For Oh Soo-hyun, the mother of a 4-year-old boy in Seoul, last year was a nightmare.“Turning Mecard,” she said. “I’ve been searching for this everywhere, almost every single day. But even though I get it one by one, the company keeps producing different models. … It has no end.” Oh is one of many Korean parents pressured by their kids who are captivated by the hit TV animation series. The action-adventure series features dozens of minicars and main characters who control them with their mysterio

Industry Jan. 7, 2016

Unionized workers at Asiana Airlines, the nation’s second-largest flag carrier, launched a sit-in protest Tuesday blasting the management’s restructuring plan that would lead to massive layoffs.The move came less than a week after the carrier unveiled the self-rescue plan to improve its financial health and survive in the overheated air transportation and services market. (Yonhap)Under the two-year plan, Asiana is set to close three international routes this year and reduce the number of branch

Business Jan. 5, 2016

Song Young-ki, the 28-year-old CEO of start-up DLighter, has a chic office in the business district of Gwanghwamun in central Seoul. Though his 1-year-old company has yet to generate revenue as its mobile app is still in the pilot stage, Song does not have to worry about rent or look for coffee shops that provide free Wi-Fi access.Furnished with desks and sofas designed in a futuristic concept and even a foosball table, the 320-pyeong (1,058-square-meter) office is where he spends days and night

Industry Dec. 30, 2015

After months of hurdles, Asiana Airlines, the nation’s second-largest flag carrier, has won the government’s permission to operate its second low-cost carrier, moving forward to expand its market presence.The Ministry of Transport has issued a business license to Air Seoul, the second low-cost carrier launched by Asiana Airlines, the air carrier said Monday evening. The government said the license was issued in line with a steady growth in air traffic with an annual average of 7.8 percent. Air S

Industry Dec. 29, 2015

Years of bitter feuding between Hyundai Elevator, the nation’s leading elevator manufacturer, and Schindler Group, its No. 2 shareholder, resurfaced on Monday after a top Swiss envoy had a rare meeting with Cheong Wa Dae officials requesting the government’s intervention.According to local reports, Swiss Ambassador to Korea Jorg Al. Reding recently met An Chong-bum, senior presidential secretary on economic affairs, to ask South Korea’s top office to step in. He claimed that the Swiss firm has s

Industry Dec. 28, 2015

An analysis of test data suggests that the defeat device to manipulate emission levels could have an impact on the fuel efficiency of Volkswagen’s diesel vehicles sold in Korea, the government said Thursday.(AP-Yonhap)While the data provided by the Environment Ministry and the Transport Ministry shows a high likelihood, more driving tests need to be conducted to conclusively prove it, an official told Yonhap news agency.“We have concluded that there is a correlation,” the official was quoted as

Industry Dec. 24, 2015

Korea Gas Corp. on Monday denied a local report that it plans to invest in South Pars gas field in Iran, making it the first Korean company to invest in the Middle East country that had been slapped with international economic sanctions over its nuclear program.According to local reports quoting officials at the Trade Ministry, the state-run company recently sent its officials to discuss ways to invest in the world’s largest gas field, which has been running behind in its development schedule du

Industry Dec. 21, 2015

In contrast to the central bank’s upbeat forecast of the U.S. rate hike on the Korean economy, the business circles here remained cautious on Thursday, devising ways to minimize the impact in the mid and long term. (Yonhap)The impact of the U.S. Fed hike -- the first in nearly a decade -- will not be felt right away, market watchers said, as the South Korean central bank is keeping its key interest rate at a record low level. However, many Korean companies are concerned about its global impact,

Industry Dec. 17, 2015

SK Group chairman Chey Tae-won is reportedly considering rejoining the board of three affiliates including the group’s parent company SK Corp., amid mounting pressure on him to hold more legal and ethical responsibilities as the owner of the nation’s third-largest conglomerate. According to industry sources and reports Monday, Chey is likely to join the board of directors of the three firms at the shareholders meeting scheduled in February and March.  SK chairman Chey Tae-won (SK) If shareholder

Industry Dec. 14, 2015

The government said Thursday that it would levy an acquisition tax on pricey compact cars starting next year, to strengthen tax balance.Buyers of compact cars have been exempted from paying the tax so far, while purchases of regular cars are subject to a 4 percent acquisition tax. The tax deduction rate of a compact car priced at over 50 million won will be reduced to 85 percent from the current 100 percent. Smart Fortwo, manufactured by German carmaker Daimler AG, is the only compact car model

Dec. 10, 2015