Most Popular
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Psy's touch or new trend in music? P Nation’s solo stars lose their shine
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Seoul to hold grand military parade on Tuesday, disrupting major city routes
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Park Zi-a, the actor who played 'The Glory' heroine's mother, dies
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Shut up and dance
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NewJeans fans corner Hybe amid PR backlash, looming National Assembly audit
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Israel targets Palestinian group in first strike on Beirut center
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Yoon warns North Korea against nuclear attack attempt
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Brit pop legend Oasis to perform in Seoul next year
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BTS’ Suga fined W15m for e-scooter DUI
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[KH Explains] Is Hyundai-GM partnership win-win to beat Tesla, Chinese rivals?
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Sansawon provides historical look at traditional Korean liquor
There’s an ancient folktale that tells the story of a monkey who blushed and smiled uncontrollably after gorging on a fermented apple he found on the ground. After a farmer noticed the monkey’s pleasant reaction to eating the old piece of fruit, he wondered if humans could enjoy the same blissful side effect, which led to the invention of alcohol. Visitors learn the history of traditional Korean liquor products at the Sansawon gallery in Pocheon, Gyeonggi Province. (Park Hyun-koo/The Korea Heral
CultureJan. 22, 2016
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Government to unveil possible 4th mobile carrier next week
South Korea's ICT ministry said Friday it will determine whether to license the country's fourth mobile carrier next week after months of deliberation on candidates.The three candidates passed an initial government assessment in November in line with the ministry's plan to inject more competition into the market, which is currently dominated by only three -- SK Telecom Co., KT Corp., and LG Uplus Corp. The Ministry of Science, ICT, and Future Planning, which oversees the country's communications
TechnologyJan. 22, 2016
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Korean shipyards to pay bonuses despite huge losses
South Korean shipbuilders, reeling from massive losses, are planning to pay bonuses to their employees for the Lunar New Year's holiday, as part of efforts to boost morale, industry sources said Friday.According to the sources, Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. are set to pay one-off bonuses to employees, amounting to 100 percent of their basic monthly salaries.The Lunar New Year's falls on Feb. 8 this year, with a five-da
IndustryJan. 22, 2016
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Kia Motors sets sales target in Iran at 20,000 units this year: sources
Kia Motors Corp., South Korea's second-largest carmaker, has set its sales target in Iran at around 20,000 units for this year as it is seeking to fully resume exports after years of suspension due to U.N.-led international sanctions, industry sources said Friday.Kia Motors' sales target in Iran was set "internally," the sources told the English division of Yonhap News Agency.Company officials did not confirm the figure, nor did they elaborate on when the company will resume exports to Iran in f
MobilityJan. 22, 2016
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Samsung top sellers of phones, tablets, PCs in Q1-Q3 of 2015
South Korea tech giant Samsung Electronics Co. sold the largest number of so-called smart connected devices in the world in the first nine months of 2015, data showed Friday. Samsung Electronics sold 266 million smart connected devices -- a collective term for smartphones, tablets and personal computers -- worldwide in the January-September period, accounting for 19.3 percent of the total, the International Data Corporation said. U.S. tech behemoth Apple ranked second, selling 205 million iPhone
TechnologyJan. 22, 2016
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Standard Chartered Korea puts wealth at center of vision
Standard Chartered Bank Korea plans to invest 10 billion won ($8.24 million) in its wealth management, aiming to double the size of operations over the next five years, a top company executive said Thursday.“We have set a target of 100 percent growth in the number of clients, revenue and assets under management at our wealth business by 2020,” Chang Ho-june, head of wealth management at SC Bank Korea, said at a press conference in Seoul. The London-based bank has about 5 trillion won of assets u
Jan. 21, 2016
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McDonald’s Korea appoints first female chief
McDonald’s on Thursday appointed Melanie Joh as the managing director of its Korean unit. Joh is the first woman to lead the Korean unit of the world’s largest fast-food franchise and is also the first person to have been promoted within McDonald’s Korea ― she was previously executive vice president of marketing.Joh will replace Jeo Erlinger, who was promoted as chief financial officer of the American fast-food giant’s high-growth markets. Melanie JohThe company noted that Joh has fixed severa
IndustryJan. 21, 2016
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Securities and holding firms trumpet CSR efforts
SK HoldingsSK Holdings has been included in the Dow Jones Sustainability Index for the fourth consecutive year. Kim Byung-doo, manager of SK Holdings’ SK Management System division, said, “By being named to the DJSI World four years in a row, SK Holdings was able to secure its position as a sustainability leader in the global IT industry. We will keep executing sustainable management activities in order to contribute to the happy life of various stakeholders related to the company.”SK Holdings h
IndustryJan. 21, 2016
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21 Korean firms incorporated into DJSI World
A total of 21 domestic companies were incorporated into the Dow Jones Sustainability World Index, according to the Korea Productivity Center. The Dow Jones Sustainability Indices ― a group of 14 indices covering different regions ― are maintained collaboratively by S&P Dow Jones Indices, one of the largest global resources that produces stock market indices, and RobecoSAM, a Swiss-based investment company that concentrates on sustainability investments.They measure the performance of the world’s
CompaniesJan. 21, 2016
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Korea needs to expand currency swap deals
Policymakers in the government and the central bank have refuted an argument by a local research institute that the country’s foreign exchange reserves are far from enough to cope with another bout of global financial crisis.A report released by the Korea Economic Research Institute this week suggested Korea needs nearly $80 billion more in forex reserves to guard itself against a possible global emergency. The suggestion cast a shadow on what has been perceived as a robust aspect of the country
Jan. 21, 2016
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Korea, Japan pressed to reset declining economic partnership
Business circles in Korea and Japan were the most eager to welcome an agreement reached between Seoul and Tokyo last month on resolving the issue of Korean women forced into pre-1945 wartime sexual slavery for Japanese soldiers.The Federation of Korean Industries, a major business lobby here, said in a statement at the time that it expected the two neighboring nations to usher in a new century of hope by putting an end to the most sensitive matter between them. Its Japanese counterpart, Keidanre
Jan. 21, 2016
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Debt-ridden Hyundai Merchant to sell bulk shipping business
A bulk cargo ship run by Hyundai Merchant Marine HMM Hyundai Merchant Marine, facing a liquidity crisis, is reportedly in negotiations with local private equity firm Hahn & Company for the sale of its bulk cargo shipping business. The target for sale is the company’s business on shipping fuel sources like iron ore and coal used for power generation. The deal amount is forecast to reach about 600 billion won ($495 million) as the private equity firm reportedly offered a cash payment of 100
CompaniesJan. 21, 2016
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Court orders ministry to release controversial security education video
South Korea‘s court on Thursday ordered the Defense Ministry to hand over a controversial video created for educating children about national security, ruling in favor of a civic group that demanded to review what reportedly contained numerous graphic footage. YonhapThe Seoul Administrative Court said that it was illegal for the ministry to withhold the video in question, which reportedly included footage such as forced abortion and harsh torture conducted by the North Korean military. In 2014
PoliticsJan. 21, 2016
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Public sector to adopt performance-based salaries
The government plans to adopt a performance-based salary system on a wider scale as part of its efforts to reform the public sector, government sources said Thursday.Public companies and government agencies frequently come under criticism for lax management and mounting debts usually covered by taxpayers’ money. In response, the government has pushed forward with the full introduction of a system to encourage competition among public servants since it has so far been applied only to the heads of
Jan. 21, 2016
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Samsung considers cutting staff incentives on sluggish sales
A sense of frustration seems to be pervading the halls of Samsung Electronics as incentives for the year 2015, dubbed the overall performance incentive, are anticipated to plunge due largely to its below-par business performance last year.The OPI reward program pays up to 50 percent of the annual salaries of workers within the range of 20 percent of the firm’s excess profits. The Samsung logo at Samsung Electronics’ head office in Seoul. (Yonhap)Samsung also runs their target achievement incent
TechnologyJan. 21, 2016
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SK Planet sells off Loen stake to Kakao
SK Planet, owned by South Korea’s largest telecom carrier SK Telecom, said Thursday that it will sell off its 15 percent stake in Loen Entertainment, the operator of MelOn, Korea’s top music-streaming, to the new owner Kakao. The shares were valued at 368 billion won ($302 million). The SK Planet logo. (SK Planet)The company said that the decision was made during a directors’ meeting in the day as part of its business restructuring that has continued since last year to pour more resources into p
TechnologyJan. 21, 2016
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Korean minister confident of attracting 8 mln Chinese tourists this year
South Korean Culture Minister Kim Jong-deok said Thursday that he expects South Korea to meet its target of attracting 8 million Chinese tourists this year, while strengthening regulations against low-cost tour packages. "I think that there would be no difficulty in meeting this year's target of attracting 8 million Chinese tourists, helped by a growing base of the middle-income class," Kim told reporters during his visit to Beijing. Kim announced the target on Wednesday as he hosted a ceremony
Life&CultureJan. 21, 2016
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Navy's anti-piracy unit escorted more vessels after successful rescue in 2011
The Navy's anti-piracy troops dispatched to the Somali coast have escorted an increasing number of nonmilitary vessels through the piracy-prone region following their successful mission to free a South Korean freighter taken hostage by Somali sea rovers in 2011."Since the Dawn of the Gulf of Aden operation, the number of vessels the Cheonghae Unit escorted in the sea near the Gulf of Aden has doubled," a military official said. Under the much-published operation, the 300-strong anti-piracy unit
DefenseJan. 21, 2016
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[Wishnu Wardhana] It's time to change gears on ASEAN
Very recently more than 2,000 global financial and business leaders participating in the 9th Asian Financial Forum in Hong Kong on Jan. 18-19 concluded that a new paradigm for growth must be adopted in the face of the world’s increasing volatility. Right across Asia, business is in a struggle to find traction in a world of slower growth. Investors are reassessing the growth prospects in each economy and, as part of this, the spotlight is on Indonesia and its ASEAN neighbors. ASEAN’s pitch in thi
ViewpointsJan. 21, 2016