LIMA, Peru (AFP) – The son of a South Korean businessman was freed after a gang held him for 19 days demanding a $1.8 million ransom, police said Sunday.Kim, 18, was released about midnight in a neighborhood on Lima's south end, and is now with his loved ones," said General Felix Murga, the po

Trade volume between South and North Korea reached $958 million in the first seven months of the year, down 16 percent from a year earlier, Seoul's customs office said Monday.According to data provided by the Korea Customs Service (KCS), the South's exports to the North came to $447 million in the J

 South Korea will formally ask foreign countries this week not to invest or engage in tourism activities at North Korea's Mount Kumgang resort, officials said Monday.Earlier, Seoul said it will use all diplomatic channels to prevent foreign companies from controlling operations at the resort, w

An increasing number of customers of social commerce sites said they were dissatisfied with faulty contracts or poor services offered by business operators, a report showed Monday.Social commerce, a business model that is most well known through U.S. online commerce site operator Groupon Inc., gener

DUSSELDORF, Germany (Yonhap News) – A German court on Friday turned down a request by Samsung Electronics Co. to nullify Apple Inc.'s injunction granted earlier to ban the sale and marketing of its Galaxy Tab tablet computer in the European country.The Dusseldorf court decision dealt a blow to

STX Group announced Friday that its European subsidiary signed a $420 million contract to build to well intervention vessels for Norway’s Eide Marine Services AS.A well intervention vessel is a ship designed to carry out works related to underwater oil and gas wells ranging from pre-drilling surveys

LG Electronics on Thursday opened a self-service laundry in New York equipped with only its products as it pushes to expand business-to-business sales in the United States.The self-service laundry will be operated by Coinmach Corp., the largest laundry service in the U.S. According to LG Electronics

Daewoo Shipbuilding and Marine Engineering Co. announced Thursday it will set up an institute for training high school graduates.The company said that the institution, which will be headed by the company’s chief technology officer Lee Yeong-man, will put high school graduates through a four-year tra

The crude column produced by SK Engineering and Construction Co. sits on board the Dutch ship that will carry it to the United Arab Emirates at an Ulsan port on Wednesday. (SK E&C)SK Engineering and Construction Co. announced Thursday that it shipped the largest ever crude column to the United Arab

Korea considers banning corporate affiliates from public projectsThe government is considering banning system integration companies affiliated with conglomerates from competing for public sector SI projects for fear of stamping out the smaller players, the Ministry of Knowledge Economy said on Thurs

Following is the first in a series of interviews with world’s top designers and scholars who will participate in the Herald Design Forum in Seoul from Oct. 5 to Oct. 6. ― Ed.Korea must seek to improve its image through actions, and not words, nation-branding specialist Simon Anholt says. Anholt, who

Global forum will be held Oct. 5-6 with participating global companies, designers and studentsWith less than a month to go, organizers have begun preparing in earnest for the iDEA Herald Design Forum to ensure the successful hosting of the first forum of its kind in Korea to open in Seoul on Oct. 5.

The industrial materials maker SKC launched SKC Lighting, a light-emitting diode maker, on Wednesday.The new subsidiary was formed by merging the LED makers Sumray Corp. and Dooyoung.SKC entered the LED market by acquiring Sumray in January 2010, and acquired Dooyoung in April.At the launch ceremony

Hyundai Samho Heavy Industries’ employees hold glasses of wine in front of the ship being built for the German shipping firm Peter Doehle in Yeongam, South Jeolla Province, on Wednesday. (Hyundai Samho Heavy Industries Co.)Hyundai Samho Heavy Industries Co. received 14,400 bottles of wine from a Ger

SK Networks is seeking a buyer to take over its uniform business, local media reported Tuesday.According to reports citing an unidentified SK Networks official, the company is looking for a buyer, and a number of potential buyers conducted preliminary due diligence on the matter last week.The compan

Small automobile sales rose to a year high in August boosted by rising fuel prices and concerns for a new worldwide economic downturn.According to industry data, 38,698 small vehicles were sold on the local market in August, accounting for 53.5 percent of passenger car sales. Small automobiles are d

Women’s standing in Korean society has seen significant improvement over the decades, but inequality remains in the workplace.According to a report by the Organization for Economic Cooperation and Development, while Korea ranks third among member countries in terms of the proportion of women with un

Hyundai Motor Group’s first half net profit overtook that of Samsung Group for the first time, aided by rising automobile sales and difficulties faced by Japanese carmakers, data showed Sunday.According to the Korea Exchange and the Korea Listed Companies Association, the combined net profit of Hyun

Former representative of Korea to the United Nations Park In-kook will take the helm at the Korea Foundation for Advanced Studies, SK Group announced Sunday.Park will begin his term as the Korea Foundation for Advanced Studies’ secretary general from Monday. Park In-kookFounded in 1974 by former SK

Six multicultural couples with financial difficulties were married in a joint ceremony sponsored by the steelmaker and Gangnam-gu office on Thursday.The couples were selected from the 1,010 multicultural families living in Gangnam-gu who are married but have not been able to hold a wedding ceremony