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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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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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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Seoulites celebrate coexistence at Wellness Seoul 2024
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First lady’s Dior bag scandal to be at center of Assembly audit
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South Korea to shut down oldest nuke reactor
The Ministry of Trade, Industry and Energy said Friday that it would urge the nation’s nuclear power plant operator to shut down its oldest nuclear reactor ― the 587-megawatt Kori-1 reactor in Busan.The Energy Ministry plans to deliver an official request to the state-run nuclear operator Korea Hydro and Nuclear Power not to extend the reactor’s lifespan beyond its scheduled expiration date on June 18, 2017, effectively shutting down the plant.The decision was reached at the ministry-led 12th Na
June 12, 2015
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Business leaders meet China’s top politician
Zhang Dejiang, chairman of the Standing Committee of China’s National People’s Congress, is meeting South Korean business leaders to discuss their Chinese operations and future investment plans on his visit to Seoul this week. Zhang, who arrived in Seoul on Thursday for a three-day visit, met Hyundai Motor Group chairman Chung Mong-koo and LG Electronics vice chairman Koo Bon-joon. He, along with the Hyundai chairman, looked at the carmaker’s latest environmentally friendly vehicles, including t
June 12, 2015
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Starbucks Korea chief highlights horizontal culture in management
Creating a horizontal culture in a Korean company is always easier said than done. But Starbucks Coffee Korea CEO Lee Seock-koo has managed to defy that norm. “Just call me SK … If my customers call me SK, I will be honored,” Lee said during an interview with The Korea Herald on Thursday. Sixty-five-year-old Lee is referred to as SK by 7,600 "partners" ― conventionally called staff in other firms ― of the company, without a prefix or job title. “I think calling people by first names can consolid
June 12, 2015
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Samsung C&T seeks to delist DRs in Britain
Samsung C&T Co., a construction and trading arm of Samsung Group, said Friday that it is seeking to delist its depositary receipts (DRs) traded on the British stock market in an apparent move to stem a possible lawsuit there by a U.S. hedge fund over its attempt to merge with its sister firm. Samsung C&T said it will report its plan to the Financial Conduct Authority (FCA), which oversees the London Stock Exchange to delist its DRs, or certificates of stock ownership that are traded overseas.
June 12, 2015
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Kaiu eyes global market with Korean-style baby jewelry
Korean-style baby jewelry, such as a necklace engraved with a baby’s footprint or a first-birthday ring, is gaining popularity among American grandparents as gifts for their grandchildren. Korean brand Kaiu (www.kaiujewlry.com) is at the forefront of this trend. Kaiu’s website at www.kaiujewelry.comKaiu, which started online, more recently made its way into Korea’s upscale department stores and posh shopping districts. Now, the company is expanding its presence in other Asian countries and Nort
June 12, 2015
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Industries pledge to maintain investment despite virus outbreak
South Korea’s major business groups pledged Thursday to cooperate with the government to minimize the negative impact of the spread of Middle East respiratory syndrome on industrial activity amid growing concerns over a downswing in consumer and investor sentiment. The five major business lobby groups, including the Federation of Korean Industries, the Korea Chamber of Commerce & Industry and the Korea International Trade Association, said they would “handle the impact of the MERS outbreak undau
June 11, 2015
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[Graphic News] Overseas construction orders of Korean firms surpass $700b
The cumulative overseas construction orders of South Korean builders has exceeded $700 billion since they first ventured abroad in 1965, data showed Thursday.According to the Ministry of Land and the International Construction Information Service, the amount of construction order commissions reported was $699.54 billion as of June 10. However, if Samsung C&T’s order of $694 million for the WestConnex construction in Sydney, Australia, on June 4 it included, the total reaches $700.23 billion.Sout
June 11, 2015
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SK hynix enhances partnership in China
South Korea’s leading chipmaker SK hynix beefed up partnerships with Chinese customers during its 2015 SK hynix Mobile Solution Day event in Shenzhen on Wednesday. Around 300 officials from partner firms in China, including Huawei, Lenovo, and China Mobile, partook in the event themed “Creating the future mobile experience together.”The Korean chipmaker introduced its business strategies to cement its position as a leading player in the Chinese market. In line with the efforts to increase its pr
June 11, 2015
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Hyundai Motor establishes Korean studies program in U.S. think tank
Hyundai Motor will sponsor a Korea-related research unit at the Woodrow Wilson International Center for Scholars in Washington D.C., the company said Thursday.This is the first Korea-oriented scholastic program at the center. “We hope the programs will deepen U.S. opinion leaders’ understanding of Korea and Korean businesses,” Hyundai stated. Hyundai, alongside Korea Foundation, sealed a deal on Wednesday to establish the Hyundai Motor-KF Center for Korean History and Public Policy at the think
June 11, 2015
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Stake sale to KCC to protect long-term gains: Samsung C&T
Samsung C&T said Thursday that its plans to sell 5.76 percent stake to KCC Corp. was aimed at successively attaining the initial goals of the merger with Cheil Industries, involving business diversification and increasing synergy.The Samsung Group unit also noted that the move is believed to protect the company and shareholders’ interests from a foreign hedge fund targeting huge short-term gains.Its statement came after a U.S.-based hedge fund unveiled its plans to apply for another injunction t
June 11, 2015
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SK Innovation mulls selling SK Lubricants
SK Innovation, the energy holding company of SK Group, is reportedly considering selling its subsidiary SK Lubricants to MBK Partners, a homegrown private equity fund, industry sources said Thursday.The deal to buyout SK Lubricants ― which has been preparing for a major initial public offering by the end of this year ― is estimated to be worth 3 trillion won ($2.7 billion), according to local news reports.“As of now, nothing has been conclusively settled. MBK’s offer is just one of the several o
June 11, 2015
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LG wins award for efficient solar power solution
South Korea’s tech giant LG Electronics has won an award for its solar power system, the NeON 2, at the Intersolar Europe exhibition, the world’s leading solar power trade show which is scheduled to run through this Friday in Munich.A judging panel for the Intersolar Award 2015, held on the sidelines of the trade fair, recognized the high efficiency of LG’s solar energy solution, according to the tech giant. The LG solar product, with its cell measuring 15.67 centimeters, deploys top-notch techn
June 11, 2015
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New GM Korea chief renamed AMCHAM chairman
James KimJames Kim ― who was recently named as the new president of GM Korea ― has been reappointed as the chairman of the American Chamber of Commerce in Korea, the group announced Thursday.He is the first ever Korean-American to serve as AMCHAM chairman and will carry out his duties as the chamber’s chief until the end of 2015, leading the organization for two consecutive years.Kim, the current country manager of Microsoft Korea, is scheduled to begin working as GM Korea’s president and chief
June 11, 2015
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Korean tech firms seek Japanese premium
South Korea’s popular navigation app Kimgisa last month started its pilot service in Japan, but for most Korean mobile users, there may be no way to check out the Japanese version. In a market, widely called a “tomb” for Korean companies, especially IT firms, the app has decided to conceal its nationality and take a new Japanese name instead of Kimgisa ― which means “Driver Kim” in Korean. Kimgisa, launched in 2011, has become one of the top-selling navigation apps in Korea. Daum Kakao recently
June 11, 2015
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S. Korea lowers listing rules for start-ups
South Korea's bourse operator said Thursday it will speed up the preliminary process for start-ups hoping to enter the third stock exchange to draw in more venture firms and investors to the fledgling market. The Korea New Exchange was launched two years ago to serve as an incubator for young businesses, adding to the fleet of the main bourse KOSPI and the tech-laden KOSDAQ market. To enter the third market, companies had to meet one of the following terms: capital over 500 million, over 1 b
June 11, 2015
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Elliott claims Samsung C&T's stock sale 'unlawful'
U.S. hedge fund Elliott Management said Thursday it filed a court injunction to stop Samsung C&T Co. from selling treasury shares to chemicals maker KCC Corp., upping the ante in their showdown over a Samsung Group restructuring move. The move came a day after Samsung C&T said it will sell 8.99 million treasury shares, or a 5.79 percent stake, to existing shareholder KCC, in an apparent bid to rally friendly forces ahead of next month's shareholder vote on the merger between Samsung C&T and Che
June 11, 2015
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Conglomerates seek to dodge rules on unfair intra-group trading: lawmaker
South Korea's leading conglomerates have taken steps to dodge the government's restrictions on unfair intra-group trading that aim to prevent market-distorting deals, an opposition lawmaker said Thursday. According to Rep. Shin Hak-yong, 13 affiliates of family-run business groups called chaebol here have been excluded from the rules as of April. These companies were on the watch list in February 2014, when the Fair Trade Commission implemented measures to prevent preferential funneling of busi
June 11, 2015
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Overseas projects won by S. Korean builders top $700 bln
Overseas construction orders secured by South Korean builders have surpassed the $700 billion mark, 50 years after the first one, a ministry official said Thursday. With the latest order that Samsung C&T Corp. clinched in Australia last Thursday, the total amount of overseas deals stands at $700.23 billion, according to the Ministry of Land, Infrastructure and Transport. The record was reached 50 years after the first overseas deal won by a local builder in 1965. "Having retained $700 bill
June 11, 2015
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[Newsmaker] POSCO, Daewoo Int'l clash over gas project
A crisis began escalating at Daewoo International ― the trading and overseas resource development arm of POSCO ― Wednesday following rumors that CEO Jeon Byeong-eal would quit in protest of the parent firm’s asset restructuring plan.POSCO officials declined to comment in the day, saying they would issue a statement after a decision regarding his status was made.According to industry sources, Jeon uploaded a message on the internal corporate board in May that he had sent an email to POSCO chairma
June 10, 2015
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K-water seeks ‘Water Detente’ with N.K.
The state-run Korea Water Resources Corp., also known as K-water, is seeking to improve inter-Korean relations by pursuing various water resource development projects in the North. The K-water Research Committee for Korea Unification and the North Korea Water Society hosted a discussion Tuesday on plans to improve the North’s water infrastructure and cooperatively manage transnational rivers, with the goal of achieving a so-called “Water Detente” between the two Koreas.“As President Park Geun-hy
June 10, 2015