Most Popular
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NewJeans has few options after Ador rejects group's request to reinstate Min Hee-jin as CEO
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College is expensive? In S. Korea, English preschools cost much more
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[Hello India] Hyundai Motor inches closer to IPO in India
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[Exclusive] Texas development exec shuts down layoff rumors at Samsung chip plant
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Panel decision put prosecution in dilemma over Dior bag case
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Seoul, Tokyo reboot joint maritime resource talks after 40-year freeze
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'Gyeongseong Creature Season 2': faster and ready to confront past
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2025 Trend Forecast: Small details, new happiness trend amid sluggish economy
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Global drama stars gather for 2024 Seoul International Drama Awards
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Host of Miss Korea apologizes for 'inappropriate question' about deepfake
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Korea's current account surplus with China tumbles 19.5% in 2015
South Korea's current account surplus with China sank nearly 20 percent last year due mainly to a slowdown in the world's second-largest economy, central bank data showed Friday.The country's current account surplus with China, its largest trade partner, reached $45.14 billion in 2015, down 19.5 percent from the previous year's $56.06 billion, according to the data compiled by the Bank of Korea.The figure fell for two straight years after peaking at $56.69 billion in 2013.Last year, Asia's fourt
June 17, 2016
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Hyundai Steel's No. 1 blast furnace to be normalized next month
Hyundai Steel Co., South Korea's No. 2 steelmaker, announced Friday that its original blast furnace in Dangjin, central South Korea, could be normalized next month.The daily steel output of the blast furnace in Dangjin, about 120 kilometers south of Seoul, has recently dropped to about 3,000 tons a day, or 30 percent of its normal output.Hyundai Steel said the temperature in the No. 1 blast furnace dropped below 1,500 C, the melting point of steel, due to a problem in heat transmission inside th
IndustryJune 17, 2016
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Salaried workers cut spending on congratulatory, condolence money
South Korea's salaried workers spent less on congratulatory and condolence money for weddings and funerals in the first quarter as they felt the pinch amid an extended economic slowdown, government data showed Friday.In the three months ended March 31, people spent an average of 250,127 won ($214) to congratulate a couple on their marriage or to express their condolences. It was down 3.3 percent from a year earlier, according to data from Statistics Korea."In the household spending data, the rat
June 17, 2016
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Samsung Electronics No. 1 brand in Asia again: report
South Korea's tech giant Samsung Electronics Co. claimed the No. 1 position among global brands in Asia for five years in a row, a report showed Friday.Samsung beat out other multinational firms to top the list of brands in Asia, followed by Apple Inc., Sony Corp., Nestle Co. and Panasonic Corp., according to the Campaign Asia-Pacific 2016 Asia's Top 1000 Brands report.The report was based on an annual survey conducted by Hong Kong-based market research publisher Campaign Asia-Pacific and inform
IndustryJune 17, 2016
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Korea turns to Arctic for new biz opportunities
Government officials and scholars from South Korea and Russia gathered in the northern Russian city of Murmansk Thursday to discuss the prospects of cooperation in the Arctic Ocean.Kim Chan-woo, South Korea's ambassador for Arctic Affairs, opened the first seminar between the two countries on Arctic issues. (AP-Yonhap)"The Arctic is one of the last frontiers left to mankind, and it will be the Arctic sea routes which will assume a pivotal role in utilizing these opportunities," he said in his op
June 17, 2016
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Lotte suspected of giving favors to founder's third wife
The Lotte Group is suspected of giving business favors to a company controlled by its founder's third wife Seo Mi-kyung, who is on the list of those being investigated as part of the retail giant's slush fund allegations, industry watchers said Friday. The 57-year-old Seo is the 1977 winner of the group's Miss Lotte beauty pageant and has a 33-year-old daughter with Lotte founder Shin Kyuk-ho, now 93. Under South Korea's monogamous marriage system, the two have been common-law married. Seo came
IndustryJune 17, 2016
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Home, office of Nonghyup chief raided over alleged illegal electioneering
Prosecutors raided the home and office of the president of South Korea's state-run farmers' cooperative Friday over allegations he was elected through illegal campaigning.The Seoul Central District Prosecutors' Office said Kim Byeong-won is suspected of getting involved in irregularities committed during the January election where he was named the chief of the National Agricultural Cooperative Federation.Prosecutors said they confiscated documents related to his campaigning, including campaign r
IndustryJune 17, 2016
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Low oil prices cast deep shadow on Korean builders
[THE INVESTOR] Local construction firms are facing growing risks in oil producing countries. On June 16, Hyundai Engineering and Construction Co. disclosed that a US$6 billion project in Iraq had to be halted due to late payments. Although the company said that it is seeking other means of payment, the move sparked concerns that similar developments could occur in other oil producing countries. The concern is further fueled by the fact that a large chunk of Korean construction firms’ unclaimed f
June 17, 2016
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Daewoo Shipbuilding remains global No. 1 in order backlog
Daewoo Shipbuilding & Marine Engineering, a financially troubled South Korean shipbuilder, still ranked No. 1 in the world in terms of order backlog in May for 19 consecutive months, industry data showed on Friday.The data released by global research firm Clarkson Research Services showed that Daewoo Shipbuilding has a total of 7.478 million compensated gross tons worth of order backlog to build 111 ships.Daewoo Shipbuilding said its order backlog was worth $39.4 billion as of the end of May.The
IndustryJune 17, 2016
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KAI, Airbus to co-develop naval chopper
Korea Aerospace Industries Ltd., South Korea's sole aircraft maker, said Friday it will join forces with Europe's Airbus Helicopters to develop its Surion chopper to carry out maritime operations.A senior official at Airbus Helicopters told reporters in Paris that the two companies plan to co-develop a naval version of the Surion (KUH-1), saying there would be demand for about 250 such choppers over the next 10 years, according to pool reports.KAI and Airbus are among an estimated 1,600 defense-
DefenseJune 17, 2016
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Healthy-ish burgers at Park Royal offshoot
Nearly two years into the business, owner-chef Derek Oh felt an itch to do something more casual than his already semi-relaxed dining spot, Park Royal. He landed on the idea of burgers. “We started selling them at Park Royal first,” Oh, 37, said. After gauging how diners reacted to the new menu addition, Oh transformed the first floor of his two-story restaurant into an offshoot dubbed Honest Burger by Park Royal. At Park Royal’s casual, burger-centric offshoot, customers order their meat san
FoodJune 17, 2016
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Prosecutors make first arrest in the DSME case
[The Investor] The first arrest in the widening Daewoo Shipbuilding and Marine Engineering corruption probe was made on June 17, fueling speculations that the investigators are closing in on former CEO Nam Sang-tae. Prosecutors arrested the chairman of HUMEX Shipping & Air Freight, identified by his surname Chung, on charges of bribing former DSME CEO Nam Sang-tae, in exchange for obtaining an exclusive contract. Main office of DSME. The InvestorAccording to investigators, Chung, who is Nam’s c
June 17, 2016
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49 singing, dancing boys to compete in ‘ultimate’ audition show
The ambitious new project “Boys 24” combines the television audition program, long-running Las Vegas-style shows, and the K-pop boy band model. It features 49 contestants culled from 5,500 applicants from Korea and other countries, who compete in singing and dancing contests to win a place as part of the new six-member group formed at the end of the program. The all-encompassing, global entertainment model, in the works for the past three years, is a 25 billion-won ($21 million) project underta
TelevisionJune 17, 2016
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Goldman Sachs acquires Carver Korea
[THE INVESTOR] Goldman Sachs has bought a majority stake in local cosmetics company Carver Korea in a deal worth some 400 billion won (US$ 341.7 million), an industry source said Friday. A consortium, formed by Goldman Sachs and private equity fund Bain Capital, has struck a deal to acquire more than 50 percent stake in Carver Korea. Before the deal, 60.17 percent shares were owned by the cosmetic maker’s chief executive Lee Sang-rok. Carver Korea, which is well-known here for its beauty product
June 17, 2016
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Green Cross seals record drug supply deal in Brazil
South Korea’s leading plasma-derived drugmaker Green Cross said Friday that it has secured a record-scale export deal to supply its flagship immunodeficiency drug IVIG-SN to Brazil.The Korean drugmaker is slated to supply $25.7 million worth of IVIG-SN — human normal immunoblobulin G for intravenous administration — to Brazil starting from July until March of next year, the company said. IVIG-SN (Green Cross)It marks the largest single order of IVIG-SN secured by the company since it began expo
IndustryJune 17, 2016
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Asiana’s accumulated passenger figure tops 300m
[THE INVESTOR] The number of paying passengers of Asiana Airlines broke the 300 million mark, industry data showed on June 17.According to the data, Asiana flights carried more than 300 million passengers as of May 20.The company was founded in 1988. It broke the 100 million milestone in 2001, and the 200 million mark in 2009. The company will celebrate the landmark event by reducing the price of return trips on select domestic and international routes. By Choi He-suk (cheesuk@heraldcorp.com)
June 17, 2016