South Korea on Tuesday issued an order to suspend the operation of all BMW vehicles that have yet to receive safety inspections amid dozens of the German cars catching fire.Last month, BMW said it will start recalling 106,317 vehicles next Monday after making emergency safety checks on all models wi
South Korea's chief economic policymaker said Tuesday that next year's budget spending will be focused on creating jobs, resolving income inequality and boosting innovative growth.During an advisory meeting on fiscal policy, Finance Minister Kim Dong-yeon said Asia's fourth-largest econo
Samsung Electronics Co. stood in fifth place in terms of the average selling price of smartphones in the second quarter, data showed Tuesday, moving three notches down from a year earlier.According to the data compiled by the industry tracker Counterpoint Research, Samsung Electronics saw its averag
Hyundai Motor Co.'s Grandeur full-size sedan was the most popular car model in South Korea in the first half of 2018, despite sales falling a sharp 17.5 percent from a year earlier, industry data showed Sunday.The near-luxury car sold 60,153 units in the cited period, maintaining its best-sellin
Samsung Electronics Co. unveiled Friday the Galaxy Note 9 phablet, which is equipped with a new stylus and the best battery and storage among all of its premium devices. The new product could help breathe new life into the company's IT and mobile division. The company held a showcase event in Ne
South Korea's economic recovery being maintained by robust exports, although capital spending and production are facing adjustments and external uncertainties are on the rise, a government report said Friday.A weaker job market, rate hikes in the United States and rising oil prices pose downside
South Korea's top economic policymaker on Monday urged Samsung Group, the country's leading conglomerate, to do more to create jobs and spearhead innovative growth in the latest appeal to the business community to join the government's job-first policy.In a meeting with Lee Jae-yong, the
A BMW sedan caught fire on a street in South Korea Saturday, the latest in a spate of reported car fires related to the German brand that have heightened safety concerns and prompted a recent massive recall here.The fire broke out in the engine compartment of the BMW 520d while it was being driven o
Kia Motors Corp. beat its rivals to win the J.D. Power Automotive Performance, Execution and Layout (APEAL) award for its Stinger sports sedan, the company said Saturday.The Stinger fastback sports sedan won the J.D. Power APEAL award, beating Mercedes-Benz C-class sedan, BMW's 3 and 4 series in
KT Corp., South Korea's second-biggest wireless services provider, said Friday its second-quarter net profit rose 8.8 percent from a year earlier due to revised accounting rules.Net profit for the three months that ended in June moved up to 280.7 billion won (US$249 million) from 258.1 billion w
South Korea's first floating offshore wind turbine will enter test operations off the coast of the southeastern city of Ulsan in the first half of next year, the city government said Thursday.The 16 billion won (around US$14.27 million) project will make South Korea the fifth country to run a fl
State-led companies plan to spend over 30 trillion won (US$27 billion) in key leading sectors, such as autonomous driving, by 2022, thus creating an environment for private companies to seek innovative growth, the country's chief economic policymaker said Thursday."To boost innovative growth, s
Another automobile produced by German carmaker BMW 520d sedan caught fire while being driven on a local expressway on Thursday, further fueling safety concerns.Police said the vehicle caught fire at 11:47 a.m. in Gangwon Province in eastern South Korea.BMW Korea said late last month it will recall 1
The number of South Korean business groups' affiliates under tight restrictions on mutual investment and loan guarantees fell sharply in the May-July period, the country's corporate watchdog said Thursday.The Fair Trade Commission (FTC) said 2,057 firms were on its watch list as of end-July,
Auto parts affiliates of Hyundai Motor Group suffered sales declines last year due mainly to their heavy reliance on Hyundai Motor Co. and Kia Motors Corp., an auto association said Wednesday.Hyundai Motor Group's parts affiliates such as Hyundai Mobis Co. and Hyundai-Wia Corp. didn't advanc
LG Electronics Inc. said Wednesday it has opened its first overseas research center devoted solely to the development of artificial intelligence (AI) technologies.The South Korean tech giant said the Toronto AI Lab in Canada will carry out various research through cooperation with the University of
LG Electronics Inc. said Monday it has assisted in the construction of more than a hundred washrooms in Ethiopia in line with its charity efforts in the African country.The South Korean consumer electronics giant said it has provided equipment and materials for the construction of washrooms in a tow
South Korea's retail giant Lotte said Monday a new department in charge of the business group's online businesses is set to be launched this week as the conglomerate revs up efforts to cope with the rapid expansion of the country's online market.Earlier in May, Lotte unveiled the plan to
South Korean commercial banks let go some 7,400 employees over the past three years while earning some 18 trillion won mainly by collecting interest on loans they provided to households and companies, market data showed Sunday.The numbers come amid rising criticism that local lenders are not doing t
Hyundai Steel Co., South Korea's second-biggest steelmaker by sales, said Friday its second-quarter net profit jumped 37 percent on robust sales of high-end products.Net profit for the April-June quarter jumped to 177 billion won (US$158 million) from 138.5 billion won a year earlier, the compan