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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Can Jennie break the K-pop solo artist slump?
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Yoon set for talks with Marcos in Philippines
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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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Ex-president's daughter investigated for drunk driving accident
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Seoulites celebrate coexistence at Wellness Seoul 2024
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'Culinary Class Wars' producers deny trying to spice up results
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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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S. Korean firms inactive in overseas M&As
South Korean companies are less active in overseas mergers and acquisitions (M&As) than their counterparts in other countries since they involve huge funds and high risks, a report showed Thursday.Local companies spent a total of 51.2 trillion won ($43.2 billion) to acquire or merge with other firms last year, but the portion of overseas M&As came to a mere 400 billion won, according to the report by the Korea Economic Research Institute. The ratio averaged 3.6 percent over the 2010-2014 period,
Aug. 27, 2015
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Hyundai, Kia's overseas output drops to 3-year low in July
Overseas production by South Korea's leading carmaker Hyundai Motor Co. and its corporate cousin Kia Motors Corp. dropped to a three-year low last month, dragged down by the plunge in output at their plants in China, data showed Thursday. The combined number of cars produced by the duo at their plants in eight countries abroad reached 289,753 units in July, down 14.1 percent from the 337,278 units tallied a year earlier, according to the data compiled by the Korea Automobile Manufacturers Associ
Aug. 27, 2015
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Starbucks introduces Cleanse Salads
Organica’s Quinoa & Chicken SaladStarbucks Coffee Korea on Wednesday announced that it would introduce Cleanse Salads featuring a healthy mixture of vegetables and grains, at more than 800 outlets across the country. Developed and produced by Organica, a Herald Corp. affiliate, the four kinds of salad are expected to further boost Starbucks’ position as a healthy lifestyle leader, Starbucks stated. “It is a huge trend among consumers to look out for safe and healthy meals, including the so-calle
Aug. 26, 2015
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SK Group chairman extends ‘field management’ to China
SK Group chairman Chey Tae-won turned his eyes to overseas businesses in the course of retaking his grip on the nation’s third-largest conglomerate, whose key businesses are energy, telecom and semiconductors. According to the group, the chairman flew to China on Wednesday after wrapping up week-long site visits at home. His swift move was widely accepted as part of his efforts to extend the so-called “field management” to overseas sites. “He will stay in China for three days to visit key sites
Aug. 26, 2015
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[Newsmaker] POSCO leads change in labor relations
The much disputed peak wage system may be gaining more momentum with the steelmaker POSCO and its union agreeing to expand its use. Although the system is intended to increase corporations’ capacity for hiring young workers, it has been heavily criticized by labor activists. POSCO, however, has managed to run the system since 2011. On Wednesday, the country’s largest steelmaker announced that the retirement age would be raised by two years to 60, with the scope of the peak wage system expanded.
Aug. 26, 2015
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Common Ground achieves W10b profits
“Common Ground,” a niche shopping mall in Seoul, has achieved profits of 10 billion won ($8.4 million), company officials said.Common Ground was launched in April by Kolon Industries. Kolon decided to set up its mall in disused shipping containers in order to shed light on dying commercial areas, as well as promote small and medium-sized brands.Common Ground established its identity by hosting unique, up-and-coming brands rather than the established names in retail found in most major shopping a
Aug. 26, 2015
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[Photo News] S-Oil honors firefighters' sacrifice
S-OIL HONORS FIREFIGHTERS` SACRIFICE -- S-Oil deputy CEO Kim Dong-cheoul (left) delivers 210 million won ($177,000) in scholarships to the children of firefighters who died while on duty in a ceremony held at the Yeongdeungpo Fire Station in Seoul on Wednesday. Since 2006, S-Oil has delivered 2.8 billion won in scholarships to 978 students as part of its efforts to support the families of deceased firefighters in South Korea. (S-Oil)
Aug. 26, 2015
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Kumho chief seeks to attract Chinese tourists to Korea
Kumho Asiana Group chairman Park Sam-koo is seeking to revive tourism to Korea during his visit to China this week in his capacity as head of the Visit Korea Committee.He attended a festival on a tourism exchange in Beijing on Tuesday and Wednesday to attract Chinese tourists to Korea, which is still recovering from the economic fallout of the Middle East respiratory syndrome outbreak in June.Committee officials said that Park had put much effort into attracting Chinese tourists to Korea despite
Aug. 26, 2015
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[Herald Interview] Organica, Starbucks look to popularize detox salads
Christine Cho (Lee Sang-sub/The Korea Herald)As a growing number of South Koreans look to healthier lifestyles and diets, Herald Corp.’s organic food developer Organica is looking to push the envelope in promoting health-conscious eating across the country. Organica -- best known for its organic, vegetable-based detox juices -- has teamed up with coffee chain Starbucks to introduce its “Cleanse Salads” to Koreans seeking a refreshing and healthy accompaniment to their drinks. “A cleansing, or de
Aug. 26, 2015
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Korean Air to put Boeing's next-generation jet into service this year
Korean Air Lines Co., South Korea's top flag carrier, said Wednesday it will put Boeing's next-generation passenger jet into service starting in September, becoming the country's first air carrier to fly the latest model. The B747-8 Intercontinental wide-body jetliner, the largest commercial aircraft among all Boeing models, was delivered to Korean Air on Tuesday. Three more aircraft will be added to its fleet within this year, with six more to be delivered by 2017, the airline said.The B747-8 I
Aug. 26, 2015
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Asiana to remove nearly all its first-class seats
Asiana Airlines Inc., South Korea's No. 2 flag carrier, said Wednesday it plans to eliminate almost all its first-class seats from its international flights as part of an effort to cut losses.The first-class seat system usually leads to high costs, but most airlines have been holding on to the operations despite low occupancies.Asiana has been struggling under the aftereffects of the Middle East Respiratory Syndrome outbreak, which had led to travelers canceling their flights amid fears of catch
Aug. 26, 2015
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Jeju Air renaming faces opposition from home base
South Korea’s largest low-cost carrier Jeju Air’s plan to change its name faces hurdles as minority shareholder Jejudo Island opposes the move ahead of the airline’s debut on the Seoul bourse later this year, according to sources Tuesday. The Jeju Special Self-Governing Provincial Government, which has a 4.54-percent share in the budget carrier, has raised objections to the rebranding scheme since Jeju Air announced its plan to rebrand itself as AK Jeju Air on Aug. 20, named after its parent AK
Aug. 25, 2015
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Daelim honorary chairman donates entire wealth for charity
Daelim honorary chairman Lee Joon-yong (Yonhap)Just when the Korean public was feeling sick of superrich people squabbling over astronomical wealth, Daelim Group honorary chairman Lee Joon-yong showed that some of them can share what they have unconditionally. Last week, Lee announced through his company that he would donate all his assets to the “Tongilnanum Fund,” dedicated to the unification of the two Koreas. The Fund, operated by the Unification and Sharing Foundation, will be used to suppo
Aug. 25, 2015
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[SUPER RICH] Trump’s rise draws attention in Korea
When Donald Trump, the real estate developer and host of reality TV show “The Apprentice,” announced that he was running for the 2016 presidential election, voters initially regarded it as nothing more than a publicity stunt.But despite controversial remarks during the campaign, he has soared in the polls in a crowded field of over a dozen candidates to win more than 20 percent support in less than two months. Trump’s rise and his comments have caught the attention of both American and Korean ci
Aug. 25, 2015
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Business bodies welcome inter-Korean accord
South Korea’s business community hailed a landmark agreement Tuesday reached between the two Koreas to resolve quickly escalating tensions, pledging to make expanded efforts to bolster economic cooperation with North Korea. Following days of high-level marathon negotiations, the two Koreas eased tensions Tuesday morning as Pyongyang expressed “regret” over a recent land mine blast that injured two South Korean soldiers at the border and lifted its “semi-war state” in exchange for Seoul’s promi
Aug. 25, 2015
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SK Group chief to visit China this week
SK Group Chairman Chey Tae-won will fly to China this week to visit the group's business operations there as part of his efforts to beef up "on-site managerial activity," the group said Tuesday.Chey, who was recently freed from jail on a special presidential pardon, plans to depart for China on Wednesday and inspect a production line of chip-making unit SK hynix Inc. in the southern Chinese city of Wuxi.He will then move to Hubei Province for a visit to a plant run by Wuhan Petrochemical, the gr
Aug. 25, 2015
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S. Korea's int'l air passenger traffic plunges in July amid MERS outbreak
South Korea's international air passenger traffic dropped significantly from a year earlier in July, apparently due to the outbreak of Middle East Respiratory Syndrome here, the government said Tuesday.The number of international air passengers to and from South Korea came to 4,355,615 last month, down 15.1 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport.The drop was largely attributed to a cut in the number of foreign tourists and visitors
Aug. 25, 2015
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[Graphic News] rates acquire 98 firms through M&A in 5 years
The top 10 conglomerates in Korea acquired 98 companies through mergers and acquisitions over the past five years, data showed Monday.According to Chaebul.com, there were a total of 592 affiliate companies under the conglomerates as of July 2015.Of them, 98 were added through mergers and acquisitions since 2010, comprising 16.6 percent of all affiliates.Lotte Group acquired the most affiliates, having acquired 19 companies during the five years.GS Group acquired 15 companies in the same period w
Aug. 25, 2015
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Private equity groups make last Homeplus bids
Three private equity fund groups made final-round offers to buy a controlling stake in Tesco’s Korean unit Homeplus valued at about 7 trillion won ($5.86 billion), according to sources on Monday. A consortium formed by U.S. private equity firm KKR and Asia-based Affinity Equity Partners submitted its final bid for the country’s second-largest supermarket chain to HSBC, which is advising Tesco on the sale.Korean private equity firm MBK Partners, which failed to link up with Goldman Sachs’ private
Aug. 24, 2015
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Global partnerships drive growth at Korea’s pharmaceutical firms
Joining hands with global partners, South Korean pharmaceutical companies are increasing their presence in the global health care industry by stepping off their home turf and venturing to bigger markets. Korean pharmaceutical companies, which are gaining recognition overseas for their new drug development capabilities, are partnering with a growing number of internationally renowned pharmaceutical giants to export their newly developed drugs with more success. Earlier this month, Hanmi Pharmaceu
Aug. 24, 2015