Most Popular
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Seoul Fireworks Festival ends smoothly, but leaves piles of trash
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[AtoZ into Korean mind] The price of numbers: How rankings shape lives in Korea
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Yoon set for talks with Marcos in Philippines
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Can Jennie break the K-pop solo artist slump?
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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First lady’s Dior bag scandal to be at center of Assembly audit
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Yoon honors veterans of Korean War in trip to Philippines
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Seoulites celebrate coexistence at Wellness Seoul 2024
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[KH Explains] Can G-Star level up?
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[Lee Kyong-hee] Tone-deaf first lady causes chaos
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GM Korea chief re-elected as AMCHAM chairman
James Kim, president of GM Korea, was re-elected as chairman of the American Chamber of Commerce in Korea to lead the organization for the third consecutive year, it said Wednesday. Kim, who had served as country manager of Microsoft Korea, became GM Korea's president and chief operating officer in June. He is the first Korean-American to serve as the AMCHAM chairman. "I will lead the chamber into its next 60 years of partnership, advocacy and service in Korea," Kim said in a release.AMCHAM w
Nov. 25, 2015
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Imported car sales in Korea to grow 8.5% in 2016
Imported car sales in South Korea are expected to grow over 8 percent next year, but the growth rate will be much slower than this year's estimate, apparently affected by less strong demand for diesel cars, an industry association said Wednesday. In its market outlook for next year, the Korea Automobile Importers and Distributors Association expected that imported car sales in Korea will grow 8.5 percent on-year to 255,000 units in 2016. "We expect foreign vehicle sales to grow 8.5 percent in
Nov. 25, 2015
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Samsung‘s VR device sold out in one day
South Korean tech giant Samsung Electronics Co. said Wednesday its virtual reality device sold out in one day after the debut on its home turf with its relatively cheap price wooing customers. The initial number of 2,000 Samsung Gear VR devices has been sold out, it said. The Samsung Gear VR, which links to the Galaxy Note 5, Galaxy S6 Edge+, Galaxy S6 and Galaxy S6 Edge, went on sale here with a price tag of 129,800 won ($112.5), significantly lower than the around 250,000 won of previous mod
Nov. 25, 2015
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[Graphic News] ‘Korea Black Friday’ drives up card spending
South Korea’s debit and credit card spending surged in October, when the government-led “Korea Black Friday” sales took place, the Credit Finance Association said Wednesday.Last month’s total card spending reached 55.68 trillion won, up 13.1 percent compared to the same period last year. Individually-owned credit and debit card spending rose by 8.5 percent last monthThe CFA credited the spending hike mainly to increased consumer spending during two-week sales event held by the government from Oc
Nov. 25, 2015
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LG Uplus joins hands with U.S. broadcaster ABC
South Korea's No. 3 mobile carrier LG Uplus Inc. said Wednesday it has clinched a deal with the American Broadcasting Company to distribute the U.S. broadcasters' programs through mobile platforms. Under the plan, LG Uplus will offer various ABC programs to its subscribers, including "Good Morning America," "World News Tonight" and "Jimmy Kimmel Live!" A total of 29 programs will be provided starting this week, the company said. LG Uplus also signed a similar deal with NBC Universal, another U
Nov. 25, 2015
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Korea's air passenger traffic jumps 11.9% in Oct.
South Korea's air passenger traffic rose sharply from a year earlier in October, fueled by the increased number of people taking both domestic and international flights, the government said Wednesday. In September, the country's overall air passenger traffic rose by 11.9 percent on-year to 8.35 million, according to the Ministry of Land, Infrastructure and Transport. The number of international air passengers to and from South Korea moved up 11 percent on-year to 5.61 million last month, an in
Nov. 25, 2015
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SK hynix to compensate employees with work-related diseases
South Korea's No. 2 chipmaker SK hynix Inc. said Wednesday it plans to compensate employees suffering from what they claim is an occupational disease, although clear links to the working environment have not been found. The announcement came around a year after the company launched a committee composed of seven non-corporate experts, who SK hynix said were selected without intervention on its part. "It was fundamentally difficult to find a relationship between the working environment at our ch
Nov. 25, 2015
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Korea's seaport cargo dips in Oct.
Cargo processed at South Korean seaports dipped from a year earlier in October, mainly due to a drop in exports and imports, the government said Wednesday. The country's seaports handled a combined 121.687 million tons of cargo last month, down 0.3 percent from the same month last year, according to the Ministry of Oceans and Fisheries. Export-import cargo, which accounted for 82.1 percent of the total, contracted by 1.6 percent on-year to 99.943 million tons, while domestic cargo rose 6.5 per
Nov. 25, 2015
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Korea to invest 127 bln won in wearable industry
South Korea's science and industry ministries said Wednesday they will spend 127 billion won ($110.7 million) on boosting the wearable device industry through 2020 as part of efforts to secure new growth engines for the country. Under the plan, the Ministry of Science, ICT, and Future Planning, and the Ministry of Trade, Industry & Energy will allocate a combined 111 billion won on development of related technologies, and 16 billion won on operating support centers for local companies. "While
Nov. 25, 2015
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Budget handset sales sharply up amid regulations on discounts
Sales of budget handsets in South Korea are continuing to gain popularity, data showed Wednesday, as consumers seek cheaper options following the government's regulations on discounts for high-end models. Out of total smartphone sales, the portion of budget handsets, priced 500,000 won ($433.3) and below, came to 34 percent in the January-October period, up from the around 20 percent posted a year earlier, the data compiled by the Ministry of Science, ICT, and Future Planning showed. Industry
Nov. 25, 2015
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Loss-making shipyards struggling to sell assets, cut costs
South Korean shipbuilders are seeking to sell assets and cut costs, as they struggle with massive losses stemming from a protracted industry slump and rising costs, industry sources said Wednesday. The country's big-three shipyards -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- are rolling out a set of self-rescue measures that will save a combined 2.5 trillion won ($2.17 billion), they said. Daewoo Shipbuilding is seeking to c
Nov. 25, 2015
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Hyundai founder’s grandsons coming to fore
Following is the second in a three-part story featuring the late Hyundai Group founder Chung Ju-yung’s leadership and his management philosophy on the occasion of the 100th anniversary of his birth. ― Ed. The late Hyundai Group founder Chung Ju-yung stood ahead of others in terms of family size in the community of Korean chaebols. Chung and his wife Byun Joong-suk had eight sons and a daughter. Most of the sons grew up to be businessmen, influenced by his entrepreneurial spirit. With so many son
Nov. 24, 2015
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Ex-President Kim Young-sam’s relations with superrich
The death of former President Kim Young-sam (1927-2015) evoked memories of Korea’s rapid industrialization in the ’90s and the business magnates who led the glory. “The late Kim was reportedly the first president who did not take kickbacks from the conglomerates. Through various policies including the Real Name Financial Transactions and Confidentiality, he is recognized for having upgraded the country’s business and economic infrastructure,” a business insider said, paying tribute to the man wh
Nov. 24, 2015
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[Herald Interview] Malaysia seeks investment from Korea's small, mid-sized firms
Malaysia is a highly attractive investment location for South Korea’s small and medium-sized enterprises looking to expand their business in Southeast Asia, the head of its state-run investment promotion agency said Monday. “Malaysia is particularly looking at smaller Korean companies -- which are seeking expansion elsewhere due to limited room for growth at home -- as key potential investors,” the Malaysian Investment Development Authority CEO Azman Mahmud said in an interview with The Korea He
Nov. 24, 2015
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[SUPER RICH] New Silicon Valley stars of Korean descent
The relationship between new start-ups and their venture capital investors is a bit like a marriage: The start-up founder and investors hold a contractual ceremony, then need to uphold the terms and conditions and coexist together.In the tech sector, especially in Silicon Valley in California, many successful start-ups are the results of such unions between start-up founders and venture capital investors of Korean descent. This coexistence has resulted in the birth of a new breed of superrich.A
Nov. 24, 2015
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SK to purchase majority stake in OCI Materials
SK Holdings said Tuesday it would acquire a majority stake in OCI Materials, the world’s leading supplier of specialty gas used in making semiconductors, displays and solar modules, as it seeks to strengthen its chipmaking business. SK agreed to purchase a 49.1 percent stake in OCI Materials for 481.6 billion won ($417 million) from OCI, a leading South Korean chemicals manufacturer.(Yonhap) Through the acquisition, SK, newly equipped with a stable supply of base materials and related technology
Nov. 24, 2015
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Volkswagen not responding to compensation demands in S. Korea
German auto giant Volkswagen is not responding to South Korean customers demanding the same kind of compensation as granted in North America for fabricating emission results of some of its vehicles, their legal representatives said Tuesday. Barun, which spearheads a class-action lawsuit against Volkswagen and its luxury brand Audi for car owners here, had made an official request for them to come up with the same kind of compensation plan for local customers. It demanded any response be given
Nov. 24, 2015
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Sales of Korean firms dip for first time ever in 2014: report
Total sales of South Korean companies dropped on-year for the first time ever in 2014 due to weak manufacturing sector growth, a government report showed Tuesday. According to the report by Statistics Korea, the combined sales of 12,125 companies checked reached 2,231 trillion won ($1.93 trillion) last year, down 26 trillion won, or 1.2 percent, from 2013. The companies had more than 50 regular workers and had a paid-in capital of more than 300 million won. The numbers exclude financial and in
Nov. 24, 2015
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LG Chem to provide ESS to local power generator
LG Chem Co., South Korea's top chemicals and battery maker, said Tuesday that it has signed a deal to provide an energy storage system for a local wind power generation complex in the country. Under the deal with private power generator GS E&R, LG Chem will supply the system with a capacity of 50MWh, which translates into daily power consumption for some 5,000 households. The ESS refers to the procedures of saving energy in a large-scale battery for efficient distribution of power. For example
Nov. 24, 2015
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Samsung opens more patents for smaller firms
South Korea's top tech firm Samsung Electronics Co. said Tuesday it will open more of its technology patents to smaller local firms in line with its vision for shared growth. In June this year, Samsung also said it will share 3,000 technology patents with local firms free of charge. The latest plan will add 24,000 more to the list. Samsung said the patents will come from various segments, including mobile devices, audio, telecommunications and semiconductors. The world's leading smartphone ma
Nov. 24, 2015