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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Ex-president's daughter investigated for drunk driving accident
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Over 1,500 Koreans join class-action suit against Volkswagen
More than 1,500 owners of Volkswagen vehicles in South Korea are participating in a class-action lawsuit against the German auto giant, demanding the cancellation of their purchases and full refunds, industry sources said Wednesday.According to the sources, a total of 1,536 customers of Volkswagen and its luxury brand Audi joined the collective lawsuit filed with a Seoul court against the German carmaker, its local units and dealerships as of Friday.The number of people suing Volkswagen has been
Nov. 11, 2015
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Korean web portals seek dual tactics for webtoon biz overseas
Gumiho, a nine-tailed, seductive vixen from South Korea's traditional horror tales, may soon make her international debut online in the 21st century. She will likely join Captain America, the Hulk and Iron Man in the official Marvel Heroes lineup, thanks to her appearance as White Fox in the "Avengers: Electric Rain," a webtoon series co-created by the Walt Disney Company and South Korea's No. 2 Internet portal provider Kakao Corp.Naver Corp., the operator of the country's top Internet search en
Nov. 11, 2015
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Hyundai Group striving to stand on its feet
Hyundai Group, a South Korean shipping conglomerate facing a protracted slump, is striving to draw up a plan to stand on its own feet amid government pressure to reshape its money-losing business portfolio, industry watchers said Wednesday.Hyundai Group has been rushing to salvage its key unit, Hyundai Merchant Marine Co. which has been in the red for years due to a decline in freight rates and global trade. The group's losses also have ballooned following the suspension of cross-border tours to
Nov. 11, 2015
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Hyundai Motor heir Chung raises his stake in company
Hyundai Motor vice chairman Chung Eui-sun spent 300 billion won ($259.3 million) to purchase 1.84 million shares, or 0.84 percent, in the nation’s top automaker from Hyundai Samho Heavy Industries, company officials said Tuesday. Chung Eui-sun (The Korea Herald)In its regulatory filing, the carmaker said Chung, the only son of group chairman Chung Mong-koo, bought the shares at 162,500 won apiece during after-hour trading. Market analysts said the junior Chung’s move is seen as an aim to tighte
Nov. 10, 2015
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[SUPER RICH] Shinsegae chairwoman caught with borrowed-name stocks again
Shinsegae chairwoman Lee Myung-hee Shinsegae vice chairman Chung Yong-jinShinsegae Group, the country’s second-largest retailer, declared Friday its founder and chairwoman Lee Myung-hee owned 380,000 company shares worth around 80 billion won ($69 million) under borrowed names and that she would convert them to her own name on the day. The problematic stocks were 258,449 shares of large discount store chain E-mart, 91,296 shares of Shinsegae and 29,938 shares of Shinsegae Food, which were techn
Nov. 10, 2015
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[SUPER RICH] Celebrities running natural product businesses
What do Gwyneth Paltrow, Gisele Bundchen and Madonna have in common?They are celebrities involved in natural product businesses, having become major shareholders in or founding their own companies. Their businesses range from natural foods and snacks to baby products and skin care.The Superrich team presents several world-famous celebrities working as natural lifestyle ambassadors.Jessica Alba Jessica Alba. BloombergHollywood star Jessica Alba is also known for cofounding The Honest Company,
Nov. 10, 2015
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DSME signs memo for fund-raising
Daewoo Shipbuilding & Marine Engineering signed an agreement with its main creditor on Tuesday to start receiving funds for financing its plans to put the embattled shipbuilder back on track.Up to 4.2 trillion won ($3.6 billion) of fresh loans are expected to be injected into Daewoo under the memorandum of understanding it signed with Korea Development Bank, according to related sources. KDB said it signed the memo on the behalf of all of Daewoo’s creditor banks that includes the Export-Import B
Nov. 10, 2015
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Creditors set to pump 4.2 tn won into ailing Daewoo Shipbuilding
Creditors of a loss-making shipbuilder are set to provide 4.2 trillion won ($3.63 billion) in financial aid to the financially shaky firm in their latest bid to salvage it, industry sources said Tuesday.According to the sources, the creditors, led by state-run Korea Development Bank, and Daewoo Shipbuilding & Marine Engineering Co. signed a memorandum of understanding on Monday to push ahead with large-scale restructuring and financial assistance.Daewoo Shipbuilding has suffered a more than 4 tr
Nov. 10, 2015
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LG Electronics wins 7 best product honors in U.S.
South Korean home appliances giant LG Electronics Inc. said Tuesday seven of its products have won this year's awards for the best performances from a U.S. reviewer.The company said its products, including an organic light-emitting diodeTV and a washing machine, won the "Best of Year" title from Reviewed.com, a consumer product analyst.Reviewed.com said the LG 65EF9500 OLED TV boasts outstanding resolution despite the relatively high sales price of around $5,000, along with a design "that stands
Nov. 10, 2015
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Tourism industry faces better outlook in Q4: poll
South Korea's tourism industry is expected to recover from the fallout from the Middle East Respiratory Syndromeoutbreak in the fourth quarter, but the overall business sentiment still remains subdued, a poll showed Tuesday. According to the survey conducted by the Korea Culture & Tourism Institute on 332 tour and hotel operators, the business survey index stood at 83 in the October-December period.The figure is higher than the third quarter's 57, but it is below 100, which means pessimists outn
Nov. 10, 2015
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Shipbuilders continue to suffer drop in new orders: report
South Korean shipbuilders, led by Hyundai Heavy Industries Co., are expected to face a protracted slump down the road with their new orders likely to plunge 27 percent this year, a report showed Tuesday.According to the report compiled by the KEXIM Overseas Economic Research Institute, local shipbuilders received a combined $19.05 billion in the first nine months of the year, down 19.4 percent from a year earlier.In terms of volume, their new orders also declined 2.5 percent on-year to reach 8.7
Nov. 10, 2015
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GE opens collaboration office in Korea
The U.S. industrial giant General Electric opened a collaboration office in the South Korean border city of Paju Monday as part of efforts to expand business in preparation of the unification of the two Koreas.GE held an opening ceremony to celebrate the opening of its office at Paju City Hall near the western border with North Korea.The ceremony drew some 80 people, including GE Korea head Kang Sung-wook, Paju Mayor Lee Jae-hong, Unification Minister Hong Yong-pyo, and Kim Moo-sung, chairman of
Nov. 10, 2015
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[Newsmaker] Shipping merger rumors resurface
Market rumors are rampant that the government is seeking to force the merger of Korea’s two largest shipping companies as part of its push for corporate restructuring to overcome the deteriorating market conditions.Container ships sit under construction at the Hanjin Heavy Industry shipyard in Busan. (Bloomberg)A local news agency reported Monday that the government will officially discuss a possible merger of the country’s No. 1 shipping line Hanjin Shipping and its rival Hyundai Merchant Marin
Nov. 9, 2015
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Two Shin-Wolsong nuclear power plants dedicated
The Shin-Wolsong Nuclear Power Plant No.1 (right) and No. 2 in Gyeongju, North Gyeongsang Province.The construction of Shin-Wolsong Nuclear Power Plant No. 1 and No. 2 in Gyeongju, North Gyeongsang Province, was completed Monday, making them the nation’s 23rd and 24th nuclear reactors.The two plants will generate a combined 15.8 billion kilowatt-hours of electricity a year, which would currently account for 3 percent of the country’s power generation. “We believe that the plants will drive the l
Nov. 9, 2015
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Hanwha gives W4b to youth employment fund
Hanwha Group chairman Kim Seung-youn (Hanwha)Hanwha Group said Sunday it will contribute 4 billion won ($3.47 million) toward a public trust fund created by the South Korean government to ease youth unemployment.Hanwha chairman Kim Seung-youn will donate 3 billion won while group employees will give 1 billion won toward the so-called Youth Hope Fund, proposed by President Park Geun-hye in September to develop job creation and training programs for young people.“The group chairman decided to supp
Nov. 9, 2015
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Hanmi seals W1tr licensing deal with Janssen
Leading South Korean drugmaker Hanmi Pharmaceutical said Monday it has sealed a 1-trillion won ($863 million) licensing agreement with Janssen on a new experimental diabetes and obesity drug. The deal marks the latest among Hanmi’s string of mega licensing agreements with global pharmaceutical companies, including a 5 trillion won deal with France-based Sanofi concluded just last Thursday and two similar deals with Boehringer Ingelheim and Eli Lilly signed earlier this year. The Hanmi Pharmaceut
Nov. 9, 2015
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[Herald Interview] Korea needs control tower to nurture global biotech giants: KBIO chief
Faced with aging populations coupled with longer life expectancies, major countries around the world have set health care as their foremost priority in policies as related costs and spending are expected to surge dramatically in the years to come.Driven by such needs, the world’s biotechnology market is geared for significant growth in the coming years. Meanwhile, South Korea must work swiftly to better nurture its own biotech sector, which holds immense potential to become an early leader in th
Nov. 9, 2015
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Hanmi Pharmaceutical bags $915 mln license deal with Janssen
South Korean pharmaceutical company Hanmi Pharmaceutical Co. said Monday that it has reached a license agreement with global drugmaker Janssen to develop a new diabetes-obesity drug, valued at $915 million.Under the agreement, Hanmi will receive an upfront payment of $105 million and is also eligible for $810 million in development, registration and sales milestones, as well as double-digit royalties on sales.Beligium-based Janssen will have an exclusive right to develop and commercialize the ne
Nov. 9, 2015
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KEPCO's credit rating top among global power generators
State-run Korea Electric Power Corp. said Monday that its credit rating is the highest among its global peers, on the back of a strong bottom line and government backup.KEPCO is rated "AA-" by Standard & Poor's and Fitch Ratings and "Aa3" by Moody's Investors Service, which are on par with those for South Korea, the utility firm said.KEPCO said earlier it posted strong results for the nine months ended on Sept. 30, with its consolidated operating profit reaching 8.7 trillion won ($7.53 billion),
Nov. 9, 2015
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[Newsmaker] Shipping merger rumors resurface
Market rumors are rampant that the government is seeking to force the merger of Korea’s two largest shipping companies as part of its push for corporate restructuring to overcome the deteriorating market conditions.A local news agency reported Monday that the government will officially discuss a possible merger of the country’s No. 1 shipping line Hanjin Shipping and its rival Hyundai Merchant Marine that suffered a setback due to ongoing liquidity issues.State bodies involved in the shipping in
Nov. 9, 2015