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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Foreign bond investment keeps uptrend in April
Foreign investment in South Korean bonds continued to increase in April, with their holdings hovering over the 100 trillion (US$92 billion) won mark for five months running, data showed Sunday.Foreign holdings of bonds listed on the local bourse stood at 102.7 trillion won as of the end of April, up 100 billion won from the previous month, according to the data by the Financial Supervisory Service and the related industry.The amount of won-denominated bonds held by foreign investors had been on
May 24, 2015
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Korea's golfware market keeps growing amid weak consumption
Despite the overall slump in private consumption, South Korea's golfware market is expected to post solid growth this year as more younger people enjoy the sport, industry sources predicted Sunday. According to the Korea Leisure Industry Institute and golf-related clothing makers, the country's golfware market will likely grow 7.14 percent on-year to 3 trillion won (US$2.75 billion) in 2015.The expected increase is mainly due to people in their 20s and 30s enjoying golf thanks to greater accessi
May 24, 2015
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Korea faces second ‘investor-state dispute’
Hanocal Holdings, a Dutch subsidiary of the Abu Dhabi-based International Petroleum Investment Company, has filed a lawsuit against the South Korean government through the World Bank’s International Center for Settlement of Investment Disputes.This is the second time that Korea is facing international arbitration under the “investor-state dispute settlement” process. Korea is one of the few countries subject to ISDS requests filed by foreign investors in the wake of stipulations in the Korea-U.S
May 22, 2015
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POSCO sells stake in Australian firm in restructuring drive
The country’s leading steelmaker, POSCO, announced Thursday that it had sold off its entire stake in the Australian copper mining firm Sandfire Resources. POSCO’s 15.2 percent stake in the firm was sold for 130 million Australian dollars ($102.7 million). POSCO acquired the Sandfire shares in 2008 for about A$290 million as part of its efforts to diversify its raw materials sources.Although Sandfire has been profitable, POSCO categorized its investment in the firm as a nonessential asset and sol
May 21, 2015
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Trade Ministry, Chinese firms discuss new biz opportunities
South Korea’s Ministry of Trade, Industry and Energy stepped up efforts to attract new Chinese investors to the country by inviting more than 60 Chinese firms to Seoul on Thursday to discuss new business opportunities.Aiming to attract more than $5 billion (5.47 trillion won) in Chinese investment this year, the ministry offered one-on-one consultations linking Chinese companies to Korean firms in diverse industries as part of “China Week,” held this week from Monday to Friday.A total of 61 Chin
May 21, 2015
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Time for companies to show true colors on climate change
The Paris summit on climate change coming up in December will be a test of the ability of world leaders to read science accurately, and to act in the long-term interests of their countries and their planet.But the spotlight is also on business.Traditionally understood to be a major source of the problem, the private sector is now becoming a necessary part of the solution.The first cracks in the ice of corporate inactivity came in 2009, as the United Nations mounted a climate change summit in Cop
May 21, 2015
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[Herald Interview] ‘Korean culture boon for luxury brands’
South Korea has become the darling of global high-end luxury jewelers, with more people being educated about luxuries on top of its very unique celebration culture, said Francis Srun, managing director of Asia-Pacific at the French luxury jewelry house Boucheron. “The celebration of ‘100-days into the relationship’ culture (where men and women buy and wear identical rings) is very interesting and very promising. We say why not 200 days? 300 days?” Srun said in an interview with The Korea Herald
May 21, 2015
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S-Oil supports firefighters with trip to Jejudo
S-Oil on Thursday opened a three-day vacation camp for 70 fire service personnel and their spouses on Jejudo Island as part of its campaign to support the emergency services. The company has been operating the campaign in collaboration with the Korea National Council on Social Welfare. A fire service worker and his wife pose during a three-day vacation camp for 70 fire service personnel and their spouses on Jejudo Island held Thursday to support the emergency services. (S-Oil)The campaign award
May 21, 2015
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Steelmaker head indicted over alleged embezzlement
The head of South Korea's third-largest steelmaker was indicted Thursday over allegations he gambled abroad with millions of dollars he embezzled. Chang Sae-joo, chairman of Dongkuk Steel Mill Co., is suspected of misappropriating more than 20 billion won ($18 million) from Dongkuk Steel Mill by inflating the prices of raw materials the company purchased from abroad since 2003. Prosecutors of the Seoul Central Prosecutors' Office suspect that the 62-year-old used about 8 billion won to gamble
May 21, 2015
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Korean Air heiress to get appeals verdict on ‘nut rage’ case Friday
A high court will issue its verdict on Cho Hyun-ah, former executive vice president of Korean Air at the center of the so-called “nut rage” incident, on Friday.Cho received a one-year jail term in February for disrupting a flight and breaking aviation safety laws over her dissatisfaction with the cabin service. Shortly after, the attorney for the former Korean Air executive appealed the case to reduce her initial sentence, pleading that she was “deeply regretful about her actions.”Former Korean
May 21, 2015
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POSCO sells stake in Australian mining firm
South Korea's top steelmaker POSCO said Thursday it has offloaded its entire stake in an Australian copper mine firm as part of its restructuring efforts to help boost financial health. The 15.2-percent stake in Australian copper producer Sandfire Resources NL was sold off for A$130 million ($102.58 million) last week, POSCO said in a press release. With the deal, POSCO reaped around A$100.9 million in profit as the sale price was nearly 4.5-fold that of the initial purchasing price. POSCO
May 21, 2015
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Change is necessary, not optional, for future: GS Group chairman
GS Group chairman Huh Chang-soo has picked “change” and “innovation” as the management keywords for the future of the conglomerate, whose main businesses include energy, construction and retail.“The business landscape is expected to change faster than ever before, affected by the mobile revolution and the advent of new technologies like the Internet of Things,” Huh said.He made the remark to increase the sense of urgency for change among executives during the Value Creation Forum, an internal ma
May 20, 2015
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Ourhome targets Muslims with halal foods
ASAN, South Chungcheong Province ― On May 12, Sun Moon University canteen’s head chef Lee Gi-yeon sold all 50 servings of halal food, made specially for Muslim students, in a blink of an eye. The menu was chicken curry and naan. “There are about 20-30 Muslims students in the university of the 10,000 students. But many Korean students who are not even Muslim enjoy eating at our halal food corner,” Lee said, explaining that for some students, this is the only meal available outside their homes. Bu
May 20, 2015
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Spirits market breaks away from ‘Scotch’
Premium liquor in Korea mostly referred to Scotch whisky. But this is no longer the case, as the market’s key players have moved on to low-alcohol spirits.This new trend, according to top distillers, reflects the change of the market and the needs of young consumers, while retaining the values of whiskey.Spearheading the low-alcohol spirit sector was Golden Blue, a local whiskey brand launched in 2009 by a medium-sized local distiller in Busan. Golden BlueDifferentiating itself from leading Scot
May 20, 2015
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Tesla CTO eyes growth in car battery development
The chief technology officer of U.S. electric car manufacturer Tesla Motors forecast significant strides in the development of lithium-ion batteries over the next five to 10 years, as he eyed increased demand for electric batteries tailored for cars.“When we look forward to 2020, we think we will have around 1 million electric cars in total on the road that will amass about 70 gigawatt hours of total energy storage,” said JB Straubel, the CTO and cofounder of Tesla, during the 2015 Seoul Digital
May 20, 2015
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[Photo News] On-site management
May 20, 2015
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Time for companies to show their true colors on climate change
Time for companies to show their true colors on climate changeBy Georg Kell The Paris summit on climate change coming up in December will be a test of the ability of world leaders to read science accurately, and to act in the long-term interests of their countries and their planet.But the spotlight is also on business.Traditionally understood to be a major source of the problem, the private sector is now becoming a necessary part of the solution.The first cracks in the ice of corporate inactivit
May 20, 2015
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Renault Samsung's Twizzy for BBQ chicken delivery
BBQ chairman Yoon Jong-geun (far left), Seoul Metropolitan Government Deputy Mayor for Administrative Affairs Jung Hyo-sung (second from left) and Renault Samsung Motors President Francois Provo (far right) pose in front of the RSM all-battery electric vehicle Twizzy after signing a memorandum of understanding in Seoul on Wednesday. According to the agreement, the French-based carmaker will provide five Twizzy Cargo models for BBQ fried chicken delivery from the beginning of June, supported by t
May 20, 2015
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Arrest warrant sought for ex-POSCO E&C exec over slush fund
Prosecutors Wednesday requested an arrest warrant for a former vice president of POSCO Engineering & Construction Co. for allegedly embezzling company funds to create a slush fund abroad. Chung Dong-hwa is suspected of stashing away about 10 billion won (US$9.1 million) in secret reserves when he was the chief executive officer of the company from 2009 to 2012. Prosecutors suspect he collected rebates from POSCO E&C's subcontractors, including one that works for its Vietnam operations. He den
May 20, 2015
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Daelim, Daewoo win 3.5 tln-won deal in S. Korea
Daelim Industrial Co. and Daewoo Engineering & Construction Co. said Wednesday they have won a 3.5 trillion-won ($3.2 billion) deal to build a facility in the southeastern part of South Korea, the country's largest-ever order for a single plant. The deal calls for the construction of a residue upgrading complex and an olefin conversion system at a refinery owned by local oil refiner S-Oil Corp. in Ulsan, 414 kilometers southeast of Seoul, according to the two builders. The new facilities are
May 20, 2015