automobile Testing and Research Institute said Friday it will find out the circumstances behind
South Korea will mandate that foreign IT companies designate an official in charge of managing personal information, sources said Friday.According to the industry sources, a relevant law was passed through a regular session of the National Assembly a day earlier that makes it mandatory for companies
Samsung Electronics Co. and LG Electronics Inc. on Friday showcased their latest achievements in the field of 8K TVs and built-in home appliances, reflecting their commitment to penetrate deeper into top-of-the-line luxury products.For this year's Internationale Funkausstellung (IFA) Berlin, whi
A number of South Korean users of Samsung Electronics Co.'s Galaxy S7 raised issue with their smartphones suffering from a boot loop after updating to Android 8.0 Oreo, industry sources in Seoul said Friday.An insider at Samsung Electronics said it is currently carrying out a probe to check if t
Doosan Heavy Industries & Construction Co., the world's leading desalination plant builder, said Wednesday that it has sold its entire 10.55 percent stake in Doosan Bobcat Inc. for 368.1 billion won (US$331 million).Doosan Heavy said the stake sale to unidentified South Korean securities firms i
Hotel Shilla Co., on Tuesday won the right to operate a duty-free shop at Gimpo International Airport in Seoul, the local committee in charge of the selection said.Hotel Shilla, an affiliate of the country's top conglomerate, Samsung, defeated Lotte Group in the bid, after the two were chosen as
By Park Byung-uk, vice president/editorial writer (industry)This is the first installment in a series of articles on leading business companies in Korea and around the world covered by the writer, a specialist in the business world in Korea and outside world. Park was formerly the director of the Bu
Samsung Electronics Co.'s new smartphone, the Galaxy Note 9, is receiving favorable reviews from global tech experts for its excellent display and Bluetooth stylus, industry sources said Tuesday."The Samsung Galaxy Note 9 is the most functional, feature-packed, and premium Android smartphone in
GS Group, a South Korean energy, retail and construction conglomerate, said Sunday it will invest 20 trillion won (US$17.8 billion) over the next five years to foster new growth businesses and expand its presence in overseas markets.GS Group said it will invest 14 trillion won to build new petrochem
SK Innovation Co., South Korea's largest refiner by sales, said Friday it will invest in a 820 billion won (US$730 million) battery plant in China, a move aimed at meeting growing demand for car batteries. In a joint venture with BAIC Motor Corporation., Ltd. and Beijing Electroni
POSCO Engineering & Construction (POSCO E&C) said Friday it signed a 81.2 billion won (US$72.33 million) contract to lay the groundwork for a petrochemical complex in Vietnam. The South Korean builder will work on the 2.31 million-square-meter site on Long Son Island in the province o
Hyundai Motor Group, South Korea's biggest automotive conglomerate, said Friday it has created a new executive post to improve lackluster sales in China, the world's biggest automobile market.Hyundai named Vice Chairman Kwon Moon-sik, who is currently in charge of the carmaker's research
South Korea's corporate watchdog said Tuesday that it has decided to give up its own right to file complaints about some major cases such as price rigging in a move to support effective law enforcement and better protect consumers' rights.Under the current Fair Trade Act, the Fair Trade Comm
South Korea's exports rose 14.9 percent on-year during the first 20 days of August, due to a rise in outbound shipments of chips and petrochemical goods, customs data showed Tuesday.The country's outbound shipments reached US$28.8 billion in the August 1-20 period, according to the Korea Cus
China accounted for more than 30 percent of Samsung Electronics Co.'s overall sales over the January-June period, industry data showed Monday, emerging as the company's largest market and outpacing the American continents for the first time.The South Korean tech giant, which posted sales of
The South Korean government is firmly committed to reducing the country's dependence on nuclear power and will expand the use of renewable power sources despite growing public support for time-tested atomic energy, observers in Seoul said Saturday.According to a poll conducted by the Korean Nucl
Some 11,400 BMW vehicles have yet to be inspected for safety as of Friday, with about 7,900 of them having received reservations to undergo checks, the transport ministry said.The German automaker recalled 106,317 BMW cars after a string of cases of engines catching fire. There have been 40 such cas
South Korea has denied a claim by U.S. activist fund Elliott Associates that it gave discreet backing for a 2015 merger of two Samsung units and caused the firm to suffer losses from what it calls an unfair deal, a document from Seoul's justice ministry showed Friday.The Ministry of Justice rele
South Korea's government said Friday that it has decided not to revoke Jin Air's license, ending weeks of business uncertainty for the low-cost affiliate of Korean Air Lines Co. over its illegal appointment of a foreign national to its board of directors.Under South Korean aviation law, only