Most Popular
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NewJeans to terminate contract with Ador
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Korean Air gets European nod to become Northeast Asia’s largest airline
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NewJeans terminates contract with Ador, embarks on new journey
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Chaos unfolds as rare November snowstorm grips Korea for 2nd day
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Ador claims exclusive contracts with NewJeans still valid
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Japan will pay for failing to honor promises, minister says
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Firefighter holds truck driver for 45 minutes to save him from falling off bridge
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Heavy, wet snow to fall more often this winter
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[Herald Interview] Meet 1VERSE, first K-pop boy band to feature North Korean defectors
![[Herald Interview] Meet 1VERSE, first K-pop boy band to feature North Korean defectors](//res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/11/27/20241127050102_0.jpg&u=20241128174936)
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SNU professors join growing movement calling for Yoon's resignation
![[Herald Interview] Meet 1VERSE, first K-pop boy band to feature North Korean defectors](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/11/27/20241127050102_0.jpg&u=20241128174936)
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Chey offers apology
Jailed ex-SK Group chairman Chey Tae-won delivered a message on Monday saying that he is sorry for the confusion he has caused through his arrest on the charges of embezzling corporate funds.In a statement delivered through his attorney, Chey said he feels it was lack of his virtue that such an incident occurred.“It was also much of a shock to me, but the encouragement of SK employees is a relief and an encouragement to me,” he said. “I will do my best to explain myself in the remaining process.
IndustryFeb. 18, 2013
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SK to invest over $15b in R&D, staff
SK Group, the country’s third-largest conglomerate, said Monday it would increase its investments to 16.6 trillion won ($15.33 billion) this year, up 10 percent from 15.1 trillion won in 2012, in research and development as well as human resources management.Kim Chang-geun, chairman of SK’s top decision-making body SUPEX Council, also said the firm would also hire about 7,500 new employees, including experienced and high school graduates, in 2013.The comments were made during his first meeting w
IndustryFeb. 18, 2013
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Korea’s biggest firms likely to pay less in taxes this year
South Korea’s major conglomerates, excluding top two Samsung and Hyundai Motor groups, are likely to pay far less in income taxes this year due to a prolonged economic slump, data showed Monday, sparking fears over a drop in government tax revenue.According to the data by Chaebul.com, a tracker of local business groups, 82 affiliates of the country’s top 10 conglomerates are estimated to pay 11.72 trillion won ($10.8 billion) in taxes this year, up 10.04 trillion won from a year earlier. The inc
IndustryFeb. 18, 2013
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Korea remains world’s 5th-largest car producer
South Korea retained its position as the world’s fifth largest automobile producer last year for the eighth year in a row behind China, the United States, Japan and Germany, a local industry group said Monday.Top automaker Hyundai Motor Co. and four other local automakers produced a combined 4.56 million units in 2012, compared with 4.66 million vehicles produced a year earlier, according to the Korea Automobile Manufacturers Association.South Korea’s output accounted for 5.4 percent of a total
MobilityFeb. 18, 2013
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Hyundai Card opens world’s largest design library
Hyundai Card has established the Hyundai Card DESIGN LIBRARY, the world’s largest library for design-related books and reference material, in Gahoe-dong, central Seoul, the company said on Monday. Founded in the vicinity of Gyeongbok Palace and Bukchon hanok village, the design library will display some 11,500 design-related books that have been published at home and abroad.The design reference materials in the library highlight the tides of design that surfaced after the foundation of “Bauhaus,
Feb. 18, 2013
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POSCO unit to enter modular housing market
The local construction industry, hit by a long slump in the housing market, is striving to break off from traditional business fields and target a niche market in an effort to create new and sustainable benefits.POSCO A&C, the construction subsidiary of the nation’s top steelmaker POSCO, has set its eye on the modular housing market as one of its future business strategies.Modular architecture refers to the method of using standardized architecture modules from the plant development process in o
IndustryFeb. 18, 2013
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Booyoung to aid Asian, African students
The Woojung Education and Culture Foundation, founded by construction-based conglomerate Booyoung Group, conferred its biannual scholarship totaling 400 million won ($370,000) to students from Asian and African nations.In the conferment ceremony on Monday at the Korea Chamber of Commerce and Industry, 100 students each received 4 million won to cover their spring semester tuition fees, according to company officials.The event was attended by Booyoung chairman Lee Joong-keun, former Prime Ministe
IndustryFeb. 18, 2013
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Comet dust seeding life to Jupiter moons?
Comet dust may have seeded Jupiter's moons, including Europa and its liquid ocean beneath an icy crust, with the raw ingredients for life, U.S. researchers say.Asteroids and comets rich in the carbon-containing compounds that are key to life on Earth have been captured by Jupiter's gravity, becoming orbiting moons that frequently collided as they settled into new orbits billions of years ago and created a fine dust of those compounds, they say.The question is, where has all that dust gone?Comput
TechnologyFeb. 18, 2013
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Seoul shares end almost flat on weakening yen
South Korean stocks closed nearly flat on Monday as lingering concerns over a weakening Japanese yen weighed on major exporters, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) inched up 0.73 points, or 0.04 percent, to 1,981.91. Trading volume was moderate at 411.6 million shares worth 2.8 trillion won (US$2.6 billion) with decliners outnumbering gainers 412 to 383."The G-20 meeting kept mum on the weakening Japanese yen. Th
Feb. 18, 2013
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New tourist accommodation emerging
A newly emerged accommodation type, which enables travelers to directly contact residents and stay in their homes, is starting to gain popularity in Korea. By uploading information on online tourist facility marketplaces, ordinary people who are not engaged in the lodging industry can promote their houses as commercial accommodation for travelers. In this way, travelers will be able to find a place to sleep at an affordable cost. The homeowners also benefit as they can interact with travelers fr
Feb. 18, 2013
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Seoul shares down 0.21 pct in late-morning trade
South Korean stocks traded 0.21 percent lower late Monday morning, dented by losses in blue-chip exporters, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 4.17 points to 1,977.01 as of 11:20 a.m.Tech heavyweight Samsung Electronics shed 0.53 percent, and its smaller local rival LG Electronics decreased 0.4 percent. Top flat panel manufacturer LG Display lost 1.53 percent.Carmakers also traded lower, with No. 1 player Hyundai Motor falling 2.11 percent and its s
BusinessFeb. 18, 2013
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Seoul shares open lower on exporter losses
South Korean stocks got off to a weak start on Monday due to losses in major exporters, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) slipped 2.87 points, or 0.14 percent, to 1,978.31 in the first 15 minutes of trading.Automakers were trading in negative territory, with Hyundai Motor falling 1.17 percent and Kia Motors losing 0.56 percent.Market bellwether Samsung Electronics lost 0.33 percent.The local currency was trading at 1,080.65 won to the U.S. dollar as of 9:15 a.
Feb. 18, 2013
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LG Display to invest 706 bln won in OLED TV line
LG Display Co., the world's second-largest display maker, on Monday announced plans to invest 706 billion won ($652 million) in OLED TV facilities in efforts to strengthen its leadership in OLED technology.The investment in the 8th generation OLED TV manufacturing line, set to be installed in the company's Paju plant in suburban Seoul, is scheduled to begin in the first quarter, LG Display said in a press release.Mass production is set to begin in the first half of 2014 at a monthly capacity of
IndustryFeb. 18, 2013
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Close encounter by asteroids makes case for scrutiny
The twin punch of a meteor raining destruction on remote Russia and an asteroid hurtling past Earth prompted calls from scientists and political leaders for greater vigilance to combat risks from the heavens. The meteor exploded Thursday over Russia’s Chelyabinsk region in the Ural Mountains, causing shock waves that shattered windows over 50 acres and injured 1,200 residents. The meteor struck 16 hours before an asteroid half the size of a U.S. football field flew within 17,200 miles of Earth,
TechnologyFeb. 17, 2013
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[Newsmaker] Deputy P.M. nominee, a man of principles
The coming Park Geun-hye government on Sunday nominated Korea Development Institute president Hyun Oh-seok as deputy prime minister in charge of economic policy.He will be the first deputy prime minister in five years, as the Lee Myung-bak administration scrapped the post in 2008.When Hyun gains the National Assembly’s approval, he will take on the nation’s core economic policies by concurrently serving as deputy prime minister and finance minister.At a news conference following the nomination,
Feb. 17, 2013
![[Newsmaker] Deputy P.M. nominee, a man of principles](//res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2013/02/17/20130217000296_0.jpg&u=20130217212008)
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Profiles of minister-nominees
Kim, newly appointed minister of future creation and science, is an entrepreneur-turned-policymaker who has served much of his career overseas.Kim, 53, is the president of Bell Labs and chief strategy officer of Paris-based Alcatel-Lucent.Born in Seoul, he relocated to the U.S. when he was 15 years old and studied electrical engineering and computer science at Johns Hopkins University and holds a doctorate degree in reliability engineering from the University of Maryland.Kim is an entrepreneur w
Feb. 17, 2013
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More savings banks face financial woes
The distressed savings bank industry is expected to face another round of business suspension for some players, as the overall secondary banking sector saw its financial status worsen last year.According to the Financial Supervisory Service, four of the 16 savings banks that publicized their 2012 financial statements declared “entire” capital erosion.The four banks in complete capital impairment, whose equity levels fell below zero under heavy losses, were Hyundai Swiss, Shilla, Youngnam and Woo
Feb. 17, 2013
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LG CNS to build Korea’s first park for data centers
IT service firm LG CNS said Sunday that it planned to build Korea’s first data center park in Busan on top of its recently established cloud data center.The firm said its facility called the LG CNS Busan Global Cloud Data Center has been up and running since early this year and that it currently has 72,000 servers. An increasing number of servers will be located at the site as it scales up to 133,000 square meters from 9,777 square meters.The project was launched after the Ministry of Knowledge
IndustryFeb. 17, 2013
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Hanwha, Kyobo likely to vie for ING Life
Hanwha Life Insurance Co., South Korea’s second-largest life insurer, is expected to compete with No. 3 industry player Kyobo Life Insurance Co. to take over the local life insurance unit of ING Group, industry sources said Sunday.The race comes after the board of KB Financial Group Inc., South Korea’s No. 2 banking group, turned down a company plan to take over ING Life Korea on Dec. 18 last year, dealing a blow to the group’s push for business expansion.The two life insurance giants have begun
Feb. 17, 2013
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Lotte financial units under fire for intra-group deals
Lotte Group’s financial affiliates ― Lotte Insurance, Lotte Card and Lotte Capital ― were found to have relied most on illegitimate support from the group to boost sales, compared with their financial rivals, sources said Sunday. Amid mounting calls for economic democratization and fair competition in business, Lotte affiliates have been marching in the opposite direction to bring larger profits to chaebol, or local conglomerates, the financial policy team of Citizens’ Coalition for Economic Jus
Feb. 17, 2013
![[Newsmaker] Deputy P.M. nominee, a man of principles](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=652&simg=/content/image/2013/02/17/20130217000296_0.jpg&u=20130217212008)
