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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'Culinary Class Wars' producers deny trying to spice up results
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Ex-president's daughter investigated for drunk driving accident
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[Exclusive] Korea’s defense acquisition agency fails to meet legal standard for women representation
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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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Local builder makes solo bid for Kumho Industrial
Hoban Construction Co., a mid-sized local builder, made a solo final bid for a controlling stake in Kumho Industrial Co., the de facto holding firm of Kumho Asiana Group that controls Asiana Airlines Inc., the country's No. 2 air carrier. According to Korea Development Bank, the lead manager of the stake sale, only Hoban Construction offered its final bid for the 57.5 percent stake estimated at 500 billion won ($468 million). Other details, including its bid price, were not disclosed. In Febr
April 28, 2015
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Software giant Oracle under probe for unfair trading: FTC
South Korea's antitrust watchdog said Tuesday it is investigating multinational software giant Oracle Corp. about its possible unfair trading practices related to its database management system. The investigation into the local unit of California-based Oracle, which has been under way for months, is focused on two areas of business that may be market restrictive, the Fair Trade Commission said. DBMS is used in conjunction with a standard operating system and is a collection of programs tha
April 28, 2015
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S. Korea's cheese import hits record high in 2014
South Korea imported a record amount of cheese last year on rising demand for a westernized diet among local consumers, industry data showed Tuesday. Imports of cheese and curds reached an all-time high of 97,215 tons in 2014, up 14.3 percent from the previous year, according to the data compiled by the Korea Customs Service. Cheese imports have been on a rise with an on-year growth of more than 10 percent since 2010, except 2012, the data added. For the first three months of this year, impor
April 28, 2015
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Sales at discount outlets, department stores drop in March
Sales at South Korea's major discount outlets and department stores dropped in March, the government said Tuesday, possibly indicating that people are cutting back on their spending amid concerns that the economy may lose its growth momentum. The combined sales of the country's three major discount outlet chains dropped 6.5 percent from the same month last year in March, according to the Ministry of Trade, Industry and Energy. The drop marked a sharp turnaround from a 23.5 percent on-year spike
April 28, 2015
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[Photo News] Wireless charging at shops
Samsung Electronics said Monday it would work with companies including Lotte Department Store, coffee chain TOM N TOMS and restaurant chain Seoga & Cook to conduct a joint marketing campaign for wireless charging technology for Samsung’s Galaxy S6 and S6 Edge. Wireless chargers will be installed at around 200 partner stores. (Samsung Electronics)
April 27, 2015
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Nongshim launches ‘Jjawang’ noodles
Nongshim announced last week that it has released a premium jjajangmyeon product, “Jjawang” ― a combination of jjajangmyeon and wang, meaning “king” in Korean.Jjawang boasts 3mm-thick noodles, added with kelp powder in order to improve its texture and bring out savoriness.It also contains a newly enhanced vegetable flake, which includes onions, cabbages, potatoes and green peas, as well as oil made from onion, garlic and green onions to replicate a more authentic taste. Nongshim Jjawang. (Nongsh
April 27, 2015
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Korean chicken hits U.S. sports stadiums
Genesis BBQ Group, South Korea’s leading fried chicken franchise, will launch kiosks at 92 sports stadiums in the United States, the chairman said Monday. The Korean chain signed a memorandum of understanding with Levy Restaurants, which provides vending and food services to major entertainment and sports venues, to set up its kiosks inside the National Football League, Major League Baseball and National Basketball Association stadiums. “BBQ will make a foray into the total restaurant business w
April 27, 2015
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[Herald Interview] ‘Data-driven agriculture is on our doorstep’
Agriculture and information technology may seem far apart, but in fact the latest smart technology could help increase productivity in the primary sector, said the vice president of the world’s leading weather data agency. For centuries, farmers have depended on their empirical instinct in farming, but the so-called big data can help them make more efficient decisions by suggesting numbers and direction, said Anthony Osborne, vice president of marketing at the Climate Corporation. “Data-driven a
April 27, 2015
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POSCO, Indian state at odds over mill building site payment
POSCO’s troubled $12 billion steel mill project in India appears to have hit a snag as the steelmaker and an Indian local government are in dispute over payment for its construction site.According to Indian news reports, a high-ranking government official said POSCO had shown unclear intentions about the project that has remained idle for 10 years.“POSCO must clarify its intention whether it wants to set up the plant or not,” Indian Steel and Mines Minister Prafull Kumar Mallick was quoted as sa
April 27, 2015
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Brokerage firms raided on inside trading
Prosecutors said Monday they have raided seven brokerages for alleged illegal bond trading involving an asset manager at a foreign brokerage firm. The companies are suspected of illegally trading bonds while conspiring with a local unit of Australia-based asset manager Macquarie Funds Group. They are I'M Investment & Securities Co., Kiwoom Securities Co., KTB Investment & Securities Co., HMC Investment Securities Co., Hyundai Securities Co., Shinyoung Securities Co. and Dongbu Securities Co.
April 27, 2015
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Chaebol's system integrators hike internal deals in 2014
System integrators affiliated with South Korea's family-run business groups increased internal transactions in 2014 despite the government's efforts to curb excessive groupwide trades, data showed Monday. Internal transactions of the top 20 system integration subsidiaries of the family-run conglomerates, locally called chaebol, came to 8.36 trillion won ($7.74 billion) in 2014, up 5.9 percent from a year ago, according to the data compiled by corporate tracker Chaebul.com. A system integrato
April 27, 2015
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Builders to face heavy penalties for pipeline cartel
The nation’s major construction companies are expected to be slapped with significant antitrust fines for operating a cartel during a plumbing project initiated by the Korea Gas Corp.According to the Fair Trade Commission and the Ministry of Land, Infrastructure and Transport, some of the 23 participants have been suspected of fixing prices during construction of gas pipelines that were requested by the state-controlled KOGAS.The allegation involves the builders’ irregular practices when they re
April 26, 2015
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S. Korea's int'l air passenger traffic reaches record high in Q1
South Korea's international air passenger traffic surged to a new high in the first quarter of this year, partly on a jump in the number of foreign visitors, the government said Sunday. In the January-March period, the number of air passengers to and from South Korea came to some 15.55 million, up 17.3 percent from the same period last year, according to the Ministry of Land, Infrastructure and Transport. The country's overall air passenger traffic spiked 16.6 percent to about 21.69 million as
April 26, 2015
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Samsung to foster Brazilian startups
Samsung Electronics Co., South Korea's No. 1 tech giant, said Saturday it plans to inject US$5 million into Brazil over the next five years to foster startups there, adding it will also share its business know-how.Under the agreement with the Brazilian Association of Science Parks and Business Incubators, an organization that supports startups, Samsung will share the "creative economy business models" with Brazilian firms and provide necessary support so that they can generate stable profits.The
April 25, 2015
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Hanwha Galleria enters duty-free bidding
Hanwha Galleria, a retail unit of Hanwha Group, is seeking to set up an urban duty-free store in the landmark Hanwha 63 City building in Yeouido, southern Seoul, if it wins a business license in June. It is the latest move among companies vying for the three urban duty-free slots newly allocated in Seoul. “Hanwha finalized its decision to house the shop at the site after considering the surrounding environment and economic development of the surrounding district, such as convenience for foreign
April 24, 2015
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‘POSCO to retain Saudi project’
POSCO has reportedly retained its joint project with Saudi Arabia to develop social overhead capital and an automobile factory, as Middle Eastern authorities reaffirmed the collaboration despite a graft scandal surrounding Korea’s largest steelmaker. According to steel industry insiders, Saudi Arabian Finance Minister Ibrahim Abdulaziz Al-Assaf met with POSCO chairman Kwon Oh-joon on Wednesday and said the collaboration will be carried out as planned. Assaf visited Seoul as part of Saudi Arabian
April 24, 2015
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Property deals decrease in Q1
Property transactions in Korea shrank in the first quarter of this year compared to a year ago, due mainly to tightened supply, according to Cushman and Wakefield, a global private commercial real estate service provider, in a report released Friday.For the first three months, only three prime office buildings (worth more than 10 billion won each), one hotel and one retail property in the prime asset category, whose asset value exceeds 10 billion won, were transacted. The total transaction volum
April 24, 2015
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Coupang raises stake in legal battle against WeMakePrice
South Korea’s largest social commerce giant Coupang is intensifying its legal battle with WeMakePrice, demanding 10.3 billion won ($9.54 million) in compensation from the rival firm for its negative advertising, industry sources said Friday.The amount is about 100 times higher than the 100 million won the e-commerce firm demanded in the case’s initial filing in 2014.“Coupang took this legal action in hopes of preventing unfair competition in the future and sending a warning to those who choose t
April 24, 2015
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[Newsmaker] Dongkuk Steel Mill hit by chairman scandal
Dongkuk Steel Mill chairman Chang Sae-joo’s alleged wrongdoings are poised to deal a fatal blow to the company, raising questions about the transparency of the country’s steel industry. Dongkuk is the second steelmaker to be mired in allegations of irregular practices after POSCO this year. It is the nation’s third-largest steelmaker after POSCO and Hyundai Steel. Chang is suspected of embezzling about 20 billion won ($18.4 million) from the company, and of habitually gambling illegally. The pro
April 23, 2015
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‘Korean Air attendants trained to suit Cho’s taste’
A Korean Air attendant involved in the so-called “nut rage” incident has claimed that her cabin crew members have attended training sessions to learn how to serve Heather Cho, a former company vice president, on flights, a complaint filed with a court in the United States showed Thursday. These training sessions were specifically designed to inform crew members of “Cho’s personal preferences” including things like the volume of the welcome music when she boards the plane and the optimal temperat
April 23, 2015