Most Popular
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Torrential rainfall forces 1,500 to evacuate, causes widespread damage to homes, roads
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[KH Explains] Can smart chargers ease tensions over EV fires?
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1 in 5 households to have breadwinner over 80 in 30 years
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Assembly to review disputed appointment of national soccer team coach
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New Fifty Fifty off to strong start
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Arrival of fall calls for more outdoor festivals
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Evicted guest burns down inn; 3 killed
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[Herald Interview] US election may unleash growth for Korea: Laffer
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[Online Predators] Online reviews of sex tourism in Southeast Asia proliferate
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Yoon's Prague visit sets stage for W24tr nuclear power plant deal
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Builders see rise in Q2 operating profits
Korea’s major construction firms have seen a rise in their operating profits of the second quarter, thanks to the jump of orders and expansion to the overseas market, industry analysts said. Hyundai Engineering and Construction said on Wednesday that its operating profit rose by 5.5 percent to 268 billion won ($236 million) in the second quarter on-year.The sales dropped by 2.7 percent to 4.69 trillion won but the net profit jumped by 16.4 percent to 167.7 billion won. In the first half of this
IndustryJuly 27, 2016
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Naver to spin off mobile video messaging app Snow
South Korean Internet giant Naver said Wednesday that it will spin off its mobile video messaging app Snow as an independent company next month, encouraged by the app’s surging popularity across Asia.Camp Mobile, Naver’s mobile business unit, plans to separate out Snow as an independent company, to be named Snow Corp., on Aug. 1 with aims to nurture the app’s future growth with more efficiency and responsibility, according to Naver.Snow, a video and photo-sharing mobile messenger developed by Na
TechnologyJuly 27, 2016
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Samsung Securities helps nonprofits better manage funds
Samsung Securities hosted a forum on July 19 to advise nonprofit organizations to take a firm grip of their funds amid low interest rates. The low base rate has recently plunged to 1.25 percent, sounding the alarm for nonprofit organizations that have long depended on bank deposits. At the forum, experts called for nonprofit organizations to adopt better fund management methods and pitched a new type of portfolio.Samsung Securities holds an investment forum for nonprofit organizations in Seoul l
July 27, 2016
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Korea‘s overseas afforestation makes progress
The Korea Forest Service has made significant progress in developing forest resources abroad in order to secure long-term, stable lumber resources and expand carbon sinks to cope with global climate change. The KFS’ efforts have been driven by the necessity to secure raw wood supplies from resource-rich countries, especially Indonesia, to help stabilize the economy. The Korea Forest Service created a forest of eucalyptus trees on Kalimantan Island in Indonesia. (KFS)Also, increasing demand for
July 27, 2016
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Samsung narrows profit margin gap with Apple
[THE INVESTOR] Samsung Electronics has narrowed its operating profit margin gap with archrival Apple, with the figure reducing to the lowest-ever 7.62 percent in the second quarter. This is the first time that the gap has narrowed to a single-digit percentage point between the world’s top two smartphone-makers. Koh Dong-jin, chief of Samsung Electronics‘ mobile business unit, holding Galaxy S7 and S7 Edge phones. Samsung ElectronicsAccording to its earnings guidance, Samsung posted 8.1 trillion
TechnologyJuly 27, 2016
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Daewoo boosts presence in energy infrastructure
Korean builder Daewoo Engineering & Construction is boosting its efforts in the energy field, with various projects in both fossil fuel and renewable fields. Last year, the company mapped out a long-term plan to become a “global infrastructure and energy developer“ by 2025 with an aim to offer a comprehensive solution from planning and construction to power plant operation.Since 2013, the company has focused on projects concerning an independent power producer that helps generate electric power
IndustryJuly 27, 2016
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More than 60% of S. Korean firms’ subsidiaries based abroad
[THE INVESTOR] More than 60 percent of listed South Korean companies’ subsidiaries are based overseas, Financial Supervisory Service said on July 27.According to the FSS, 6,330 of 10,327 subsidiaries of listed companies are based abroad. Of the total, 573 were established last year, the FSS said. FSS’s analysis also showed that of the top 100 largest companies’ overseas subsidiaries were based in Asia, with China-based subsidiaries accounting for half of Asia-based subsidiaries of Korean compani
IndustryJuly 27, 2016
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Korea’s reforestation expertise under global spotlight
Foreigners visiting South Korea are often surprised to find mountains that are filled with green trees in all corners of the country. However, most young Koreans are not aware that their parents and the government worked hard to restore those trees and forests. Youngsters think that these dense forests and abundant trees have always been a part of Korea. Back in the 1950-1970s, mountains in Korea were rather treeless. About one third of the nation’s forests were devastated, so rain often led to
July 27, 2016
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Korea initiates Mongolia into forestry
The Korea Forest Service signed a memorandum of understanding last week with Mongolia’s ministry of environment, green development and tourism to jointly combat desertification, according to KFS officials.The agreement, which was made during Asia-Europe Meeting in Ulaanbaatar, reads that both countries will be in cooperation to contribute to afforesting Mongolian regions where the locals suffer from air pollution caused by its rapid urbanization. Korea Forest Service Minister Shin Won-sop (left)
July 27, 2016
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Korean conglomerates dominate theaters in Vietnam
[THE INVESTOR] Entertainment units of South Korean conglomerates are wielding substantial power in the Vietnamese movie industry, dominating the theater and distribution with a two-third market share.CJ Group’s CGV owns 34 cinemas with 223 screens as of July 26, making it the top movie theater chain in the Southeast Asian country. Its revenue in the first half of this year jumped 35 percent to 50.4 billion won (US$44.44 million) with 7.8 billion won operating profit, a 44 percent increase on-yea
IndustryJuly 27, 2016
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Man makes girlfriend drive after 2 bottles of soju
A man who allowed his drunk girlfriend to drive was arrested for abetting driving under the influence, Busan Yeonje Police said Wednesday.According to the police, the two 28-year-olds each drank two bottles of soju on July 9 before attempting to drive back home. (123RF)The man, surnamed Kim, wanted his girlfriend, surnamed Han, to drive as she was purportedly the more experienced driver.Kim had only been issued his driver’s license in April. Police arrested Han on charges of driving under the i
Social AffairsJuly 27, 2016
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Nearly 50 million flight passengers in first half of 2016
Flight passengers in Korea hit an all-time high in the first half of 2016, totaling nearly 50 million, according to Transport Ministry data on Wednesday.Korea saw 49.8 million people traveling by air in the first half of the year, up 14.5 percent from last year and marking a record high. About 35 million of those passengers flew internationally.The number was up 44.5 percent on-year for the month of June thanks to the travel industry’s recovery from the Middle East Respiratory Syndrome shock las
July 27, 2016
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Shinsegae offers free Wi-Fi for Myeong-dong shoppers
Korean retail group Shinsegae is offering free wireless internet service to shoppers in the Myeong-dong area starting Thursday, the company said Wednesday.The service is intended to appeal to Chinese shoppers, who tend to rely on wireless internet in Korea rather than data roaming services. According to a survey from the Korea Tourism Organization, more than three-fourths of surveyed Chinese tourists said that they wanted free Wi-Fi access near major shopping districts.The welcoming page on Shin
IndustryJuly 27, 2016
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Youth employment policy gets nowhere
Since its installment in February 2013, President Park Geun-hye’s administration has put increasing youth employment on top of its policy agenda. It has poured more than 4 trillion won ($3.5 billion) in various programs designed to get more young people into the workforce.To its embarrassment, the country’s youth jobless rate has set a record monthly high in recent months, standing at 10.3 percent in June, according to figures from Statistics Korea. Some private researchers estimate the actual y
July 27, 2016
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Korea's foreign VC investment fund breaks W1tr mark
[THE INVESTOR] Foreign VC Investment Fund has attracted more than 1 trillion won (US$881.87 million), the Small and Medium Business Administration announced on July 27.Foreign VC Investment Fund is fund operated by foreign venture firms that invests a set proportion in South Korean companies. The fund was first established in 2013, and about 930 billion won was gathered through 11 foreign venture capital firms. With four venture capital firms being added to the list in the first half of the year
July 27, 2016