Most Popular
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Can Jennie break the K-pop solo artist slump?
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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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Yoon honors veterans of Korean War in trip to Philippines
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20 minors registered as CEOs making over 100 million won
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Netflix, streaming platforms come under fire for loose ratings
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Ibis chain eyes S. Korea's budget hotel market: Accor official
Leading European hotel group, Accor of France, is looking to expand its budget hotel chain Ibis in South Korea to target a new pack of travelers with style and technology, its Asia-Pacific director said Wednesday. Patrick Basset, Asia-Pacific chief operating officer for Accor, said major Asian markets have shown double-digit growth over the past years and still have more room for expansion in the budget hotel segment. "Asia-Pacific is a very dynamic market. This had the biggest growth of our por
March 11, 2015
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Air purifier exports jump on China demand
Exports of South Korean-made air purifiers topped the $100 million mark for the first time in 2014, pushed by demand from China, customs data showed Wednesday.Records from the Korea Customs Service (KCS) showed outbound shipments reaching $119.1 million for all of last year, up a sharp 33.3 percent compared to 2013. The average unit price also rose, up 47.2 percent on-year to $101 from $69 in 2013, an indication that higher-end products are being exported.The KCS said last year's showing marked
March 11, 2015
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[Graphic News] Koreans in 50s and 60s reduce spending most
Families whose main earners are in their 50s or 60s were found to have slashed their spending most among age groups last year as they are planning to or have already retired, according to a government report.The average consumption propensity of households with heads in their 50s and 60s stood at 69.7 percent and 69.6 percent, respectively, the lowest among demographic groups, Statistics Korea said. The propensity average is the ratio of total consumption to disposable income.The drop is notewor
March 10, 2015
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[SUPERRICH] Lotte, Shinsegae heirs battle for retail supremacy
The rivalry between Lotte, the country’s largest retailer, and Shinsegae, the No. 2, is nothing new, but it has never been as apparent and fierce as now. The corporate archenemies have locked horns several times lately, with the heirs apparent of both business empires seeking to expand their territories before they finally take full control. In the latest such incident, Shinsegae, the country’s 13th-largest business enterprise by assets, on Feb. 27 decided not to bid for control of Kumho Industr
March 10, 2015
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[SUPERRICH] Korean superrich join selfie trend
Selfies are trending across the world. While people have been shopping their own photos, long the access to smartphones has now made it easier for anyone to take a selfie and share it online.For the superrich, their selfies take on more meaning than a simple snap. Their fame causes their selfies to go viral much faster, and contain more narrative power than a lengthy speech.Billionaire entrepreneurs worldwide have used selfies to promote their products. Apple and Xiaomi’s CEOs both advertised th
March 10, 2015
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Kumho Asiana likely to retake bus operator
Kumho Asiana Group is vying to retake Kumho Buslines in three years after renouncing control of the forerunner transportation unit during its liquidity crisis.The group sent a takeover proposal late Monday to buy back Kumho Buslines from a private equity fund jointly run by IBK Securities Co. and KStone Partners, which holds a 100 percent stake in the intercity bus transportation. But the group annexed a condition to the deal that it would only buy stakes in Kumho Buslines after excluding the bu
March 10, 2015
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Homeplus CEO apologizes for retailer’s malpractice
Homeplus CEO Do Sung-hwan on Tuesday publicly apologized over a series of malpractices the company was involved in, from the alleged sale of customer information to unfair treatment of suppliers. “We’re reflecting on ourselves over what has happened in the past year. We’ll strive to win back customers’ trust and meet their expectations,” Do said during his first press conference held since his inauguration in 2013. “2015 will serve as an opportunity for us to transform into a customer-only retai
March 10, 2015
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DSME hit by leadership row
Daewoo Shipbuilding & Marine Engineering is being hit by growing uncertainty about its new leadership, sapping staff morale. “Although the three-year term of current CEO Ko Jae-ho ends this month, the corporate board hasn’t even started discussions on his successor for the next three years,” Kim Sang-soo, a DSME union member, told The Korea Herald. The situation is unusual for the company. Previously, the board started the process for the next CEO appointment at least two months before the incum
March 10, 2015
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Lotte establishes W1tr joint fund with pension service
Lotte Group has established a joint fund worth 1 trillion won with the state-run National Pension Service in an effort to boost its M&A deals overseas, the group announced Monday.The two parties each contributed 500 billion won to form the joint fund, which is now registered with the Financial Supervisory Service, according to Lotte.The fund will function so that each time Lotte Group acquires a foreign company through an M&A or invests in a new business, the National Pension Service will match
March 10, 2015
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Korea’s nuclear reactor model under full review by U.S.
The U.S. is now conducting a thorough review of the APR1400 reactor model, developed by the state-run Korea Hydro & Nuclear Power, to determine whether to officially certify its design, the state power operator said Tuesday.The so-called next-generation reactor model ― with larger capacity, longer life span and less costs ― passed a preliminary screening by the U.S. Nuclear Regulatory Commission last week.The NRC’s final approval would pave the way for South Korea to export the reactor to the Un
March 10, 2015
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BMW, Chrysler appeal against S. Korea's fuel efficiency fine
BMW and Chrysler, two of the four foreign carmakers fined in South Korea for allegedly exaggerating fuel efficiency, both said Tuesday they have filed an appeal against the test results in an effort not to have their brand image tainted among customers. Late last year, the Ministry of Trade, Industry and Energy slapped fines ranging between 3 million won (US$2,677.38) and 4 million won on Audi, Volkswagen, Chrysler and BMW, based on its 2013 test in which one model from each of the auto firms ca
March 10, 2015
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Hyundai Heavy develops robot to transport larger LCD glass
Hyundai Heavy Industries Co., South Korea's largest shipbuilder and industrial robot maker, said Tuesday it has developed the first robot in the country that can transport larger-sized liquefied crystal display (LCD) glass.The robot was built to transport the mother glass of 10.5-generation LCDs (3,370 mm x 2,940 mm), which is 1.8 times larger than that of 8th-generation LCDs (2,500 mm x 2,200 mm), the company said in an emailed statement. The LCD mother glass is used in the early stages of manu
March 10, 2015
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S. Korea's ICT exports shrink on fewer work days in Feb.
South Korea's exports of information communication technology (ICT) products dropped slightly from a year earlier last month from a cut in the number of working days, the government said Tuesday.Outbound shipments of ICT products slipped 3.1 percent on-year to US$12.46 billion in February, according to the Ministry of Trade, Industry and Energy.The three-day Lunar New Year holiday fell in February this year, instead of in January as in 2014.The ministry earlier said the country's overall exports
March 10, 2015
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S. Korea tops rivals in global wafer manufacturing
South Korea, one of the world's most tech-advanced countries, trumped its rivals in wafer capacity last year, market data showed Tuesday, reflecting its solid footing in the semiconductor business. The monthly share of Asia's fourth-largest economy in terms of wafer capacity stood at 21.1 percent at the end of December, outrunning Taiwan by a slim margin of 1.7 percentage points, according to the latest data compiled by U.S.-based IC Insights Inc. The figures are based on the producers' capacit
March 10, 2015
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[Graphic News] Chaebol owners’ dividend income crosses W300b
The total dividend income of heads of the nation’s top 10 conglomerates surpassed 300 billion won last year, according to data released on Sunday.The corporate analysis website chaebul.com said in its report that the total amount of their dividend income was 329.9 billion won, a 35.3 percent increase from 2013.Samsung Electronics chairman Lee Kun-hee topped the list with 175.8 billion won, the only corporate leader with over 100 billion won. Lee’s dividends increased by 63 percent (67.9 billion
March 9, 2015
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Asiana to launch 2nd budget airline
Asiana Airlines, South Korea’s No. 2 airliner, is poised to set up its second low-cost air carrier this year, company officials said Monday. “We plan to establish the Incheon-based air carrier within this year,” Asiana Airlines’ spokesman Moon Sung-uk said. Tentatively named “Seoul Air,” the carrier will focus on less profitable short-haul routes that Asiana currently operates. Travelers walk past the Asiana Airlines Inc. Asiana Club counter as other travelers stand in line at Incheon Internati
March 9, 2015
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E-land fashion brands pull out of Japan
More and more South Korean firms are leaving Japan due to business difficulties caused by the protracted weak yen.Fashion and retail conglomerate E-land said Monday it pulled its fast fashion brands SPAO and Mixxo from Japan in the past few months. The measure comes less than two years since the company launched both brands. “If fast fashion brands are price competitive, it’s difficult to survive. It must have been inevitable to close down operations due to the weaker yen leading to sales drop,”
March 9, 2015
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LG Display chief to lead local display industry association
Han Sang-bum, the chief executive of LG Display, was appointed on Monday to head the Korea Display Industry Association, a group for display businesses in Korea. The KDIA announced Han’s nomination at a general meeting held earlier in the day in Seoul, where it also unveiled its results of projects in 2014 and business plans for this year. Han Sang-bum. (KDIA)“Amid fierce competition in the global display industry, I feel responsible as well as challenged to lead the association,” said the LG D
March 9, 2015
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JTI chosen among top five global employers
Japan Tobacco International, or JTI, was awarded the Top Employer Global 2015 certification at a ceremony in Amsterdam on Monday, company officials said. JTI is one of the world’s leading tobacco manufacturers, operating in over 120 countries with headquarters in Geneva, Switzerland. It sells brands such as Camel, Winston and Mevious (Mild Seven), and saw its core revenue in 2014 at $11.9 billion. JTI was awarded in recognition of its exceptional employee environment, Top Employers Institute sai
March 9, 2015
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Air France celebrates International Women’s Day
Air France operated all-female crews in celebration of International Women’s Day, company officials said. They said 18 women made up the flight crew on Monday’s flight from Seoul to Paris-Charles de Gaulle operated on a Boeing 777-300.Additionally, all female passengers flying on the AF267 were offered a cosmetic set as a special gift for Women’s Day, which was on Sunday, at the Air France check-in counter of Incheon International Airport. An all-female Air France crew poses at Incheon Internati
March 9, 2015