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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Daewoo E&C shows promise in restoring Algerian river
Daewoo Engineering & Construction has been restoring the Oued El Harrach River in Algeria after winning the refurbishing project in June 2012.The river, running through Algeria’s capital Algier, had been heavily polluted due to trash, soil pollution and industrial sewage.The project was commissioned by the Algerian Ministry of Water Resources to a consortium of Algerian construction company Cosider and Daewoo E&C ― which has a 70 percent stake at 343 billion won ― making it the first overseas ri
May 28, 2015
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Are Toyota, Mazda gearing up for merger?
TOKYO ― The “odd couple” of the Japanese auto industry ― Toyota and Mazda ― recently announced they were planning to forge even closer ties.At a press conference a few weeks ago, the heads of the two firms ― Japan’s largest carmaker and one of its smallest ― announced they had agreed to further expand their already close relationship.But the top executives were careful to indicate that it was “more of an engagement,” than a wedding, as no financial transactions were involved. Despite their attem
May 28, 2015
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Korean Air employees help make Mongolia greener
Some 170 Korean Air employees flocked to a Mongolian desert to plant trees as part of voluntary environmental conservation efforts, the South Korean carrier said Thursday.A total of 600 people, including Korean Air’s new employees, executives and Mongolian residents, participated in the activity in the Baganuur Desert from May 18-29. Mongolia has suffered from the effects of climate change, with 76 percent of its land vulnerable to desertification, the damaging effects of which have spilled over
May 28, 2015
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KT Wiz release struggling pitcher Andy Sisco
South Korean baseball club KT Wiz on Wednesday released their struggling pitcher Andy Sisco.The expansion team in the Korea Baseball Organization (KBO) said they are currently looking for Sisco's replacement, possibly a position player.The 32-year-old left-hander began the season in the rotation before early woes forced him to the bullpen.Sisco made 17 appearances with a 0-6 record and a 6.23 ERA. He struck out 42 batters in 39 innings.Sisco is the third foreign player to be released from the KB
May 27, 2015
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Jeju, LG Group aim for ‘carbon-free’ island by 2030
Jejudo Island and LG Group have joined hands to make the province carbon-free by the year 2030. The two signed a memorandum of understanding on Tuesday to initiate the “Global Eco Platform Jeju” project ― a 6 trillion won ($5.4 billion) investment project that aims to ensure that the island is powered solely by renewable energy by the 2030 deadline.The project’s agenda includes expanding the island’s wind turbines to reach a capacity of 2.35GW before 2030 ― up by more than 15 times from their cu
May 27, 2015
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Kumho Asiana discusses investment with Vietnamese delegation
Kumho Asiana Group chairman Park Sam-koo and Ho Chi Minh City Party Committee secretary Le Thanh Hai met in Seoul on Wednesday to discuss ways to expand business investments and exchanges between the two sides. “Korean enterprises have played an important role in signing the free trade agreement and building a firm partnership between Korea and Vietnam,” the Vietnamese secretary said. During their visit to Korea from May 23-30, the delegation of 14 high-ranking Ho Chi Minh City officials includi
May 27, 2015
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Hyundai E&C makes progress in Latin America
Hyundai Engineering & Construction has been making strides in the Latin American market since setting up a branch in Bogota, Colombia, in 2010.A Hyundai E&C spokesperson said the company had decided to enter the Latin American market as construction in the Middle East became overly competitive, and set to establish itself in the largely unexplored region in advance.The company said they have now started seeing tangible results in Latin American countries, augmenting their reputation as a builder
May 27, 2015
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[Herald Interview] K-pop, Chinese tourist influx turn Swarovski’s eyes to Korea
The Korean pop culture wave spreading across the globe has even touched the jewelry industry, said Hermann Winkler, senior vice president of sales operations in North Asia at Swarovski. “When you put ‘K (for Korea)’ in front of something, it suddenly works magic,” Winkler said in an interview with The Korea Herald last week. He visited Seoul to speak at the International Luxury Conference 2015 held May 20-21. “And I am definitely hoping for ‘K-crystal’ to be developed. I am sure it will soon bec
May 27, 2015
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POSCO’s steel mill project gets Chinese approval
POSCO, the country’s leading steelmaker, was granted approval by the Chinese government to build a steel mill there with an annual capacity of 3 million tons, the company said Wednesday. Once the company gets the green light from the South Korean government, POSCO will build the facilities in the southwestern city of Chongqing, which will produce steel using the firm’s self-developed Finex technology. The development comes less than two years after the company and Chinese steelmaker Chongqing Ir
May 27, 2015
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Sales at discount outlets, department stores gain in April
Sales at South Korea's department store chains grew slightly from a year earlier last month, with those of major discount outlet chains also showing signs of improvement, the government said Wednesday.The combined sales of three major department store chains gained 1.3 percent from the same month last year in April, according to the Ministry of Trade, Industry and Energy.The increase marked a turnaround from a 5.7 percent on-year drop in the previous month."Sales at department stores rose from a
May 27, 2015
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Samsung to merge two major units
Cheil Industries and Samsung C&T ― two key affiliates of Samsung Group ― announced Tuesday they would merge in September, aiming to become a 60 trillion won ($59 billion) global enterprise by 2020. Cheil Industries is the de facto holding company of Samsung Group, and Samsung C&T is the group’s construction and trading arm.“The merger will pave the way for us to become a leading company in people’s lifestyles ranging from fashion to food, housing and leisure, alongside bio-industry. It will also
May 26, 2015
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POSCO subsidiary to submit debt workout plans
POSCO Plantec on Tuesday decided to submit workout plans to its creditors, the company said on Tuesday.The main creditor, the Korea Development Bank, will decide whether to approve the plans early June.If the plans are rejected, and the parent company declines to inject more funds into the unit, POSCO Plantec will become POSCO’s second subsidiary in its 47-year history to be put under court supervision.The plant parts unit also confirmed that about 89.2 billion won ($81.2 million) of its loans i
May 26, 2015
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[SUPER RICH] Jack Ma enters Korean market to expand Alibaba empire
Jack Ma, the chairman and founder of Alibaba Group Holding Ltd. who holds assets worth $36.4 billion, visited South Korea for the third time on May 17 to announce the launch of the Korea Pavilion on T-Mall, a business-to-consumer online retail channel.T-Mall is a profitable business for Alibaba Group Holding Ltd., with gross merchandise volume of 763 billion yuan (about $123 billion) last year.The Korea Pavilion, which opened May 18, deals with Korean retail items. The decision stems from the po
May 26, 2015
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[SUPER RICH] Kumho Asiana chief in last-minute takeover talks
Kumho Asiana chairman Park Sam-koo is making a last-ditch effort to bring former affiliates back together with the acquisitions of Kumho Buslines and Kumho Industrial. The 70-year-old Park is in final negotiations with a private equity fund jointly run by IBK Securities and KStone Partners, which hold a 100 percent stake in Kumho Buslines, to retake the intercity bus transportation unit, according to sources on Tuesday.“The two sides are bargaining over the price and an extension of the payment
May 26, 2015
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Construction permits for new homes surge in April
The number of construction permits issued for new homes surged last month from a year earlier, the government said Tuesday, apparently reflecting a recovery in the country's property market.The number of new home permits issued in April came to 51,345, up 20.2 percent from the same month last year, according to the Ministry of Land, Infrastructure and Transport.April marked the fourth consecutive month of an on-year gain.The number of new home permits issued in the first four months of the year
May 26, 2015
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Hyundai, Shilla link up on duty-free
Hotel Shilla and Hyundai Development Co. launched a joint venture on Monday to run a downtown duty-free store in Seoul, a burgeoning duty-free market worth 3.2 trillion won ($2.9 billion). The event comes a week before the firms join a bid for a new downtown duty free license to be issued in Seoul later this year, which is expected to be a tight race against major competitors ― Hanwha Galleria, Lotte Duty Free and SK Networks.If the joint venture is granted the downtown duty-free license in July
May 25, 2015
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Hyundai Heavy Industries restructures financial units
Hyundai Heavy Industries is streamlining its financial units as part of an ongoing group-wide restructuring to ride out financial difficulties. The shipbuilder said Friday that it would realign the businesses of Hyundai Finance Corp., Hyundai Venture Investment and Hyundai Futures as part of its large-scale restructuring efforts to streamline business operations and combat the group’s financial crisis.Hyundai Finance chairman Chung Mong-il, the eighth son of the late Hyundai Group founder Chung
May 25, 2015
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SK unit exports own lubricant brand to Saudi Arabia
SK Lubricants, the lubricant oil production unit of South Korea’s top oil refiner SK Innovation, will begin exporting its own lubricant oil brand ZIC to Saudi Arabia.The company announced Monday that it has signed a licensing deal with Rabigh First Lubricants Co.― a subsidiary of Saudi-based pipe coating company Globetech ― to supply ZIC products.Until the agreement expires in 2020, Rabigh First Lubricants will pay a brand royalty for all profits related to ZIC sales. The Korean lubricant firm w
May 25, 2015
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Top 10 conglomerates spend W2tr on severance
South Korea’s top 10 conglomerates handed out more than 2 trillion won ($1.8 billion) in severance pay last year, as they undertook restructuring measures and cut their payrolls, market data showed Monday.A total of 97 subsidiaries established under the 10 conglomerates paid out an aggregate of 2.09 trillion won in severance pay in 2014, up 33.3 percent from the previous year, according to data released by Chaebul.com.Hanwha Group ― which owns seven subsidiaries ― saw the greatest on-year increa
May 25, 2015
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Mobile banking usage jumps 13 pct in Q1
Daily usage of mobile banking in South Korea increased 13 percent from three months earlier in the first quarter as more people opted to use their smartphones for banking transactions, central bank data showed Monday.The volume of daily transactions processed via smartphones averaged 40.4 million in the January-March period, compared with 35.7 million in the fourth quarter of last year, according to the Bank of Korea.By amount, daily mobile banking transactions averaged 2.3 trillion won ($2.1 bi
May 25, 2015