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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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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'Culinary Class Wars' producers deny trying to spice up results
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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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S&P upgrades POSCO's rating outlook to 'stable'
Global credit appraiser Standard & Poor's (S&P) said Wednesday it has revised up its credit outlook for South Korean steelmaker POSCO Co. to "stable" from "negative," citing the firm's recent efforts to improve cash flow. "We expect credit metrics for POSCO to improve this year, and for the company to start generating positive free operating cash flow for the first time since 2010 thanks to significant nondebt financing, declining capital investment, and stabilizing operating performance," said
June 17, 2015
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[Photo News] QM3 Pop-up store
Renault Samsung Motors set up a pop-up store for its compact SUV QM3 near the bustling Gangnam Station in southern Seoul. The store to promote the best-selling vehicle will be open until Friday. (Renault Samsung Motors)
June 17, 2015
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AmorePacific inks Christian Dior tie-up
AmorePacific signed a memorandum of understanding with Christian Dior in Seoul on Wednesday to bolster a strategic partnership between the two global cosmetics giants.According to AmorePacific, the deal highlights the so-called “cushion” technology transfer from the Seoul-based firm to the cosmetics line of the French fashion house. “This agreement holds great significance in that our ‘cushion’ technology is appreciated by one of the world’s most respected luxury brand companies and a powerhouse
June 17, 2015
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Korean Air chief signals daughter’s return to firm
Hanjin Group and Korean Air chairman Cho Yang-ho has hinted at the possibility of his daughter Heather Cho making a comeback to the company, nearly six months after the former female Korean Air executive resigned from all posts over the so-called “nut rage” case. Meeting reporters in Paris early this week, the family-run conglomerate chairman said that he will focus on developing his children’s expertise as a step to succession. The senior Cho has three children including Heather Cho, who was se
June 17, 2015
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KEPCO to cut power rates: source
The state-run Korea Electric Power Corp., the nation’s largest utility company, has internally decided to cut electricity rates under pressure from the political circles, according to a source.“KEPCO will soon lower the electricity rates as it has already agreed with the government on the measure,” a company official close to the matter told The Korea Herald on condition of anonymity.The source, however, declined to say how large the cut would be. KEPCO has been under pressure to make a rate cut
June 17, 2015
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Korean Air to bolster short-haul routes
Korean Air, the country’s top flag carrier, will invest about $12 billion to buy 100 new passenger jets from Boeing and Airbus in its effort to strengthen short- and mid-range international routes. Under memoranda of understanding signed each with Boeing and Airbus overnight in France, Korean Air agreed to buy 50 B737 Max-8s and 50 A321 NEOs from the two plane manufacturers, according to Yonhap.It will cost the airline some $12.23 billion, the largest purchase deal recorded in airline history in
June 17, 2015
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Daewoo International CEO steps down over Myanmar row
Jeon Byeong-eal, the CEO of POSCO’s trading subsidiary Daewoo International, quit Tuesday after a protracted feud with the steelmaker over an overseas natural gas project.He announced his resignation while attending at a meeting of board of directors of the trading company in Seoul.“Having thought about what would be the future-oriented measure for the group, the company and all those concerned, I concluded that resigning is the quickest way to end the situation,” Jeon said.The outgoing CEO had
June 16, 2015
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Lotte to buy Indonesian mall
Lotte Group, the country’s fifth-largest conglomerate, plans to acquire several multimillion-dollar shopping complexes in Indonesia to expand its presence in the country, Korean media outlets reported Tuesday. According to officials at an investment bank, the retail giant selected Samil PricewaterhouseCoopers as an accounting adviser to buy a seven-story building in Senayan, located in south Jakarta. A Lotte Group spokesperson declined to provide further details of the deal or confirm the acquis
June 16, 2015
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[SUPER RICH] Ex-Jinro chairman’s death reflects honor and disgrace of Korean conglomerates
Prosecutors on Monday confirmed the death of former Jinro Group chairman Jang Jin-ho, and officially ceased the arraignment process on him over four suspected irregularities. The announcement of the death of the father of the nation’s best-selling Cass beer and Chamisul soju came more than a month after his funeral was held in Beijing and his bereaved family set up a small mourning place in Asan Medical Center in Seoul.Investigators said that because the surviving family did not register his dea
June 16, 2015
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[SUPER RICH] BridgeCrest Medical helps fight disease with big data
Amid the Middle East respiratory syndrome outbreak, a Korean technology company won much public support by creating and distributing a “MERS map” before the government did.Nathan Klarer, founder and CEO of start-up BridgeCrest Medical, did something similar last year by presenting an Ebola map when the United States was facing an Ebola scare.Ebola, which had been spreading in West Africa, led to a scare in the United States when a patient in Texas died from it and two nurses who were treating hi
June 16, 2015
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[Photo News] Cordless Vacuum
Tech giant LG Electronics said Monday that the Cordzero Cyking, a cordless vacuum cleaner, had recorded accumulated sales of 10,000 units, the highest in the domestic market, during the first five months of this year. (LGE)
June 15, 2015
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Samsung C&T, Elliott start bitter proxy battle
Samsung C&T and Elliott Associates have started a bitter proxy fight to win shareholders’ support ahead of their voting on the proposed merger between the Samsung construction unit and Cheil Industries, the de facto holding company of Samsung Group, next month. Samsung C&T announced the $8 billion merger plan on May 26, citing business synergies between the two firms. But Elliott, the U.S. activist hedge fund and the company’s third-largest shareholder, is opposing the deal, saying it was not in
June 15, 2015
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POSCO secures W1.24tr investment from Saudi fund
POSCO, South Korea’s top steelmaker, secured a 1.24 trillion won ($1.08 billion) overseas investment Monday by selling stakes in its construction unit to Saudi Arabia’s sovereign wealth fund. POSCO chairman Kwon Oh-joon inked the deal with the Gulf state’s Public Investment Fund secretary-general Abdulrahman al Mofadhi, selling a 38 percent share in POSCO Engineering and Construction for 1.2 trillion won, according to the company.POSCO added that it would also collaborate with PIF to establish a
June 15, 2015
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Consumers shift to online shopping amid MERS fears
South Korea’s major retailers have received an upsurge in their online sales amid the outbreak of Middle East respiratory syndrome, industry data showed Monday.“The number of consumers who opt for online shopping in order to avoid outside activity has increased sharply since the end of May in the aftermath of MERS,” said Lee Wan-shin, marketing director at Lotte Department Store. Data from the country’s supermarket chains showed that their online orders and sales surged by 50-60 percent on-year
June 15, 2015
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‘Orion interested in Homeplus takeover’
Snack-maker Orion Group is sizing up whether to bid for grocery retail giant Homeplus, it was reported Monday. However, the news made little impression on analysts who consider South Korea’s second-largest supermarket chain to be too large for Orion, which has undergone restructuring to reinforce its financial health. According to market sources, the producer of some of the country’s best-selling confectionaries, including the Choco Pie and Market O Real Brownie, has recently received an investm
June 15, 2015
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Businesses step up MERS prevention
As South Korea continues to remain on high alert over the spread of the Middle East respiratory syndrome, the nation’s leading manufacturers, including Samsung, Hyundai and LG, have stepped up their efforts to curb the spread of the virus across their production sites.Companies from the automobile to semiconductors sectors have been taking extra precautions to prevent the spread of MERS, given that their business is heavily dependent on a close network of factory workers operating the production
June 14, 2015
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Hwang defends Samsung against ‘vulture’ fund
Domestic institutional investors are expected to support the merger plan between Samsung C&T and its sister company Cheil Industries as the head of local investors’ association categorized U.S.-based hedge fund Elliott Management as a speculator looking for short-term gains. Elliott, the largest foreign investor in Samsung’s construction and trading arm with a 7.12 percent stake, has opposed the merger, saying it would dampen the value of shareholders. Korea Financial Investment Association cha
June 14, 2015
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S. Korea's tour biz to be hit by MERS in peak season: acting PM
Acting Prime Minister Choi Kyung-hwan Sunday expressed concerns the ongoing spread of the MERS virus will eat into the local tourism industry during the summer peak season. As of Sunday afternoon, South Korea has reported 15 Middle East Respiratory Syndrome-related deaths, along with seven new cases, which has brought up the total number of patients to 145."We've seen and confirmed the plunge in visitors from abroad," Choi said during a meeting with related industry officials at Incheon Internat
June 14, 2015
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Hyundai Merchant to sell stake in brokerage affiliate to Japanese firm
Hyundai Merchant Marine Co., South Korea's No. 2 shipping line, said Friday that it will sell off its stake in a brokerage affiliate as part of efforts to improve its financial health. In a regulatory filing, the shipping company said that its board has made the decision to sell 53,070,736 shares of Hyundai Securities to Buffalo Finance. They represent 22.4 percent of its outstanding shares. Buffalo Finance is a special purpose company established by Orix Corp., a Japanese financial giant
June 12, 2015
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[Weekender] Burgeoning Korean pet industry going ever more premium
Every day, Lee-seul, Byul and Dal-rae get dropped off at a kindergarten in Seoul by their mom. Throughout the day, they play with their friends under the supervision of their teacher, who instructs them on how to properly behave at home. When evening approaches soon after snack time, the three wrap up their day and head home. This may sound like a typical trio of youngsters, but unlike other kindergartners they are all schanuzers, which Kim Mee-hyun, 57, says are “basically like her children.” A
June 12, 2015