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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Yoon, Marcos agree to upgrade military, infrastructure, nuclear ties
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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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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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Samsung C&T defends merger plan
Samsung C&T, the construction and trading arm of Samsung Group, is hitting back at stakeholders opposing its proposed merger with Cheil Industries. On Wednesday, the Korean builder released information supporting the proposed merger, saying the move would reinforce the company against uncertainties facing the industry.Saying that the price-book value ratio of major construction firms have dropped below one due to the prolonged slowdown in the industry, Samsung C&T argued that the merger would en
June 10, 2015
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Another Casualty of MERS: South Korea Duty Free Sales
Lotte Duty Free, South Korea’s largest operator of duty-free shops, expects revenue-growth to slow this month as the spread of Middle East respiratory syndrome damps visitor arrivals in the country.Sales growth slowed to 5 percent in the first seven days of this month, compared with an 11 percent rise a year earlier, and could worsen as the number of visitors from China drops, Lotte Duty Free said in an e-mailed statement. In addition, some Chinese tourists are cutting short their trips, it said
June 10, 2015
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STS networks - Succeeded in commercializing lead-free radiation shielding fabric first time in Korea
Lead-free radiation protective fabric has been 100 % imported from other countries so far until SME company, STS networks, developed their own and commercialize it.Many hospitals and nuclear station employees are usually wearing lead-material radiation shielding clothing. These are very harmful to human as well as environment but there was no better solution than using expensive materials from USA. STS networks finally solved this problem for the first time in Korea.STS networks (CEO Bongwoo Lee
June 10, 2015
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Foreign investors emerge as Samsung merger deal breakers
Foreign investors of Samsung C&T have emerged as a challenger against the merger plan with another Samsung affiliate Cheil Industries. While U.S.-based hedge fund Elliott, Samsung C&T’s biggest foreign investor with a 7.12 percent stake, is seeking allies to veto the merger at the July 17 shareholders meeting, Samsung managers are striving to call in its friends in order to secure what they call “managerial rights.” In the latest move, Elliott said Tuesday it had filed a court injunction against
June 9, 2015
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POSCO named most competitive steelmaker
POSCO was named the world’s most competitive steelmaker for the eighth consecutive year, the steelmaker said Tuesday. World Steel Dynamics, a global steel industry researcher, put POSCO at the top of the world-class steelmaker ranking at the conference to discuss success strategies of the steel industry, which was held in New York on Tuesday. The WSD ranked 36 steelmakers from around the world by analyzing 23 categories, including production capacity, profitability, technology innovation and fin
June 9, 2015
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Asiana gets 4th A380
Asiana Airlines, South Korea’s second largest carrier, has taken delivery of its fourth Airbus A380 on Tuesday to introduce the aircraft on its Incheon-New York route.“Asiana Airlines is pleased to increase the A380 service to New York and looks forward to providing our state-of-the-art onboard experience to passengers,” an Asiana official said. Asiana Airlines’ A380The A380 will be put into service for flights to Osaka and Hong Kong from Saturday to June 27, and then will be deployed on the In
June 9, 2015
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[SUPER RICH] Brand names each tell their own story
Every company has a brand, and those identities are not made in haste as they are expected to be mentioned by the public for decades to come.Most of the brands have a story behind their names, be it a reflection of their business, a desire to succeed, or an inspiration from myth and literature.Denmark’s Lego is derived from “leg godt,” meaning “play well” in Danish. True to its name, Lego is currently one of the most successful toy companies in the world. According to Brand Finance, the Lego bra
June 9, 2015
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[SUPER RICH] TonyMoly chairman, rising superrich candidate with IPO plan
2015 will be a milestone year for budget cosmetics-maker TonyMoly chairman Bae Hae-dong. The company, ranked fourth in the segment last year, is finally going public in July. A meeting with investors was held in Shanghai on Monday. “Major Chinese investors reside in Shanghai and we thought this was the right time to explain the company’s vision and prospects,” a Daewoo Securities official who leads TonyMoly’s stock-listing plan was quoted as saying to a local newspaper. If all goes to plan, the
June 9, 2015
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Hedge fund files injunction against Samsung C&T merger
A U.S. activist hedge fund said Tuesday it filed a court injunction to stop South Korea's top conglomerate Samsung Group from merging two key units. The legal action by Elliot Management comes after Cheil Industries Co., Samsung's de facto holding company, announced a plan to take over construction and trading unit Samsung C&T Co., a move that would allow heir apparent Lee Jay-yong to tighten his grip on the conglomerate. Last Thursday, Elliot disclosed the acquisition of a 7.12 percent stak
June 9, 2015
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KHNP vows to grow into global energy leader
The nation’s power plant operator said Monday that it aims to grow into a world leader in the energy sector on the basis of strong public trust.“Regaining public trust comes first for us to become a global energy leader,” said Lee Jong-ho, head of the engineering department at Korea Hydro and Nuclear Power.Lee made the remarks at the session of “Nuclear Technology Adding Green on Earth,” during the World Conference of Science Journalists 2015 being held in Coex, southern Seoul, until Friday. KH
June 9, 2015
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Builders suffer from MERS scare
The Middle East respiratory syndrome outbreak is taking a toll on South Korean builders, for whom the Mideast is a major source of revenue.Worries over South Korean construction workers in the Middle East have heightened as South Korea reported the world’s second most MERS infection cases on Monday.Compounding the risk to the firms is an economic one: the potential that workers in the countries leave the workplace and home buyers will not visit model houses fearing infection.“If any one of the d
June 8, 2015
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E-Mart challenges IKEA with new home specialty brand
South Korean discount chain E-Mart has launched home specialty brand “The Life” to compete with Swedish furniture retail giant IKEA, the company said Monday. “The Life will strengthen its foothold as a local lifestyle brand by launching stores not only in new E-Mart branches, but also in multiple shopping malls and outlets run by Shinsegae Group,” said Lee Gap-soo, CEO of E-Mart, the flagship unit of Shinsegae Group.The store will sell some 5,000 home furnishing items, ranging from bedroom furni
June 8, 2015
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S-Oil revives spring recruitment program after 7-year break
S-Oil, South Korea’s third-largest oil refiner, has revived its spring recruitment program for the first time in seven years, as it seeks to increase its workforce in lieu of a new refinery complex set to open in Ulsan.The expanded recruitment comes as “S-Oil seeks new talents ahead of the opening of its Onsan refinery scheduled to open by 2018,” according to industry sources. The factory, for which S-Oil invested 5 trillion won ($4.45 billion), will convert heavy fuel oil ― lower in quality tha
June 8, 2015
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Tous Les Jours enters southwest China
CJ Foodville’s flagship bakery Tous Les Jours has advanced into China’s southwest Guangzhou and Guizhou markets, the company said Monday. “By entering two additional Chinese regions, Tous Les Jours is taking one step closer to its goal of opening more than 1,000 stores in China by 2020,” a CJ Foodville official said. It is Korean bakery brand’s first foray into the two regions, which were included as footholds of the Chinese government’s New Silk Road project, the firm said. The project, initiat
June 8, 2015
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Big firms vulnerable to foreign shareholders’ influence
Foreign-owned shares surpass majority stakes held by group owners at roughly 17 percent of South Korea’s top 10 conglomerates, market data showed Sunday, signaling the significant level of influence outsiders can exert over management at major Korean companies.Foreign shareholders hold more stakes than the conglomerate owners themselves at 16 out of 97 subsidiaries established under the 10 conglomerates, according to data released by Chaebul.com. That marks around 17 percent of the country’s lea
June 7, 2015
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Samsung has no plan to move hospitalized chief on MERS woes: source
Samsung Group, South Korea's largest conglomerate, has no plan to transfer its chief Lee Kun-hee, who is receiving treatment at an affiliated hospital that has been hit hard by Middle East Respiratory Syndrome (MERS), a group source said Sunday.The 73-year-old Lee, head of Samsung Electronics Co., has been hospitalized at Samsung Medical Center in southern Seoul since May last year after suffering a heart attack.Out of 64 South Korean MERS patients, 17 have been infected with the virus at the ho
June 7, 2015
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[Weekender] Franchise bakeries look beyond Korean market
If one were to randomly walk into a bakery in just about any urban neighborhood in Seoul, there is a high likelihood that it is either a Paris Baguette or a Tous Les Jours. Neither is French. They are Korean brands, respectively run by SPC Group, the market’s undisputed leader, and CJ Foodville, a unit of local conglomerate CJ Group. Armed with a systematic production and distribution system, big-budget marketing campaigns and a wide product range, the franchise bakeries have rapidly expanded to
June 5, 2015
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[Herald Interview] KGCCI to award innovative firms
Inspired by the South Korean government’s initiative to foster a “creative economy,” the Korean-German Chamber of Commerce and Industry is seeking to recognize innovative Korean and German operations here with the inaugural KGCCI Innovation Awards.“We wish to provide a forum for a broad variety of innovative companies located in Korea, both Korean and German, to advertise their unique and innovative potentials,” KGCCI secretary-general and executive director Barbara Zollmann told The Korea Heral
June 5, 2015
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Steelmakers face U.S. antidumping dispute
U.S.-based steel producers have lodged a complaint against South Korean and other steelmakers with the U.S. International Trade Commission accusing them of irregular trade practices.This is the first time that a country’s steel industry has taken anti-dumping retaliatory proceedings against foreign competitors this year ― duties were levied on some global steelmakers by authorities in six markets including Korea and China over similar disputes last year.According to an overseas media outlet, the
June 5, 2015
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Senegal president calls for Korea’s tech investment
The Senegalese president asked South Korean companies to actively invest and take part in the large-scale development projects pushed forward by the West African country.“We hope that Korean firms, which possess great advanced technologies, will actively partake in the energy development projects that Senegal is currently pursuing,” President Macky Sall said while delivering a speech to the Korean business community at a luncheon organized by the Korea Chamber of Commerce and Industry in Seoul o
June 5, 2015