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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Ex-president's daughter investigated for drunk driving accident
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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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First lady’s Dior bag scandal to be at center of Assembly audit
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Seoulites celebrate coexistence at Wellness Seoul 2024
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[Photo News] Green light for gas carrier
Hyundai Heavy Industries senior vice president Shin Hyun-soo (sixth from left) and GE Aviation Marine commercial marketing director Jeremy Barns (seventh from left) pose after receiving an approval in principle by Lloyd’s Register in the U.K. on Monday for developing an environmentally friendly, 174,000-cubic-meter liquid natural gas carrier with a gas turbine engine. (Hyundai Heavy Industries)
July 8, 2015
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LG Display is No. 2 supplier of panels to Apple in Q1
South Korea's LG Display Co. emerged as the No. 2 provider of display panels to U.S. tech giant Apple Inc. in the first quarter, moving a notch up from a year earlier, data showed Wednesday.The South Korean firm was responsible for 34.5 percent of the combined iPhone display panel shipments in the January-March period of 2015, up from the 28.8 percent posted last year, when it was the No. 3 provider, according to the data compiled by DisplaySearch.Japan Display Inc. was the No. 1 panel supplier
July 8, 2015
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Samsung C&T expects W60tr in synergies from Cheil Industries merger
Samsung C&T, the trading and construction unit of Samsung Group, has reiterated its goal to double its annual sales following its tie-up with Cheil Industries, the group’s de facto holding company.Samsung C&T claimed that synergies after the proposed merger with Cheil would bring in about 60 trillion won ($54 billion) in sales with net income before taxes reaching 4 trillion won by 2020.The company said the combined entity, if approved by shareholders in a meeting on July 17, would diversify its
July 7, 2015
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SMEs urge government to resume inter-Korean tour program
A group of South Korean firms that invested in an inter-Korean tour program urged the government Tuesday to resume the long-suspended project as soon as possible, as they are grappling with heavy losses.The South has suspended the joint tour program at Mount Geumgangsan on the North’s east coast since July 2008 when a South Korean tourist was shot to death by a North Korean solider at the resort.Hyundai Asan, the main operator of the tour project, reportedly invested $196 million in building fac
July 7, 2015
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Korea’s growth to slip to 2.6% this year: think tank
A leading South Korean think tank sharply lowered its 2015 forecast of the economy’s growth Tuesday, citing falling exports and the fallout from the Middle East respiratory syndrome outbreak. In its latest economic outlook, the LG Economic Research Institute revised down its growth prediction to 2.6 percent from an earlier 3 percent estimate made three months ago. The South Korean economy expanded 3.3 percent on-year in 2014.The downgrade was largely attributed to the country’s weak exports, as
July 7, 2015
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Preorders for Kia’s K5 sedan top 6,000
Kia Motors Corp., South Korea’s second-largest carmaker, said Tuesday that preorders for the latest version of the K5 midsize sedan have exceeded 6,000 in just two weeks since its launch.The new K5 was first unveiled on June 22 with two different models and five different engine types available to customers. Its official sale and delivery are expected to start in mid-July.Since its launch, Kia Motors said it has received over 6,000 preorders, more than twice the pace of monthly sales for its exi
July 7, 2015
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Sales of equity-linked securities hit record in H1
South Korea’s issuance of equity-linked securities soared to its highest level in the first half of this year as more investors opted to indirectly buy stocks in the low interest environment, data showed Tuesday. The issuance of ELS products amounted to 47.34 trillion won ($27.61 billion) over the past six months, up 71.4 percent from a year ago, according to the Korea Securities Depository. The amount is a new half-year record and surpasses the total issuance in 2012 and 2013. Equity-linked sec
July 7, 2015
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Asiana’s second budget carrier unlikely to take off this year
Asiana Airlines’ plan to set up its second low-budget carrier within this year is unlikely to be realized as the Middle East respiratory syndrome outbreak has dealt a blow to South Korea’s second-largest carrier, industry sources said Tuesday. A customer waits for her tickets at Asiana Airlines Inc. booth at Kimpo Airport in Seoul, South Korea. (Bloomberg)“It seems hard for the new budget airline to be established by the end of this year as it’s behind schedule in applying for the transportatio
July 7, 2015
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Ourhome chairman‘s daughter removed from vice presidency
Koo Ji-eun, former vice president at Ourhome Koo Ji-eun, vice president of LG Group’s catering unit Ourhome, on Monday was stripped of her position and was ordered to wait for further instructions in the chairman’s room. The 48-year-old is the youngest daughter of Koo Cha-hak, chairman of Ourhome and son of the late LG Group founder Koo In-hoe. She joined the company in 2004 and was appointed as vice president in February. She had been a strong candidate for the presidency and possible future ch
July 7, 2015
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[SUPER RICH] Korea’s super start-ups
As the world is seeing a venture boom, there have been a few Korean start-ups rising to the top. These start-ups have brought traditionally off-line markets to mobile and changed the course of their respective industries, receiving both global attention and funding.Kakao TaxiKim Beom-su, president of Daum KakaoKim Beom-su, president of Daum Kakao, was ranked No. 11 on the Forbes list of Korea’s 50 richest people this year.After his success with mobile messenger app KakaoTalk, Kim is set on shaki
July 7, 2015
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Preorders for Kia's K5 sedan top 6,000
Kia Motors Corp., South Korea's second-largest carmaker, said Tuesday that preorders for the latest version of the K5 midsize sedan have exceeded 6,000 in just two weeks since its launch.The new K5 was first unveiled on June 22 with two different models and five different engine types available to customers. Its official sale and delivery are expected to start in mid-July.Since its launch, Kia Motors said it has received over 6,000 preorders, more than twice the pace of monthly sales for its exi
July 7, 2015
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Samsung predicts 4.03 pct drop in Q2 profit
South Korean tech giant Samsung Electronics Co. estimated Tuesday that its second-quarter operating profit fell 4.03 pct on-year as weak sales of the Galaxy S6 smartphone lineup overshadowed improved returns from its chip segment.Operating profit for the April-June period reached 6.9 trillion won (US$6.13 billion), compared with the 7.19 trillion won posted a year earlier, the world's top smartphone maker said in a preliminary earnings forecast.The estimate, however, marks a 15.38 percent rise f
July 7, 2015
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Chinese media mogul eyes Korean market
Content Media, a U.K.-based distributor of films and other media content, is hoping to use Korea as a jump-off for Asian expansion. Content Media’s China unit chairman Bruno Wu. Seoul IRIn a recent interview with The Korea Herald, chief of Content Media’s Chinese operations Bruno Wu said the company would roll out measures to market media contents developed in Korea across the global market. “Through measures such as investing in Korean production firms, (the company) plans to raise the standar
July 6, 2015
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Retailers make all-out effort to win duty-free license
Major South Koreans retailers are making final pushes to win licenses to run duty-free shops in downtown Seoul ahead of the announcement of winners this week.The retail groups, which are on the hunt for the rare duty-free licenses, are making last-minute pitches on their plans for envisioned stores, including local development and inducement of Chinese tourists in a bid to obtain high scores for the bidding evaluation. The Korea Customs Service is scheduled to announce the two winners Friday, ba
July 6, 2015
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Pizza Hut under fire for murky marketing spending
Franchisees of global dining brand Pizza Hut on Monday visited their Korean headquarters in southern Seoul to demand an audit into the marketing and other fees they have paid to the head office for the past several years.About 20 people representing a group of 247 Korean franchisees requested the pizzeria chain to disclose the usage of the 5 percent of sales revenue that each franchisee has paid to the headquarters for marketing fees. The amount is assumed to be more than 10 billion won ($8.87 m
July 6, 2015
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Elliott secures stakes in two Samsung C&T shareholders
U.S. hedge fund Elliott Associates has added its name to the stakeholders’ list of two additional Samsung affiliates -- Samsung SDI and Samsung Fire and Marine Insurance -- ahead of the July 17 Samsung C&T shareholders meeting in which the controversial merger deal between C&T and Cheil Industries will be put to a vote. Elliott’s expansion of its investment in Samsung Group is seen as an attempt to gain more control over Korea’s largest business conglomerate, which analysts have said is in the p
July 6, 2015
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BAT discounts Vogue Prima line
British American Tobacco Korea marked down the price of its Vogue Prima brand to 4,100 won ($3.60) from 4,300 won Monday.BAT Korea said the price cut will allow smokers a broader opportunity to enjoy the superslim Vogue “at a more reasonable price to adult smokers in Korea, in order to meet the increasing demand for superslim cigarettes in Korea.”According to a survey conducted by AC Nielsen 2015, superslims have become an influential player in the domestic cigarette market, accounting for more
July 6, 2015
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[Graphic News] MERS darkens Q3 profit outlooks
The negative effect of the Middle Eastern respiratory syndrome on Korean companies is expected to hit home in the third quarter of this year, data suggested Monday.According to financial investors and market data company WISEfn, the combined operating profit of 117 listed firms for the third quarter is expected to be 28.9 trillion won.That would be a 6.36 percent decrease from the 30.9 trillion won estimated on May 30, at the beginning of the MERS outbreak.The hotel and leisure industry estimate
July 6, 2015
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Ssangyong Motor launches Tivoli diesel to intensify competition
Ssangyong Motor Co., owned by India's Mahindra & Mahindra, said Monday that it started selling the diesel version of its popular Tivoli crossover SUV as it pushes to provide more customer choices in the fast-growing market.The latest Tivoli, which was unveiled in the mountainous town of Inje east of Seoul for a media test drive, runs on the e-XDi160 diesel engine that meets the toughened Euro 6 emission standards.It's an engine that Ssangyong Motor spent three years developing, according to the
July 6, 2015
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Kia Motors to recall 7,722 Sportage SUVs in U.S.
Kia Motors Corp., South Korea's second-largest carmaker, is recalling 7,722 units of the Sportage SUV in the U.S. due to a defect in its braking lamps, a U.S. transportation safety agency said Monday.Subject to the recall is the Sportage SUV produced between March 7 and June 8 of 2011, according to the website of the National Highway Traffic Safety Administration. The recall is due to a defect in the brake switches that could cause the brake lamps not to turn on. This malfunction increases the
July 6, 2015