Most Popular
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Samsung entangled in legal risks amid calls for drastic reform
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Heavy snow alerts issued in greater Seoul area, Gangwon Province; over 20 cm of snow seen in Seoul
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Seoul blanketed by heaviest Nov. snow, with more expected
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[Herald Interview] 'Trump will use tariffs as first line of defense for American manufacturing'
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Samsung shakes up management, commits to reviving chip business
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Seoul snowfall now third heaviest on record
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K-pop fandoms wield growing influence over industry decisions
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Heavy snow of up to 40 cm blankets Seoul for 2nd day
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Seoul's first snowfall could hit hard, warns weather agency
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How $70 funeral wreaths became symbol of protest in S. Korea
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Daewoo International gives scholarship to Colombians
Daewoo International Corp., a South Korean trading firm, said Sunday it has given $50,000 in scholarships to a Colombian association of Korean War veterans’ family members.A ceremony was held in the South Korean embassy in Bogota on Wednesday and attended by about 30 people, including the top South Korean envoy to Colombia, according to the company.A committee, made up of members of the South Korean embassy and Daewoo International Corp., plans to award scholarships to 50 recipients over the nex
IndustryJune 24, 2012
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Results of EU summit to affect Seoul stocks
South Korean stocks will be influenced by the results coming out of the European Union’s summit meeting scheduled for late next week that could help determine the future of the euro monetary union, local analysts said Saturday.The country’s key stock index, the KOSPI, closed at 1,847.39 on Friday, a drop of 0.57 percent or 10.77 points from the week before. The decrease marks the first time in five weeks that the bourse lost ground on a weekly basis, and was brought on by disappointment over the
June 24, 2012
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Aging society could burst housing bubble
The shrinking proportion of Korea’s working age population could burst a real estate market bubble and trigger a financial crisis, a private think tank said in a report released Sunday.Hyundai Research Institute warned that Korea may follow the footsteps of Spain and Ireland as the country is now past its demographic window, the period when the percentage of people able to work is at its heights.“We must be mindful of the possibility of a property bubble burst as a sharp fall in the proportion o
June 24, 2012
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Customs authorities collect W7.7 billion in overdue tariffs
The Korea Customs Service said on Sunday it collected overdue tariffs worth 7.7 billion won ($6.8 million) in cash including 1 billion won from a single person after a special inspection on tax delinquents.The KCS also seized about 900 million won worth of deposits, property and golf club memberships from 39 tariff delinquents, and said the assets will be liquidated if the overdue taxes are not paid. Two delinquents who failed to pay 400 million won and 700 million won each in tariffs were prohi
June 24, 2012
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Asan to hold national youth competition on entrepreneurship
The Asan Nanum Foundation announced on Friday that it will launch a “Chung Ju-yung Entrepreneurship Competition for Youths,” a nationwide entrepreneurship competition in commemoration of the late Hyundai Group founder Chung Ju-yung. Established in 2011, the contest aims to discover ambitious young talent interested in business ventures, the social foundation said. Twenty-two teams will make the regional competitions, among which 10 teams will survive the group-camping assessment to compete in th
IndustryJune 24, 2012
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GM gets best quality scores; Jaguar joins Lexus
General Motors Co., boosting the reliability of Cadillac and Chevrolet models, had its best performance ever in J.D. Power & Associates’ new-car quality survey, with three of four brands above the industry average.Toyota Motor Corp.’s Lexus luxury line topped the survey for the second consecutive year and its namesake brand ranked eighth. Honda Motor Co. had the highest-rated mainstream brand at No. 5, one spot ahead of its Acura luxury line. Jaguar leaped 18 spots to a tie for second with Porsc
IndustryJune 24, 2012
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Small models boosting Hyundai’s sales in Europe
Small cars like i10 and cee’d gain popularity as Europeans cut back on spending amid debt crisisEurope’s widening woes is not stopping Hyundai Motor Group’s offensive in the region’s contracting car market where the Korean auto giant continues strong growth. Demand for new passenger cars in Europe was down for the eighth consecutive month in May, according to the European Automobile Manufacturers’ Association. With new registrations falling 8.7 percent from April, most European car makers suffer
MobilityJune 24, 2012
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Asiana names first female head of overseas branch
Asiana Airlines welcomed its first female foreign operations chief 24 years after its foundation in 1988.The nation’s second-largest air carrier announced on Sunday that it named Jang Yoon-heui, a deputy general director in charge of airport services and contracts, head of the Hiroshima branch in Japan.“Going out to head an overseas branch involves the whole family moving out. Real-life issues have been holding back female staff from taking up posts overseas,” a company spokesman said. A mother
IndustryJune 24, 2012
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Philips fined for preventing price cuts despite S. Korea-EU FTA
South Korea's antitrust watchdog said Sunday it has imposed 1.51 billion won (US$1.3 million) in fines on the Korean unit of Dutch electronics giant Philips for preventing South Korea's online shopping malls from offering discount prices.The move by the Fair Trade Commission (FTC) is the first punitive action against a foreign company for blocking price cuts following the implementation of a free
IndustryJune 24, 2012
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Birds poop on red cars most: study
Red cars attract more bird droppings than any other color, news reports said Sunday.A U.K. study said it analyzed more than 1100 cars over a two-day period and at the end, 18 percent of the pooped-on cars were red. Another 14 percent were blue, followed by black with 11 percent, white with 7 percent and grey or silver with 3 percent.Green cars only got 1 percent of the bird bombs, news reports sa
MobilityJune 24, 2012
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Foreign hands reshape retail
Staff from abroad cater to international customers’ needsOffice worker Lee Jong-min was surprised to see Southeast Asian workers at Bulgogi Brothers in Gwanghwamun, central Seoul, on Monday. “I found it interesting that now foreigners are even working in the service field here,” said Lee. Four employees from Malaysia are working at the fusion Korean cuisine chain’s Gwanghwamun branch. They are under a three-month training program here, as they will be working as managers at three Malaysian branc
IndustryJune 22, 2012
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Korea, Chile to boost mining, energy ties
South Korea and Chile agreed to expand mining and energy cooperation that can help ensure better use of important natural resources, the government said Friday.The Ministry of Knowledge Economy said that under the memorandum of understanding reached in Santiago, both sides concurred on the need for joint exploration of resources, sharing information on development projects and technological exchange.At the gathering between government officials and entrepreneurs from the two countries, Seoul exp
June 22, 2012
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U.K. consumer group picks Kia as best carmaker
Kia Motors was selected as the Best Car Manufacturer in the 2012 Which? Award, announced the carmaker on Friday. Which? is a consumer organization in the U.K. with more than 650,000 members.The carmaker was recognized by the organization for the best customer satisfaction achieved by its seven-year warranty service and excellent durable quality. It beat off other renowned brands like Hyundai, BMW and Toyota. Which? said that Kia’s new Rio, Sorento and Picanto all impressed in its test lab, while
IndustryJune 22, 2012
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Korea to raise eco-friendly support to 30% of ODA
RIO DE JANEIRO (Yonhap News) ― South Korea plans to increase the portion of eco-friendly green programs it supports to 30 percent of its official development assistance fund by 2020, the country’s top economic policymaker said Thursday.In a speech given on the sidelines of the “Rio+20” summit in Rio de Janeiro, Minister of Strategy and Finance Bahk Jae-wan said Seoul’s plans to assign more money to green programs through its ODA program is part of a larger effort to support sustainable growth wo
June 22, 2012
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Semiconductor plant is safe, Samsung says
Samsung Electronics released Friday the results of research jointly conducted with U.S.-based Environ on the working environment safety of its semiconductor assembly lines at an international conference in Indianapolis.At the event called “AIHce 2012,” Environ, a U.S. consultancy specializing in environmental and health issues, announced the occupational exposure in the Korean firm’s manufacturing areas evaluated was below levels developed by the scientific community to protect worker’s health,
IndustryJune 22, 2012
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Caravan ES gives Fukushima indoor playground
Caravan Engineered Structures said Friday that it had donated a prefabricated building to Fukushima, Japan to transform it into a playground for children who are suffering from the effects of last year’s nuclear disaster.The company, also known as Caravan ES, said the building has been given to children who are unable to freely play in the area impacted by the Fukushima nuclear accident following the massive earthquake and tsunami.The building, which is 36 meters long, 13 meters wide and 8.5 met
IndustryJune 22, 2012
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Korea to halt special checks on U.S. beef
South Korea will end special inspections of all U.S. beef imports over the weekend, nearly two months after Washington confirmed its fourth mad cow case, the government said Friday.Seoul toughened checks on U.S. beef on April 25, when an old dairy cow in central California was confirmed to have come down with an atypical mad cow disease, or bovine spongiform encephalopathy. “The current system of checking half of all beef shipments will be discontinued on Saturday,” the Ministry for Food, Agricu
June 22, 2012
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Samsung unit wins $2.47b UAE plant order
Samsung Engineering Co., one of South Korea’s leading builders, said Friday that it has clinched a $2.47 billion order to build a petrochemical plant in the United Arab Emirates. The company said it received a formal letter of agreement from Abu Dhabi Oil Refining Co., an affiliate of state-own Abu Dhabi National Oil Co., to build the carbon black and delayed coker facility in the industrial city of Rewais.The city is located 240 kilometers west of Abu Dhabi city on the Persian Gulf. Under the “
June 22, 2012
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Game stocks gain despite market tumble
KOSPI drops 2.21% on weak U.S., Chinese economic data, eurozone woesKorean game stocks rose Friday despite a sharp decline in the broader stock market beset by the triple whammy of slowdowns in the world’s three biggest economies ― the U.S., China and Europe.The gaming software stocks jumped 1.55 percent on average, the third highest in terms of increase among industry shares. The benchmark KOSPI further tumbled below the 1,900 mark, ending at 1,847.39, down 41.76 points, or 2.21 percent. The te
June 22, 2012
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Big retailers win legal battle to keep doing Sunday business in Seoul
An administrative court on Friday ruled in favor of five large retailers over new ordinances by two ward offices in Seoul that prohibit them from doing business on Sunday to protect small, family-run stores.The ruling by the Seoul Administrative Court marked the first of its kind putting a brake on a government-wide move to restrict operating hours of big retailers, also known as "super supermarke
IndustryJune 22, 2012
