The government expects the economy to grow in the 3 percent range in 2018 following an estimated expansion of more than 3 percent this year, informed sources said Wednesday.It would mark the first time in seven years that Asia's fourth-largest economy will likely achieve a growth rate of 3 perce
Hyundai Motor will set up a joint venture in Indonesia to assemble commercial vehicles in the populous Southeast Asian country, said Hyundai in a statement. The joint company, due to be set up between Hyundai and Artha Graha in May 2018, will put together knock-down units at a plant that is equipped
A majority of South Korean ICT companies are sanguine about the country's economic and their business conditions in 2018, a poll showed Tuesday.According to the survey of 300 domestic ICT firms, 35 percent of the respondents expect Asia's fourth-largest economy to turn for the better next ye
The cumulative sales volume of POSCO’s Automotive Steel Processing Center in Suzhou, China has exceeded 5 million tons, said the steel giant in a statement. This facility is the first POSCO steel processing center which achieved the feat in a period of 14 years. The Suzhou Automotive
Slightly over 1 in 10 subsidiaries of South Korea's top 10 business groups are listed as foreign-invested companies eligible for tax and other benefits, a market tracker said Monday.As of end-November, 91 of the groups' 665 units, or about 14 percent of the total, were registered with the go
(Yonhap) -- South Koreans plan to spend less on year-end and new year holiday gifts in the coming few weeks compared to the year before amid rising unemployment and unstable job security, a poll showed Monday.The average South Korean plans to spend about 203,000 won (US$183) buying gifts toward the
Unionized workers at Hyundai Motor Co. will stage a walk out next week for higher wages and bonuses, as the carmaker has not accepted their demands, the union said Friday.Hyundai workers plan to go on strike for eight hours a day Monday through Tuesday at the carmaker's five plants in Ulsan, abo
Six carmakers will recall nearly 320,000 vehicles in South Korea due to faulty parts, the transport ministry said Friday.This is the latest in a series of recall orders issued by the Ministry of Land, Infrastructure and Transport to both domestic and foreign carmakers.Six carmakers -- Hyundai Motor
Samsung Electronics Co. is forecast to lose ground next year in the smartphone segment, an industry tracker said Thursday, apparently due to the rise of Chinese manufacturers.Strategy Analytics said Samsung Electronics is expected to post a market share of 19.2 percent in the global smartphone indus
The Genesis G80 and G90 sedans earned the highest safety rating from the Insurance Institute for Highway Safety (IIHS) for the year of 2018, Hyundai Motor said Thursday.Hyundai Motor produces the luxury Genesis models under an independent marque separate from other vehicles.The two Genesis models ea
South Korea's jobless rate rose slightly in November as the construction sector hired fewer temporary workers than before amid relatively cold weather, government data showed Wednesday.The unemployment rate stood at 3.2 percent last month, up 0.1 percentage point from a year earlier, according t
South Korea's online shopping malls are expected to post a combined 1 trillion won (US$915 million) operating loss this year as they offer excessive discounts in a competition with rivals to dominate the growing market, industry sources said Wednesday.The rising losses over the past few years co
The accumulated sales of Kia Motors Corp.'s Morning topped the 1 million unit mark last month, the company said Thursday, retaking the title of best-selling minicar in the country.The achievement came more than a decade after Kia Motors launched the first-generation small city car in 2004, accor
South Korean tech giants maintained their strong dominance over the global market for dynamic random-access memory (DRAM) chips in the third quarter, data showed Thursday.According to the data compiled by IHS Markit and other industrial sources, Samsung Electronics Co. accounted for 44.5 percent of
Major foreign investment banks (IBs) have upgraded their 2018 growth forecasts for the South Korean economy on its strong exports, a report showed Thursday.According to the report by the Korea Center for International Finance, Barclays, Goldman Sachs and seven other foreign IBs have forecast Asia
Samsung Electronics Co. said Monday it plans to showcase a film on its QuickDrive washers under cooperation with a popular music composer, highlighting how its products can save users time compared with rivals.The company said the 66-minute film, "Washing Machine" will be showcased in London on Tu
Hyundai Mobis Co., South Korea's biggest auto parts maker by sales, has opened a product quality control center in Dubai to strengthen services for customers in the Middle East and Africa, the company said Wednesday.The Dubai center is Hyundai Mobis' fifth overseas quality control facility f
Hyundai Motor Co., South Korea's largest carmaker by sales, said Wednesday it will launch the all-new Veloster coupe early next year in global markets.The carmaker said it plans to unveil the Veloster for the first time at the Detroit motor show in January ahead of sales in the key North America
The Ministry of Oceans and Fisheries said Tuesday it will appoint a civilian expert to lead the team searching of the wreck of the Sewol, after it came under fire for concealing the discovery of remains.The team tasked with searching the wreckage of the Sewol ferry found a piece of bone from the shi
China's tourism authorities decided Tuesday to partially lift its bans on group tours to South Korea, sources said, as Seoul and Beijing move to repair bilateral relations badly frayed by the deployment of a U.S. defense system in South Korea.At meetings earlier in the day, China's National